Either the Buyer or Seller creates a transaction, detailing the price, inspection period, and delivery terms. Both parties must digitally accept these terms to proceed.
Welcome to Vendcro. These Terms of Service ("Terms") constitute a legally binding agreement between you and Vendcro Technologies Limited ("Vendcro", "we", "us", or "our"), a company incorporated under the laws of the Federal Republic of Nigeria.
By accessing our platform, website, or mobile applications (collectively, the "Platform"), you agree to comply with and be bound by these Terms. If you do not agree, you must immediately cease all use of our services.
1. Description of Service
Vendcro operates as a neutral, third-party escrow infrastructure provider. Our mechanism ensures that funds remain secured in a protected account until predetermined transaction obligations are met by both parties.
Neutral Mediator
We do not take sides or hold interest in the goods/services transacted.
Secure Custody
Funds are isolated from operational accounts to ensure maximum liquidity and safety.
2. Eligibility and Account Registration
01
Age Requirement: You must be at least 18 years of age or the age of majority in your jurisdiction to use our services.
02
KYC Compliance: Users must provide accurate, current, and complete information during registration, including valid government-issued identification in compliance with Nigeria's Anti-Money Laundering (AML) regulations.
03
Confidentiality: You are solely responsible for maintaining the confidentiality of your account credentials and for all activities that occur under your account.
3. Escrow Mechanics & Timelines
PHASE A: INITIATING
PHASE B: SECURING FUNDS
The Buyer deposits the agreed amount into the Vendcro Secure Account. Vendcro notifies the Seller that funds are held and it is safe to ship/perform the service.
PHASE C: SHIPPING & DEADLINES
Sellers must upload tracking information within the agreed timeframe. Failure to do so may trigger an automatic refund process for the Buyer.
PHASE D: DELIVERY & AUTO-RELEASE
Upon delivery, the Buyer has an inspection period (default 3 days). If the Buyer does not dispute or manually release, funds are automatically released to the Seller after the window expires.
4. Fees, Payouts, and Refunds
Service Fees
Vendcro charges a flat percentage fee per transaction, as specified in our pricing schedule. This fee is non-refundable once the transaction reaches 'Secured' status.
Payout Schedule
Payouts to Sellers are processed within 24 business hours of funds release, subject to bank processing times.
Source-Account Refund Policy
To comply with Anti-Money Laundering (AML) standards, all refunds will only be credited back to the original source account from which the funds were received. No exceptions will be made for alternative bank accounts or third-party wallets.
5. Dispute Resolution Framework
1
Freeze
Funds are locked immediately upon dispute filing.
2
Investigation
Vendcro agents review evidence (delivery proof, chats).
3
Resolution
Final determination of fund disbursement or partial refund.
6. Prohibited Activities
- Illegal substances, narcotics, or restricted pharmaceuticals.
- Counterfeit goods or unauthorized copies of intellectual property.
- Firearms, explosives, or hazardous materials.
- Activities related to money laundering or terrorist financing.
- Circumventing Vendcro's fee structure or platform security.
7. Limitation of Liability
Vendcro Technologies Limited shall not be liable for any indirect, incidental, special, or consequential damages resulting from the use or inability to use the platform. Our maximum liability shall not exceed the amount of service fees paid by the user in the transaction giving rise to the claim.
8. Governing Law
These Terms shall be governed by and construed in accordance with the laws of the Federal Republic of Nigeria. Any disputes arising shall be subject to the exclusive jurisdiction of the courts in Lagos, Nigeria.
9. Modifications
We reserve the right to update these Terms at any time. Significant changes will be notified via email or platform notification. Continued use of the platform after changes implies acceptance.