How payments work

How the payment arrangement on BizHub Market works — how money is collected from customers, held until delivery and settled to vendors.

D1. Business model

1. BizHub Market is an online marketplace for food and agricultural goods. Independent vendors list and sell their own goods. BizHub operates the marketplace and collects the money for each order on the vendors' behalf.
2. All transactions are in Naira and are between customers in Nigeria and vendors in Nigeria.
3. Vendors accept the vendor agreement, which records this collection arrangement, the charges and the settlement terms.

D2. Collection

1. The customer completes one transaction at checkout through Monnify, into BizHub's Monnify account. Split payments and sub-accounts are not used.
2. The amount charged is made up of: the value of the goods; a delivery fee for each vendor in the order, set by that vendor; and a 2% transaction fee. All three are shown to the customer as separate lines before the transaction is confirmed.
3. The transaction is verified with Monnify when the customer returns from the payment page and again when Monnify's webhook notification arrives, whose signature is checked. Verification is idempotent, so an order is only ever marked paid once however many times it is notified.
4. Nothing is dispatched until the transaction is verified. Unpaid orders expire after 24 hours and the stock is released.

D3. Funds are held until delivery

1. Money collected for an order is held by BizHub. It is not transferred to the vendor at the time of the transaction.
2. The customer confirms receipt by tapping I received the order in their account. The vendor is paid only after that confirmation. A delivery photograph can also be uploaded.
3. Only after an order is marked delivered does an amount become due to the vendor.

D4. Settlement to vendors

1. Settlement is made by BizHub to the vendor's own Nigerian bank account by bank transfer from BizHub's Monnify wallet. Vendors supply bank name, account name, account number and NIN on the vendor agreement form, and these are held against the vendor's account.
2. The amount due to a vendor for a delivered order is the value of the goods, less 5% commission to BizHub, plus the delivery fee in full. No commission is charged on the delivery fee.
3. The 2% transaction fee is charged to the customer and is not deducted from the vendor.
4. Each order, the commission deducted and the net amount settled are recorded and shown to the vendor on the vendor dashboard and to BizHub in the admin.
5. Settlement is withheld on any order that is in dispute, is the subject of a refund request, or is suspected to be fraudulent, until the matter is resolved.

D5. Refunds and disputes

1. Refunds are initiated by BizHub through Monnify to the customer's original method. Because the money is held until delivery, a refund is normally made from funds that have not yet been settled to the vendor.
2. Where funds have already been settled, BizHub recovers the amount by deducting it from the vendor's later settlements.
3. Vendors must supply the order record and delivery photograph within two business days of a bank dispute. The vendor bears any dispute upheld against it, and any related fee.
4. The refund and cancellation policy sets out the grounds and time limits for refunds.

D6. Vendor onboarding and controls

1. A vendor account is activated only after BizHub approves the business and its signed agreement, including its bank account details.
2. Every product is approved by BizHub before it appears publicly. Only food and agricultural goods are permitted.
3. Vendors are prohibited from collecting money from customers outside the marketplace checkout, and from taking customers off the marketplace to complete a sale.
4. BizHub can suspend a vendor from the admin, which immediately removes its products from the marketplace while keeping its account and order history.