Terms and Conditions
Lightning Checkout provides payment services to businesses and organizations that want to accept Bitcoin as a payment method for their products, services, or donations. To facilitate this, Lightning Checkout has developed various products and services. These terms and conditions apply to all products and services offered by Lightning Checkout.
- Entrepreneur: The entrepreneur who accepts bitcoin payments through the payment services of Lightning Checkout.
- Customer of Entrepreneur: The individual who purchases products or services from the Entrepreneur and pays with bitcoin.
- Payment Services: The products and services provided by Lightning Checkout.
- Transaction: A bitcoin payment from a Customer of Entrepreneur through the payment services of Lightning Checkout. These transactions can be Direct or Indirect:
- Direct: from Customer of Entrepreneur to Entrepreneur
- Indirect: from Customer of Entrepreneur to Lightning Checkout
- Payout: The bundled payout of Payment Transactions by Lightning Checkout to the Entrepreneur.
- Xpub (extended public key): A derived public key. From an xpub, an infinite number of new bitcoin addresses can be generated.
- The Entrepreneur is only allowed to settle their usual products or services through the Payment Services of Lightning Checkout. It is explicitly prohibited for the Entrepreneur to use the Payment Services of Lightning Checkout for bitcoin exchange services.
- Lightning Checkout determines the current bitcoin/fiat exchange rate for each Payment Transaction based on prices at major exchanges. This rate may differ from the rate shown in wallet software.
- For Direct Transactions, a new bitcoin address from the Entrepreneur’s xpub is used for each transaction. The xpub provided by the Entrepreneur is new and is exclusively used for the Payment Services of Lightning Checkout. In case of non-exclusive use, Lightning Checkout is in no way liable for consequential damage resulting from incorrectly determining whether a Transaction has been fulfilled.
3. Payouts & Costs
- Lightning Checkout pays out the Indirect Transactions to the Entrepreneur on a daily basis.
- The costs for Indirect Transactions are deducted by Lightning Checkout during a Payout.
- The costs for Direct Transactions are invoiced monthly, in arrears. These costs must be settled in bitcoin.
- The Entrepreneur has access to all Transactions, Payouts, and costs through the portal.
- Lightning Checkout makes every effort to keep the Payment Services available at all times. However, Lightning Checkout cannot be held liable if the Payment Services are (temporarily) unavailable due to a malfunction. The Entrepreneur is responsible for facilitating alternative payment options for their customers.
5. Ending Services
- Both the Entrepreneur and Lightning Checkout have the right to terminate the agreement regarding Payment Services without notice. If the initiative for termination comes from Lightning Checkout, Lightning Checkout will inform the Entrepreneur that the agreement has been terminated.
- Upon termination of the agreement, Lightning Checkout will pay out any outstanding balances to the Entrepreneur according to the usual procedure, provided there is no situation preventing this, such as suspected fraud.
6. Disputes and Liability
- In case of suspected fraud or abuse, Lightning Checkout reserves the right to suspend payouts until it is confirmed that there is no fraud or abuse. Lightning Checkout may request additional information regarding payment transactions in such instances.
- The liability of Lightning Checkout, in the event of technical or administrative errors attributable to Lightning Checkout itself, is limited to 500 euros per Entrepreneur.
- These terms can be amended by Lightning Checkout at any time, with the date of the last modification indicated in these terms.
- In situations, issues, or questions not covered by these terms, Lightning Checkout has the final say.
- These terms are exclusively governed by Dutch law, and disputes will be brought before the court in Eindhoven. If a provision of these terms is declared invalid or unenforceable, that provision will be struck, and the remaining provisions and articles will remain fully effective and enforceable.