Transaq Ltd. Payment Terms of Service
These terms, in addition to the General Terms of Service, govern Your use of the Transaq Payment Service for so long as You use the Services unless otherwise stated herein. Unless otherwise specified herein, all terms within the General Terms of Service shall apply to these Terms. You agree to be bound by these Terms and the Transaq General Terms of Service, both of which may be updated from time to time. You may be notified of such changes and be required to accept them to access the Service. Transaq may require You to accept the new version of the Terms in order to continue accessing the Service.
Last Updated: Dec. 05, 2024
1. Definitions
The following terms and expressions shall have the following meanings:
a. Transaq/We/Us/Our means Transaq Ltd.
b. Merchant/You/Your means the user, whether private person or corporate entity, whose self, representative or delegate interfaces with the Transaq Service on their behalf or wishes to do so and is consequently subject to this Agreement.
c. Customer means any person who makes payment to the Merchant through the Transaq Services in exchange for services/merchandise provided by merchant
d. Transaq Service(s)/Transaq Payment Service(s)/Services means the digital payment service(s) provided by Transaq which enables the Merchant to receive payment for goods and services using electronically stored monetary value.
e. Dashboard/Transactions section/Pricing section refer to sections of the Transaq Service accessible via the application URL provided to merchant for the use and monitoring of their use of the Service.
f. Transaction(s) means the payment(s) effected between a Merchant and Customer using the Transaq Service, carried out in the context of the Merchant’s regular and legal business whether in exchange for goods or services from the Merchant.
g. Chargeback means an instruction initiate by a customer or their agent to reverse or invalidate a processed Transaction (including “disputes” as those terms may be used by financial networks and partners).
2. Functions and Premises of Service
Transaq is a global technology corporation offering platforms, services and solutions to facilitate verifications, payments and transactions in person, and via the web and mobile platforms across many payment channels including debit and credit card networks (Visa, Mastercard, AmEx, Discover), modern payment platforms (PayPal, GooglePay, ApplePay, AmazonPay, CashApp), mobile wallets, etc.
You may engage the services if You, the Merchant, and your delegates, conduct business and maintain your registered business address in a territory supported by Transaq and provide services or merchandise to customers that are not prohibited (per the Prohibited and Restricted Businesses).
You agree to appoint Transaq as your agent, authorized to collect payment on your behalf from your customers in the due process of conducting business online or in person. When conducting a transaction, you may choose to process the payment using the Transaq platform and in doing so, instruct Transaq to process the payment on your behalf. You agree that payment to Transaq satisfies their customer’s payment obligation to You.
3. Requirements to use the Service
To use the Service, Merchant shall provide the necessary documents to substantiate their identity and ability to conduct business within their territory to Transaq’s satisfaction. Merchant shall provide the details of their solely owned and operated bank account (denominated in the local currency) at a licensed commercial bank or other deposit taking institution into which funds due to Merchant may be deposited. Merchant shall provide this information in its whole and complete form, in good faith and to the best of its ability, free of misrepresentation.
In order to access the Service, Merchant may need to be registered on a subordinate account through the platforms and services of Transaq’s partners. Transaq will undertake such process using the information you provide to Transaq. Merchant shall provide such information on request, as necessary and with care to the accuracy and truth of the information supplied.
Merchant, through Merchant’s representative, shall be required to register through the Service and may do so using a Transaq account or any of the provider options listed on the Service portal. Merchant (entity) and Merchant’s representative (owner/admin profile) shall be issued a unique ID upon registration. Merchant may then, through the Service, add and manage its agents, such as cashiers, managers and inventory agents, each of whom shall be assigned a unique ID (profile) automatically on registration. The Merchant is solely responsible for allotment and administration of privileges to its subordinate profiles.
Merchant will be required to use Transaq’s security features to conduct sensitive operations through the service- which may include receiving OTP codes, registering devices and authenticators, issuing API keys or engaging any other security measure within the Service. Merchant and its delegates shall NOT attempt to circumvent these measures. Transaq may require you to refresh, reassign or otherwise rotate these mechanisms for security reasons. Merchant is fully responsible for all actions, transactions and requests carried out through their accounts and shall be vigilant so as not to enable adverse actions or actors by properly managing their secrets, keys, passwords, and permissions assignments both within and beyond the Service.
Merchant is responsible for checking their Service account periodically and must notify Transaq within 30 days of any issues, or queries. Issues or queries may be submitted via email to support@transaq.io. Such issues or queries must be raised by a Merchant representative (owner/admin profile) and must come from that representative’s registered email address.
Merchant may request or be assigned a unique Transaq tag and/or Short Code which may be used to make it easier to process payments, and identify Merchant.
