TERMS AND CONDITIONS

Last Updated: 10 Mar 2025

These Terms and Conditions govern the relationship between the Service Provider and you as the Customer regarding electronic money, payments and other Services as defined hereinbelow.

Your Service Provider is: STERLIQPAY LTD, company number: 16286931, address: Northway House 257-258 Upper St, Highbury & Islington, London, United Kingdom, N1 1RU.

1. DEFINITIONS

The following terms when used in these Terms and Conditions or any document referred to herein shall have the following meaning:

“Agreement” - an agreement between the Customer and the Service Provider consisting of these Terms & Conditions and a registration form completed by the Customer at the moment of registration of Personal Area in the System. 

“Account” - Customer’s Electronic money account opened with the Service Provider, which holds electronic money.

“Alternative Payment Method” or “APM”  - means a payment method (other than Card) which the Service Provider is able and has agreed to process: e-wallets, payments from the phone account, etc. 

“Business Day” – a day, when the Service Provider provides its services, set by the Service Provider. The business day is the day, which is not Saturday, Sunday or other national holiday day of the United Kingdom.

“Card” - payment card branded as, but not limited to, Visa, Visa Electron, MasterCard or Maestro that shall be used as a means of payment when conducting the Transaction.

“Commission fee” – a fee charged by the Service Provider for a Payment Transaction and/or related services.

“Confidential Information” – means any information which is marked as “Confidential” or “Proprietary” or should be reasonably expected to be confidential having regard to the context of disclosure or the nature of the information; including, without prejudice to business plans, data, strategies, methods, customer and customer lists, technical specifications, transaction data and customer data shall be deemed confidential.

“Customer” – the natural person who has registered with the Service Provider and created the Account.

“Customer Identification” - Customer’s identity verification under the procedure specified by these Terms & Conditions and the System requirements.

“Customer Support” – Service Provider’s customer support, which can be reached by sending a message through the “Contact Us” facility on the Website, Personal Area or by emailing the Service Provider at support@sterliqpay.co.uk or via any other means of communication provided by the Service Provider.

“Electronic Money” – the money transferred to and held on the Account for execution of Payment Transactions.

“Fees” - mean the fees set by the Service Provider for providing the Service and updated from time to time.

“Payer” – means a natural or legal person who holds a payment account and initiates a Payment order from that payment account, or, where there is no payment account, a natural or legal person who gives a Payment Order.

“Payee” – means a natural or legal person who is the intended recipient of funds which have been the subject of a Payment Transaction.

“Payment Order” – an order from the Payer or the Payee (payment transfer) for the provider of payment services to execute a Payment Transaction.

“Payment Transaction” – an act, initiated by the Payer or on his behalf or by the Payee, of placing or transferring funds.

“Personal Area” - an account within the System to which the Customer has access. 

“Registry” - any authorised database holding official or verified data about natural or legal persons.

“Services” – means the services provided by the Service Provider under these Terms and Conditions. 

“System” – a software solution developed by the Service Provider or its partners’ solutions and used for provision of the Services.

“Website” – means the Service Provider’s website www.sterliqpay.co.uk. 

“Wallet” - means a sub-account opened in the Customer’s Account with the Customer’s chosen base currency.

2. ENTIRE AGREEMENT

   1. These Terms and Conditions together with a registration form completed by the Customer at the moment of registration of Personal Area in the System constitute the entire legal agreement between the Customer and the Service Provider. For the use of additional services, the Customer may have to accept supplementary terms and conditions when Customer ordering or using such services.

   2. These Terms and Conditions become binding to the Customer and the Service Provider when the Customer registers in the System, opens an Account or simply uses the Services. 

   3. The Service is provided “as is” and the Customer is not entitled to claim for any of the provisions which are not listed in these Terms and Conditions.

   4. The Customer shall be entitled to use the Account only for business needs. The Customer cannot use Services to test prepaid card, money transfers behaviors. Any other use will be considered as a material breach of the Agreement and it will be terminated by the Service Provider.

