Terms & Conditions

Last updated: 5 October 2026

Agreement

Musqet Limited, ("Musqet" or "We" or "Us") is a private limited company incorporated in England and Wales with company number 11830174 whose registered office is located at First Floor, 5 Fleet Place, London, United Kingdom, EC4M 7RD. Our contact email is hello@musqet.tech.

This agreement ("Agreement" or "Terms") between Musqet and you ("You", "Your") describes the terms and conditions governing your use of the Musqet Wallet ("Wallet Services", "Application" or "Wallet"); the payment acceptance services (the "Acceptance Services"); the Musqet merchant dashboard and merchant app; the Musqet partner portal; the Musqet Bitcoin Rewards service (the "Bitcoin Rewards" service); and any other service We provide to You, together the Services ("Services").

These Terms apply to every Service. If You use only one Service, You are still agreeing to this whole Agreement. The sections headed for a particular Service (the Acceptance Services, the Wallet and Bitcoin Rewards) apply to You only if You use that Service.

By creating an Account, by creating or restoring a Wallet, by using the Acceptance Services, by creating or joining a Business on the Musqet System, by signing in to a Musqet service (including through "Sign in with Musqet" from another application), or by otherwise using the Services, You are agreeing to be bound by the terms of this Agreement and our Privacy Policy. You acknowledge and agree that You have carefully read and understood our FAQ, and warrant You have the power and capacity to enter into this Agreement.

Terms that apply to every Service

Definitions

"Account": means Your virtual interface within the Musqet System that is intended for Your use of our Services. The account is accessible via our Website by using Your registration email and password and, where enabled, a one-time code to log in.
"Authorised User": means a person who holds a Role in a Business and who may act for that Business to the extent that Role allows.
"Business": means the company or other organisation registered on the Musqet System on whose behalf the Services are used, including a Merchant and, in Bitcoin Rewards, a Business on whose behalf compensation payments are made.
"Business Day": means between the hours of 9am-5pm Monday to Friday, not including public holidays in the United Kingdom.
"Employee": means a person a Business records on the System as a recipient of its compensation payments, whatever the legal nature of that person's engagement with the Business.
"Exchange Account": means the account a Business holds in its own name with a third-party cryptoasset exchange, which it connects to the System with its own exchange API credentials, and from which conversions and payouts are made.
"Fees": means any fees We charge You for the provision of the Services, the details of which are set out in our FAQ or in the service agreement or order form between Us and the Business.
"Fiat": means a currency which in accordance with applicable laws is legal tender.
"Lightning Address": means the payout destination recorded for an Employee: either an internet identifier in the form of an email address that resolves through the LNURL-pay protocol, or a Lightning invoice. It identifies a wallet that belongs to the Employee and not to Us.
"Lightning Network": means the payment network built on the Bitcoin network over which compensation payments are sent to Employees.
"Merchant": means a person who has concluded an individual agreement with Us for the provision of our Acceptance Services and: a) who offers products and/or services for sale in Virtual Assets for business purposes; or b) is bona fide charitable organisation that accepts donations in Virtual Assets.
"Musqet System": means a computer programme with relevant user interfaces available on the Website and/or otherwise accessible (including our merchant dashboard, apps and partner portal), owned, administered, supported, and developed by Us including our Services stipulated in these Terms, intended for Merchants to accept Virtual Assets as payment for the purchase of goods or services or donations; for the Wallet Services to store, send, request and receive bitcoins; and for a Business to record Employees, connect its Exchange Account and run Payment Batches.
"Partner": means a reseller or introducer who has concluded an individual agreement with Us and who uses the Musqet partner portal.
"Payment Batch": means a set of one or more compensation payments created in the System for a Business (a "Batch"; the processing of a Batch is a "run"), together with the conversion and payout run that settles them.
"Prohibited Uses": means those uses contained within the Prohibited Use term below.
"Role": means the standing an Authorised User holds in a Business, being employer, admin or employee, as described below. Role names are written in lower case. "Employee" with a capital letter means the person who receives a payment.
"Terms": means these Musqet Terms under which You agree to the terms and conditions of the provision of Services. In case other agreements are concluded between Us and You with respect to the provision of Services after these Terms are concluded, those subsequent agreements shall be considered as an integral part of these Terms.
"Virtual Asset": (also known as cryptocurrency, virtual currency, or digital currency) means a digital representation of value that can be digitally traded, or transferred, and can be used for payment or investment purposes. Virtual Assets do not include digital representations of Fiat currencies, securities, and other corresponding financial assets.
"Website": means our websites https://musqet.com and https://musqet.tech including all their sub-domains.

