Kusnap Escrow and Payment Terms and Condtions
Effective Date: 20th September 2023
Welcome to Kusnap's Escrow-powered payment system. These terms and conditions (hereinafter referred to as "Terms") outline the rules and regulations governing your use of Kusnap's Escrow service and payment functionalities. It is important to read and understand these Terms, as they form a legally binding agreement between you and Kusnap.
02. Escrow Service
2.1. Escrow Process Overview
Kusnap's Escrow service is designed to provide a secure and impartial environment for transactions between buyers and sellers. When a buyer initiates an order, the payment amount is securely held in Escrow until the seller fulfills their obligations. Funds are only released to the seller upon successful transaction completion, as confirmed by the buyer.
2.2. Buyer Protection
Escrowed funds serve as a protective measure for buyers, safeguarding them against fraudulent sellers or undelivered products. Buyers can open a dispute if the seller fails to deliver as agreed or if the received product significantly differs from the description.
2.3. Seller Accountability
Sellers receive payment only after they have satisfactorily fulfilled their obligations. This system encourages sellers to provide quality products and services within agreed-upon timelines.
2.4. Dispute Resolution
Kusnap will act as an intermediary between the buyer and seller in disputes. Escrowed funds will remain securely held until the dispute is amicably resolved.
03. User Accounts
3.1. Account Registration
To access Kusnap's Escrow and payment features, users must complete the registration process. User account information, including personal and contact information, must be accurate and up-to-date.
3.2. User Responsibilities
Users are responsible for maintaining the confidentiality of their account credentials. Any activity conducted through a user's account is the sole responsibility of that user.
3.3. Account Termination
Kusnap reserves the right to terminate or suspend user accounts that violate our terms and conditions or engage in fraudulent activities.
04. Payment Methods
4.1. Payment Options
Users can choose from various payment methods to fund their Kusnap Wallet and make purchases. The availability of payment methods may vary, but "Pay with Kusnap Wallet" is the default method for wallet funding.
4.2. Wallet Funding
Users can fund their Kusnap Wallet by visiting the payment section on their dashboard. The minimum funding amount is set at 1000 Naira.
Users can withdraw funds from their Kusnap Wallet to their registered bank account. The minimum withdrawal amount is set at 200 Naira. Withdrawals incur a nominal withdrawal fee.
4.4. Bank Account Details
Users are required to provide valid bank account information for withdrawals. Only one bank account can be added and active at a given time.
05. Kusnap Wallet Balances
5.1. Escrow Wallet
The Escrow wallet stores funds held in Escrow, both incoming and outgoing. Funds are released manually during dispute resolution and automatically upon successful transaction completion.
5.2. Kusnap Wallet
The Kusnap wallet contains available balances for platform usage and withdrawal. Users can check their wallet balance in the payment section of their user dashboard.
06. Escrow Fees
Kusnap charges a percentage-based Escrow fee for its payment protection services. The Escrow fee amount may vary depending on the transaction value.
07. Dispute Resolution
In case of disputes, users can request Kusnap's intervention. Escrowed funds will remain secure until the dispute is amicably resolved.
08. Withdrawal Requests
Users can initiate withdrawal requests from their Kusnap Wallet to their registered bank account. Withdrawals incur a nominal withdrawal fee, deducted from the user's Kusnap Wallet balance.
09. Escrow Transactions
The Escrow Transactions table overviews all Escrow-related activities, including incoming and outgoing funds. Users can view the status, amount, date, and parties involved in Escrow transactions.
Thank you for choosing Kusnap's secure, reliable Escrow, user, and payment services. These comprehensive terms and conditions are designed to ensure a safe and trustworthy trading environment for all our users.
11. Contact Us
If you have any questions or concerns or require assistance, please do not hesitate to contact our dedicated support team at [email protected]. We are here to help you navigate and make the most of your Kusnap experience.