1.        INTRODUCTION

1.1.       When you choose PayLater Payment Terms, Kriya offers you the possibility to pay on a due date or due dates up to ninety (90) days from date of your original purchase. Please note that PayLater Payment Terms are only available with respect to the purchases that you make which relate solely for the purposes of the business carried on by you.

1.2.      The PayLater Agreement incorporates the PayLater Terms of Business and contains the terms that determine the rights and obligations between you and us under which an PayLater Payment Terms Application can be made to obtain PayLater Payment Terms. By agreeing with Kriya "Terms and Conditions", you agree that you have read, understand, and accept the terms and conditions contained in the PayLater Agreement and agree to be bound as a Customer.

2.       YOUR PROFILE 

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

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

2.3.    You may submit an application for PayLater Payment Terms by requesting use of the PayLater Services online, at a physical location (such as a physical store), or by telephone. 

‍2.4.    Whenever you request to use the PayLater service you are agreeing to these PayLater Terms of Business and the submission of the Payment Terms Application on the basis of information last provided by you to Kriya. 

2.5.     By submitting a request for use of the PayLater service, you understand and agree to the following:

‍           2.5.1. Soft Credit Check: A soft credit check may be performed to assess your eligibility for the PayLater service. Soft credit checks do not impact your credit score;‍

           2.5.2. Hard Credit Check: whenever you use the PayLater service, a hard credit check may be conducted and Kriya may report your payment performance to credit bureaus. Hard credit checks can impact your credit score, which may make it harder to obtain credit in the future, particularly if you miss payments.

3.      REVIEW OF APPLICATION 

3.1.    You may apply for PayLater Payment Terms through submission of an PayLater Payment Terms Application.  

3.2.   After Kriya has received your PayLater Payment Terms Application, Kriya 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.  Kriya does not have to give reasons for its decision.  

3.3.   Kriya may terminate an PayLater Payment Terms Application if it has any concern about you or the PayLater Payment Terms Application process. 

4.      PAYLATER REQUIREMENTS 

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

4.2.   You must comply with the requirements of the PayLater Payment Terms Summary and the other terms of the PayLater Agreement, including without limitation, these PayLater 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 PayLater Payment Terms, Kriya’s obligations thereunder (including taking responsibility for paying the Purchase Amount (less any fees due by the Marketplace) to the Marketplace) is conditional upon Kriya receiving and/or being satisfied with:

           4.4.1. you agreeing to the PayLater Agreement and it being binding on you;

           4.4.2. the documents/information required by Kriya to comply with its customer identity requirements and all know-your-customer checks having been completed to Kriya’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 Kriya reasonably requires, or as otherwise agreed between Kriya and the Marketplace.‍

‍5.       COMPLETION 

5.1.     If the PayLater Payment Terms Application is successful, you will be provided with the PayLater Payment Terms Summary for the PayLater Payment Terms (including the amount payable by you and the Payment Schedule). The approval of your PayLater Payment Terms Application and subsequent receipt by you of PayLater Payment Terms shall constitute a Credit Agreement.

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, Kriya shall become responsible for making payment of the relevant Purchase Amount to the Marketplace (less any fees that are payable by the Marketplace to Kriya). 

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

5.4.    No amount repaid may be redrawn.

5.5.    In the event that the requirements in relation to Kriya taking responsibility for making payment of the relevant Purchase Amount to the Marketplace are not satisfied by the latest date that such Purchase Amount is to be paid, the PayLater 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 Kriya, in accordance with the Payment Schedule, 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.      EARLY REPAYMENT

You may repay the whole or part of the balance of the Purchase Amount outstanding prior to a Payment Date, without any penalty.

8.     RETURN OF GOODS

8.1.    In the event you wish to and are entitled to return Goods that are subject to PayLater Payment Terms to the Marketplace or Marketplace Seller in accordance with the Marketplace’s and/or the Marketplace Seller’s terms and conditions, you can notify Kriya of a return to stop payments. Upon such notification, Kriya will pause the Payment Schedule by up to two (2) weeks to allow the Marketplace and/or the Marketplace Seller to process your returned Goods and you will not incur late payment charges during this period. If the return is not 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. 

8.2.   Until whichever is the earlier of: (a) such time that you cancel the Supply Contract in accordance with the terms of such Supply Contract or (b) such time that the Marketplace has confirmed the return of the Goods and has notified Kriya 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 and we will continue to process any payments in accordance with the Payment Schedule (following any two (2) weeks’ pause in accordance with Clause 8.1 above). 

