✅ Payment Terms & Policy for RiceBid.com

Last Updated: [07 April 2025]

This page outlines the payment structure, method, and security protocols for transactions made on RiceBid.com, operated by FOOOD LTD, a UK-registered company (Company No. 09428856).

Our priority is to ensure transparency, security, and peace of mind for both buyers and sellers involved in international rice trade.

🟩 1. Payment Gateway

All payments made on RiceBid.com are securely processed via Stripe. Stripe is a global leader in payment processing, with full PCI-DSS compliance and encryption.

  • Credit/debit cards and other supported local payment methods may be used.
  • All transactions are processed in GBP (£). Currency conversion fees (if any) are handled by the buyer’s card issuer.

🟦 2. When Payment Is Made

🔹 Sample Orders:

  • Buyers pay £40 upfront when ordering a sample from a seller.
  • Payment is required in full at checkout.
  • Funds are released to the seller only after dispatch proof is uploaded.

🔹 Bulk Orders:

  • Once a price is agreed between buyer and seller, the seller updates their listing.
  • Buyer places the order via RiceBid checkout.
  • Funds are held in a manual escrow by RiceBid via Stripe.

🟨 3. Payment Holding & Escrow (Bulk Orders Only)

  • RiceBid holds the buyer’s payment securely until:
    • The seller uploads shipment dispatch proof
    • The buyer confirms successful receipt and quality of goods
  • Upon confirmation, RiceBid manually releases payment to the seller’s Stripe-linked account.

🟥 4. Escrow Time Limits

  • Buyers are expected to confirm delivery within 48 hours of receipt
  • If no response is received, RiceBid will contact both parties
  • If unresolved after 7 days, RiceBid will mediate and decide whether to release, refund, or split payment

🟫 5. Refunds

  • Sample orders are non-refundable, unless the seller fails to dispatch or provide proof.
  • Bulk order refunds are handled on a case-by-case basis through dispute resolution.

RiceBid is not liable for currency conversion losses or delays caused by banks or Stripe.

🟪 6. Seller Payment Terms

  • Sellers must have a verified Stripe account connected to RiceBid to receive payouts
  • Payouts are issued within 1–2 business days after buyer confirmation
  • Platform commission is automatically deducted from the seller’s payout
  • RiceBid reserves the right to withhold or delay payouts if a dispute is raised

🧾 Legal Note: Seller

“If Stripe payout is not available in your country, you agree to receive funds via manual bank transfer or through a third-party payment partner (minus their fee), and provide necessary compliance documentation if required.”

⚪ 7. Platform Fees & Commission

  • RiceBid currently does not charge registration or subscription fees
  • A small commission (typically 3%) is deducted from each successful bulk sale
  • This covers operational costs, escrow protection, and platform maintenance
  • Fee structure may be updated with notice to all sellers

🔒 8. Payment Security

  • Stripe handles all sensitive card and banking information
  • RiceBid does not store or process card data directly
  • Payments are encrypted and compliant with global standards

📞 9. Questions or Concerns

If you have any questions about your payments, sample charges, or escrow handling:

📲 WhatsApp: [+447944772950]
🕘 Support available 7 days a week