Terms and Conditions - Payment Service
The Supplier refers to Swiftcourt AB (559084-1721) which is responsible for offering the Payment Service in accordance with the terms and conditions set out in this document, incl. the services offered by the Processor and the Open banking provider as defined below.
The Processor refers to Ping Payments (559123-5378) which is responsible for hosting the Escrow account and to that related services, such as Payouts and Refunds, as further defined below.
Open banking provider:
The Open banking provider refers to Klarna Bank AB (publ., 556737-0431) which is responsible for providing the open banking services, AIS and PIS, as further defined below.
The user interface hosted by the Supplier on its web domains (swiftcourt.com) to facilitate the Transaction between the Seller and the Buyer.
The customer on the selling side of the Transaction as stated in the Contract between the Seller and the Buyer.
The customer on the buying side of the Transaction as stated in the Contract between the Seller and the Buyer.
The Seller and the Buyer are collectively referred to as the Parties.
A legally binding sales contract provided by the Supplier, in which the Seller and Buyer agree on the terms of their transaction, including but not limited to the use of the Payment service, and commit to carrying out the transaction according to those terms.
The actual payment and handover of the goods as stated in the Contract between the Seller and the Buyer.
Details about the goods being sold/purchased and its price as stated in the Contract between the Seller and the Buyer.
“Know you customer” refers to legal processes that providers of financial service, such as payment providers, need to fulfill in order to ensure full compliance with regulations regarding anti-money laundering, anti-bribery, anti-terrorism and other sanction-listed items. It also includes verification of identity, suitability and risks involved with the transactional relationships in the financial service providers business.
Anti-money-laundering, anti-bribery and other sanction-listed register checks performed by the Processor in relation to the KYC of the Seller and the Buyer.
Origin of funds:
Origin of funds refers to the funds that are being used to fund the specific transaction in hand, in this case the Transaction, and where they came from, i.e. how and from where the Buyer got the money to make the Payment. The answer to this question is aimed towards preventing anti-money-laundering, etc.
Account-information services (“AIS”):
The service offered by the Open banking provider that allows the Seller to authenticate towards his/her bank and then choose which bank account to be used for the Payout. It also allows the Supplier to retrieve information about the Seller and the Seller’s bank account necessary to perform the required KYC on both the Seller and the Buyer.
Payment-initiation services (“PIS”):
The service offered by the Open banking provider that allows the Buyer to authenticate towards his/her bank and initiate and confirm the Payment from a bank account into the Escrow account.
The payment made by the Buyer via a PIS into the Escrow account.
A bank account hosted by the Processor to which all Payments are made and where the money is stored safely until the Seller and the Buyer confirm the Handover respectively.
The confirmation of the Seller, the Buyer or both, of the final exchange of the goods.
The bank transfer payment from the Escrow account to the Seller’s designated bank account.
When the use of the Payment service is aborted by either the Buyer or the Seller and/or by Supplier’s Customer support team.
When the Seller and the Buyer are in disagreement of the Transaction or the Contract when the money is in the Escrow account.
The bank transfer payment from the Escrow account back to the Buyer’s bank account.
The fee paid by the Buyer for the usage of the Payment service.
Service fee receipt:
The receipt generated by the Supplier to the Buyer for the payment of the Service fee.
The document generated by the Supplier to both the Seller and the Buyer when the Payout is initiated, containing information about the Transaction at hand, incl. but not limited to timestamps for the Payment, Handover and Payout.
The Payment service (also called Swiftcourt Secure Escrow Payment) will be provided to you by Swiftcourt AB (hereafter “Supplier”) with which you are entering into a direct agreement by confirming the terms stated in this document. The Payment service is only offered to individuals (natural persons), and all customers are considered to be a consumer, whereby certain consumer protection regulations may apply to the business relationship between you as a customer and the Supplier. In order to use the Payment service as described herein you must first accept the general terms and conditions of the Supplier in relation to the usage of the Contract. You must also accept the terms and conditions as set out in this agreement before initiating the Payment service. These terms and conditions constitute the binding Agreement between you as a customer and the Supplier. Please read this agreement carefully before accepting it. Your right to use the Payment service is subject to that you follow the terms in full. If you use the Payment service in conflict with the terms and conditions set out in this agreement, the Supplier reserves the right to terminate the use of the Payment service with immediate effect.