8.3.   Once the Marketplace has notified Kriya of the amount of the refund due to you for the Goods returned that are subject to PayLater Payment Terms, Kriya will, on the same day, make the appropriate adjustment to the PayLater Payment Terms. If you have returned all the Goods to the Marketplace or the Marketplace Seller and are entitled to a full refund under the Marketplace’s and/or the Marketplace Seller’s terms and conditions, Kriya will end the Payment Schedule and issue a refund of any Payments made by you to Kriya under the Payment Method. If you have not returned all the Goods to the Marketplace or the Marketplace Seller, or if the Marketplace has notified Kriya that a partial refund is due to you, Kriya will adjust the PayLater 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 subtracted from the Payment Schedule in reverse order of maturity. If the refund is processed to your expired or cancelled card, you will need to obtain the returned funds by contacting your bank.

‍9.     DECLARATION BY THE CUSTOMER

You represent, confirm and make the following declaration to Kriya as follows:

9.1.    I am entering into the PayLater Agreement wholly for the purposes of a business carried on by me;

9.2.   I understand that I will not have the benefit of the protection and remedies that would be available to me under the Financial Services and Markets Act 2000 or under the Consumer Credit Act 1974 if the PayLater Agreement were a regulated agreement under those Acts;

9.3.   I understand that this declaration does not affect the powers of the court to make an order under section 140B of the Consumer Credit Act 1974 in relation to a credit agreement where it determines that the relationship between the lender and the borrower is unfair to the borrower; and

9.4.   I am aware that, if I am in any doubts as to the consequences of the agreement not being regulated by the Financial Services and Markets Act 2000 or the Consumer Credit Act 1974, then I should seek independent legal advice.

10.    DEFINITIONS 

10.1.  Defined terms: In these PayLater Terms and Conditions (references to which will always incorporate any Schedule to such documents), "Kriya", "we", “our” and "us" are references to Kriya Finance 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 to you in your capacity as a partner and agent of a partnership which is a Customer) and capitalised terms used herein shall have the following meanings:

“Business Days” means a weekday other than a national holiday in England;

"Credit Agreement” shall have the same meaning given to the term “credit agreement” under The Financial Services and Markets Act 2000 (Regulated Activities) Order 2001.

“Customer” means any person or general partnership which has agreed to be bound as a customer by the PayLater Agreement and who we have accepted as a Customer;“Goods” means any goods or services the subject of a Supply Contract; 

“Marketplace” means an online marketplace or wholesaler that supplies goods and/or services and/or enables the supply of goods and/or services to you, in either case pursuant to a Supply Contract;

“Marketplace Seller" means any person (other than a Marketplace) who lists Goods for sale to, and purchase by, a Customer on such Marketplace’s platform (including without limitation, via the Marketplace’s website);

“PayLater Agreement” means the agreement made when a person is accepted by Kriya as a Customer and which comprises these PayLater Terms and Conditions, the PayLater Terms of Business, the Privacy Notice, the PayLater Guidance and the terms of any applicable PayLater Payment Terms Summary;

“PayLater Guidance” means all terms, guidance and instructions from time to time made available by us to you;

“PayLater Payment Terms” means payment terms in respect of a Purchase Amount which may be, or is, provided to you in accordance with the terms of (and incorporated within) these PayLater Terms and Conditions, including any PayLater Payment Terms Summary;

“PayLater Payment Terms Application” means the request for PayLater Payment Terms made by the Customer via the PayLater Platform;

“PayLater Payment Terms Summary” means a summary of the key terms relating to each set of PayLater Payment Terms which will be sent to the Customer following a successful PayLater Payment Terms Application, including, but not limited to, the fixed sum credit to be provided to the Customer by Kriya and the related amounts payable by the Customer to Kriya and the Payment Schedule; 

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

“PayLater Terms of Business” means the terms of business supplementing these PayLater Terms and Conditions and governing each set of PayLater Payment Terms as forming part of the PayLater Agreement and which are available at kriya.co/payments/terms-of-business;

“Payment Date” means each date of repayment of the Purchase Amount where applicable as set out in the Payment Schedule;

“Payment Method” means direct debit, bank transfer and/or other payment mandate/method required by Kriya in connection with any set of PayLater Payment Terms;

“Payment(s)” means the payment(s) of the amounts as specified in the Payment Schedule;

“Payment Schedule” means the schedule of payments to repay each set of PayLater Payment Terms as set out in the PayLater Payment Terms Summary;

“Privacy Notice” means the “Terms & Conditions and Privacy Policy” which are available at kriya.co/privacy-policy;

“Profile” means information on each Customer collated by us, including the Customer's residential address, date of birth, country of birth, nationality, status, business, and financial and trading performance and, where relevant, information relating to your business partners 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;

"Supply Contract" means a contract for the sale or supply of Goods by a Marketplace or, as the case be, a Marketplace Seller to a Customer; and

“Transaction Data” means data and other information compiled by us relating to transactions by Customers in relation to PayLater Payment Terms.