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Merchant Agreement

Merchant Agreement Template for Nigeria

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Key Requirements PROMPT example:

Merchant Agreement

"I need a Merchant Agreement for my new Nigerian e-commerce platform launching in March 2025, which will process both card payments and mobile money transactions, with an expected monthly transaction volume of 50,000 transactions."

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Document background
The Merchant Agreement serves as the foundational contract for businesses in Nigeria seeking to accept various forms of payment from their customers. This document is essential for any business planning to process electronic payments, card transactions, or digital wallet payments in compliance with Nigerian regulations. The agreement typically covers crucial operational aspects including payment processing, settlement procedures, fee structures, and security requirements. It ensures compliance with Nigerian banking laws, Central Bank of Nigeria (CBN) regulations, and consumer protection requirements. The Merchant Agreement is particularly important given Nigeria's growing digital payment landscape and the need for clear contractual frameworks that protect all parties while facilitating commerce.
Suggested Sections

1. Parties: Identification of the merchant and the service provider/acquirer with full legal details

2. Background: Context of the agreement and brief description of the business relationship

3. Definitions: Detailed definitions of technical terms, industry-specific terminology, and key concepts used in the agreement

4. Scope of Services: Detailed description of services to be provided and obligations of both parties

5. Merchant Obligations: Specific duties and responsibilities of the merchant including compliance requirements

6. Service Provider Obligations: Specific duties and responsibilities of the service provider/acquirer

7. Fees and Payment Terms: Fee structure, payment processing terms, settlement periods, and related financial terms

8. Security Requirements: Security protocols, PCI DSS compliance, data protection measures

9. Representations and Warranties: Standard and specific warranties from both parties

10. Compliance with Laws: Obligations regarding regulatory compliance, including AML, KYC, and consumer protection

11. Confidentiality: Protection of confidential information and trade secrets

12. Liability and Indemnification: Risk allocation, limitation of liability, and indemnification provisions

13. Term and Termination: Duration of agreement, renewal terms, and termination rights

14. Dispute Resolution: Process for resolving disputes, including jurisdiction and governing law

15. General Provisions: Standard boilerplate clauses including force majeure, notices, and assignment

Optional Sections

1. Equipment Provision: Terms regarding POS or other equipment provided to merchant, including maintenance and replacement

2. Integration Services: Technical requirements for integration with payment systems or platforms

3. International Transactions: Additional terms for handling international payments and currency conversion

4. Physical Premises Requirements: Specific requirements for brick-and-mortar locations

5. Marketing and Branding: Terms regarding use of brands, logos, and marketing materials

6. Training Services: Provisions for training merchant staff on systems and procedures

7. Business Continuity: Requirements for disaster recovery and business continuity planning

8. Insurance Requirements: Specific insurance coverage requirements for the merchant

Suggested Schedules

1. Schedule 1 - Fee Schedule: Detailed breakdown of all fees, charges, and commission structures

2. Schedule 2 - Service Level Agreement: Performance metrics, response times, and service quality standards

3. Schedule 3 - Technical Specifications: Technical requirements, integration specifications, and system requirements

4. Schedule 4 - Security Protocols: Detailed security requirements and procedures

5. Schedule 5 - Approved Products/Services: List of products/services approved for sale under the agreement

6. Schedule 6 - Settlement Procedures: Detailed procedures for payment settlement and reconciliation

7. Appendix A - Required Forms: Standard forms and documents required for merchant operations

8. Appendix B - Compliance Checklist: Checklist of regulatory and operational compliance requirements

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions


























































Clauses






































Relevant Industries

Retail

E-commerce

Hospitality

Food and Beverage

Healthcare

Transportation

Professional Services

Entertainment

Education

Travel and Tourism

Telecommunications

Financial Services

Relevant Teams

Legal

Finance

Operations

Compliance

Risk Management

Treasury

Commercial

Business Development

Merchant Services

Payment Operations

Retail Operations

Relevant Roles

Chief Financial Officer

Commercial Director

Head of Payments

Legal Counsel

Compliance Officer

Operations Manager

Finance Manager

Business Development Manager

Risk Manager

Merchant Services Manager

Payment Operations Manager

Store Manager

E-commerce Manager

Retail Operations Director

Treasury Manager

Industries










Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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