   5. The Customer acknowledges that:

      1. The Service Provider is not a credit institution (bank) and Customer’s Account is not a bank account; 

      2. The Service Provider does not act as trustee, fiduciary or escrow holder in respect of E-Money on the Customer Account; 

      3. E-Money held within the Service Provider will not earn any interest and the Service Provider does not pay interest on any balances in the Customer's Account.

3. PERSONAL AREA

   1. Only the Customer who has completed an application for Personal Area registration in the System and to whom a Customer’s Account has been assigned, is entitled to use the Services offered by the Service Provider in the System.

   2. Prior to registration in the System and entering into the Agreement, the Customer shall confirm it complies with the following criteria during the validity of the Agreement:

      1. the Customer is a private individual or Representative of the legal entity;

      2. the Customer is at least 18 years old or has reached the age of legal capacity in the state the Customer belongs to;

   3. By starting registration in the Personal Area, the Customer hereby irrevocably authorize the Service Provider to request any information and documents, regardless of its form, related to Customers identification and verification (including, without limitations, a copy of Customers representatives (e.g. CEO, COO, CFO, etc.) name and personal details (date of birth, nationality), details of ultimate beneficial owners (natural persons) and percent of shareholding, details of authorized share capital, full names of the members of the Board of Directors, any other documents and data) from the Customer and/or any Registry, credit institution or a financial institution who has or had identified it, or has or had a business relation with the Customer.

   4. In order to perform an identification procedure the Service Provider has the right to demand from the Customer to provide original documents or their copies or copies of documents certified by an authorized person by the law.

   5. The Terms and Conditions, available in English on the Service Provider's website, can be reviewed by the Customer prior to registering in the System. 

4. CUSTOMER IDENTIFICATION

   1. During the registration process the Service Provider has a right to request information and the Customer is obliged to provide such information to the Service Provider, including, but not limited to, identification of the Customer. The Service Provider may further request any additional information that is necessary in accordance with anti-money laundering laws and regulations and Customer understands and acknowledges and accepts the requirement to provide the Service Provider with any requested information within 2 (two) Business Days, otherwise the Service Provider may suspend and/or close the Account, in accordance with these Terms and Conditions.

   2. It is the obligation of the Customer to provide (and the Service Provider has right to request accordingly from time to time) up-to-date information on all Customers and the Service Provider, therefore, has the right to request any additional information from time to time which the Customer shall be obliged to provide. If the information is not provided, the Service Provider reserves the right to unilaterally terminate the relationship with the Customer with immediate effect

   3. The Service Provider has the right to request copies of the documents certified by a notary and/or translated into at least one of the languages acceptable to the Service Provider. All documents and information are prepared and provided at the expense of the Customer. If the Customer does not provide additional information and/or documents within a reasonable time set by the Service Provider, the Service Provider has the right to suspend the provision of all or a part of the Services to the Customer.

   4. Once the documents and information provided by the Customer is checked by the the Service Provider, the Customer is entitled to start to use the Services provided by the Service Provider and the Customer’s Account. The Account is personal and only the Customer has a right to access and use Services within it and only in the frame of stated and declared activity and purposes in the application for the Account (in case planned activity and purpose changed — a new application for the Account shall be submitted for the review to the Service Provider).

   5. All information the Customer provides to the Service Provider must be complete, accurate and truthful. The Customer always must inform and update this information whenever it changes, the Service Provider cannot be responsible for any financial, reputational or any other kind of loss arising out of Customer’s failure to do so. The Service Provider has the right to ask the Customer at any time to confirm the accuracy of their information and/or provide additional supporting documents.

5. THE SERVICES

   1. The funds held on the Customer Account are considered Electronic Money. Customer Account allows to send, receive or redeem Electronic Money at its nominal value.

   2. All Electronic Money funds of the Customer are held in segregated bank account or accounts. The Customer shall retain the ownership of the funds. Electronic Money is held separately from Service Provider’s own funds and cannot be used by the Service Provider for operational purposes and are unavailable to general creditors in the unlikely event of the Service Provider ceasing to operate or becoming insolvent.

   3. The Account, in addition to other functionalities, enables the Customer to execute SEPA payments, convert currency, execute SWIFT payments, if such service is available in the Personal Area.

