Kolva Payment Protection & Settlement Policy
1. Purpose
This Policy explains how payments are received, protected, processed, and settled on Kolva. It protects customers from fraudulent transactions, protects vendors from payment fraud, establishes transparent settlement procedures, and creates confidence for marketplace participants. It forms part of the Vendor Agreement.
2. Definitions
Customer means a buyer through Kolva. Vendor means a registered seller. Settlement means transfer of funds from Kolva to the Vendor after payment conditions are met. Dispute means claims about delivery, payment, quality, authenticity, missing items, damaged goods, or related issues. Business Day excludes officially recognized public holidays and weekends unless otherwise stated.
3. Payment Collection
Where payment is made online, customers pay Kolva using supported payment methods, Kolva securely receives and records payment, and vendors are notified that payment has been successfully received. Receiving payment does not immediately create a settlement obligation until this Policy's conditions are satisfied.
4. Why Kolva Holds Customer Payments
Kolva temporarily holds customer payments to reduce fraud, confirm successful delivery, resolve disputes fairly, improve customer confidence, and protect vendors from fraudulent payment claims. This is standard marketplace practice and is not intended to unfairly delay Vendor payments.
5. Order Processing
After payment confirmation, the customer places an order, the Vendor receives notification, confirms availability, prepares the order, hands it to Kolva or the delivery partner, delivery is completed, the customer receives the order, and settlement conditions are evaluated.
6. Settlement Conditions
A Vendor becomes eligible for settlement after payment is received, availability is confirmed, the order is fulfilled and delivered, and no unresolved dispute affects the transaction. Meeting conditions makes the transaction eligible for settlement according to Kolva's operational schedule.
7. Settlement Timeline
Kolva aims to settle eligible payments promptly. Timelines may vary due to payment verification, banking systems, weekends, public holidays, fraud reviews, and operational circumstances. Current timelines will be communicated through official channels.
8. Settlement Method
Vendor payments will only be made to verified Nigerian bank accounts approved through Kolva's verification process. Kolva may refuse settlement to unverified or suspicious accounts until verification is complete.
9. Payment Holds
Kolva may temporarily delay settlement for delivery disputes, damaged goods, counterfeit products, missing items, suspected fraud, payment reversals, chargebacks, law enforcement requests, or Vendor Agreement violations. Holds remain only as long as reasonably necessary for investigation.
10. Customer Disputes
Customers may raise disputes for wrong items, damaged items, incomplete orders, significantly different products, non-delivery, or suspected counterfeit goods and may be required to provide evidence.
11. Vendor Response
Where a dispute is raised, Vendors are expected to respond promptly, provide requested evidence, cooperate with investigations, and avoid misleading information. Failure to cooperate may affect settlement decisions.
12. Investigation Process
Kolva may review delivery records, photographs, videos, customer and vendor communications, courier information, payment records, and other relevant evidence, and may request additional information before deciding.
13. Settlement After Investigation
Following investigation, Kolva may release payment to the Vendor, issue a full or partial refund, request replacement of goods, cancel the transaction, or take other action permitted under Kolva policies.
14. Fraud Prevention
Kolva monitors transactions for suspicious activity, including unusual purchasing behaviour, repeated disputes, multiple failed payments, fake identities, manipulated listings, and coordinated fraudulent activity. Kolva may temporarily suspend transactions during investigations.
15. Chargebacks
If a provider reverses a transaction or chargeback occurs, Kolva may suspend settlement, recover previously settled funds where permitted, investigate the transaction, and require additional documentation.
16. Customer Refunds
Where a refund is approved, Kolva will process it using the original payment method where reasonably possible. Timing may depend on banks, payment providers, card issuers, and applicable regulations.
17. Vendor Liability
Vendors remain responsible for losses arising from counterfeit goods, fraudulent listings, intentionally misleading descriptions, failure to fulfil confirmed orders, and repeated policy violations.
18. Kolva's Responsibilities
Kolva agrees to process payments securely, maintain transaction records, investigate disputes fairly, communicate settlement decisions, and protect customer payment information. Kolva does not guarantee uninterrupted payment services where interruptions are caused by third parties or circumstances beyond its reasonable control.
19. Policy Updates
Kolva may revise this Policy. Material updates will receive a new version number, be published on Kolva, and require renewed acceptance where applicable.
20. Contact
Questions regarding settlements or payments may be directed through Kolva's official support channels.