General Obligations

Your obligations:

to act in good faith and adhere to these Terms which govern the use of our Services, and timely as well as properly fulfil your obligations to Us;
to provide Us with information, documents, and data which is accurate, correct, up to date, not misleading and free of viruses or other computer programmes or files that could interfere with the normal functioning of the Musqet System and/or related applications;
to promptly (not later than one (1) Business Day (in case of non-Business Day, on the earliest Business Day) after you become aware of that) notify Us of improperly provided Services, of loss, theft, unauthorised use or illegal acquisition of the Musqet System login data, and also of loss of your electronic device used for logging into the Musqet System;
to promptly (not later than one (1) Business Day (in case of non-Business Day, on the earliest Business Day) after you become aware of that) report to Us any suspicions about compliance with these Terms and not carry out any transactions in Virtual Assets or create or authorise any Payment Batch until We instruct otherwise; and
to take all reasonable measures necessary to prevent illegal disclosure, appropriation, or use of your data related to transactions in Virtual Assets; at all times to comply with all applicable laws and regulations, including, but not limited to, AML/CTF regulations, personal data protection laws, unfair commercial practices regulations, consumer rights laws, advertising laws, etc.

Representations and Warranties

You represent and warrant that:

You have all necessary rights, power, authority and ability to enter into and fulfil Your obligations under these Terms and Your use of the Services;
in case of legal representation, You are duly authorised to enter into a contractual relationship with Us based on these Terms on behalf of the person You are representing;
in case of a natural person, You are of the required age, and have all necessary power, capacity and authority to enter into and be bound by these Terms and any other document related thereto;
in the case of a legal person, it is duly established and operates in a country in which our Services are legally accessible;
Your financial status allows You to accept the risks relating to Virtual Assets, including the price risk of bitcoin described under Price and exchange rates;
You have provided accurate and complete information and documents requested by Us to verify Your identity;
We are satisfied with the outcome of any identity, fraud, and background checks including all other money laundering and terrorist financing checks which We will conduct in relation to You at any time during the term of Your relationship with Us;
You have created an Account in the Musqet System in a predefined manner;
You do not use/intend to use the Musqet System for anything that is unlawful, malicious or that could disable, overburden, or impair the proper working of the Musqet System or may hurt our reputation or otherwise pose any threat to Us;
at all times You comply with these Terms as well as all applicable laws and regulations.

Eligibility and account registration

To use the Services You must register an Account with Your email address, Your full name and a password. If You use "Sign in with Musqet" from another application, You use the same Account.

When You create an Account, You are asked to accept these Terms and our Privacy Policy. If We later publish a materially changed version of either, We will ask You to accept the new version the next time You sign in. We record which revision of each You accepted and when, and We may refuse You access to the Services until You have accepted the current revision. A correction that does not change the meaning of these Terms does not need a new acceptance.

The information You provide at the time of opening the Account must be accurate and complete, and You must inform Us within one (1) Business Day of any changes to such information. Musqet has the right to reject Your Account registration, to later close Your Account, or to restrict the provision of the Services to You if You do not provide and maintain accurate, complete and satisfactory information.

One Account may belong to more than one Business. Your Role is held separately for each Business You belong to.

Security and two-factor authentication

You sign in with Your email address and Your password. You may also enable two-factor authentication using an authenticator application or, where available, a passkey, in which case a one-time code or passkey confirmation is required as well. When You enable an authenticator application We issue recovery codes, each of which can be used once. Keep them safe, because they are the way back into Your Account if You lose Your authenticator.

Certain actions ask You to prove who You are again, even though You are already signed in, by a one-time code, a passkey or Your Account password, depending on what is enabled on that Account.

Repeated failed attempts are limited and may temporarily lock an Account out of these checks. It is Your responsibility to keep Your password, Your one-time codes and Your recovery codes secret, and to tell Us promptly if You believe someone else has used Your Account. At the request of an Account holder a member of Musqet staff may reset two-factor authentication on that Account, and such resets are recorded as described below.

Prohibited Use

In connection with Your use of the Services, and Your interactions with other users and third parties, You agree You will not engage in the following Prohibited Uses. This list is non-exhaustive and We reserve the right to modify it at any time. It is within our sole discretion to determine whether an activity falls into one of these categories.

Unlawful Activity

Actions which violate, or would assist in violation of any law, statute, ordinance, or regulation, including applicable sanctions programmes including but not limited to the Sanctions and Anti-Money Laundering Act 2018, or which would involve proceeds of any unlawful activity; activity which would publish, distribute or disseminate any unlawful material or information.

