Sliq Terms & Conditions for Business Users

This document defines the terms and conditions for sole traders, partnerships, companies or other legal entities (“merchant”) when the merchant uses Sliq services and features as described in these terms, as may be amended from time to time.

When the merchant creates an account with Sliq®, the merchant enters into an agreement with Sliq Payments Ltd, a company registered in Cyprus (Reg number: HE383419), authorized and regulated by the Cyprus Central Bank as an Electronic Money Institution under license No. 115.1.3.42 for the provision of payment services within the EEA.“Sliq”, (hereinafter – “Sliq”, “we”, “us” and “ours” or the Company).

As the person who is applying for the Sliq account on behalf of the merchant (“you” and “your”), you confirm that you have the legal authority to enter into this agreement and act on behalf of the merchant.

The terms and conditions mentioned in this document constitute the core agreement between the merchant and Sliq. By accepting these terms and applying for an account, you confirm that you have read and understood these terms in English language. Any translations of this document that we may provide are only for the merchant’s convenience and should not be taken as binding.

Here you may find information about:

• How to create an account with Sliq
• What the merchant can do with the merchant’s account
• How the merchant can make transactions using the merchant’s account
• When and how the merchant can cancel a transaction and request a refund
• What to do if the merchant encounters problems connected with Sliq’s services
• How to keep the merchant’s account secure
• How to close the merchant’s account
• How to contact Sliq

If you want to learn about other Sliq products and read the terms applicable to those, please check:https://www.sliq.eu/terms-and-conditions

Head Office: Sliq Payments Ltd, Strovolos 20, 2011, Nicosia, Cypriot Registration Number: HE383419, VAT number: CY10383419J,  sliq.eu, e-mail: contact@sliq.eu

What is Sliq?

Sliq is an electronic money institution supervised by the Cyprus Central Bank, you can visit the following page for more information about the Central Bank of Cyprus: https://www.centralbank.cy/images/media/redirectfile/Electronic%20Money%20Institutions/EMI-REGISTER-EN-13122023.xlsx
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• Create an electronic money account which the merchant can use to send and receive money through various available payment services
• Exchange money in different currencies
• Get cashback on acquiring fees when the merchant uses a Sliq Business Card to pay for goods and/or services.
• Use Sliq Business Card to pay for goods or services or withdraw cash from ATMs

The merchant will be charged a monthly subscription fee based on the pricing plan the merchant chooses. The pricing plans and what they include can be found on the business pricing plans page. The merchant may be charged an additional fee for services not covered by the merchant’s monthly subscription or services the merchant has used in excess of the merchant’s monthly free allowance.

The merchant also has the option to unsubscribe from a pricing plan by notifying Sliq or within the app/portal. If the merchant unsubscribes, the merchant will not get any monthly free allowance for the services that are subject to a charge. In this case, the merchant will be charged forall services based on the pricing the merchant receives.

The monthly subscription fees and other charges will be deducted from the merchant’s accounts automatically. We may deduct due fees or charges from the merchant’s accounts in currencies other than EUR. In this case, the exchange rate that is applicable at the time of the deductionwill be used.

If none of your accounts have sufficient funds to cover the charges, we have the right to deduct these charges from your future or Personal SliqAccount balance. In this case, your account balance may be displayed in minus (-) and we also have the right to change your subscription plan to the free plan, enforce payment through debt collection and pursue other legal remedies.

In order to use our services, the merchant has to register and open a Sliq Account. The merchant can only have one Sliq Account at a time.

The merchant has to be incorporated or registered in one of the countries in the permittedjurisdictions list. Otherwise, the application will be rejected.

When the merchant applies to open an account, we will need to confirm the merchant’s shareholders, directors and ultimate beneficial owner’sidentities. We do this by automatically checking a photo of the relevant person’s valid identity card, driver’s license, passport or residence cardand matching that with a photo of the person’s face. We may not be able to accept certain documents as proof of ID, depending on the countrywhere it was issued. The merchant will be informed about which documents can be accepted during the merchant’s application process. We may also ask the merchant to send us additional copies or scans of certain documents before or after the merchant is registered for a Sliq Account. Please check our Privacy Policy to find out more about how we collect and process the information and what we do with it.

The documents that the merchant provides must be legible and visible, without any damage, cover, hidden data or signs of modification.

