1. INTRODUCTION

1.1. When you choose MarketPay Payment Terms, MarketFinance offers you the possibility to pay on a due date up to 90 days from date of your original purchase.

1.2. The MarketPay Agreement contains the terms that determine the rights and obligations between you and us. By agreing with "MarketFinance Terms and Conditions" in our account sign-up, you agree that you have read, understand, and accept the terms and conditions contained in the MarketPay Agreement and agree to be bound as a Customer.

2. YOUR PROFILE

2.1. Your Profile on the MarketPay Platform contains information submitted by you and various other matters as added by MarketFinance from time to time. Your Profile and accounts are only viewable by MarketFinance.

2.2. By applying for MarketPay Payment Terms, you confirm to MarketFinance that the information on you supplied to MarketFinance, all or some part of which is contained in your Profile, is complete, accurate and up to date.

3. REVIEW OF APPLICATIONS

3.1. You may apply for MarketPay Payment Terms through submission of a MarketPay Payment Terms Application.

3.2. After MarketFinance has received your MarketPay Payment Terms Application, MarketFinance will notify you whether the application is accepted or not. We may, in our sole discretion, approve or reject any application and attach conditions to our acceptance of such application. MarketFinance does not have to give reasons for its decision.

3.3. If the MarketPay Payment Terms Application is accepted, MarketFinance may assign a Fee to the proposed MarketPay Payment Terms.

3.4. MarketFinance may terminate a MarketPay Payment Terms Application if it has any concern about you or the MarketPay Payment Terms Application process.

4. MARKETPAY REQUIREMENTS

4.1. In relation to each MarketPay Payment Terms Application which is approved, you will be provided with the MarketPay Payment Terms Summary which sets out the amount payable in respect of each MarketPay Payment Terms, the individual Payment Dates and the key terms. You agree to enter into each set of MarketPay Payment Terms in accordance with the MarketPay Agreement.

4.2. You must comply with the requirements of the MarketPay Payment Terms Summary and the other terms of the MarketPay Agreement, including without limitation, these MarketPay Terms and Conditions.

4.3. You must sign/set up any Payment Method required by us which will typically be direct debit or bank transfer.

4.4. In respect of each set of MarketPay Payment Terms, MarketFinance's obligations thereunder (including taking responsibility for paying the Purchase Amount (less any fees due by the Supplier) to the Supplier) is conditional upon MarketFinance receiving and/or being satisfied with:

  • 4.4.1. the Customer agreeing the MarketPay Agreement and it being binding on the Customer;
  • 4.4.2. the documents/information required by MarketFinance to comply with its customer identity requirements and all Customer know-your-customer checks having been completed to MarketFinance’s satisfaction;
  • 4.4.3. no default having occurred and/or is continuing;
  • 4.4.4. the setting up of the Payment Method; and
  • 4.4.5. any other information or documents MarketFinance reasonably requires

5. COMPLETION

5.1. If the MarketPay Payment Terms Application is successful, you will be provided with the MarketPay Payment Terms Summary for the MarketPay Payment Terms (including any Fee and Payment Dates).

5.2. Subject to the receipt and satisfaction of the requirements in Clause 4.4 and you having executed and/or delivered any relevant documents, MarketFinance shall become responsible for making payment of the relevant Purchase Amount to the Supplier less any fees that are payable by the Supplier to MarketFinance.

5.3. 5.3. Upon MarketFinance becoming responsible for making payment of the relevant Purchase Amount to the Supplier less any fees that are payable by the Supplier to MarketFinance, MarketFinance will then service the MarketPay Payment Terms and administer the collection of payments from you and other relevant matters. Thereafter, your liability to repay the Purchase Amount, any Fee and (if applicable) any late payment fees due on the MarketPay Payment Terms is owed to MarketFinance.

5.4. No amount repaid may be redrawn.

5.5. In the event that the requirements in relation to MarketFinance taking responsibility for making payment of the relevant Purchase Amount to the Supplier are not satisfied by the latest date that such Purchase Amount is to be paid by MarketFinance, the MarketPay Payment Terms applicable to such Purchase Amount shall be withdrawn and cease to have effect.

6. REPAYMENT

6.1. You will repay the Purchase Amount to MarketFinance, in accordance with the Payment Schedule, together with the Fee (if any), by making the Payments.

6.2. Payments are to be made on each Payment Date as shown in the Payment Schedule. Payments must be made by the Payment Method from your bank account. Where the Payment amount is a number that is not a whole number of pence, it will be rounded to the nearest whole penny.

7. FEES

7.1. The Customer will pay the Fee (if any), as defined in the Payment Terms Summary for each set of MarketPay Payment Terms on each Payment Date.

7.2. If the Customer does not make any of the Payments on their Payment Dates, a late payment fee will be charged to the Customer equal to one point five per cent (1.5%) of the then outstanding balance (which includes both the Purchase Amount and Fees outstanding on that date). In the event that the Customer makes late payment of a Payment within thirty (30) days of the Payment Date, MarketFinance will at its discretion waive any such late payment fee in respect of the late payment.

8. EARLY REPAYMENT

8.1. The Customer may repay the whole or part of the balance of the Purchase Amount and Fee outstanding prior to a Payment Date, without any penalty through your account on the MarketPay Platform.

8.2. Where the Customer wishes to repay the whole balance of the Purchase Amount, MarketFinance will calculate the balance Purchase Amount and any Fee applicable and inform the Customer. The Customer must then pay the total balance Purchase Amount due and any applicable Fee on the stated early repayment date.

