General Terms — Averipay

Averipay

These General Terms govern how Averipay provides payment services to merchants. They form part of the framework agreement between the merchant and the Company together with the application, the fees and limits published on the Fees and limits page and any individual terms agreed in writing.

1. Parties and definitions

1.1. The provider of the services is Avrepey OOD, UIC 208357967, trading as Averipay (the "Company"). Licence and register data: —, register number —.

1.2. The other party is the legal entity or sole trader that has applied for and been accepted to the services (the "Merchant"). The services are provided for business purposes only. Consumers do not enter into this agreement; they pay the Merchant at checkout (the "Payer").

1.3. "Cabinet" means the Merchant’s online account on the Company’s website. "Transaction" means a payment made by a Payer to the Merchant through the Company. "Settlement" means the transfer of funds due to the Merchant to its bank account. "Business day" means a day on which the banks in Bulgaria are open for business.

2. Services

2.1. Subject to these Terms, the Company provides the Merchant with:

Acquiring of payments made by Payers with the payment methods enabled for the Merchant.
Settlement and payout of the funds due to the Merchant to its bank account.
Refunds of transactions at the Merchant’s request.
Handling of disputes and chargebacks initiated by Payers or card issuers.
Access to the Cabinet, reports and transaction data.

2.2. The available payment methods, currencies and limits are published on the Fees and limits page or set out in the Merchant’s individual terms. The Company may enable or restrict a payment method for risk, legal or technical reasons.

2.3. The Company is not a party to the sale of goods or services between the Merchant and the Payer and is not responsible for their quality, delivery or lawfulness.

3. Application, verification and entry into force

3.1. The Merchant applies through the website by completing the questionnaire, providing the requested documents and accepting these Terms. The agreement is concluded when the Company confirms acceptance in the Cabinet or by email.

3.2. Before and during the relationship the Company identifies the Merchant, its representatives and its beneficial owners and carries out checks required by anti-money-laundering legislation (see AML Policy). The Merchant gives true, complete and current information and notifies the Company without delay of any change.

3.3. The Company may refuse an application or limit the services offered without giving reasons where this is necessary to comply with the law or to manage risk. The Merchant may start accepting live payments only after verification has been completed and the Company has activated the account.

4. Merchant obligations and prohibited activities

4.1. The Merchant undertakes to:

Carry on only the business described in its application and notify the Company before materially changing it.
Show prices, currency, delivery terms, return terms and contact details clearly to Payers and comply with consumer protection legislation.
Not split a single purchase into several transactions, and not process transactions for third parties.
Keep records of orders, delivery and communication with Payers and provide them to the Company on request.
Comply with the rules of the card schemes and with data security standards that apply to it.

4.2. The Merchant must not use the services for illegal activity, for activities on the Company’s list of prohibited and restricted businesses (such as unlicensed gambling, illegal goods and services, weapons, counterfeit goods, pyramid schemes and unlicensed financial services), or for money laundering, terrorist financing or fraud. The list is communicated at application and may be updated on notice.

4.3. The Merchant is liable to the Company for fines, fees and costs charged by card schemes, banks or authorities because of the Merchant’s activity, excessive chargebacks or breach of these Terms.

5. Fees

5.1. The Merchant pays the fees published on the Fees and limits page, or the fees agreed in its individual terms, which prevail. Fees are stated in euro unless otherwise indicated.

5.2. The Company deducts fees, refunds, chargebacks and other amounts owed by the Merchant from the funds due for settlement. If those funds are insufficient, the Merchant pays the difference within — business days of a request.

5.3. Fees on refunded transactions are not returned unless stated otherwise in the individual terms. Statements of fees charged are available in the Cabinet.

6. Settlement and payouts

6.1. Funds from successful transactions, less fees and other deductions, are settled to the bank account in the Merchant’s name that was verified in the Cabinet. The Company settles on business days within — business days after the transaction date, unless a different period or a settlement schedule is agreed.

6.2. Until settlement, the funds of Payers received for the Merchant are held in a safeguarded account separate from the Company’s own funds, as described in Funds Protection. They do not bear interest for the Merchant.

6.3. Settlement is made in euro. The Company may delay a settlement by the time needed for a security, compliance or fraud check, or where the receiving bank cannot accept the transfer. A report of every settlement is available in the Cabinet.

6.4. The Merchant must make sure that the bank account details are correct and notify the Company of changes through the Cabinet. The Company may require additional confirmation of a change of account.

7. Reserves and holds

7.1. To cover refunds, chargebacks, fines and other claims, the Company may withhold part of the funds due to the Merchant as a rolling reserve of —% of the transactions for up to — days, or may require a fixed deposit. The size and duration may be set individually from the Merchant’s risk profile, turnover and chargeback history.