If a document the merchant has provided to Sliq expires, the merchant must supply Sliq with a new and valid version of that document.

We may refuse the merchant’s application to register if we have significant reasons for it. We are not obliged to reveal the merchant the reasons for such refusal and in some cases, we are not allowed to do so due to regulatory requirements.

By registering, the merchant confirms that the data provided during the registration process is up-to-date and correct. If any of the information the merchant provides us during registration change after the merchant’s account is created, the merchant should notify us as soon as possible.

Our main service is Sliq Business, which is a payment account created for all Merchants and its Users following registration.

When the merchant receives money in the merchant’s Sliq Business Account, Sliq issues electronic money in the same value for the merchant. The merchant is able to hold electronic money in the merchant’s Sliq Business Account and use the Sliq Business Account for other payment services which will be described below. The merchant will be able to hold funds in different currencies we offer.

The merchant can access the merchant’s Sliq Account via our Web Portal or Mobile App which is available via Google Play or Apple App Store, transfer funds to other accounts, transfer funds wallet to wallet, exchange currencies, check the merchant’s balance and transaction history, change the merchant’s phone number or address, order a Sliq Business Card or change its delivery address and offer products or services through the Sliq Lifestyle section if applicable.

Whenever the merchant sends or receives money, exchanges currencies or uses the merchant’s Sliq Business Card to make a payment themerchant is making a transaction.

As a financial institution, we are obliged to check each transaction and do our best to ensure that:

• none of the transactions occurring through Sliq are fraudulent, illegal, unauthorized, against anti- money laundering or terrorist financing regulations or otherwise against Sliq’s terms;
• the source of the funds involved, or the underlying legal reasons of the transactions are clear and are not suspicious;
• the amount, number or frequency of the transactions are not suspicious, taking the merchant’sspending pattern as well as other circumstances into consideration.

We may ask the merchant to provide additional information or documentation relating to the merchant’s transactions if we consider it necessary to ensure that the merchant’s transactions are in line with the paragraph above. If Sliq reasonably suspects the existence of one ormore these issues, the merchant’s transaction may be delayed or refused. In such cases, we may also suspend the merchant’s access to a part or whole of our services. As long as we are legally and technically able to do so, we will let the merchant know about the refusal of the merchant’s transaction and the underlying reasons as soon as possible.

We also reserve our right to reverse a transaction which has already been processed if there has been a mistake or technical error in the fundamentals of the transaction order such as the amount, exchange rate, recipient, limits etc.

Sliq keeps records of all the merchant’s transactions. The merchant can also view them and download statements of the merchant’s account movements by using our Web Portal or Sliq App.

The merchant can use the merchant’s Sliq account to perform the following types of transactions:

Adding Funds (Top-Up)

The merchant can top-up the merchant’s Sliq Account using the Web Portal or Sliq app in any of the currencies offered by Sliq. Top-up is free up to the limit specified in the merchant’s subscription plan. The top-up fee (if any) will be displayed in the Sliq app when the merchant is making the transaction.

The merchant can top-up funds from outside of Sliq by using the IBAN corresponding to the merchant’s account in the desired currency. If the Merchant is also using the card acquiring services offered by Sliq then funds will be settled within the Merchant’s Sliq Account up until the next business day. Such transactions are not counted towards the merchant’s free top-up limit.

If Sliq has a reasonable suspicion that the funds the merchant has received are related to fraudulent or illegal activities, involved in money laundering or terrorist financing, credited by mistake or with no legal basis, or Sliq has received an order from the competent law enforcement or supervisory institutions, Sliq has a right to return the funds to their source or block the relevant amount until the underlying investigations or legal proceedings are complete.

Transferring Funds

The merchant can transfer funds locally or internationally from the merchant’s Sliq Accounts by using several methods including SEPA and SWIFT.

Please be careful when the merchant is entering the transaction amount or the details of the recipient and make sure that the recipient is trustworthy. The merchant is responsible to make sure that the transaction details are accurate. If the transaction details are inaccurate or insufficient, the transaction may fail. If the merchant changes its decision about the transaction after a transfer is settled to the recipient’s bank, the merchant may not be able to revoke the transfer and retrieve the funds from the recipient.