8.3. If full early repayment is not made then the Payments must continue to be made on each Payment Date until the Purchase Amount, together with any Fee and any other fees and costs outstanding, is repaid in full.

9. RETURN OF GOODS

9.1. In the event you wish to and are entitled to return Goods to the Supplier in accordance with the Supplier’s terms and conditions, you can notify MarketFinance of a return to stop payments and avoid any late payment charges. Upon such notification, MarketFinance will pause the Payment Schedule by up to two (2) weeks to allow the Supplier to process your returned Goods and you will not incur late payment charges during this period. If the return isn’t completed within the two (2) week period (e.g. you later decide not to return the Goods or you are in fact not entitled to return the Goods), the Purchase Amount shall remain payable and the Payment Schedule shall resume. You will only be able to make this request once per order of Goods.

9.2. Unless either (a) you cancel the contract of sale with the Supplier or (b) we are notified by the Supplier that a return and refund is in progress, MarketFinance will continue to process any Payments in accordance with the Payment Schedule (following any two (2) weeks’ pause).

9.3. Until whichever is the earlier of: (a) such time that you cancel the contract of sale with the Supplier or (b) such time that the Supplier has confirmed the return of the Goods and has notified MarketFinance of the amount of the refund for those Goods, you will remain responsible to us for the full payment of the Purchase Amount in accordance with the Payment Schedule (following any two (2) weeks’ pause).

9.4. Once the Supplier has notified MarketFinance of the amount of the refund due to you for the Goods returned, MarketFinance will, on the same day, make the consequent adjustment to the MarketPay Payment Terms. If you have returned all the Goods to the Supplier and are entitled to a full refund under the Supplier’s terms and conditions, MarketFinance will end the Payment Schedule and issue a refund of any Payments you have made under the Payment Method. If you have not returned all the Goods to the Supplier, or if the Supplier has notified MarketFinance that a partial refund is due to you, MarketFinance will adjust the MarketPay Payment Terms and the Payment Schedule appropriately (including to reduce or cancel any future Payments, if necessary). Please note, in the event of partial refunds, refund amounts are taken off the last Payment first. If the refund is processed to your expired or cancelled card, you will need to obtain the returned funds by contacting your bank.

10. DEFINITIONS

10.1. Defined terms: In these MarketPay Terms and Conditions (references to which will always incorporate any Schedule to such documents), "MarketFinance", "we", “our” and "us" are references to MarketFinance Limited, 48-¬50 Scrutton Street, London EC2A 4XQ (No.7330525), references to “you” or “your” (unless the context otherwise requires) are references to the Customer and capitalised terms used herein shall have the following meanings:

Business Days: means a weekday other than a national holiday in England

Customer: means any person, partnership, company or other legal entity which has agreed to be bound as a customer by the MarketPay Agreement and who we have accepted as a Customer

Fee: means the fee (if any) as set out in the MarketPay Payment Terms Summary

Goods: means the goods and/or services that the Customer is purchasing from a Supplier and for which the Customer is seeking and/or has obtained MarketPay Payment Terms.

MarketFinance: means MarketFinance Limited, a company registered in England & Wales with registration number 07330525 and registered address 48-50 Scrutton Street, London EC2A 4XQ

MarketPay Agreement: means the agreement made when a person is accepted as a Customer and incorporating these MarketPay Terms and Conditions, the MarketPay Terms of Business, the Privacy Notice, the MarketPay Guidance and the terms of any applicable MarketPay Payment Terms Summary

MarketPay Guidance: means all terms, guidance and instructions from time to time made available by us to you on the MarketPay Platform

MarketPay Payment Terms: means a payment agreement in respect of a Purchase Amount which may be, or is, provided to you under the MarketPay Agreement, including any MarketPay Payment Terms Summary

MarketPay Payment Terms Application: means the application for MarketPay Payment Terms which is undertaken on the MarketPay Platform

MarketPay Payment Terms Summary: means a summary of the key terms relating to each set of MarketPay Payment Terms which will be displayed prior to advancing the MarketPay Payment Terms, including but not limited to the Fee (if any) and Payment Date(s)

MarketPay Platform: means the online payment and credit platform, related databases and supporting software operated by us and/or embedded within the Supplier’s platform, but excluding equipment, software and telecommunications configurations or links belonging to any third party

MarketPay Terms of Business: means the terms of business supplementing these MarketPay Terms and Conditions and governing each set of MarketPay Payment Terms as forming part of the MarketPay Agreement and which are available at marketfinance.com/marketpay/terms-of-business

Payment Date means each date of repayment of the Purchase Amount and Fee where applicable as set out in the Payment Schedule.

Payment Method means direct debit, bank transfer and/or other payment mandate/method required by MarketFinance in connection with any set of MarketPay Payment Terms

Payment(s) means the payment(s) of the Purchase Amount and any Fee as broken down in the Payment Schedule

Payment Schedule means the schedule of payments to repay each set of MarketPay Payment Terms as set out in the MarketPay Payment Terms Summary

Privacy Notice means the “Terms & Conditions and Privacy Policy” which are available at marketfinance.com/terms-and-conditions

Profile means information on each Customer collated by us, including the Customer's corporate status, business, and financial and trading performance and, where relevant, information relating to the Customer’s directors and shareholders including information on their personal financial circumstances and business activities

Purchase Amount means the amount to be paid by the Customer in respect of the Goods

Supplier means the supplier of goods and/or services to the Customer

Transaction Data means data and other information compiled by us relating to transactions by Customers in relation to MarketPay Payment Terms