Merchant shall to comply with all applicable information and data protection laws and regulations in your legal territory, including but not limited to data protection regulations, industry licensing and tax requirements.
4. Requirements for Settlement
You will be required to designate and maintain a verified local currency bank account, but may register any number of other stored value accounts (e.g. bank accounts, PayPal) for alternate payout channels at any time as may be made available through the Services. You may also designate any of those channels as the default through which you receive automatic payouts. Payouts shall be contingent on the availability and operation of Your verified local currency bank account, regardless of Your alternative payout channels, i.e. you will not be able to receive payouts if you remove that account or it becomes inaccessible and you do not replace it with another account of that type, no matter how many other alternative channels. you have added.
Settlement/Payout will occur automatically on a weekly basis (Monday) to the account selected as your default. The settled amount will account for the sum of all transactions and fees against them until the previous day (subject to network and bank cutoffs, which may vary). You can change your default payout account at any time. Where currency conversion is involved, Transaq’s financial and banking partners handle conversion to give you competitive exchange rates. You can view the exchange rate for cross currency payouts as part of the payout process. Where disputes or other issues arise, the relevant sums will be held back and reserved until the resolution of such issue.
Transaq gives You varying levels of control over when and how you receive payouts. You can request expedited payouts or payouts on demand, but there may be a cost depending on the payout channel and speed.
5. Transactions and Verification
Your Balance will be credited with the value of transactions processed using the Service. You are solely responsible for verifying that your Balance has been credited with the Transaction amount before concluding the Transaction with Customers. You can do so by logging into the service and checking the Transactions section. You may also receive email confirmation of the transaction.
You shall not unduly solicit, record, disclose, transmit or relay information about or the details of a customer’s payment device or card other than to conduct a legitimate and legal transaction or to troubleshoot payment issues, disputes or errors, unless otherwise compelled by law. Furthermore, You shall not disclose transaction information to any party who is not a Transaq agent, a Merchant delegate, or your bank other than to conduct settlement or to troubleshoot payment issues, disputes or errors, unless otherwise compelled by law.
6. Fees and Charges
The Service gives Merchant the ability to process payments and manage settlement through different systems and rails, with fees outlined on the pricing page at https://transaq.io/pricing, or on the Pricing section of the Service dashboard, with the latter taking precedence. These fees are subject to change due to factors that may not be within Transaq’s direct control. Transaq will take commercially reasonable measures to notify you of any such changes at the earliest possible time.
Merchant agrees to pay Transaq all such fees in relation to the Service, and that all such fees, along with other relevant fees and adjustments, including but not limited to disputes and disputes fees, constitute debt owed to Transaq payable on demand. Such fees will be reflected in your Service dashboard and either Merchant’s payouts will be net of such fees or they shall be invoiced otherwise.
7. Chargebacks/Disputes
The amount of a transaction may be debited or otherwise not credited to your account in the following cases;(i) You were credited for a transaction multiple times;(ii) the amount was credited in error;(iii) the transaction is found to be fraudulent;(iv) You failed to comply with these Terms in processing the transaction;(iv) the customer, their bank or one of their representatives initiates a dispute for the transaction, or such a dispute is concluded in the customer’s favour;(vi) Transaq was required so to do by a financial partner or legal process;
The relevant networks and institutions may levy charges and fees in respect of such transactions for which You are responsible.
Where a dispute is raised in relation to a transaction conducted by Merchant, Transaq will take commercially reasonable measures (e.g. via email) to notify you. When such issues arise, Transaq may pre-emptively provide to the relevant networks and parties a compilation of facts, proof and /or timelines in defense of the transaction’s legitimacy, but it is ultimately your responsibility to submit relevant facts and additional proof to buttress such defense, and failure to do so may impact your ability to process transactions through the Service.
8. Customer Relations
The Merchant shall be responsible for addressing all customer queries, claims and disputes about a Transaction or the services/merchandise provided as part of it the with the customer.
9. Refunds, Returns and Descriptors
You must establish a refund policy and reasonably display or disclose this policy at the time of any transaction via the Service. In service of such policy, You may electronically refund the transaction using the Service. Furthermore, to minimize the risk of unnecessary disputes, and for the customer’s own peace of mind and understanding, you may disclose at such a time or otherwise that the descriptor under which the relevant charge will appear may include ‘TRANSAQ’.
10. Changes in Ownership, Business or Industry
You shall provide Transaq with at least thirty (30) days advance written notice of any intent to (i) sell or offer to sell goods or services which differ substantially from those normally offered based on Your nature of operation, (ii) alter the corporate structure of the Merchant, and/or (iii) liquidate or change the nature or industry of your business
11. Term, Suspension and Termination
These terms have no automatic expiration. You may, at any time cease to use the Service and request the deactivation of your account by emailing support@transaq.io.
