Additional Payment Services Terms of Service

Effective Date: 11 June 2024

For the purpose of using the Payment Services (as defined in the Payment Terms) provided by Squareup Europe Limited, a company incorporated in England and Wales with company number 08957689 (‘Square’, ‘we’, ‘our’ or ‘us’), you agree to be bound by these additional terms and conditions (the ‘Additional Payment Services Terms’) and any additional terms specific to Services (as defined in the General Terms) that you use (the ‘Additional Terms’). If you are using the Payment Services on behalf of a business, you agree that you are accepting these Additional Payment Services Terms and have authority to enter into the Additional Payment Services Terms, on behalf of that business. You also agree that you have provided accurate, true and complete information on opening an account with us and complied in all respects with the account registration requirements. Payment Services may only be used for business purposes in the United Kingdom. Defined terms will have the same meaning as those found in the General Terms, unless otherwise defined herein. In the event of any inconsistency between these Additional Payment Services Terms and the General Terms, with respect to your use of the Payment Services, these Additional Payment Services Terms shall prevail.

You acknowledge that the Payment Services are used for business purposes or on behalf of the business only; however these Additional Payment Services Terms apply to both you and the business, as applicable such as those related to our use or access of your credit information.

1. Bank Information

Collection of Bank Information

We use Plaid Inc. (“Plaid”) to gather data from your financial institution(s), where instructed by you. If you link a bank account in connection with the Payment Services, Plaid will access, collect and transmit your personal and financial information directly from the financial institution(s) you specify. You acknowledge that your personal and financial information will be processed in accordance with our Privacy Notice and Plaid’s Privacy Notice (referred to collectively as “Privacy Notices”), as well as in accordance with any other terms you agree to with Plaid.

When you share or otherwise provide access to bank statements, bank data, and/or any other personal or financial information about you and/or your business in connection with the Payment Services (referred to collectively as “Bank Information”), you are licensing that content to us and Plaid for the purposes described herein and the Privacy Notices. You agree that all Bank Information will be subject to these Additional Payment Services Terms and processed in accordance with the Privacy Notices. You represent that you are a legal owner of, and/or that you are authorised to provide us and Plaid with Bank Information on behalf of yourself, your business, and/or any other account owner(s).

Use of Bank Information

You give us permission to use your Bank Information for the purposes of: i) evaluating your Payment Services application, ii) evaluating your business’s eligibility for any current or future Payment Services and marketing these offers to you and your business, where you have opted in to receiving marketing communications from Square iii) servicing and collections activities related to your Payment Services, including but not limited to determining the amount of funds in your bank account available to be debited for loan repayments, as authorised by any applicable loan agreement, iv) investigating and reporting fraud or alleged fraud, v) compliance with anti-money laundering and global sanctions programs, and vi) internal analytics, credit modeling and product development. You acknowledge that your Bank Information will be processed in accordance with the Privacy Notices.

Duration of Access

When you link a bank account in connection with the Payment Services, you authorise Square to continue to collect Bank Information from the financial institution(s) you specify for as long as you continue to use the Payment Services. You acknowledge that Plaid will continue to collect Bank Information for as long as allowed by Plaid’s Privacy Policy or any other terms you agree to with Plaid. Contact Plaid directly for more information about how it will process your Bank Information. The frequency at which Square and Plaid will collect Bank Information during this period will vary. If at any time you would like to revoke the authorisation you gave to Square to link your bank account and the direct debit mandate linked, you can do so by calling Square at 0800 098 8008, Monday-Friday 9:00 AM - 5:00 PM or by using this contact form. Please note that without a linked bank account, you will be unable to process payments. At any time you may revoke the authorisation you gave to Square to allow Plaid to access your Bank Information in accordance with these Additional Payment Services Terms by calling Square at 0800 098 8008, Monday-Friday 9:00 AM - 5:00 PM. You will also need to contact Plaid directly to revoke your authorisation at https://my.plaid.com/. Your revocation of Plaid only will not impact your ability to continue to process payments. Your revocation to Square will not affect our ability to electronically credit and debit your Square-linked bank account to the extent permitted under any applicable terms and agreements. The Bank Information collected with your authorisation prior to your revocation will continue to be processed in a manner consistent with these Additional Payment Services Terms and the Privacy Notices.

2. Indemnification

You will indemnify, defend and hold harmless Square and Plaid (and their respective employees, directors, agents, affiliates and representatives) from and against any and all claims, costs, losses, damages, judgments, tax assessments, penalties, interest, and expenses (including without limitation reasonable legal fees) arising out of any claim, action, audit, investigation, inquiry, or other proceeding instituted by a person or entity that arises out of or relates to: (a) any actual or alleged breach of your representations, warranties, or obligations set forth in these Additional Payment Services Terms or any activity by you in relation to the Payment Services or your use of the Payment Services; (b) your wrongful or improper use of the Payment Services; (c) your violation of any third-party right, including without limitation any right of privacy; (d) your violation of any law, rule or regulation of the United Kingdom or any other country; and (e) any other party’s access and/or use of the Payment Services with your unique name, password or other appropriate security code.