The use of the Payment service may also be rejected due to failure in the KYC process. The Supplier will provide you with support in your use of all the services provided by the Supplier, Processor, and Open banking provider as part of this Payment service.
The right to use the Payment service only extends to sales and purchases in your own name. You may not resell, hire or on any other basis allow third parties to use the Payment service to enable such third parties to be paid for their services. You may not use the Payment service for different types of products and services than stated in your contract or otherwise registered with your application to use the service. In particular, you confirm that you will not use the Payment service for any type of product or service appearing in Prohibited Products and Services mentioned below. If the Supplier or the Processor at any time discover that the information you provided about you or your transactions is incorrect or has changed without informing us or if you violate any of these conditions, the services may be suspended and/or terminated with immediate effect and fines may be applied by the authorities for unregistered or inappropriate use of the Payment service which will in such case be payable by you.
1. Processing of personal data
2. Third party policies
As part of the Payment service, the Seller and the Buyer will interact with and utilize services provided by the Processor and the Open banking provider. These services are not owned or controlled by the Supplier and utilizing them might subject you to additional or different terms and conditions, as well as privacy policies, by said parties.
3. Scope of the Payment service
To process your order, the Supplier and the Processor must perform KYC-checks on both the Seller and the Buyer to comply with European legal and financial requirements. The KYC-check helps the Supplier verify the identity of you and your counterparty, as well as the seller’s rightful ownership of the bank account to which the money will be paid out to. It also includes collecting information about Origin of funds and Register checks of both the Buyer and Seller.
The KYC processes for the Seller and the Buyer are respectively described below under each step of the use of service.
Confirm Transaction details
The Seller initiates the use of the Payment service at any time after the Contract has been signed by both the Seller and the Buyer. As a first step, the Seller needs to confirm the Transaction details to make sure that they are in line with the Contract.
Bank account details for payout
As a next step, the Seller chooses a designated bank account to which the Seller wants the payout. To enable a secure process to choose a bank account, as well as to verify that the Seller is the rightful owner of the bank account to which the payout will be made, an AIS will be performed via the Open banking provider.
The Seller can only choose bank accounts in banks that, at any given time, are supported by the Supplier via the Open banking provider. An updated list on the banks that are currently available in the Payment service can always be found here.
How it works:
The Seller authenticates towards his/her bank via the Open banking provider’s interface and by using the Seller’s bank’s preferred authentication method. The Seller is then presented with the bank accounts that belong to him/her. The Seller chooses which bank account to use for the payout and is redirected back to the Payment service.
Data processing & KYC
In the background, The Supplier collects personal data about the Seller as well as technical data about the bank account itself via the AIS. The data is used to cross-reference the data in the Contract and to fulfill all KYC-requirements that are legally required for the Supplier and the Processor to provide the Payment Service. The data is shared with the Processor who then performs Register checks before approving and enabling payouts to the Seller’s designated bank account from the Escrow account.
The Seller needs to explicitly consent to the Open banking provider’s Terms & Conditions to enable the Supplier to get access to the data mentioned above.
When the Seller has completed the steps mentioned above, it’s time for the Buyer to make the Payment into the Escrow account.
How it works:
The Buyer authenticates towards his/her bank via the Open banking provider’s interface and by using the Bank’s preferred authentication method. The Buyer chooses which bank account to use for the payment and then authorizes the Payment via the PIS. When the Payment has been authorized, the Payment will be confirmed and the Buyer is redirected back to the Payment service. An estimated timeline for the Payment to reach the Escrow account and for the Seller and Buyer to continue with the Transaction can be found below under the section Expected payment timeline.
The Processor will perform Register checks on the Buyer in relation to the Payment. If any red flags are raised in relation to these Register checks, the Processor can block the Payment and report the transaction to the relevant financial authorities. The Supplier will, in that case, refund the Payment to the Buyer.
The Payment from the Buyer goes into the Escrow account where it will be safely stored until a Payout or a Refund is made.