If the merchant is making a transfer in Euro and to an account in a country within the European Union, the transfer will be settled no later than the end of the next business day. Other transfers within the European Union will be settled to the recipient’s bank in less than 4 business days. The settlement time of other transfers will depend on several factors including processing times or intermediary banks and additional regulatory checks. Transfer orders received outside of working hours (08:00 – 16:00 CET/CEST) on businessdays or outside of business days are considered to be received at 08:00 AM CET on the next business day.

If you are making a transfer to a country outside of the SWIFT system, there may be additional charges applied by the correspondent or recipient banks that cannot be known prior to making the transfer. In these cases, you will be asked to bear the additional costs.

The merchant will not be able to transfer funds from the merchant’s account if the usable balance of that account is not sufficient tocomplete the transfer.

Making payments

The merchant can easily make payments with the merchant’s Sliq Business Card at any point of sale or on the internet. Paying withyour Sliq Business card is not a subject to any additional fees. By paying with your Sliq Business Card, if you are also using Sliq’s card acquiring service then you will be entitled to Cashback. Refer to this link for more info on our card acquiring service.

Sliq Business Cashback

What is the 0% on commission payment acceptance?

Sliq enables all its merchants, throughout Europe, to reach zero (0%) commission on sales transactions.

By using your Sliq Business Card for corporate expenses, you will receive a credit in proportion to the commission you were charged for the settlement of your acquiring transactions. The more you use the cards, the more you benefit from the 0% commission service. The calculation is done on a daily basis.

The amounts corresponding to the purchases you made with your Sliq Business Card, are credited to your account on a monthly basis after the settlement of the purchases.
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What are the conditions for a 0% commission on payment acceptance?

Sliq offers the opportunity to all its business customers to benefit from zero (0%) commission on sales transactions.

Initially, the following conditions must be met regarding the payments you receive:

1) Be made with personal cards and not business cards.

2) The cards used to charge transactions must be VISA/MasterCard and Maestro.

3) For transactions made without the physical presence of the card, the cards must have been issued only in countries of the European Economic Area (EEA).

Transactions that are not included in the calculation of Sliq Business Cashback are:

- Withdrawals

-Payments of accounts/utilities/organizations through the Sliq Business account
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How do I find out about refunds from 0% commission?

The cashback amounts are credited monthly to your Primary account on the next month of their settlement, and you can track them in your account activity, marked "Sliq Business Cashback".
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I don't have a Sliq POS Terminal; can I take advantage of the 0% commission?

The acquisition of a terminal or virtual terminal from Sliq is required.
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i) Sliq may unilaterally determine the conditions applicable to the granting, use and validity of the Sliq Business Cashback.
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ii) The Sliq Business Cashback will be nullified if Sliq detects any abuse of Sliq Business Cashback or suspects or detects that Sliq Business Cashback have been granted on incorrect grounds. In such cases, Sliq shall invoice the amount that was paid using such Sliq Business Cashback.

iii) Please refer to the Terms and Conditions for Sliq Points and Cashback found in this document.

Exchanging currencies

The merchant can exchange currencies at attractive exchange rates and up to certain limits which vary based on their Plan. Choose between the currencies available on the merchant’s account. Currency exchange is instantaneous as long as the merchant has sufficient funds at the time of the transaction.

If the merchant does not have sufficient funds to cover the transaction or payment amount in the account that the merchant chooses, Sliq will automatically exchange and withdraw the necessary amount from the merchant’s other currency accounts in the following order: EUR, GBP.

The merchant’s Sliq Account can have negative balance due to reasons such as Sliq Business Card transactions, waived cashbacks, charges and fees, correction of mistakes, waived chargeback refunds or other amounts the merchant may incur pursuant to these terms. The negative balance will be covered automatically from the merchant’s other accounts (please see “Exchanging Currencies” section above) or the future top-ups to the merchant’s accounts.

If the merchant does not cover the negative balance within 5 days, Sliq has the right to initiate debt recovery processes, apply to the courts or otherwise request injunction or interim relief for the purpose of recovering any unpaid negative balance that the merchant may have.

The merchant must keep all login credentials, passwords, passcodes, Sliq Business Cards, PINs, payment instruments or the devices/mobile numbers identified with Sliq and any other means of authentication safe from theft or unauthorized access by other people.