7.2. The Company may hold specific funds temporarily where it suspects fraud, a breach of these Terms or illegal activity, where a dispute is open, or where an authority or the law requires it. The Merchant is told of the hold and, where the law allows, of its reason, and the funds are released when the grounds cease.

7.3. Reserved funds remain the Merchant’s funds, subject to the Company’s right to set off claims against them. After termination, they are released after the period in clause 7.1 and after open claims have been settled.

8. Refunds and chargebacks

8.1. The Merchant may refund a transaction in full or in part through the Cabinet within — days of the transaction. The amount of a refund is deducted from the Merchant’s balance and returned to the Payer by the same payment method. Refunds are subject to the Merchant’s balance and to the rules of the payment method.

8.2. A Payer or card issuer may dispute a transaction (chargeback) under the card scheme rules. The Company informs the Merchant in the Cabinet and the Merchant must provide the evidence requested within — days. If no evidence is provided in time or the dispute is lost, the amount of the disputed transaction and related fees are debited from the Merchant.

8.3. The Company may require additional measures, such as a reserve or a change of terms, where the proportion of chargebacks or fraud on the Merchant’s account exceeds the levels set by the card schemes or by the Company.

9. Unauthorised and incorrectly executed transactions; liability

9.1. The Merchant must check statements and reports at least once a week and notify the Company without undue delay of any unauthorised or incorrectly executed operation on its account, and no later than — days after the date of the operation. The Company handles such notices under the PSPSA.

9.2. The parties agree, to the extent permitted by law for payment services provided to non-consumers, that the Merchant bears the losses from unauthorised operations carried out by its users or through the compromise of its credentials in the Cabinet, unless the Company has not applied the required authentication or failed to act on a timely notice of compromise.

9.3. The Company is liable for direct damage caused by its intentional breach or gross negligence. It is not liable for lost profit, indirect damage, failures of third parties (banks, card schemes, telecommunications providers) or interruptions caused by events beyond its reasonable control. Nothing in these Terms limits liability that cannot be limited by law.

10. Security and access to the Cabinet

10.1. Access to the Cabinet is by email and password and, where offered, by additional authentication. The Merchant decides which users have access and with which role; it is responsible for their actions.

10.2. The Merchant keeps credentials and API keys secret, does not share them and uses only the integration methods provided by the Company. If a credential is lost, stolen or compromised, the Merchant must change it and notify the Company immediately.

10.3. The Company may restrict or block access to the Cabinet or to API keys where security is at risk or misuse is suspected, and will restore access when the reason ceases.

10.4. Personal data is processed as described in the Privacy Policy.

11. Suspension and termination

11.1. The Company may suspend the services or part of them, with immediate effect, where the Merchant breaches these Terms, a prohibited activity or fraud is suspected, a legal or regulatory requirement demands it, or verification data is outdated or untrue. The Company tells the Merchant of the suspension as soon as it can lawfully do so.

11.2. Either party may terminate the agreement on — days’ written notice, including through the Cabinet or by email. The Company may terminate without notice for a material breach, a prohibited activity, a loss of a licence or approval needed for the services, or if the law requires it.

11.3. On termination, acceptance of new payments stops; pending transactions, refunds and chargebacks continue to be processed, the final settlement is made once open claims are settled, and the Merchant remains liable for amounts arising from transactions made before termination. The Company keeps records for the periods required by law.

12. Communication

12.1. The parties communicate in Bulgarian or English through the Cabinet and by email to the addresses given in the application. Notices sent to those addresses are considered received on the next business day.

12.2. The Merchant keeps its contact details up to date. The Company’s contact details are published on the Contact page and at payments@averipay.com.

12.3. The Merchant may request a copy of these Terms and of information about the services on a durable medium at any time.

13. Complaints and dispute resolution

13.1. Complaints are submitted and handled under the Complaints and Enquiries procedure. The Company replies within the time limits set out there.

13.2. The parties try to settle disputes by negotiation. If that fails, the dispute is decided by the competent Bulgarian court, subject to any out-of-court procedure available to the Merchant by law.

14. Changes to these Terms and fees

14.1. The Company may amend these Terms and the fees. It notifies the Merchant at least — days before the change takes effect, through the Cabinet or by email.

14.2. The Merchant is considered to have accepted the change unless it notifies the Company before the effective date that it does not accept it. In that case the Merchant may terminate the agreement without charge until the effective date.

14.3. Changes that are more favourable to the Merchant, new services and changes required by law may take effect immediately.

15. Governing law and final provisions

15.1. These Terms are governed by the law of the Republic of Bulgaria. Where a provision is invalid, the rest remain in force.

15.2. The Merchant may not assign its rights or obligations without the Company’s written consent. The Company may assign them to a successor holding the necessary authorisation, with notice to the Merchant.

15.3. Information on the Company’s regulatory status, safeguarding of funds and policies is available on the Licensing, Funds Protection and Documents pages.

Last updated: November 10, 2026

Averipay