See more details about Refunds and Disputes below under the section Refunds and Dispute management.
The Seller and Buyer have a 90-day activity period to finish the payment process. This period starts from the day the Contract is signed by both Parties. If the use of the Payment service has not been fully completed within this activity period, the Supplier has the right to terminate the Payment service. Before the Supplier terminates the Payment service, reminders will be sent out to the Seller and Buyer notifying them about the timeline and to take action. If the Buyer has made a Payment into the Escrow account, a termination by the Supplier will lead to a Refund to the Buyer.
Upon request from the Buyer or the Seller, the Supplier can add 30 more days at the time to the activity period. Such requests are made to the Supplier’s Customer support team before the end of the activity period.
In the case where the Buyer has made a Payment into the Escrow account and one of the Parties has confirmed the handover, the process mentioned below under “Confirmation of Handover” shall apply.
The Payment service can always be re-initiated by the parties by signing a new Contract where the Payment service has been chosen as the preferred payment method.
Confirmation of handover
The Seller and the Buyer can confirm the Handover as soon as the Payment is Authorized and no longer reversible. The Seller and the Buyer are safe to confirm the Handover and complete the Transaction as soon as the money has arrived safely in the Escrow account.
In case only the Buyer or only the Seller, but not both, has confirmed the handover, the Supplier will interpret a further 10 days inactivity from the date either the Seller or Buyer confirmed the handover as an implicit confirmation that the handover went well and the Supplier will pay out the purchase sum to the seller’s bank account and progress the Payment service to a completed transaction. Before any actions are taken, the Supplier will send out reminders as well as try to get in touch with the party that is yet to confirm the handover.
It’s always the responsibility of either party to inform the Supplier if they for some reason do not want to complete the Transaction via the Payment service. They can do so by clicking the "Something went wrong" button instead of confirming the Handover.
How it works:
The Seller and the Buyer clicks the button “Confirm handover” in the Payment service. To ensure that a handover is not confirmed or denied by mistake, the user will always be asked to re-confirm their choice before this answer is recorded. By confirming the Handover, the Seller and the Buyer also confirm that they’ve completed the specific terms for the Handover stated in the “Confirm handover”-view in the Payment Service.
Receipts and other documents
As soon as the Payment has been made by the Buyer, a Service fee receipt will be generated for the Buyer. It will be available to download in the menu of the Payment service.
Also, a Transaction overview will be generated for both the Seller and the Buyer as soon as the Transaction is completed. The Transaction is completed when the Handover has been confirmed by both the Seller and the Buyer.
The Service fee receipt and the Transaction overview will be available for the Seller and the Buyer in the Payment service. PDF-copies are also sent via email to the Seller and Buyer respectively.
Payout to the Seller
The Payout process will be initiated immediately when both the Seller and the Buyer have confirmed the Handover. A Payout from the Escrow account can also be made in case of a Cancellation or a Refund of the Transaction due to a new agreement between the Buyer or the Seller or a decision made by the Supplier in relation to a Dispute. Timeline for when to expect the Payout to be available in the Seller’s bank account can be found in the table below (See Expected payment timeline).
4. Status & Notifications
|Contract co-signed||Start payment process||Seller and Buyer|
|Seller has set up Escrow Account||Start payment||Buyer|
|Money on its way||Buyer has initiated the payment. The money will be in the Escrow- Account within 1 business day||Seller|
|Before handover||The money has arrived in the Escrow-Account, it is safe to hand over the goods now.||Seller and Buyer|
|Only Buyer confirmed handover||The Buyer has confirmed the handover and it is time for the Seller to do the same||Seller|
|Only Seller confirmed handover||The Seller has confirmed the handover and it is time for the Buyer to do the same||Buyer|
|After Seller and Buyer confirmed handover||Seller and Buyer have confirmed the handover.||Seller and Buyer|
5. Expected payment timeline
|Contract co-signed||Process can start|
|Seller sets up Escrow-Account||Day 1|
|Escrow-Account set up||Day 1|
|Buyer starts payment (payment initiation)||Day 1|
|Money arrives in Escrow Account||1-3 business days after payment initiation|
|Seller and Buyer meet for handover||Upon agreement between the Parties|
|Seller receives money||1-5 business day after handover completion|
*Bank holidays might affect the timeline of Payments into the Escrow account and Payouts to the Seller’s bank account.