The merchant must keep all your software on all electronic devices that are being used to benefit from Sliq up to date to ensure the security of the devices and the networks being used (e.g., antivirus software and firewalls).

The merchant is solely responsible for controlling the access and authorizations of its representatives registered with Sliq to act on behalf of the merchant and informing Sliq about changes regarding its representatives. The merchant is responsible for actions taken by itsrepresentatives or other parties holding authentication details, including passwords.

The merchant must keep all the merchant’s software on all electronic devices that are being used to benefit from Sliq Payments Ltd up to date to ensure the security of the devices and the networks being used (e.g., antivirus software and firewalls).

Contact our Sliq Support immediately if you suspect that any login credentials, passwords, Sliq Business Cards or the devices/mobile numbers identified with Sliq are lost, stolen, misappropriated, or otherwise breached by unauthorized third parties.

You can reach us and report the merchant’s claim or complaint by contacting our Sliq support or by choosing a transaction in your Sliq app or Web Portal and pressing the Get Help button.

When you contact us via e-mail, please send your message from the same e-mail address the merchant has provided to Sliq. If this is not possible, please let us know and we will try to solve this issue by asking you to provide additional verification to clarify your identity.

Languages that we use for claims/complaints communication are English and/or Greek, unless otherwise agreed.

When you contact us, please provide as much information as possible regarding the merchant’s complaint or claim.
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• I did not authorize this transaction

If you and the merchant have acted according to the “How to keep Sliq” section above, but still suspect that a transaction was made from the merchant’s Sliq Account without the merchant’s authorization, the merchant has 30 days from the date of transaction to inform us and request a refund. Unless we find that the merchant has acted fraudulently or the merchant has not complied with the merchant’s security obligations mentioned above, we will refund the transaction back to the merchant’s account by the end of the next business day.

• The seller/provider is not cooperating and/or I want a chargeback

If the merchant has directly contacted the seller/provider or and the seller/provider has not provided a satisfactory resolution to the merchant’s issue, the merchant may be eligible to apply for a chargeback. In this case, we will ask the merchant to provide certain documents based on thechargeback rules of the card scheme. Please note that the result of the merchant’s chargeback request will depend on the rules of the card scheme.
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• I have a complaint about Sliq

The merchant can also file a complaint about Sliq or Sliq’s services. In order to ensure that we can get back to the merchant with a satisfactory answer as soon as possible, please explain the problem as clearly as possible and provide us with all relevant documents (if any). We will examine the complaint no later than within 15 (fifteen) business days of the day of receipt of the complaint and provide a reasoned and documented reply.

If we are not able to provide an answer to the merchant’s complaint within 15 business days for reasons beyond our control, we will send themerchant a response clearly indicating the reasons for the delay and specifying a new deadline by which the merchant will receive the finalreply. In any event, the deadline for receiving the final reply shall not exceed 35 (thirty-five) business days. The complaint handling procedure is free of charge.

If the merchant is not satisfied with our decision/resolution the merchant has the right to appeal to the Bank of Cyprus in writing or electronically by following the procedures explained on the Central Bank of Cyprus’s website.

For issues not resolved between you and Sliq, the laws of the Republic of Cyprus are applicable. The courts of Cyprus have jurisdiction on all disputes.

• Suspension of the merchant’s Sliq Account

If the merchant does not use its Sliq Account for 12 months in a row – including making transactions or logging to Sliq app or Sliq Web Portal – we will suspend the merchant’s Sliq Account for security purposes and the merchant will not be able to make any transactions. In order to reactivate the merchant’s account, contact us and provide us with up-to-date documents which would allow us to reactive the account. During the suspension period, the merchant will not be charged for the services which have been suspended.

We may also suspend whole or part of our services immediately if we reasonably suspect or determine that:

