Why do you need a Terms of Use for an online store or a marketplace?
Connecting payment system
PayPal, Apple Pay, Stripe, Wise, Payoneer, Unlimint and other payment systems require you to place a public offer to connect with the recipient client.Confirming and declaring income
A Terms of use agreement is submitted to the tax office and the bank to explain the legality of the origin of funds in the accounts of an individual entrepreneur or LLC.
Limiting owner's liability
Situations out of the owner’s control are excluded from the area of responsibility: the operation of banks, payment systems, delivery services, technical failures in the product process, and losses that the user could suffer.Setting rules for users
A Terms of use agreement has required rules that users must follow and setting those rules guarantee the resolution of disputes and conflicts.Protecting intellectual property
In a Terms of use agreement, the prohibition on copying the content, design elements, program code, trademarks, and commercial names occurs and protects the interest of the business owners.