Payment Terms

1. Today: no payments pass through Sooqban

The platform introduces businesses to each other. Whatever they agree, they settle between themselves, by whatever means they choose, on terms Sooqban is not part of.

Sooqban’s own company does not hold anyone’s money at any point. That is not a stage the platform is passing through. It is a fixed position, because holding customer funds is a regulated activity and this company is not the regulated party.

2. What that means for you

No payment details are entered into Sooqban, so there is nothing for it to store, and nothing for it to lose.

A payment dispute between a buyer and a supplier is theirs, with their bank or provider. Sooqban can help with the record of what was agreed here, and cannot reverse a payment it never touched.

Where Sooqban charges you for its own services, that charge is stated in advance and is flat.

3. When payment services are switched on

If the platform offers payment or escrow, a licensed payment provider will be the merchant of record: funds sit with that provider, which is the regulated party, and never with Sooqban.

That arrangement is what makes escrow possible at all without this company holding a payments licence. It is also why any deposit, including a bid deposit at auction, is held by the provider and not by us.

Before that happens, this document becomes a new version stating which methods are available, in which markets, what each costs, and how a refund and a chargeback are handled. You will be able to read it before relying on it.

4. Fees, whenever they exist

A Sooqban fee is flat and stated in advance. On a financing or insurance matter, no fee may ever be worked out from the value of the deal. That is enforced in code rather than promised here, because a fee tied to a deal would make the platform an arranger, and an arranger needs a licence.

5. Taxes

Each business is responsible for its own tax obligations on what it buys and sells. Sooqban does not collect, withhold or account for tax on a trade between two users, because it is not a party to that trade.

6. Law

These terms are governed by the law of the Sultanate of Oman. Where a licensed provider handles a payment, that provider’s own terms apply to its part of it, and any mandatory protection you hold under the law continues to apply.