   4. The currency exchange rates are published in the Personal Area and/or on the Website. 

   5. The Services include: 

      1. Sending payment transfers to bank accounts or payment service provider’s accounts in the form of SWIFT/SEPA transfers.

      2. Receiving payment transfers to the Account from banks’ or other payment service providers’ accounts.

      3. Exchange of currency in the Account.

      4. Money transfers between Wallets held in different currencies.

      5. Providing the acquiring solutions. 

   6. The Customer may hold Electronic Money in any currencies which are supported by the Service Provider.

   7. The Customer must be authorized by authenticating using personalized security features before using the Account.

   8. The use of Customer Accounts for funds obtained through criminal activity, or for any illegal purposes including fraud, money laundering, and/or terrorist financing, is strictly prohibited. The Service Provider will immediately report any suspicious activity to the relevant competent authority.

   9. The Customer agrees and accepts all the risks associated with maintaining balances in multiple currencies including any risks associated with fluctuations in the relevant exchange rates over time. The Customer undertakes not to use Services for speculative trading.

6. TRANSACTIONS

   1. Deposits 

      1. To upload money to the Account the Customer needs to log in to the Personal Area and follow the steps as they appear on screen.

      2. The Customer must provide the information requested and pass all identity and security validation and verification checks prior to the receiving of acceptance by the Service Provider, which shall allow depositing funds to the Account. For any Deposit, the Customer authorizes the Service Provider to obtain and receive funds on behalf of the Customer from the payment source chosen by the Customer, less any applicable Fees, and to transfer electronic money to the Customer’s Account. 

      3. If the Service Provider has reasonable doubts regarding legality or origin of the money the Service Provider may request the Customer to provide justification of the money and refuse to upload money until the Service Provider is convinced of the legality of the origin of the money. The Customer must provide any such information requested by the Service Provider within 2 (two) Business Days. If failed to reply, the Service Provider may refuse any Payment Transaction used to top up the Account and/or notify appropriate institutions.

      4. The Customer understands that they are responsible for the accuracy and completeness of the payment details entered for the purpose of topping up the Account and agrees that in no event the Service Provider be held liable for any losses the Customer may incur because of inaccurate payment information.

      5. The Customer cannot cancel a successful deposit made into their Wallet via Visa or MasterCard, and no refund will be issued. In order to redeem the deposited funds, the Customer must initiate a withdrawal to their Visa or MasterCard. Note that the withdrawal may be subject to applicable Fees. 

   2. Withdrawals 

      1. The Customer may at any time request to withdraw Electronic Money held in the Account using different methods.

      2. The Customer can transfer the appropriate amount of Electronic Money from the Customer Account to their bank or other payment service provider account and withdraw the cash according to the terms and Fees of the respective bank/payment service provider. In such an event for Electronic Money transfer the Payment Order terms are applicable.

      3. The Customer understands and expressly agrees that the Service Provider may only proceed with the Withdrawal of Customer’s funds into an account that is held in the Customer’s name (Customer is the account holder and beneficiary of the account) at a credit institution, i.e. bank or into an account that is held in Customer’s name at payment institution that has established cooperation with the Service Provider.

      4. The Customer understands and accepts that the Service Provider may be requested by law to impose certain limits on amounts of Withdrawal of electronic money and/or impose special requirements and/or refuse to withdraw Customer’s funds until the information is submitted by the Customer and all requirements under the law are fully satisfied. 

      5. When setting up a withdrawal request, the Customer must ensure that the information they provide is correct and complete. The Service Provider will not be responsible for money sent to the wrong recipient or wrong amount as a result of incorrect information provided by the Customer.

   3. Payments from the Account 

      1. The Customer may make Payments to other Customers and/or Customers that accept Service Provider’s transfers by entering the System. The Customer is obliged to specify the purpose of the Payment, which shall conform with the specified nature of business in the Customer application for the Account opening. When all the fields are filled in, the System will calculate and show the transfer Fees; 

      2. To initiate an internal Payment Order through the Customer Account, the Customer is required to furnish the Service Provider with specific details, including the recipient's name and account information, the transfer amount, payment description, and any other pertinent data.

