Terms of Service
Effective Date: October 25, 2025
This Merchant Terms of Service ("Agreement") constitutes a legal agreement between you ("Merchant," "you," or "your") and Swyftly Technologies Inc. ("Swyftly," "we," "us," or "our"), a corporation registered in the Philippines and licensed by the Bangko Sentral ng Pilipinas (BSP) as an Operator of Payment Systems (OPS).
By creating an account and/or using the Swyftly Services, you agree to be bound by this Agreement, our Privacy Policy, and our Acceptable Use Policy, which are incorporated by reference.
1. Definitions
Key terms such as "BSP," "OPS," "Transaction," "Chargeback," "Fees," and "Merchant Account" are defined as set forth in the main Service Agreement executed with Swyftly.
2. Overview of Services
Swyftly provides a technology platform and payment gateway services ("Services") that enable Merchants to accept, process, and settle payments from their customers.
Services include, but are not limited to:
- API-based and hosted checkout payment processing
- Acceptance of various payment methods including e-wallets (GCash, Maya), QRPH, online banking, and over-the-counter (OTC) payments
- Settlement of funds to the Merchant's verified bank account
- A Merchant Dashboard with reporting and analytics
- Fraud screening, risk scoring, and compliance services
3. Merchant Obligations
Accuracy of Information
Merchant warrants that all information provided to Swyftly, including identity, business registration, and beneficial ownership, is true, accurate, and complete.
Compliance
Merchant must cooperate with all Swyftly verification, Anti-Money Laundering (AML), and Know-Your-Customer (KYC) procedures.
Prohibited Use
Merchant shall not use the Services for any illegal or prohibited activities as defined in our Acceptable Use Policy. This includes, but is not limited to:
- Fraud or money laundering
- Gambling without a valid PAGCOR license
- Any activity that violates Philippine law
Customer Support
Merchant is solely responsible for all customer service, product/service delivery, refunds, and handling of customer inquiries related to its business.
4. Fees, Settlement, and Reserves
Fees
Merchant agrees to pay the transaction and service fees as outlined in the Fee Schedule (Annex A) of the executed Service Agreement. Fees are netted from settlement payouts.
Settlement
Swyftly will remit cleared funds to the Merchant's nominated bank account according to the agreed-upon payout schedule (e.g., T+0, T+1, T+7). Payouts are made only to a verified bank account under the Merchant's registered business name.
Chargebacks and Reversals
The Merchant is fully liable for all Chargebacks, Reversals, and Refunds related to its transactions, including any associated fees.
Reserves
Swyftly may, at its discretion, withhold a percentage of the Merchant's funds (a "Reserve") to cover potential losses from Chargebacks or fraud. Reserve policies (e.g., 3%-15% held for 60-180 days) are determined by Swyftly's risk assessment of the Merchant.
5. Data Privacy and Security
Both parties agree to comply with the Data Privacy Act of 2012 (R.A. 10173) and BSP Circular No. 982.
Swyftly implements security measures such as PCI-DSS and ISO 27001 compliance to protect data. Our data practices are detailed in our Privacy Policy.
6. Intellectual Property
Swyftly retains all intellectual property rights to its software, APIs, and brand materials. Merchant is granted a limited, non-exclusive license to use Swyftly's APIs and display its logo for the sole purpose of indicating payment availability.
7. Confidentiality
All non-public business, technical, and financial information disclosed under this Agreement is strictly confidential and shall not be disclosed without written consent, except as required by law or regulators.
8. Liability and Indemnity
Limitation of Liability
Swyftly shall not be liable for indirect or consequential damages. Swyftly's total liability shall not exceed the total service fees paid by the Merchant in the preceding twelve (12) months.
Indemnity
Merchant shall indemnify and hold Swyftly harmless from all losses, claims, or fines arising from the Merchant's breach of this Agreement, violation of any law, or any customer disputes.
9. Term and Termination
This Agreement remains in effect until terminated by either party with 30 days' written notice.
Swyftly may suspend or terminate this Agreement immediately and without notice if Merchant engages in fraudulent or prohibited activities, violates AML/BSP regulations, or exceeds acceptable chargeback thresholds.
Upon termination, Swyftly may hold funds for up to 180 days to cover pending disputes or Chargebacks.
10. Governing Law and Dispute Resolution
This Agreement is governed by the laws of the Republic of the Philippines. All disputes shall be resolved through arbitration in Muntinlupa City, Metro Manila, under the PDRCI rules.