Terms of Use 2025

1. About Lock N Deal

Lock N Deal Inc. (“Lock N Deal”, “we”, “us”, or “our”) provides a secure platform that facilitates payments between buyers and sellers by holding funds until a transaction is completed (the “Services”).

Lock N Deal is a FINTRAC-registered Money Services Business (MSB Registration No. M15193392) headquartered at 225-25 Water Walk Drive, Unionville, Ontario, Canada.

2. Acceptance of Terms

By creating an account, making a payment, or receiving funds, you agree to these Terms, our Privacy Policy, and our Acceptable Use Policy.

If you do not agree, you may not use the Services.

3. Eligibility

You must:

• Be at least 18 years old and legally capable of entering contracts;
• Use the Services only for legitimate transactions; and
• Not act on behalf of another person or entity unless expressly authorized.

4. Nature of the Service

Lock N Deal is not a bank, escrow agent, or credit provider.

Funds are held temporarily in our Stripe Connect account until:

• The buyer confirms completion by entering a release code; or
• The transaction is cancelled or refunded per our refund rules.

5. Payment Flow

• Buyer makes payment via Stripe (credit, debit, or Interac).
• Funds are held in Lock N Deal’s Stripe balance.
• Platform fee (3%) and transaction fee (3%) are deducted.
• After confirmation:
  • Seller receives payment minus fees.
  • Buyer receives refund per cancellation/no-show policy.

Payouts are handled through Stripe, subject to Stripe’s terms.

6. Verification (KYC)

Before withdrawing funds, sellers must verify their identity using a government-issued ID through our third-party verification provider (Stripe Identity).

We may suspend or limit access if verification is incomplete or fails.

7. User Responsibilities

You agree to:

• Maintain accurate contact and payment info;
• Keep your login credentials secure;
• Only use Lock N Deal for lawful transactions;
• Refrain from attempting to bypass, manipulate, or exploit our fee system.

8. Refunds, Cancellations, and Disputes

• Buyer No-Show: 15% of the total is released to the seller.
• Seller No-Show: Buyer receives a full refund, and the seller incurs one strike.
• Cancellations: Users may cancel up to 2 hours before the meeting time; refunds are subject to a 3.5% fee.
• Disputes: If either party disagrees with a transaction outcome, Lock N Deal may review the evidence and, at its discretion, issue a partial or full refund.

9. Fees

All transactions are subject to:

• Platform Fee: 3%
• Transaction Fee: 3%

These are deducted automatically from the transaction amount.

10. Security

We use Stripe for payment processing and encryption to protect your data.

We never store full payment card numbers.

Report any unauthorized access or suspicious activity immediately at support@lockndeal.com.

11. Prohibited Use

You may not use Lock N Deal to facilitate:

• Illegal goods or services
• Adult or escort services (without authorization)
• Weapons, drugs, counterfeit goods
• Gambling or unlicensed betting
• Money laundering or fraud

12. Account Termination

We may suspend or terminate your account if:

• You violate these Terms or applicable laws
• Fraud or suspicious activity is detected
• We are required to do so by law or a payment partner

Remaining funds (if any) will be returned to your verified payment source.

13. Limitation of Liability

Lock N Deal is not responsible for indirect, incidental, or consequential damages.

Our total liability will not exceed the total fees paid to Lock N Deal for the transaction in question.

14. Governing Law

These Terms are governed by the laws of Ontario, Canada, and applicable federal laws.

You agree to the non-exclusive jurisdiction of Ontario courts.