Abusive Activity

Actions which impose an unreasonable or disproportionately large load on our infrastructure, or detrimentally interfere with, intercept, or expropriate any system, data, or information; transmit or upload any material to our computer systems, networks or sites that contain viruses, trojan horses, worms, or any other harmful or deleterious programmes; attempt to gain unauthorised access to our computer systems, networks or sites or other users' Accounts, computer systems or networks connected to Us, through any other means; interfere with another individual's or entity's access to or use of the Services; use information of another party to access or use our computer systems, networks or sites, except in the case of specific Merchants and Authorised Users which are specifically authorised by a user to access such user's Account and information; transfer Your Account access or rights to Your Account to a third party, unless by operation of law or with the express written permission of Musqet; or harvest or otherwise collect information from our computer systems, networks or sites about others, including without limitation email addresses, without proper consent.

Abusive Actions Against Others

Actions which defame, abuse, extort, harass, stalk, threaten or otherwise violate or infringe the legal rights (such as, but not limited to, rights of privacy, publicity and intellectual property) of others; incite, threaten, facilitate, promote, or encourage hateful or violent acts against others.

Fraud

Actions which operate to defraud Us, our users, or any other person; provide any false, inaccurate, or misleading information to Us.

Intellectual property infringement

Transactions and other use of the Services in connection with items that infringe or violate any copyright, trademark, right of publicity or privacy or any other proprietary right under the law, including but not limited to sales, distribution, or access to counterfeit music, films, software, or other licensed materials without the appropriate authorisation from the rights holder; use of any Musqet intellectual property, name, or logo, including use of Musqet trade or service marks, without express consent from Musqet or in a manner that otherwise harms Musqet; any action that implies an untrue endorsement by or affiliation with Musqet.

Taxes

It is Your own responsibility for paying any taxes applicable to You in relation to using our Services.

We make no representations in relation to tax liabilities, assume no tax liability for any Merchant or Business, assume no responsibility for the tax liability of any Merchant or Business, nor for collecting, reporting, withholding or remitting any taxes arising from any Services that You may use. We do not operate payroll for You and We make no deductions of any kind from the amounts You instruct.

In case We are obliged under applicable law or voluntarily decide to report to any competent authorities any information that is related with Your tax obligations, You undertake to provide Us with the requested documents, data and information.

Complaints

If We receive a complaint from a customer, an Employee or another person and it relates to You, to the goods or services You sold, or to Your use of the Services, We may at our sole discretion send it to You for resolution. We reserve the right to terminate Merchant Accounts and other Accounts that in our view receive excessive complaints.

Suspension and termination

We reserve the right to decline to provide our Services to You or immediately suspend or close Your Account, without notice, if We learn or reasonably suspect, in our sole discretion, that You will use or have used Your Account to engage in unlawful or improper activity in violation of applicable laws or regulations or these Terms. We may also suspend or restrict access where We are required to do so, or where Fees due to Us remain unpaid.

You may stop using the Services at any time. Where a Business uses Bitcoin Rewards and stops, its Exchange Account and the bitcoin in it remain the property of the Business, because We never held them, and payments already settled on the Lightning Network are unaffected and cannot be reversed. Closing Wallet channels is dealt with in the Wallet Service terms below.

Removing an Authorised User, or ending Your use of the Services, does not release either of us from obligations that arose beforehand.

Service availability and disruption

The Services depend on providers We do not control, including a hosting service that We or You use for the Wallet, the Peer or a channel, the exchange and its interfaces, each recipient's Lightning provider, the Bitcoin and Lightning networks, our email provider and our hosting providers. If any of them blocks, interferes with or interrupts our access or our operation, this will be treated by the parties as a disruption ("Disruption"). We are not responsible for any harm You suffer from a Disruption.

We do not promise that the Services will be available at any particular time. We may suspend access for maintenance, for security or to make changes to the System, and We may change or withdraw features.

Where a Disruption stops a Payment Batch, check the status of the Batch and the balance of the Exchange Account before instructing the same payment again.

Acceptance Services

Acceptance Service usage

Musqet is a bitcoin payment processor that enables You to accept bitcoin as a payment method in exchange for goods or services You sell to Your customers. By using the Acceptance Services, You authorise Musqet to act as Your agent and to take any and all actions We consider necessary or desirable to provide the Acceptance Services and to comply with applicable laws and regulations.

