This Merchant Agreement governs the relationship between Damsole Technologies Limited and each approved Merchant using the Platform. It supplements the Terms of Service and must be read in conjunction with them.
1. Merchant Account
Upon successful completion of the KYC/KYB onboarding process, Damsole will provision a Merchant account on the Platform. Each Merchant account is for the exclusive use of the registered business entity and may not be shared, transferred, or resold.
Merchants are solely responsible for the security of their account credentials. Any transactions processed using a Merchant's credentials are deemed to have been authorised by the Merchant.
2. Transaction Processing
Damsole will use commercially reasonable efforts to process authorised transactions in real time. Processing is subject to availability of the underlying payment networks and third-party processors.
Damsole reserves the right to decline, delay, or reverse transactions that trigger risk or compliance controls, including but not limited to velocity limits, fraud scoring, or sanctions screening.
3. Settlement
Cleared funds are settled directly to the Merchant's registered bank account on a T+1 or T+2 basis (net of applicable fees), unless a reserve is in place. Settlement schedules may vary depending on the payment method, currency, and volume.
Damsole does not commingle Merchant funds with its own operating funds at any time.
4. Reserves
Damsole may establish a rolling reserve of up to 10% of processed volume (held for up to 180 days) for Merchants in elevated-risk categories, or where chargeback rates exceed 1%. Reserve terms will be communicated in writing and reviewed quarterly.
5. Refunds
Merchants may initiate full or partial refunds through the Platform dashboard or API. Refunds are funded from the Merchant's settled balance. Processing fees on the original transaction are non-refundable.
6. Acceptable Use
Merchants must only process transactions for the goods and services described during onboarding. Any material change to the Merchant's business model, product categories, or geographic markets must be disclosed to Damsole in advance.
7. Data Responsibilities
Merchants are responsible for ensuring their collection and use of End Customer personal data complies with applicable data protection laws (including UK GDPR). Merchants must maintain their own privacy policy and ensure End Customers are appropriately informed about payment data processing.
8. Reporting Obligations
Merchants must promptly notify Damsole of: any security incidents involving payment data; any regulatory enquiries related to payment processing; any significant changes to business ownership or structure; and any known or suspected fraudulent activity.
9. Audit Rights
Damsole (or its authorised representatives) may, upon reasonable notice, audit a Merchant's compliance with this Agreement. Merchants must cooperate with such audits and provide access to relevant records.
10. Amendments
Damsole may amend this Agreement with 30 days' notice. Amendments will be communicated by email to the Merchant's registered address. Continued use of the Platform after the effective date constitutes acceptance.
11. Contact
Merchant support: support@damsoletech.com
Sales & onboarding: sale@damsoletech.com