      3. By making the Payment Transaction the Customer expressly confirms that all the data entered is correct and shall bear the full responsibility if any mistake appeared in the entered data.

      4. The Customer fully acknowledges that after proceeding with the Payment Transaction the Customer may no longer cancel or amend the Payment Transaction. Thus, by making the Payment Transaction the Customer irrevocably gives instructions to the Service Provider to proceed with it and does not intend to cancel or alter it.

   4. Internal Transfers 

      1. The Customer may make “Internal transfers” between Wallets held in different currencies. During the Internal transfer process spot exchange rate will be displayed, however, the Customer expressly accepts that they understand and acknowledge that the spot exchange rates are only indicative. After proceeding with the Payment Transaction, the amount chosen by the Customer will be internally transferred between Wallets held in different currencies. 

   5. Cryptocurrencies

      1. The System allows Customers to buy cryptocurrency from the Service Provider. 

      2. The Service Provider will use reasonable efforts to deliver the purchased cryptocurrency to the Customer at the earliest reasonable time. The Customer acknowledges that the delivery of the cryptocurrency purchased by the Customer may be completed separately from the payment process, and it may take time for the cryptocurrency transfer to be processed. The Customer also acknowledges that on some occasions, the Service Provider may not be able to fulfil Customer's purchase order or deliver the cryptocurrency, and refrain from any claim towards the Service Provider in this regard.

      3. The Customer understands and accepts the risks involved in buying and selling cryptocurrency, including the fact that the Service Provider cannot guarantee that any cryptocurrency will have, at any time in the future, a certain value (if any) or market liquidity. There is no guarantee that the Customer will be able to sell the cryptocurrency to any third party at a later time, and at no event, will the Service Provider be obligated to purchase from Customer any cryptocurrency, whether bought from the Service Provider or otherwise. 

7. LIABILITY OF THE SERVICE PROVIDER FOR PROPER EXECUTION OF PAYMENT TRANSACTION

   1. The Service Provider is liable for Customer’s property loss and direct damage only caused by the Service Provider’s fault or unlawful conduct or if such liability is provided by law.

   2. The Service Provider shall not be liable for any loss, damage, or delay to the Customer or any third party arising through no fault of the Service Provider, improper action or omission.

   3. The Service Provider is not liable for any loss or damage caused by a virus, or other technological attacks or harmful material that may infect Customer’s computer equipment, computer programs, data or other proprietary material related to use of the Services.

   4. The Service Provider is not liable for errors and late or missed transactions made by banks, payment service providers, payment systems and other third parties beyond the Service Provider’s control.

   5. The Service Provider is not liable for damages arising from any suspension and/or the restriction of the Services and/or Account made by this Agreement.

   6. Limitations of the Service Provider’s liability shall not be applied if such limitations are prohibited by the applicable law.

   7. The Customer is liable for breaching the System with viruses, logic bombs or other materials which are malicious or technologically harmful.

   8. The Service Provider may recover amounts the Customer owed to the Service Provider through legal means, including, without limitation, using a debt collection agency, attorney’s and others.

8. FEES

   1. By executing the Agreement, the Customer undertakes to settle for the Services provided based on this Agreement.

   2. The Customer acknowledges and understands that he/she is obliged to read and acknowledge Fees prior to instructing the Service Provider to make any Payment Transactions or other Services. The Fees document contains all applicable interest rates, commissions and fees for Services provided by the Service Provider, thus the Customer shall observe these at all times.

   3. In case the Payment Transaction initiated by the Customer requires a currency exchange, the current spot rate provided by the liquidity provider will be applied.

   4. The Service Provider reserves the right to introduce new services and to, therefore, introduce new charges which the Customer obliges to pay in accordance with these Terms and Conditions. New charges that are favourable to the Customer may be introduced without prior notice and with immediate effect.

   5. The Customer remunerates the Service Provider for opening, maintenance and closing of Accounts, execution of the Payment Transactions and other services in accordance with the Fees. The Customer is obligated to get themselves acquainted with the Fees and/or exchange rates.

   6. Changes to exchange rates shall come into effect immediately without notice and the Customer shall not have the right to object to such a change.

