Revised: 29-11-2013 13:30

Definitions

  • Bitonic: The company Bitonic B.V. that offers the bitcoin payment service BitMerchant.
  • Merchant: the (web)shop owner who accepts payments in bitcoins and thus receives services from Bitonic.
  • Service: Bitonic offers a payment page to the customer of the (web)shop owner, accepting bitcoins from the customer and facilitating the payout of the bitcoin used in the transaction in either euros or bitcoins to the Merchant.

Conditions

  1. The Merchant provides an amount in euros per transaction via the API of Bitonic. Bitonic converts this amount to bitcoins, based on the exchange rate set by Bitonic.
  2. Bitonic calculates the BitMerchant exchange rate based on an average between the current purchase and sales price on bitonic.nl. The exchange rate may therefore deviate from the international markets but is closer to the price set by supply and demand on the Dutch markets.
  3. The Merchant is responsible for providing the correct payment amount.
  4. When registering, the Merchant is obliged to supply information that is correct and truthful and to provide correct and valid documentation.
  5. The Merchant is responsible for communication towards the customer. Damages arising from disputes with a customer cannot be recovered from Bitonic.
  6. Bitonic does not offer any guarantee for the availability of her services. Any damages arising from the service not being available cannot be recovered from Bitonic.
  7. Bitcoins will be temporarily stored on the Bitonic servers and will, depending on the payout institutions, be converted to euros and/or automatically transferred to the merchant’s bitcoin address when over a variable threshold.
  8. When transferring bitcoins from the merchant account, a network fee of (maximum) 0,0005 bitcoin is deducted.
  9. The Merchant can choose to have their earnings paid out in part in euros or bitcoins. When the merchants decides to keep bitcoins, they are subject to currency risk. The Merchant is aware of this and accepts this risk. The bitcoins can always be converted to euros at a later time for the current exchange rate on bitonic.nl.
  10. Bitonic offers no guarantee that she can purchase bitcoins at all times.
  11. When a customer transfers too many, too few bitcoins or transfers bitcoins too late, these bitcoins will be sent automatically to the Merchant. The Merchant is responsible for the further handling of this situation.
  12. Merchant is solely responsible for returning bitcoins or euros to customers. Merchant needs to decide for himself whether returning takes place in bitcoins or euros. Bitonic advises to specify in his conditions that returns will always take place in the euro purchase price of the product and/or leave part in bitcoin for returns.
  13. Bitonic aims to pay out outstanding amount within one business day, but no later than within 5 business days.
  14. When converting to euros the same exchange rate as for bitcoin payments will be used. Bitonic charges a fee of 0,5% when converting to euros, which will be deducted from the payout amount.
  15. Bitonic guarantees the payout of euros and/or bitcoins after one confirmation. A separate status will be sent to the webshop for received (paid) and confirmed bitcoins. Bitonic advises their merchants not to send the ordered product when the status is ‘confirmed’. If the merchant does send the product, it is his own responsibility.
  16. Bitonic reserves the right to change the fee or the manner in which the exchange rate is determined. Merchant will be informed of this beforehand.
  17. Merchant as well as Bitonic can terminate their collaboration without notice. Bitonic is obliged to inform the merchant beforehand.
  18. Bitonic is obliged to transfer any outstanding amounts to the merchant within 5 business days when terminating the collaboration.
  19. Bitonic’s liability, in the case of technical or administrative errors, is limited to1000 euro per merchant account.
  20. These conditions may be revised by Bitonic at any time. The date of the last revision will be given at the top of this page and the revised conditions apply as of that moment.
  21. When either of these conditions are not met in a certain situation, problem or answer, Bitonic has the determining role.
  22. All conditions to which these terms are applicable in their entirety or in part shall be governed by the law of the Netherlands.
  23. All disputes will be submitted to the competent court in Utrecht, The Netherlands.