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Online Payment Agreement

Online Payment Agreement Template for Nigeria

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Key Requirements PROMPT example:

Online Payment Agreement

"I need an Online Payment Agreement for my e-commerce marketplace launching in March 2025, which will process payments in both Naira and USD, with specific provisions for cross-border transactions and integration with multiple payment gateways."

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The Online Payment Agreement is essential for businesses operating in Nigeria's growing digital economy. This agreement is used when a business needs to implement online payment processing capabilities and must establish a formal relationship with a payment service provider. It covers critical aspects such as payment processing terms, security protocols, compliance with Nigerian financial regulations (including Central Bank of Nigeria guidelines), data protection requirements, and service level commitments. The agreement is particularly relevant given Nigeria's rapid digital transformation and the increasing adoption of electronic payments, requiring careful attention to local regulatory requirements, including the Cybercrimes Act, NDPR, and anti-money laundering regulations. It serves as a fundamental document for establishing secure and compliant online payment operations within the Nigerian jurisdiction.
Suggested Sections

1. Parties: Identification of the payment service provider and the merchant/client

2. Background: Context of the agreement and brief description of the online payment services to be provided

3. Definitions: Definitions of key terms used throughout the agreement

4. Scope of Services: Detailed description of payment processing services, supported payment methods, and service levels

5. Payment Terms: Processing fees, settlement timeframes, currency handling, and payment procedures

6. Security Requirements: Security protocols, encryption standards, and fraud prevention measures

7. Compliance Obligations: Regulatory compliance requirements, including AML/KYC obligations

8. Data Protection: Data handling procedures, privacy requirements, and NDPR compliance measures

9. Service Level Agreement: Performance metrics, uptime guarantees, and response times

10. Representations and Warranties: Statements of fact and promises made by both parties

11. Liability and Indemnification: Allocation of risks and responsibilities between parties

12. Term and Termination: Duration of agreement and termination provisions

13. Dispute Resolution: Procedures for handling disputes and applicable jurisdiction

14. General Provisions: Standard boilerplate clauses including notices, amendments, and governing law

Optional Sections

1. Integration Services: Details of technical integration support when the provider offers API or software integration assistance

2. Chargeback Handling: Specific procedures for managing chargebacks when dealing with card payments

3. Multi-Currency Processing: Additional terms for handling multiple currencies if international payments are supported

4. Value-Added Services: Terms for additional services like recurring payments, tokenization, or fraud screening

5. White Label Services: Terms for white-label or co-branded payment solutions if applicable

6. Agency Arrangements: Terms for cases where the payment provider acts as an agent for other financial institutions

7. Marketing and Branding: Terms regarding the use of branding and marketing materials if co-marketing is involved

Suggested Schedules

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

2. Schedule B - Technical Specifications: Technical requirements, API documentation, and integration guidelines

3. Schedule C - Service Level Metrics: Detailed service level agreements, performance metrics, and reporting requirements

4. Schedule D - Security Protocol: Detailed security requirements, certification requirements, and compliance standards

5. Schedule E - Supported Payment Methods: List of supported payment methods and specific terms for each

6. Appendix 1 - Data Processing Agreement: Detailed terms for data processing in compliance with NDPR

7. Appendix 2 - Business Continuity Plan: Disaster recovery and business continuity procedures

8. Appendix 3 - Compliance Checklist: Regulatory compliance requirements and certification checklist

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓƵ | 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

E-commerce

Retail

Financial Services

Technology

Telecommunications

Healthcare

Education

Travel and Hospitality

Professional Services

Digital Services

Entertainment

Insurance

Relevant Teams

Legal

Finance

Compliance

Information Technology

Security

Operations

Treasury

Risk Management

Digital Commerce

Customer Service

Technical Integration

Business Development

Relevant Roles

Chief Financial Officer

Finance Director

E-commerce Manager

Digital Payment Manager

Compliance Officer

Legal Counsel

Chief Technology Officer

IT Security Manager

Operations Manager

Risk Manager

Treasury Manager

Commercial Director

Business Development Manager

Payment Operations Manager

Digital Transformation 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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