   7. The Customer agrees:

      1. If there are not enough funds in the Customer Account for the Fee of Payment Transaction and/or for the other recurring Fees, the Service Provider may suspend the provision of Services until enough funds are credited to the Customer’s Account to pay overdue Fees. The Customer is personally liable for any resulting damage and agrees to pay the Service Provider 0.05 percent interest on each day of delay from the unpaid Fees. The Service Provider will first deduct the Customers arrears for recurring Fees and interest directly from Customer’s Account when enough funds are available.

      2. that the Service Provider will not execute the Payment Order placed by the Customer if there are insufficient funds in the Customer Account for such transaction Fees.

   8. The Customer is responsible for collecting, reporting, and remitting the correct taxes to the appropriate tax authority. This applies to any taxes that may be due on payments the Customer makes or receives.

9. CHARGEBACKS

   1. Without limiting the Service Provider’s rights or remedies under these Terms and Conditions or any applicable law, if the Customer cancels, chargebacks or reverses an electronic money purchase, the Customer is responsible for paying the Service Provider funds equal to the par value of the electronic money purchased, plus applicable fees. The Service Provider may, at its discretion, recover the amount of a cancelled purchase or chargeback of electronic money by reducing the balance on the Customer’s account or otherwise collecting the amount from the Customer. The Service Provider may charge Customer the fees and expenses the Service Provider incurs in connection with a chargeback and action undertaken to challenge the same. 

10. SECURITY AND AUTHORISATION

    1. The Customer shall not disclose their Personal Area username and password to any third party and shall take all necessary precautions to keep them confidential.

    2. If the Customer suspects that Customer Account or other personalized security features are being lost, used without their authorization, stolen, or otherwise compromised, the Customer must contact Customer Support immediately and change password of Personal Area. Any undue delays in notifying the Service Provider may affect the security of Customer Account and result in being Customer responsible for financial, reputational or any other kind of losses.

    3. The Customer is not permitted to authorize third-party access to their Personal Area or initiate payments from the Customer's Account. This restriction is in place for security reasons.

    4. In case of unauthorized payments or fraudulent activity resulting in the loss of funds, the Customer must notify the Service Provider immediately, no later than one calendar day from the discovery. The Service Provider will make reasonable efforts to suspend the payment and/or refund the Customer's Account. The Service Provider shall not be held liable for any loss of funds due to fraudulent activity.

    5. If the Customer does not follow the instructions of security and authorization indicated in the Agreement, the Customer shall be responsible for any and all lost funds and damages in relation thereto.

11. RESTRICTED ACTIVITIES ON THE ACCOUNT

    1. The Service Provider  does not accept payments from or to sanctioned countries and territories in accordance with the laws, regulations and internal policies. 

    2. The Service Provider  does not provide Services to Customers, who are engaged in restricted activities.  For the purposes of these Terms and Conditions, the restricted activities are: 

       1. breach of these Terms and Conditions; breach of law, statute, contract or regulation; 

       2. breaches of Service Provider’s copyrights, patents, trademarks or any other intellectual property rights; 

       3. provision of false, inaccurate or misleading information; 

       4. failure to provide information as requested by the Service Provider; 

       5. send or submit to the Service Provider documents that the Service Provider reasonably believes to be fraudulent; 

       6. attempt any action that might lead to unjust enrichment during the dispute; 

       7. usage of anonymising proxy; 

       8. use services provided by the Service Provider that may result in dispute, claim, fines etc.; 

       9. disclose information of other Customers to third parties;

       10. facilitate any viruses, Trojan horses, worms or other computer programming tools that may make damage to the Service Provider’s System. 

12. ACCOUNT CLOSURE BY THE CUSTOMER

    1. The Customer may close Customer’s account upon a 1 (one) month prior notice to the Service Provider. To do so, the Customer must notify the Service Provider of the Customer’s decision to close the Customer’s account. At the Customer’s request, the Service Provider may agree to close the Customer’s account immediately. The Customer’s account shall be closed immediately if the Service Provider receives notice from the Customer that Customer does not agree with changes to these Conditions. If Customer closes Customer’s account, Customer is responsible for cancelling pending Payment Transactions from Customer’s account and any pending electronic money transfers to Customer’s account. 