• the merchant repetitively or persistently breaches Sliq’s terms that are applicable to the merchant;
• the merchant provided us with false or misleading information or documentation, or failed to keep us up to date with merchant identity or contact data or failed to provide us with the documents and (or) information we requested in relation to the periodical review of merchant identity data and (or) conducted payment transactions within the indicated timeframe;
• the merchant used Sliq for criminal activities, or the merchant has violated applicable laws or regulations especially regarding AML/CTF regulations;
• the merchant used Sliq for malicious, illegal or immoral purposes or in a way which may harm Sliq, Sliq employees’ or Sliq’s business partners’ reputation or business, or abused the Sliq system, or the merchant is in material breach of the merchant’s obligations under these, or any other terms of Sliq agreed by the merchant;
• the merchant used external tools that were designed to manipulate data or influence the flow of money in order to avoid liabilities or gain unfair, fraudulent or illegal advantage or other such benefits;
• the merchant used an anonymiSliq proxy; use any robot, spider, other automatic device, or manual process to monitor or copy our websites without our prior written permission; or use any device, software or routine to bypass our robot exclusion headers
• the merchant failed to pay any fees, or any other financial obligation to us in a timely manner for 2 months in a row;
• the merchant Interferes or disrupts or attempts to interfere with or disrupt our websites, software, systems (including any networks and servers used to provide any of the Services) operated by us or on our behalf, any of the Services or other users’ use of any of the Services
• Copy, reproduce, communicate to any third party, alter, modify, create derivative works, publicly display or frame any content from the Company website(s) without our or any applicable third party’s written consent
• the merchant’s, its representatives’, partners’, agents’ or employees’ actions may cause undue harm to the reputation of Sliq, or cause undue losses or monetary sanctions to Sliq;
• the merchant is no longer incorporated or their beneficiary is not a resident in one of the countries eligible for creating a Sliq account;
• the merchant is using the services to make or receive payments for activities related to those provided in the restricted activities and countries list;
• The merchant uses the business account to perform consumer activities (in such a case we can ask the merchant to apply for an individual account);
• Sliq becomes aware of loss of legal capacity, bankruptcy or insolvency;
• the merchant abused Sliq’s services (for example the merchant has ordered an unreasonable amount of Sliq Business Cards or made an unreasonable number of transactions in a short period of time);
• Circumvent any Company policy or determinations about your account such as temporary or indefinite suspensions or other account holds, limitations or restrictions, including, but not limited to, engaging in the following actions: attempting to open new or additional Sliq Account(s) when an account has a negative balance or has been restricted, suspended or otherwise limited; opening new or Sliq Accounts using information that is not your own (e.g. name, address, email address, etc.); or using someone else’s Sliq Account
• Sliq receives a legal notification regarding a free Sliq order on the merchant’s assets or another injunction has been claimed by a third party;
• security of the merchant’s Sliq app or Web Portal or Sliq Business Card was breached, the merchant’s login credentials have been disclosed to third parties or the merchant’s funds needed to be protected.

In case the services are suspended due to reasons connected with points (iii) and (vi) above, the suspension is given for a period of 30 days withthe right to extend it for an unlimited number of times until the funds in question are fully reverted or the suspicion has been cleared.

We use the suspension period to investigate the matter and to communicate with the merchant. During this time, we may decide if we want to end the suspension with or without certain conditions or we may decide to terminate our agreement.
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• Termination of the merchant’s Sliq Account

We conclude the agreement for an indefinite period. It applies until it is terminated by the merchant or us. The merchant can terminate the agreement at any time, with one month's notice effective at the end of the month. The merchant can send us a request for termination via the “close account” button in the Sliq Portal or App. When the merchant contacts us for termination, the merchant should provide us with account details to transfer any funds which may remain in the merchant’s account at the day of termination.

If the merchant has negative balance at the time of the merchant’s request of termination, Sliq may refuse the merchant’s request until such negative balance has been closed.

If we terminate the merchant’s agreement, we will notify the merchant 60 days in advance.

We may terminate agreement immediately if we reasonably suspect or determine that:

