1. Definitions

1.1 "Softway Platform" refers to our contactless payment solutions and any associated software.

1.2 "Merchant Account" refers to the registered business entity using Softway services.

1.3 "Transaction" means any payment activity initiated using Softway's platform.

1.4 "Settlement" refers to the process of transferring collected funds from transactions to the Merchant’s designated bank account.

2. Scope of Services

2.1 Softway provides a digital payment processing solution that enables Merchants to accept payments via POS terminals, mobile devices, and SoftPOS technology.

2.2 We facilitate settlements of payments made by customers using Softway’s technology.

2.3 Merchants will have access to a dashboard to monitor transactions, reports, and settlements.

3. Merchant Obligations

3.1 Merchants must provide accurate and verifiable business information during onboarding.

3.2 Compliance with all regulatory and financial guidelines, including KYC (Know Your Customer) requirements, is mandatory.

3.3 Merchants must not engage in fraudulent, illegal, or high-risk activities while using Softway’s services.

3.4 Merchants are responsible for securing their accounts and devices against unauthorized transactions.

4. Fees and Revenue Sharing

4.1 Softway charges a processing fee of 0.6% per transaction, capped at NGN100 per transaction.

4.2 Additional charges may apply based on specific services, as communicated to the Merchant.

4.3 Any changes to fee structures will be communicated at least 30 days in advance.

5. Settlement and Payouts

5.1 Settlements will be processed within 24 hours of transaction completion.

5.2 Softway will deposit funds to the bank account provided by the Merchant.

5.3 In case of settlement delays, Softway will notify the Merchant with relevant details.

5.4 Any chargebacks or disputed transactions shall be handled as per industry regulations.

6. Compliance & Data Protection

6.1 Merchants must comply with CBN (Central Bank of Nigeria) regulations and other applicable financial laws.

6.2 Softway ensures encryption and data security in line with NDPR (Nigeria Data Protection Regulation).

6.3 Merchants must not store or misuse customer payment data.

7. Termination & Suspension

7.1 Softway reserves the right to suspend or terminate a Merchant account due to non-compliance, fraudulent activity, or misuse of services.

7.2 Merchants may terminate this agreement by providing 30 days' written notice.

8. Limitation of Liability

8.1 Softway shall not be liable for indirect, incidental, or consequential damages resulting from service downtime, transaction failures, or cyber threats.

8.2 Our liability for direct losses shall not exceed the total fees paid by the Merchant in the three months preceding the claim.

9. Governing Law & Dispute Resolution

9.1 This Agreement is governed by the laws of the Federal Republic of Nigeria.

9.2 Any dispute arising from this Agreement shall first be resolved through good-faith negotiations. If unresolved, disputes will be settled through arbitration in Lagos, Nigeria.

10. Miscellaneous

10.1 This Agreement is non-transferable without prior written consent from Softway.

10.2 Softway reserves the right to modify these terms, with changes communicated to Merchants in advance.

10.3 If any provision of this Agreement is deemed invalid, the remaining provisions shall remain in effect.