We store limited information, including but not restricted to, business name, business e-mail address and Merchant or manager name and cashier staff name. Names do not need to be provided in full form and can be a pseudonym. We may ask you to submit business-related information on annual turnover, largest expected transaction and the number of days the business intends to be open for business, per week. This information is necessary for Us to assess the size of the channel necessary. The calculated channel size number is sent to Us. This information is used as part of our assessment of Your application to use the Musqet service which We will either approve or deny at our sole discretion. All data stored by Us on databases is encrypted.

The information You provide at the time of opening the Account must be accurate and complete, and You must inform Us within one (1) Business Day of any changes to such information. Musqet has the right to reject Your Account registration, to later close Your Account, or to restrict the provision of the Acceptance Services to You if You do not provide and maintain accurate, complete and satisfactory information.

We reserve the right to decline to provide our Acceptance Services to You or immediately suspend or close Your Account, without notice, if We learn or reasonably suspect, in our sole discretion, that You will use or have used Your Account to engage in unlawful or improper activity in violation of applicable laws or regulations or these Terms.

Wallet Service

Wallet Service usage

The Musqet Application enables You to create a non-custodial cryptocurrency Wallet for bitcoin, and to use the Wallet to store, send, request and receive bitcoins.

Our Application is intended for use by persons who are very knowledgeable about cryptocurrency generally and non-custodial Wallets in particular. If you use our service, you represent that you qualify as such a person. You acknowledge and agree that you have carefully read and understood our FAQ.

User Rights and Responsibilities

Responsibility for the Wallet's seed

The application uses a 24-word phrase ("Seed") to generate a private key to a Lightning Wallet and a BIP32 hierarchical Wallet. This Seed gives access to all assets stored in the Wallet.

If You use Musqet to create a Wallet, the Wallet will use an algorithm to generate a Seed. This Seed is stored on Your device. We do not know or have access to Your Seed. We cannot provide assistance if You lose or forget Your Seed.

It is Your responsibility to carefully guard Your Seed secure and make a backup. You must not give the Seed to anyone.

Seed and impact of their loss or misappropriation

If You permanently forget or lose Your Seed, You will never be able to recover any funds in Your Wallet, and will suffer a complete, irrecoverable and catastrophic loss of all funds in Your Wallet.

Musqet has no responsibility and will not be liable for any loss or damage You suffer from the loss or misappropriation of Your Seed.

Securing access to the application on mobile devices

If available on Your mobile device, Musqet provides a way to prevent unwanted access to Your Wallet, using the device's biometrics system. It is Your responsibility to make sure Your mobile device's biometrics authentication system is properly configured, and only grants access to You. A sufficiently complex password should be used to ensure access to the application is restricted to the intended user only.

Keeping Your device up-to-date and secure

You must make sure the device the application is running on is secure, especially that its operating system is up to date, with the latest security patches available.

Your device must not be rooted, otherwise the application will not be secure, and Your Seed will be exposed.

How it works

As part of the Musqet System, Wallet Services are available including a non-custodial, bitcoin-only Wallet, which uses the Lightning Network ("LN") to store, receive, and send payments over LN. You need to have a working internet connection to use the Wallet.

The application connects to a LN node ("Peer") managed by Musqet, and in cooperation with the Peer will automatically open, maintain, and close lightning payment channels. Those channels are secured using multi-signature transactions signed with Your Seed and the Peer's.

The Wallet's balance is the aggregate usable balance of Your payment channels.

Payments are relayed by the Peer through Your channels. If You cannot connect to the Peer, You will not be able to send or receive payments.

As much as possible, the Wallet and the Peer will cooperate in order to make payments complete properly, either with a failure or a success. However, in some cases, including but not limited to payment errors or connection issues, a payment will not be able to complete properly, in which case the channels that forwarded the faulty payment will have to be force-closed (see the Termination section).

Outgoing Lightning payments

The Wallet delegates route calculation to the Peer and provides the Peer with a range of acceptable fees that the Peer can use at discretion.

Incoming Lightning payments

The Peer will try to use existing payment channels when possible or will try to automatically open a new channel if none are able to accept the payment. In the latter case, the Peer takes a fee (see below).

Payments to on-chain addresses ("swap-out")

The Wallet sends a Lightning payment to the Swap-out service provider via the Peer. The service provider then sends an on-chain transaction to the address provided by the user, using the feerate provided by the service provider and agreed by the user.

Wallet fees

Channel funding and closing operation use on-chain bitcoin transactions. The fees for those transactions use funds from Your Wallet (and the Peer's) and depend on the Bitcoin network mempool usage.