6. Price & Payment of the Service fee
The Service fee is paid by the Buyer and added on top of the price stated in the Contract when the Buyer makes the Payment into the Escrow account. Updated information on current Service fee levels can always be found here.
Payments and Payouts may take place in SEK, NOK, DKK and EUR. For information on refunds, please see the section Refunds below.
7. Dispute management
If the Buyer has paid in the money to the vault, and a dispute arises between the Parties while the money is being held securely in the vault, and before confirmation, hand-over and pay-out to the Seller have happened, the following applies:
The complaining party needs to create a complaint, and the Supplier’s Customer support team will via the mediation platform, facilitate the dialogue between the Parties. The Payout is then put on hold until any of the following happens:
- The Buyer approves the Payout to the Seller.
- The Seller approves the Refund to the Buyer.
- The Buyer does not answer the complaint within 7 days from the creation of the complaint, and the Seller can prove that the vehicle has been handed over. Seller will then get paid in full.
- The Seller does not reply within 7 days from the creation of the complaint, and the Buyer can prove that the vehicle has not been handed over. The Buyer will then get a Refund in full (minus the transaction fee for using the payment service).
If the Seller and Buyer are in communication and still cannot find a solution within 14 days from the creation of the complaint, the Supplier will transfer the money to the Party that provided the most compelling evidence. If no evidence is presented, the money will be refunded to the buyer.
Swiftcourt can only provide advice based on the collected evidence. Therefore, the decision to either pay out the money to the Seller or refund the money to the Buyer, is not a legally binding decision. In the case where either of the Parties is not happy with the outcome and decision made by the Supplier, the Parties will be referred to the District courts for final resolution.
8. Cancellation of the payment service
It is possible to cancel the Payment service before the Buyer has initiated a Payment into the Escrow account. If the Buyer and/or the Seller wants to cancel the payment, they need to contact the Supplier’s Customer support team for further assistance and guidance. If there is a dispute between the Seller and the Buyer, what has been mentioned above applies.
Even though the use of Payment service is canceled between the Seller and the Buyer, unless otherwise agreed between the Seller and the Buyer, the Contract is still legally binding and the Seller and Buyer are obliged to fulfill the obligations stated within it.
Refunds are not available after the money has been paid out to the Seller since it is a private transaction and the Supplier lacks the ability to back Payouts. The Seller and the Buyer must resolve issues or disputes outside of the Payment service, either on their own or via the general court system.
Refunds are available after the Buyer has initiated a Payment and when the money from that Payment has reached the Escrow account. These refunds will be made based on Cancellation of the Transaction or resolution of a Dispute and handled by the Supplier’s Customer support team. In these cases, the amount of the Refund will be the same as the Payment, excl. the Service fee. The amount may not be refunded in cash.
The Supplier must perform an AIS in relation to the PIS and the Payment of the Buyer to enable the Processor to uniquely identify the Buyer and the details of the Payment and manage the Refund to the Buyer’s bank account. In cases where the information from the AIS and PIS is not enough for the Supplier and Processor to meet the KYC requirements, the Supplier must manually collect proof of bank account ownership and other supporting material (such as ID documentation, bank statements, etc.) from the Buyer before legally being able to conduct a Refund.
The Service fee will, as a main rule, not be refunded as the Supplier must cover its costs of offering the Payment Service and managing both the Payment into the Escrow account and the Refund to the Buyer’s bank account.
The Service fee might be subject to a Refund in case of technical issues or similar. These types of Refunds are handled and decided upon by the Supplier’s Customer support team.
Returns and refunds must refer to a previously undertaken Transaction. The amount of the return/refund must not exceed the amount of the initial Transaction. The return/refund must be made using the Payment service that was used for the initial Transaction. The amount may not be refunded in cash, unless otherwise agreed in writing between the Parties. In the case of returns/refunds the Processor must retain transaction details that makes it possible for the Supplier to uniquely identify the individual that received the return/refund.
