Terms of Service

1. What InventIQ Is

InventIQ is a software platform built and operated by Facto Labs. It helps businesses track inventory, record sales at the point of sale, manage purchase orders, run stock counts, generate invoices, and keep financial records — including profit and loss statements, trial balances, and tax reports. It is not an accounting firm, a bank, or a payment processor. We provide the tool; you run your business with it.

2. Your Account

When you sign up, you get one account for your organization. You are responsible for:

• Keeping your login credentials private. If someone else uses your account because you shared your password, that activity is your responsibility.
• Making sure the people you add to your account (team members, branch staff, auditors) use it appropriately based on the roles and permissions you assign.
• Letting us know right away if you think your account has been compromised. We will help you lock it down and investigate.

3. What You Agree to Feed In Is Accurate

InventIQ automatically generates financial reports based on the data you enter — product prices, stock counts, sale amounts, expenses, purchase costs, and so on. If the data you put in is wrong, the reports will be wrong too. We do not audit, verify, or guarantee the accuracy of your business data. You are responsible for running regular stock counts and reconciling your books.

4. Billing and Payments

We charge a subscription fee based on the plan you choose. All prices are listed on our pricing page and are exclusive of applicable taxes.

• Your subscription starts with a 14-day free trial. You will not be charged until the trial ends.
• Payments are processed securely through Paystack. We do not see or store your card details.
• If a payment fails, we will try again and notify you. If the issue is not resolved within 7 days, your account may be downgraded or suspended.
• You can cancel anytime. Your access continues until the end of your paid billing period. We do not issue partial refunds for mid-cycle cancellations.

5. No Downtime Guarantees

We work hard to keep InventIQ available and reliable. But we do not guarantee that the service will be up 100% of the time. Things happen — server issues, network outages, bugs, maintenance windows. We will notify you in advance when we can and fix issues as fast as possible. You should keep your own offline records of important transactions, especially during stock counts and end-of-period closing.

6. Your Data Belongs to You

All the data you enter into InventIQ — your products, customers, suppliers, stock levels, prices, invoices, and financial reports — belongs to you. We do not sell it, share it with third parties for their marketing, or use it to train AI models that are not explicitly part of the service (like demand forecasting, which runs on your data and only for your benefit).

If you cancel your account, you can export your data at any time. After 90 days of account closure, we delete your data from our active systems unless we are required by law to retain it.

7. Limits of Liability

InventIQ is a tool to help you manage your business. We are not liable for:

• Financial losses resulting from errors in the data you entered.
• Losses caused by downtime, data loss, or service interruptions, even if we were advised they might happen.
• Disputes between you and your team members, branches, or customers arising from use of the platform.

Our total liability to you for any claim arising from your use of InventIQ is limited to the amount you have paid us in the 12 months before the claim.

8. Changes to These Terms

We may update these terms from time to time. If the changes are significant, we will let you know by email or through the app. Continuing to use InventIQ after the changes take effect means you accept the updated terms.

9. Governing Law

These terms are governed by the laws of the Federal Republic of Nigeria. Any disputes shall first be referred to mediation, and if unresolved, to the courts of Lagos State, Nigeria.

10. Contact

If you have questions about these terms, email Facto Labs at legal@inventiq.io.