Sending LN payments: the fee depends on the route found for that payment. The Wallet will try to use a low fee first, then if no route was found the fee will increase gradually up to a maximum value. The user may be able to change that maximum fee.

Receiving LN payments: no fees, unless a new channel has to be created.

On-the-fly channel creation: 1% of the amount received, with a 3,000 satoshis minimum. The amount received must be at least 100,000 satoshis for a channel to be created.

Swap-out: once payment is made to the Swap-out service provided via the Peer, the service provider sends on-chain transaction to the address provided by the user, using the feerate provided by the service provider and agreed by the user.

Outgoing Lightning payments

The Wallet calculates the route to the Peer. The route will include the Peer. When sending payments, the Wallet allocates a fee to each peer on the route as routing payments. The fee is dependent on the route calculated. Once the route is calculated, the fee is communicated to You, before payment is made. If no route can be found, the payment fails and funds come back to the Wallet.

Incoming Lightning payments

When a payment is incoming to the Wallet, and the Wallet has no existing channels, the Peer will open a new channel using an on-chain transaction whose fees are paid by the Wallet, using funds from said payment.

When a payment is incoming to the Wallet, and the Wallet already has channels, the Peer will try to use existing payment channels to settle the payment. If that's not possible, the Peer will automatically splice-in the funds to the Wallet's channels with an on-chain transaction whose fees will be paid by the Wallet.

The Wallet may reject the splice or new channels operations at discretion, for example if the fee is too high. In that case the payment fails. This is done automatically, using user-configurable settings in the Wallet.

Payments to on-chain addresses

In the event You do not have capacity to receive payment, We may open an additional channel to You, or, We may request You rebalance the existing channel to unlock any available liquidity. The intended payment cannot be greater than the total channel size. In the event the intended payment is greater, the payment will be processed as an on-chain bitcoin payment. The length of time for this to be considered finally settled is after 6 confirmations on-chain which takes, on average, 60 minutes but can be much more or much less.

Deposit

The parties may, at any time, determine that You will transfer to the Peer an amount equal to the value of the channel opening amount (the "Deposit").

The Deposit will be paid to the Peer in bitcoin, in-channel, after a sufficient number of sales have taken place, which are equal the value of the channel opening amount.

Should the channel size increase, the Deposit will increase by the same amount, and will be paid in the same way, by You to the Peer.

Should the channel size decrease, We will return the decreased amount to Your Wallet.

On closing of the channel, and not before, We agree to repay the Deposit to Your Wallet. The Deposit will be calculated in bitcoin and the price of bitcoin will not change the value of the deposit, regardless of any value fluctuation in the market.

We shall acquire and retain full legal and beneficial title to the bitcoin comprising the Deposit and We shall not have any custodial or fiduciary obligations to You in respect thereof. Where we have an obligation to repay the Deposit or part thereof to You, as described above, You shall have a contractual and personal claim only for repayment by Us of an amount of bitcoin equal to the Deposit or part thereof.

Termination and channels closing

You can close Your channels at any time. When doing so, and as much as possible, You should close Your channels mutually, using the "close channels" feature in the settings.

You understand that the "close channels" button available in the settings is an emergency protocol that should not be used in normal situation, and that it will incurs significant costs and delay to You.

In certain scenarios, including but not limited to catastrophic payment errors, connection issues, bugs in the Lightning or Bitcoin protocol, attacks on the network, Lightning channels in the Wallet will be force-closed. Any remaining funds will be recovered on-chain, following instructions provided in the FAQ. The force-closings incurs a long delay (at least several days), and a significant fee paid to the Bitcoin miners using the peer's and Wallet's balance in the channels.

Channels life expectancy

The peer will open channels to Your Wallet and allocate incoming liquidity in addition to Your balance, for Your convenience. The peer reserves the right to close channels or reclaim liquidity from channels at any time.

Recovery

Your channels are regularly encrypted and sent to the peer for backup. You can always recover them by connecting to the peer using Your Seed and get back access to Your funds.

Wallet price and exchange rates

The Wallet can display bitcoin amounts in alternative fiat currencies using exchange rates provided by 3rd party services. These rates may not be accurate.

Any prices displayed are not indicative of bitcoins being backed by any commodity or other form of money or having any other tangible value at all. We make no guarantees that bitcoins can be exchanged or sold at the price displayed. We have no control over and do not make any representations regarding the value of bitcoins.

You should always refer to the bitcoins amount before receiving or sending a payment, and not the fiat currency price. We are not responsible for the third-party services providing the prices and will not be liable for any loss or damage caused by third party services.