• the merchant repetitively or persistently breached Sliq terms that are applicable;
• the merchant provided us with false or misleading information or documentation, or failed to keep us up to date with merchant identity or contact data or failed to provide us with the documents and (or) information we requested in relation to the periodical review of merchant identity data and (or) conducted payment transactions within the indicated timeframe;
• the merchant has used Sliq for criminal activities, or has violated applicable laws or regulations especially regarding AML/CTF regulations;
• we have reasons to suspect that the merchant used Sliq for malicious, fraudulent, illegal or immoral purposes or in a way which may harm Sliq’s, Sliq employees’ or Sliq’s business partners’ reputation or business, or the merchant is abusing Sliq system, or the merchant is in material breach of its obligations under these, or any other terms of Sliq agreed by it;
• the merchant used external tools that were designed to manipulate data or influence the flow of money in order to avoid liabilities or gain unfair, fraudulent or illegal advantage or other such benefits;
• the merchant is no longer incorporated or resident in one of the countries eligible for creating a Sliq account;
• it is found out that the merchant has duplicate Sliq memberships;
• the merchant is using the services to make or receive payments for activities related to those provided in the restricted activities and countries list;
• the merchant abuses Sliq’s services (for example the merchant has ordered an unreasonable number of Sliq Business Cards or made an unreasonable number of transactions in a short period of time);
• Sliq becomes aware of loss of legal capacity, bankruptcy, or insolvency;
• Sliq is required under the applicable laws and regulations to terminate its relations with the merchant;
• the merchant’s Sliq membership remains suspended for more than 6 months.

We will specify the reasons for terminating the merchant’s account whenever possible. However, if the merchant’s account has beenterminated for reasons connected to points (iii) or (iv) above, Sliq may not be able to indicate the reasons for termination due to legalrestrictions applicable to Sliq.

If the merchant has funds remaining in Sliq account at the moment of termination, we will return it to another account provided by themerchant, or in a case of termination based on points (iii) or (iv) above, Sliq can return the funds to the merchant’s account held at another financial institution. Where possible we will return the remaining funds to the merchant in the same currency of the merchant’s relevant Sliq account. In other cases where the refund in your Sliq account currency is not possible, we will convert the funds to EUR, and we will transfer it via an available channel. Standard transfer fees will be applied for this refund operation. The merchant may be charged an additional Manual Operation Fee in case the transfer of the remaining funds requires manual input from our end, such as a manual conversion ofcurrency, or a manual initiation of the refund operation, etc. If the account balance does not cover the transaction fees, Sliq can request the settlement of the unpaid amounts from the merchant separately. In case it is not possible to return the remaining funds due to circumstances independent of Sliq or the owner of the funds is not known, Sliq may book the funds on a technical account until the entitled party duly requests their return.

When it is possible, we will notify the merchant about why we are suspending or terminating our cooperation as soon as we can.

Unless the merchant opted out from receiving such e-mails, the merchant will receive the breakdown of all transactions completed using Sliq,up to 36 months before the date of termination. We may refuse to provide such information if we have grounds to believe, that access to the Sliq account was unauthorized or fraudulent.

If we incur any losses or damages (including but not limited with fines from international payment card organizations, other financialinstitutions, or supervisory bodies) resulting from the merchant’s breach of these terms or applicable laws and regulations, we may reflect theseamounts to the merchant or freeze the relevant portion of the merchant’s funds until the dispute is resolved. We may also follow debt recovery processes or other legal remedies for the recovery of such amounts.

We have the right to withhold the portion of the funds that are subject to an unresolved dispute between the merchant and us or an investigation relating to AML/CTF or similar issues under the applicable laws, until such dispute or investigation is resolved.

If the merchant has funds in its Sliq account which were transferred due to an error, or abuse of Sliq system, or illegal activities, or have any unpaid fees or commissions, applicable fines, losses, or damages incurred by us due to the merchant’s breach of these terms or any applicable laws, we are entitled to unilaterally deduct such funds from your Sliq account.

We disclaim all liability for indirect or consequential damages or losses or for force majeure events which are beyond our reasonable control.

We are not responsible for any loss or damage the merchant may incur as a result of the termination or suspension of Sliq’s services pursuant to these terms.

We will communicate with you via the Sliq App or Web portal via the e-mail address, residence address or phone number you provided us. For security purposes, Sliq App is always the primary method of communication.

If we make any changes in these terms, we will notify the merchant by e-mail or push notification on the Sliq App at least 14 days in advance. If the changes are made in order to comply with applicable laws, rules or regulations or for making minor changes which do not have any material adverse effect on the merchant and the merchant’s use of Sliq’s services, or the changes are beneficial to the merchant, the changes may become effective immediately. Furthermore, if we need to make changes in the fees or commissions due to an increase in our costs or due to inflation, the changes we make in the applicable fees or fee plans may be effective immediately.

We process your personal data mainly for the purpose of performing the service and fulfilling obligations resulting from legal provisions. Detailson the purposes of processing, the rules we apply, and your rights can be found in our Privacy Policy.