    2. The Customer is not obligated to pay any Fee upon termination of this Agreement, provided that at least 6 months have passed since the Agreement's effective date. If the Customer wishes to close the Customer Account before 6 months of using the Services, the Customer must pay the applicable Fee.

    3. The Customer may close the Account at any time by contacting Customer Support and after paying closure Fee if applicable as stated above. 

    4. If a Customer requests to close their account and still has a balance in their Customer Account, the request will be declined at the time of closure. The Customer must withdraw the remaining funds entirely and contact Customer Support again to close the account. 

    5. Upon receiving confirmation of Account closure, the Customer will lose access to their Personal Area and Customer Account. Additionally, any wallets connected to the Account will be blocked.

    6. If the Service Provider is investigating fraud, money laundering, indebtedness or similar issues, the Customer may not close their Account. The Service Provider has the right to hold the Customer's funds and Account data until the investigation is complete to protect the Customer, Service Provider, and/or a third party.

    7. The Customer will continue to be responsible for all obligations related to the Account even after it is closed.

13. SUSPENDING SERVICES AND CLOSING THE ACCOUNT BY THE SERVICE PROVIDER

    1. The Service Provider shall have the right to terminate the Agreement by providing a written termination notice by email at least 30 (thirty) calendar days in advance if:

       1. The Customer poses too high risk of any illegal or unlawful activities, money laundering and/or terrorist financing;

       2. Bankruptcy or insolvency proceedings are initiated against the Customer at any stage and/or there are reasonable doubts about the Customer’s solvency;

       3. the Customer failed to submit necessary information required by the Service Provider;

       4. the activities or any actions of the Customer may harm the Service Provider or third parties, including harm of business reputation, image or brand;

       5. the Customer has otherwise materially breached the provisions of the Agreement (e.g. did not pay for services on time, etc.) or the breach is continuous.

    2. Termination of the Agreement does not exempt the Parties from appropriate execution of all liabilities that were applicable towards the Parties before the termination.

    3. The Service Provider will give a notice of any suspension or restriction and the reasons for such suspension or restriction as soon as it can, either before the suspension or restriction is put in place, or immediately after, unless notifying the Customer would be unlawful or compromise our reasonable security measures.

14. PERSONAL DATA AND CONFIDENTIALITY

    1. The Service Provider will use and process personal data held and provided by Customer or third parties to execute the present Agreement, debt management, quality of Services and other purposes, including those specified in the Privacy Policy.

15. THIRD PARTY RIGHTS

    1. The provisions of these Terms and Conditions do not confer a benefit on or are enforceable by anyone who is not a party to them.

16. AMENDMENTS TO THESE TERMS AND CONDITIONS

    1. The Service Provider is entitled to unilaterally amend the provisions of these Terms and Conditions.

    2. The Service Provider shall inform the Customer in a written notice or notice on another durable medium (e.g. Customer’s registered email; notification on Personal Area) no later than prior 30 (thirty) calendar days before any amendments (incl. supplements) of these Terms and Conditions.

    3. In case the Customer disagrees with any amendments the Customer can terminate relationships with the Service Provider by withdrawing amounts from the Account (if any) and closing Personal Area. If the Customer has not objected to the amendments within the notice period, the Customer shall be deemed to have accepted them from the first day after the end of notice term.

    4. Any amendments and supplements shall be deemed to be an integral part of these Terms and Conditions and shall have the same legal power.

17. APPLICABLE LAW & REGULATIONS, DISPUTE RESOLUTION

    1. These Terms and Conditions are governed by the laws of the United Kingdom. 

    2. The Parties shall also comply with all applicable laws, regulations, and rules of international payment systems (including, but not limited to, Visa Europe and MasterCard Worldwide) when performing any activities under this Agreement.

    3. The Parties unconditionally agree that the courts of London have exclusive jurisdiction to settle any dispute or claim that arises out of or in connection with this Agreement or its subject matter or formation (including non-contractual disputes or claims).