GENERAL TERMS AND CONDITIONS FOR Betalo AB (publ) – B2B

Betalo AB (publ)
Org no. 559245-2931
Engelbrektsgatan 35A
114 36 Stockholm

These general terms and conditions (the ”Terms”) govern the use of the Betalo app (the ”App” or ”Betalo”) and other services provided through the app and website by Betalo AB (publ), org no. 559245-2931 (the ”Company”). Please read these terms carefully and contact us if you have any questions.

Betalo is a service that enables payments to Swedish Plusgiro and Bankgiro accounts (the ”Payments”). The description in this paragraph is referred to hereafter as the ”Service”.
The Terms apply to the business user (the ”Company”) of the Service. By registering for the Service and accepting the Terms, the Company and the Company enter into an agreement granting the Company the right to use the Service in accordance with the Terms.

1. Licenses and Supervision
   1.1 The Company holds a license from the Swedish Financial Supervisory Authority (Finansinspektionen, ”FI”) to provide payment services as a payment institution. The Company is under the supervision of FI and is subject to the regulations established in the Swedish Payment Services Act (2010:751) as well as FI’s regulations and general guidelines for payment institutions and registered payment service providers (FFFS 2010:3).

1.2 The Company can access these Terms and information regarding the Service via the App, Betalo’s website, or Betalo’s customer service. Information in accordance with the Swedish Payment Services Act (2010:751) will be provided to the Company in these Terms and updated regularly when changes occur.

1. Notifications and Language
   For the contractual relationship and communication between the Company and the Company, Swedish will be used.
   Written notifications from Betalo to the Company will be sent by email to the email address the Company provided during registration and will be considered delivered by the next day. Notifications that are not considered urgent may alternatively be displayed on the Company’s account through logging into the app.
2. Conditions for the Service
   3.1 The Company must be registered and active in Sweden in order to create an account with Betalo and use the Service. The Service is only available to companies holding a Swedish organization number in Sweden.

3.2 The Company agrees to notify Betalo if it is subject to specific regulations, such as having connections to persons in politically exposed positions* (”PEP”). This should be notified during registration by completing the KYC form. The Company also agrees to notify Betalo of any changes to these circumstances.

3.3 Betalo offers payments to both Plusgiro and Bankgiro accounts, and thus to all recipients approved as companies in Bankgirocentralen’s (BGC) bank giro number file and the Plusgiro file (Nordea).

3.4 Betalo does not offer Payments to collection agencies or the Swedish Enforcement Authority (Kronofogdemyndigheten). Furthermore, Betalo reserves the right to refuse payments to recipients who do not meet Betalo’s requirements or are deemed unsuitable for using the Service.

3.5 Companies intending to use the Service for payments that may exceed 1,000,000 SEK annually must contact Betalo customer service before using the Service. The Company certifies that the Service will not be used for illegal purposes, such as money laundering, terrorism financing, or fraud.

1. Execution of Payment Transactions
   4.1 For a payment order to be executed correctly, the Company must follow the instructions given at the time of payment in the App.
   4.2 The Company is responsible for ensuring that payment details such as Bankgiro/Postgiro numbers, OCR numbers, and amounts are filled out correctly. Betalo is not responsible for incorrect payments resulting from wrongly provided details.

4.3 Approval to execute a payment is given by the Company when it has filled out the recipient’s information and approved the payment and service fee.

4.4 A payment order is considered received when the Company has approved the payment and received a confirmation in the app.

4.5 Betalo is not responsible for any delays caused by third parties, and payments are typically executed within three (3), but no later than seven (7), banking days.

1. Betalo’s Responsibility for Payment Execution
   5.1 Betalo is responsible to the Company for correctly executing a payment order in accordance with the Terms. If a payment transaction cannot be completed, the Company’s account balance will be restored.

5.2 If a payment transaction is not executed correctly, Betalo will, upon the Company’s request, trace the payment and inform the Company of the result.

1. The Company’s Responsibility
   6.1 The Company is responsible for ensuring that there are sufficient funds for the payment order and that the information provided in the payment order is correct.

6.2 The Company agrees to act on its own behalf when using the Service and use cards issued in the Company’s name.

6.3 The Company is responsible for handling sensitive information, such as login details, securely.

6.4 The Company must promptly report to Betalo if there are suspicions of unauthorized access to sensitive information.

6.5 The Company is responsible for reviewing information about completed payments and notifying Betalo of any discrepancies within 13 months from the billing date.

1. Exchange Rate
   7.1 Betalo only offers transactions in Swedish kronor and does not perform any currency exchange.
2. Fees
   8.1 Interest Charges: No interest charges are applied.
   8.2 Service Fee: Betalo charges a service fee based on the transaction amount. Current fees are available at www.betalo.com.
3. Processing of Personal Data
   9.1 Betalo is the data controller and processes personal data in accordance with GDPR. Personal data about the Company’s representatives is processed to fulfill the agreement and for other necessary purposes, such as service development and compliance with legal requirements.
4. Limitation of Liability and Rights
   10.3 Betalo is only responsible for facilitating Payments and is not liable for undelivered goods or services or errors in goods or services purchased from third parties using the Service. Complaints and other claims the Company wishes to make in such cases must be directed to the third party.
   10.4 If the Company breaches the Terms, Betalo has the right to independently assess whether the business relationship must be terminated. Betalo has the right to terminate the business relationship and the Company’s account with Betalo immediately.

10.5 When Betalo receives funds with an accounting obligation, these funds are placed with a Swedish bank. Such a bank is chosen by Betalo at its discretion. The funds are usually placed in Betalo’s name on behalf of the Company. The Company understands that its funds may be stored in a pooled account at the bank. Whether the Company has a proprietary right to separate funds in the event Betalo or the bank is declared bankrupt or faces another legal measure with similar effects may vary and is dependent on applicable law. In Sweden, there is a right of separation as a general rule, provided that the funds are kept separate from Betalo’s own funds.

1. Additions and Amendments
   11.1 In addition to what is stated in the other provisions of the Terms, Betalo has the right to make additions to and/or changes to the Terms by notifying the Company of such additions and/or changes at least two months before the change takes effect. Information about changes to the Terms will be provided via Betalo’s app and/or email to the Company, and updated Terms will be made available on Betalo’s website.

11.2 It is the Company’s responsibility to read the Terms when logging into the app. The Company is considered to have accepted the current Terms when logging in via the app. If the Company does not accept the amended Terms, the Company may request to terminate its account on the day the changes take effect.

11.3 Betalo always has the right to immediately make changes to the Terms (including price changes) that are required by law, regulation, or government decision.

1. Disputes and Governing Law
   These Terms and the contractual relationship between the Company and Betalo shall be governed by Swedish law. In the event of a dispute, Betalo will follow the recommendations of the Swedish National Board for Consumer Disputes. Disputes regarding the Terms between Betalo and the Company will be tried at Stockholm District Court.
2. Contract Duration and Termination
   13.1 The Terms apply until further notice.

13.2 The Company has the right to terminate the agreement regarding the Service at any time with immediate effect without cost. Termination should be made in writing to Betalo when logged in with BankID via the Betalo app.

13.3 Betalo reserves the right to block the Company’s account if there is a risk of improper use of the account or suspicion that the account has been used without authorization. Betalo must inform the Company if the account is blocked. However, information about the payer may not be disclosed if it is incompatible with other laws or if it is justified by security reasons not to do so.

13.4 Betalo has the right to terminate the agreement regarding the Service in writing with a notice period of two months.