10. Customer Support
The Supplier’s Customer support team offers the Seller and the Buyer first-line support when using the Payment service. The support is offered via live chat and email (firstname.lastname@example.org) within the following opening hours:
Monday to Thursday: 9am - 5pm CET
Friday: 9am - 4pm CET
Opening hours will be affected by Swedish holidays. Current information about opening hours and the Supplier’s Customer Support can be found here.
11. Prohibited Products and Services
The Payment service may not be used for transactions with any fraudulent purpose or in any other way that is contrary to the permitted use of the Payment services. The Payment service may not be used for the sale of the following:
- Tobacco products
- Gambling or any form of betting, lottery, bingo, casino, card games, non-skill sports games and purchase of units of value which can be used to pay for participation in any of the things just mentioned
- Weapons, explosives, pharmaceuticals, drugs, sexual services and medical procedures
- Sale or rental of other goods and/or services that are in conflict with Swedish, European or international law
12. Limitations of Liability
The Payment service is provided by the Supplier “as is” without any warranties or representations that its contents or functionality lives up to the Customer’s demands and expectations, or that it can be used without interruptions or errors. You as a customer acknowledge that the Supplier through the Payment service merely provides tools to perform the Transaction and rely on the Processor and the Open banking provider for many of the services needed to complete the Transaction on your behalf.
The Supplier never constitutes a party of the Contract or the Transaction. The Supplier is not liable for damages, whether direct or indirect, caused by you as a customer's use of the Payment service. If liability would arise for the Supplier under this agreement, our liability is limited to the amount that you as a customer has paid to use the Payment service.
13. Termination Clause
In the event that a user breaches any point within the terms and conditions of the Supplier or a third party, the Supplier, as well as the third party has the right to suspend or terminate the Buyer’s or Seller’s right to use the Payment service or the user account for the Supplier’s services in general. This can happen at any time during the use of the Payment service, if the breach is deemed to have adverse legal or regulatory consequences on the Supplier or a third party.
If the Seller or Buyer believes that an account has been suspended or terminated wrongfully, the Seller or Buyer can contact the Supplier’s Customer support team via the support chat or send an email to email@example.com.
14. Right to Future Changes
The Supplier has the right to make changes to the terms and conditions, in case the legal or regulatory environment changes, as well as if the service provided by the Supplier changes. In this case, you will be asked to accept the changed terms and conditions before continuing to use the Payment service.
15. Intellectual Property
The Supplier retains all rights including any intellectual property rights in and to the Payment service, excluding the intellectual property rights relating to the services offered by the Processor and Open banking provider. Nothing in this Agreement shall be interpreted as a transfer of any intellectual property rights from the Supplier to the Customer or any other third party.
By accepting these terms and conditions and by initiating the use of this Payment service, you confirm to have taken notice of and to accept all terms stated in this Agreement. Also, you confirm that, in some cases, you need to accept and confirm the terms of the Open banking provider as stated above under Third party policies, to be able to use this Payment service.
Notices sent to you as a customer from the Supplier are primarily sent to the e-mail address in your user profile, provided by you when using the Supplier’s services. Notices can also be sent as a text message to the phone number registered in your user profile, provided by you when using the Supplier’s services. You are therefore responsible to provide a valid and accurate email address and phone number in order to receive such notices.
You further agree to inform the Supplier of any changes regarding the aforementioned contact information. Any updates of your information can be done either through your user profile or by contacting the Supplier’s Customer support team.
18. Right of withdrawal
The Payment service is an online based service with digital content. You as a customer accept that the service can only be delivered to you digitally by computer, smartphone or tablet. The Service cannot be delivered in a physical form.
19. Governing law and dispute resolution
This Agreement is governed by Swedish Law. In case the Seller or Buyer has any issues with the service provided by the Supplier, the Seller or Buyer may contact the Supplier’s Customer support team via the support chat or send an email to firstname.lastname@example.org. Hereafter, the Seller or Buyer and the Supplier will try to find a solution concerning the issue. In case no solution can be found for the issue, the issue will be resolved in the general courts. Disputes regarding the use of the Payment service or the terms in this agreement shall be finally settled by general court.