GENERAL TERMS AND CONDITIONS – B2B

Betalo AB (publ)
Org nr 559245-2931
Engelbrektsgatan 35A
114 36  Stockholm

These general terms and conditions (the “Terms”) govern the use of the Betalo application (the “App”) and other services provided by Betalo through the App and website.

Please read these Terms carefully and contact us if you have any questions.
The Terms apply to the Company. By registering for the Service and accepting the Terms, the Company and Betalo enter into an agreement entitling the Company to use the Service in accordance with the Terms. Defined terms used herein shall have the meaning set out in Section 1 below.

1. Definitions

In these Terms, the following terms shall have the meanings set out below:
“App” means the application named Betalo provided by Betalo AB (publ) for executing Payments and using the Service.

“Payments” means payments to Swedish PlusGiro and Bankgiro accounts executed via the Service.

“Betalo” means Betalo AB (publ), Reg. No. 559245-2931, Engelbrektsgatan 35A, SE-114 36 Stockholm, Sweden.

“Company” means the legal entity that has registered for and uses the Service in accordance with these Terms.

“FI” means the Swedish Financial Supervisory Authority (Finansinspektionen).“Indirect Loss” means any loss other than direct loss, including but not limited to loss of profit, loss of revenue, loss of data, loss of contracts, loss of production, business interruption, and loss arising from claims by third parties, irrespective of whether the affected Party has informed the other Party of the risk of such loss.

“PEP” means a politically exposed person as defined in the Swedish Anti-Money Laundering Act (2017:630).

“Service” means the service provided by Betalo through the App enabling the execution of Payments.“Terms” means these general terms and conditions, including any amendments or additions thereto.


2. Authorisation and Supervision
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2.1 Betalo is authorised by the Swedish Financial Supervisory Authority (“FI”) to provide payment services as a payment institution. Betalo is subject to FI’s supervision and, inter alia, the Swedish Payment Services Act (2010:751) and FI’s regulations and general guidelines (FFFS 2010:3). The Company may verify Betalo’s authorisation via FI’s company register at www.fi.se.

2.2 The Company may access these Terms and information regarding the Service viathe App, Betalo’s website, or Betalo’s customer service. Information required underthe Payment Services Act (2010:751) is provided herein and updated as necessary.

3. Notices and LanguageThe contractual relationship and communication between the Company and Betaloshall be conducted in Swedish.Written notices from Betalo shall be sent by email to the address provided by theCompany upon registration and shall be deemed received no later than the followingday. Non-urgent notices may alternatively be displayed in the App. The Company isresponsible for ensuring that its registered email address is correct and up to date.Notices sent to the latest provided email address shall be deemed received even ifdelivery fails due to circumstances attributable to the Company.

4. Conditions for the Service
4.1 The Company must be registered and operating in Sweden and hold aSwedish organisation number. Registration must be carried out by an authorisedsignatory. The Company is responsible for ensuring that its information is accurateand up to date.

4.2 The Company undertakes to inform Betalo if it is subject to specific regulatoryrequirements, including connections to PEPs, by completing the KYC form, and tonotify Betalo of any changes.

4.3 Betalo offers payments to PlusGiro and Bankgiro accounts registered in theBankgiro system (BGC) and Nordea’s PlusGiro system.

4.4 Betalo does not offer Payments to debt collection agencies or the SwedishEnforcement Authority (Kronofogdemyndigheten) and reserves the right to refusepayments to recipients deemed unsuitable.

4.5 Companies intending to process payments exceeding SEK 1,000,000 annuallymust contact Betalo prior to using the Service. The Company undertakes not to usethe Service for unlawful purposes, including money laundering, terrorist financing, orfraud. Breach entitles Betalo to terminate the account immediately and the Companyshall indemnify Betalo for any resulting damage.

4.6 Betalo is obliged to report suspicious transactions under applicable anti-moneylaundering legislation and is prohibited from informing the Company of suchreporting.

5. Execution of Payment Transactions

5.1 The Company must follow instructions in the App for proper execution.

5.2 The Company is responsible for correct payment details.

5.3 Authorisation is given when the Company approves the payment and servicefee.

5.4 A payment order is deemed received upon confirmation in the App.

5.5 Payments are normally executed within one (1) to three (3), but no later thanseven (7), banking days.

5.6 Payment orders cannot be revoked unless otherwise agreed.

6. Betalo’s Liability for PaymentsBetalo is liable for correctly executed authorised payment orders. If execution fails,the charged amount will be refunded. Betalo will trace transactions upon request.Liability for fees and interest applies only where Betalo is at fault. Rejectedpayments will be refunded (excluding service fees).

7. Company’s ResponsibilityThe Company is responsible for ensuring sufficient funds and correct information,acting on its own behalf, safeguarding credentials, reporting unauthorised access,reviewing transactions and notifying Betalo within three (3) months, and promptlyreporting suspected errors.

8. Exchange RatesOnly SEK transactions are supported; no currency conversion is performed.

9. FeesNo interest is charged. Service fees apply and are published on Betalo’s website.Changes require two (2) months’ notice.

10.Personal Data ProcessingBetalo acts as data controller and processes personal data in accordance with theGDPR. Full details are available in Betalo’s privacy policy. Complaints may belodged with the Swedish Authority for Privacy Protection (IMY).

11. Limitation of LiabilityBetalo is not liable for technical failures, third-party delays, force majeure events,or Indirect Loss. Liability is limited to the higher of (i) fees paid in the preceding 12months or (ii) 25% of the Swedish price base amount, unless otherwise requiredby mandatory law or in cases of gross negligence or wilful misconduct.

12.AmendmentsBetalo may amend the Terms with two (2) months’ notice. Material changesrequire acceptance. Changes required by law may take effect immediately.

13.Intellectual PropertyAll rights in the App and Service belong to Betalo or its licensors. The Companyreceives a limited, non-transferable licence.

14.AssignmentThe Company may not assign its rights without consent. Betalo may assign theagreement provided this does not adversely affect the Company.

15.Third-Party RightsNo third party shall have rights under these Terms.

16.ComplaintsComplaints may be submitted to Betalo. Unresolved matters may be escalated tothe Swedish Financial Supervisory Authority or a competent court.

17.Term and TerminationThe agreement applies until further notice. The Company may terminate at anytime. Betalo may suspend accounts for security reasons or terminate with two (2)months’ notice.

18.Governing Law and DisputesSwedish law applies. Disputes shall be finally settled by the Stockholm DistrictCourt.

Invalid provisions shall be adjusted without affecting the remainder of the Terms.