Bitcoin Rewards

The sections below apply if You use Bitcoin Rewards, either as a Business or as an Employee.

Business accounts, roles and authorised users

A Business is set up with its name, and may also record its company registration number, VAT number, registered address and the cadence and anchor date of its payroll. The Business is responsible for keeping that information accurate.

The Business is responsible for everything its Authorised Users do on the System, including the creation and authorisation of Payment Batches, and for removing access from anyone who should no longer hold it.

Roles

The System has three Roles. Only an employer may change the company details, the payroll settings, the currency and the Exchange Account credentials. An employer or an admin may manage Employees and may create, authorise, cancel, retry and recover Payment Batches. An employee may edit their own profile, set their own Lightning Address and see their own payments.

Role checks are applied by our servers and not only by the screens You see. The System also refuses any change that would leave a Business with no active employer, or with no active employer or admin, because such a Business could no longer be administered.

Invitations and join requests

An employer or admin may invite a person to a Business by email, or may share an invitation link. Invitation links carry a Role and expire. A person may also ask to join a Business by supplying its identifier, and that request takes effect only when an employer or admin of that Business approves it.

You must not share an invitation link with anyone it was not intended for, and We are not responsible for access obtained by a person You gave a link to.

Employee information and Lightning Addresses

For each Employee the Business records a name, an email address, an optional employee reference, the compensation amount in the Business's currency, and whether the membership is active. Employees may be added one at a time or imported from a CSV file.

Responsibility for the Lightning Address You provide

Compensation is paid to the Lightning Address recorded for the Employee. That address identifies a wallet the Employee holds with a provider of their choosing. Musqet does not provide, hold or control that wallet.

It is the Employee's responsibility to give a Lightning Address that is correct, that is under their own control, and that can receive the amounts they are due. We check that an address is well formed and that the destination will accept the amount, but We cannot verify who owns it.

A payment that settles on the Lightning Network is final and cannot be reversed, recalled or charged back by Us, by the Business or by anyone else. A payment made to an address given in error, or to a wallet the Employee has lost access to, cannot be recovered.

A Business may set or correct an Employee's Lightning Address on their behalf. Changing a Lightning Address requires re-authentication, and the Account holder is notified by email.

Changes to compensation amounts

An Employee may request a change to their recorded amount through the System. The request goes to an employer or admin of that Business and takes effect only if it is approved. A request may expire or be rejected, and is cancelled if the person who requested it or the person asked to approve it is no longer qualified, or if the amount is changed directly in the meantime.

Exchange Account and third-party services

The conversion from Fiat to bitcoin, and the payout over the Lightning Network, are carried out through a third-party cryptoasset exchange. The Business opens the Exchange Account in its own name, funds it, and connects it to the System with its own exchange API credentials, which We hold encrypted.

The exchange is a separate provider with its own terms, its own fees and its own identity and compliance checks, and that relationship is between the Business and the exchange. Musqet is not a party to it, does not control the exchange, and is not responsible for its acts, omissions, availability, limits or decisions.

Musqet does not hold, custody or take title to Your money or Your bitcoin. Fiat and bitcoin stay in the Business's own Exchange Account until the System, acting on the instruction You authorise, sends a payout to the Employee's own wallet. We have no custodial or fiduciary obligations to You in respect of those funds.

If the Exchange Account holds insufficient funds, if its credentials are absent, wrong or withdrawn, or if the exchange declines or limits an instruction, the System cannot make payments for that Business. We may change the exchange provider or support further providers.

Payment Batches

A Payment Batch is how compensation is paid through the System. Only an employer or admin of the Business may create one, authorise it, cancel it before it runs, retry its failed payments or recover it.

Creating and authorising a Payment Batch

An employer or admin selects the recipients, confirms the amount for each of them, adds a description and reviews the whole run before it is sent. The amounts are the Business's own figures. We do not calculate pay, deductions or entitlements, and We do not check whether an amount is correct or lawful.

Before a Batch is processed the System asks the Authorised User to prove who they are again: a one-time code where two-factor authentication is enabled on that Account, otherwise the Account password. This check is enforced by our servers, and it applies again before a retry.

Only one Payment Batch may be in progress for a Business at a time, so a second run started while one is still in flight is refused.

Conversion and funding

When the run starts, the System obtains a quote from the exchange for the total of the Batch and, where the Exchange Account does not already hold enough bitcoin, buys the shortfall on that account. The bitcoin is then allocated across the payments of the Batch in proportion to their amounts.