Transaq may suspend or terminate Merchant’s account and access to the Service if:
(i) it believes Merchant’s access to the Services violates any law or legal requirement, is illegal or facilitates illegal transactions;(ii) a government or financial partner directs Transaq to do so;(iii) Merchant does not respond in a timely manner to Transaq’s requests for personal and entity information;(iv) Merchant breaches these Terms or any agreement between Transaq and Merchant;(v) Merchant has an insolvency event;(vi) Merchant is determined to be engaging in business practices that present unacceptable risk for Transaq;(vii) Transaq believes that Merchant’s use of the services may be harmful to Transaq or its services, presents unacceptable credit risk or exposes Transaq’s network to fraud;
Transaq may conduct an investigation of Merchant’s use of the Service at any time and without reason. In doing so, Transaq may request details from Merchant regarding their policies, use of the Service and other relevant information to determine whether or not Merchant’s use of the Service deviates from these Terms.
The obligations for any particular transaction completed on or prior to the date of termination shall survive termination. Upon termination, all sums held to the credit of the Merchant will be paid forthwith to the Merchant less any proper fees or charges outstanding that are due and payable under this Agreement at the date of termination.
Where required by a government agency or financial partner, sums may be held back to issue refunds to and make whole affected customers until such a time as those requirements no longer demand.
12. Indemnification
You agree to indemnify Transaq and its agents and hold them harmless from any claims whatsoever and howsoever arising, made by any customer arising out of a transaction, except in such a case where the claim arises out of the negligence of Transaq or its agents. In such a case the amount of Transaq’s total liability for any claim of damage arising out of such claims shall not exceed the dollar amount of the transaction.
Transaq and its agents SHALL NOT BE LIABLE FOR ANY DIRECT, INDIRECT, INCIDENTAL OR CONSEQUENTIAL DAMAGES INCURRED BY THE MERCHANT AS A RESULT OF ENTERING INTO, RELYING ON OR TERMINATING THIS AGREEMENT, OR THAT ARE INCURRED BY THE MERCHANT WHICH MAY ARISE.
In no event will Transaq be responsible for the Merchant’s acts or omissions or those of any third party. If Transaq incurs any fines or penalties as a result of the Merchant’s actions or failure to comply with any applicable regulations or laws, the fines or penalties will be passed to the Merchant and you agree to pay such fines immediately upon demand.
Merchant agrees to be solely responsible for the accuracy and completeness of information provided to us. The Merchant will indemnify and hold Transaq and its agents harmless from any loss or liability arising in connection with any claim arising out of the inaccuracy or incompleteness of such information resulting from the Merchant’s negligence.
Neither Party shall be liable for its failure to perform under this Agreement if such failure to perform is beyond the reasonable control of and without the fault or negligence or willful conduct of that Party, its officers. Directors, employees, agents, contractors.
13. ADVERTISING
The Merchant shall not include any reference to Transaq, or the Service in any advertisements or promotions for your business without the prior written approval of Transaq.
14. AVAILABILITY
Transaq will endeavour to make the Service available 24/7. Transaq makes no guarantee that the Service will always be available, but will take reasonable steps to ensure they are always available.
The Service may become unavailable where Transaq or its partners are carrying out maintenance on their systems and equipment but Transaq will endeavor to ensure that such interruptions in service are minimized and communicated to You in advance where they are planned.
15. GENERAL PROVISIONS
SEVERABILITY
In the event that any of the terms or provisions herein are determined by a court of competent jurisdiction to be unenforceable or invalid for any reason whatsoever, such terms shall be severed, and the enforceability or validity of the remaining terms shall not be affected thereby. The parties agree to attempt in good faith to substitute for any invalid or unenforceable provision a valid or enforceable provision which achieves to the greatest extent possible the same effect as would have been achieved by the invalid or unenforceable provision.
ENTIRE AGREEMENT
This Agreement, including the addenda attached, which are incorporated herein by reference, constitutes the entire agreement between the parties with respect to the subject matter hereof and that this Agreement supersedes all proposals, oral or written, all previous negotiations, and all other communications between the parties with respect to the subject matter hereof.
BINDING AGREEMENT
The Merchant and the person(s) signing this Agreement on behalf of the Merchant shall have the power to execute and perform under this Agreement and the Merchant represents and warrants that the person executing this Agreement is duly authorized to bind the Merchant to all provisions of this Agreement and that such person is authorized to execute any documents and to take any action on behalf of the Merchant which may be required by Transaq now or in the future. Further, you represent and warrant that this Agreement will not violate any law or conflict with any other agreement to which you are subject. This Agreement shall be binding upon and enure to the benefit of the parties and their respective legal representatives, successors and assigns.