Terms of Service
Last updated: March 7, 2024
Please read these Terms carefully before using our Services. By accessing or using the Services you agree to be bound by these Terms.
This LIQUIDMIND® Terms of Service Agreement ("Agreement") is a legal agreement between LIQUIDMIND® Product Consulting (OPC) Private Ltd. ("LIQUIDMIND®", "us", or "we") and the entity or person ("you") who registered on the LIQUIDMIND® Account page to receive payment processing, data, technology and analytics services, and other business services.
You may not access or use any Services unless you agree to abide by all of the terms and conditions in this Agreement. Questions? Contact us at support@liquidmind.ai.
Section A: General Terms
1. Overview of this Agreement
This Agreement provides a general description of the Services that LIQUIDMIND® may provide to you. Before using the Services, you must register with LIQUIDMIND® and create an account (a "LIQUIDMIND® Account").
- Section A — Registering for and using your LIQUIDMIND® Account
- Section B — Your use of the API and the Services
- Section C — Payment Processing Services
- Section D — Handling and use of data generated during your use of the Services
- Section E — Your liability, dispute resolution, and other legal terms
2. Your LIQUIDMIND® Account
a. Registration and Permitted Activities
Only businesses (including sole proprietors) and other entities or persons located in India are eligible to apply for a LIQUIDMIND® Account. To register, you or your Representative must provide your business name, physical address, email, phone number, business and tax identification number, URL, and the nature of your business.
Your name and URL may appear on your Customers' bank statements. These descriptors must be recognisable and accurately describe your business. You may only use Payment Processing Services to facilitate Transactions with your Customers.
b. Business Representative
You and your Representative affirm that your Representative is authorised to provide the information described and to bind you to this Agreement. Neither you nor your Representative may be incompetent to contract within the meaning of the Indian Contract Act, 1872.
If you are a sole proprietor under 18 years old (but at least 13), your Representative must be your parent or legal guardian. You may not use the Services if you are under 13 years of age.
c. Validation and Underwriting
At any time, we may require additional information to verify beneficial ownership, validate information you provided, verify identity, and assess the risk associated with your business. Your failure to provide this information may result in suspension or termination of your LIQUIDMIND® Account.
d. Changes to Your Business
You agree to keep the information in your LIQUIDMIND® Account current and to promptly notify us within three days of any material adverse change in your financial condition, planned liquidation, sale of 25%+ of total assets, or bankruptcy proceedings.
3. Your Relationship with Your Customers
You may only use the Services for legitimate Transactions with your Customers. LIQUIDMIND® is not responsible for the products or services you sell. You are solely responsible for the nature and quality of the products or services you provide, and for delivery, support, refunds, and returns.
You are responsible for knowing whether a Transaction is erroneous or suspicious and for any losses due to erroneous or fraudulent Transactions.
You expressly agree that LIQUIDMIND® acts only as a payment facilitator. We are not a banking company under the Banking Regulation Act, 1949 or a non-banking financial company under the Reserve Bank of India Act, 1934.
4. Fees and Fines
LIQUIDMIND® will provide the Services at the rates and for the fees ("Fees") described on the Pricing page. We may revise the Fees at any time but will provide at least 30 days' advance notice before revisions become applicable to you.
Fines may be assessed against you if you process Transactions in violation of the terms of this Agreement or applicable card network rules.
Section B: LIQUIDMIND® Technology
LIQUIDMIND® grants you a limited, non-exclusive, non-transferable, revocable licence to use the API and any associated documentation solely to develop and operate your integration with the Services.
You may not:
- Sub-license, sell, resell, transfer, assign, or otherwise dispose of the API
- Modify or make derivative works based upon the API
- Reverse engineer or attempt to derive the source code of the API
- Access the API to build a competitive product or service
- Engage in automated data collection except as permitted by this Agreement
Section C: Payment Processing Services
When you use our Payment Processing Services, you agree to comply with all applicable card network rules, payment method requirements, and applicable law.
You are responsible for obtaining all necessary authorisations from your Customers for the Transactions you process. You must promptly inform LIQUIDMIND® of any Chargebacks and cooperate fully in any dispute resolution process.
LIQUIDMIND® reserves the right to withhold or delay settlement of funds where we reasonably believe that such funds may be subject to a Chargeback, fraud claim, or legal proceeding, or where otherwise required by applicable law or our Financial Partners.
Section D: Data Usage
You authorise LIQUIDMIND® to collect, use, retain, and disclose data relating to your use of the Services and the Transactions you process in accordance with this Agreement and the LIQUIDMIND® Privacy Policy.
You must not use Customer Personal Data you receive through the Services for any purpose other than facilitating the Transaction for which the Customer provided such data, unless you have the Customer's explicit consent.
You are responsible for maintaining the confidentiality of your LIQUIDMIND® Account credentials and for all activity that occurs under your account.
Section E: Liability and Disputes
LIQUIDMIND® shall not be liable for any indirect, incidental, special, consequential, or punitive damages, or any loss of profits, revenues, data, goodwill, or other intangible losses resulting from your use of the Services.
To the extent permitted by applicable law, LIQUIDMIND®'s total liability to you for all claims shall not exceed the greater of:
- The total fees paid by you to LIQUIDMIND® during the three months immediately preceding the event giving rise to the claim, or
- INR 10,000
Any disputes arising out of or related to this Agreement shall be governed by the laws of India. The courts of Bangalore, Karnataka shall have exclusive jurisdiction over all such disputes.