Because Lightning routing fees are charged on top of the amount a recipient receives, the System buys slightly more than the exact total of the Batch as a routing-fee buffer. Anything left over stays in the Business's Exchange Account.

The exchange enforces its own minimum order size, and where the amount to be converted is below that minimum the Batch cannot be funded. The whole funding stage happens before any payment leaves the Exchange Account, so a failure there means nothing was sent.

Payout over the Lightning Network

For each recipient in turn the System resolves the recorded Lightning Address into a payment request with that recipient's provider, checks its amount against the amount allocated, and then instructs a withdrawal from the Business's Exchange Account to it. Payments are made one recipient at a time.

We do not promise that a payment will arrive within any particular time, and We cannot guarantee delivery. A payment may fail for reasons outside our control, including a recipient's provider being unreachable or refusing the amount, a recipient's wallet being unable to receive, or the payment finding no route across the Lightning Network.

A Payment Batch is subject to a time limit. Where that limit is reached the run stops, and every payment it had not started is recorded as not sent.

Failed payments, retries and recovery

A Batch may finish with every payment made, with none made, or with some made and some failed. The System shows the outcome for each recipient, with the reason where one is available.

An employer or admin may retry a failed payment or all the failed payments in a Batch. A retry is a fresh instruction, authorised in the same way as the original run. Bitcoin already bought for payments that failed stays in the Business's Exchange Account and is used by the retry or remains available to the Business.

Where a run stops without settling, for example because the connection to the exchange was lost part way through, the Batch may be recovered after a short waiting period. Recovery settles the record of the run. It reverses nothing that was already sent, so check the Exchange Account before instructing the same payment again.

Price and exchange rates for Payment Batches

You set the amount of each payment in Fiat. The amount of bitcoin that Fiat buys is decided by the rate the exchange quotes at the moment the Batch is funded. Any bitcoin or satoshi figure shown before that point, including the estimates shown while You build a Batch, is indicative only and will differ from the amount finally converted.

The price of bitcoin is volatile. We have no control over it and make no representations regarding it. Rates shown in the System come from the exchange and other third-party sources and may be inaccurate, delayed or unavailable. We are not responsible for those third-party services and will not be liable for any loss or damage caused by them.

A quote from the exchange is valid only briefly. Where it expires, or the price moves beyond the tolerance the System applies, the System refuses to convert rather than execute at a materially different price, and the Batch is reported as not funded.

Fees for Payment Batches

Any Musqet service fees are those set out in the service agreement or order form between Us and the Business. This document does not set our prices.

The exchange charges its own fees and applies its own spread when it converts Fiat to bitcoin and when it sends a withdrawal. Those amounts are charged to the Business's Exchange Account and are borne by the Business.

Lightning routing fees are charged by the nodes that carry a payment and are met out of the bitcoin bought for the Batch, which is why the System buys a routing-fee buffer. Any fees and amounts are as described in the System at the time of payment.

Records, receipts and audit

The System keeps a record of every Payment Batch and of every payment in it, including the amount in Fiat, the amount in bitcoin, the status, the times it was processed and completed, the reason for a failure where there is one, and the exchange's reference where the exchange gave one.

Where a Business chooses to send them, receipts for completed payments are emailed to the Employees concerned, once per payment. Employees can see their own payment history. An employer or admin can see the payments of their own Business only.

Administrative actions taken by a member of Musqet staff, such as resetting two-factor authentication on an Account, are written to an audit log with the identity of the person who took them.

These records are provided for operational purposes. They are not payroll, accounting, tax or legal advice, and they do not replace the records You are required to keep yourself.

General terms

Intellectual Property

We grant You a limited, personal, non-transferable, non-exclusive licence to access and use the Website and to use the Services as provided to You by Musqet, subject to the Terms of this Agreement and solely for approved purposes as permitted by Us from time to time. Any other use of the Website or the Services is expressly prohibited and all other rights, titles and interests in the Website and the Services are exclusively the property of Musqet and its licensors. "Musqet" and all logos related to the Services or displayed on the Website are trademarks of Musqet or its licensors. You may not copy, imitate or use them without our prior written consent.

Privacy and Data protection

You acknowledge We may collect and store data in relation to You. For more information on the way in which We process the information about You, please refer to our Privacy Policy.

Dispute resolution and Applicable laws

This Agreement and any dispute or claim (including non-contractual disputes or claims) arising out of or in connection with it or its subject matter or formation shall be governed by and construed in accordance with the law of England and Wales. In any dispute that may arise from the interpretation and execution of these Terms, the parties shall first attempt to reach an amicable settlement by mediation in accordance with the London Court of International Arbitration (LCIA) Mediation Rules. If the dispute is not settled by mediation within sixty (60) days of the commencement of the mediation, or such further period as the parties shall agree in writing, the parties irrevocably agree that the courts of England and Wales shall have exclusive jurisdiction to settle any dispute.

Miscellaneous

No action or inaction by Musqet will be considered a waiver of any right or obligation by Musqet.

This Agreement may be amended by Musqet at our discretion. If You do not agree to the amended agreement, then Your sole remedy will be to stop using the Services.

This Agreement controls the relationship between Musqet and You. They do not create any third-party beneficiary rights.

Your use of the Services, any Wallet, the Musqet System and the Website is subject to international export controls and economic sanctions requirements. You agree that You will comply with those requirements. You are not permitted to use any of the Services if (1) You are in, under the control of, or a national or resident of any country subject to UN sanctions ("Sanctioned Country"); or (2) You intend to supply bitcoin through the Services to a Sanctioned Country (or a national or resident of a Sanctioned Country).

All provisions of this Agreement which by their nature extend beyond the expiration or termination of this Agreement, will continue to be binding and operate after the termination or expiration of this Agreement. If a particular term of this Agreement is determined to be invalid or not enforceable under any applicable law, this will not affect the validity of any other term. This Agreement (including documents incorporated by reference in it) is the entire agreement between Musqet and You and supersedes any other agreement, representations (or misrepresentations), or understanding, however communicated.

Warranties

WE PROVIDE THE SERVICES "AS IS", WITHOUT ANY EXPRESS, IMPLIED, OR STATUTORY WARRANTIES OF ANY KIND, INCLUDING BUT NOT LIMITED TO THE WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NON-INFRINGEMENT. IN NO EVENT SHALL THE AUTHORS OF THE SERVICES, EMPLOYEES AND AFFILIATES OF MUSQET, COPYRIGHT HOLDERS, OR MUSQET BE LIABLE FOR ANY CLAIM, DAMAGES OR OTHER LIABILITY, WHETHER IN AN ACTION OF CONTRACT, TORT OR OTHERWISE, ARISING FROM, OUT OF OR IN CONNECTION WITH THE SERVICES OR THE USE OR OTHER DEALINGS IN THE SERVICES.

Liabilities

UNDER NO CIRCUMSTANCES WILL MUSQET OR ITS AFFILIATES, OR ANY OF ITS OR THEIR RESPECTIVE SERVICE PROVIDERS, BE LIABLE TO YOU OR ANY THIRD PARTY FOR ANY USE, INTERRUPTION, DELAY OR INABILITY TO USE THE SERVICES, LOST REVENUES OR PROFITS, DELAYS, INTERRUPTION OR LOSS OF SERVICES, BUSINESS OR GOODWILL, LOSS OR CORRUPTION OF DATA, LOSS RESULTING FROM SYSTEM OR SYSTEM SERVICE FAILURE, MALFUNCTION OR SHUTDOWN, FAILURE TO ACCURATELY TRANSFER, READ OR TRANSMIT INFORMATION, FAILURE TO UPDATE OR PROVIDE CORRECT INFORMATION, SYSTEM INCOMPATIBILITY OR PROVISION OF INCORRECT COMPATIBILITY INFORMATION OR BREACHES IN SYSTEM SECURITY, OR FOR ANY CONSEQUENTIAL, INCIDENTAL, INDIRECT, EXEMPLARY, SPECIAL OR PUNITIVE DAMAGES, WHETHER ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT, BREACH OF CONTRACT, TORT (INCLUDING NEGLIGENCE) OR OTHERWISE, REGARDLESS OF WHETHER SUCH DAMAGES WERE FORESEEABLE AND WHETHER OR NOT WE WERE ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

YOU AGREE TO LIMIT ANY ADDITIONAL LIABILITY NOT DISCLAIMED OR DENIED BY MUSQET UNDER THIS AGREEMENT TO YOUR DIRECT AND DOCUMENTED DAMAGES; AND YOU FURTHER AGREE THAT UNDER NO CIRCUMSTANCES WILL ANY SUCH LIABILITY EXCEED IN THE AGGREGATE THE AMOUNT OF FEES PAID BY YOU TO MUSQET DURING THE THREE-MONTH PERIOD IMMEDIATELY PRECEDING THE EVENT THAT GAVE RISE TO YOUR CLAIM FOR DAMAGES.