Merchant Account Terms of Use This Merchant Account Terms of Use ("MATOU") governs your use of the Services. Capitalised terms and expressions used in this MATOU shall, unless the context otherwise requires, have the same meaning as in the General Terms and Conditions. In this MATOU, the terms you and your refer to the Merchant, while the terms "we" and "our" refer to 2C2P. Please read this MATOU carefully as a breach of this MATOU will cause you to be in breach of the Agreement. 1. The Services 1.1 General We are not a bank, and the Service are not banking services. We are a payment processor. We enable you to accept and process payment for goods or services that you receive from the Merchant Customers. By using the Services, you authorize us to act as your agent so we may receive, hold and disburse funds on your behalf and to take any and all actions that we think are necessary to provide the Services and to comply with applicable laws. Our Services are only available to businesses that offer products and/or services for sale or to bona fide charitable organizations that accept donations. You understand that any payment received from a Merchant Customer will be considered the same as payment made directly to you and will, to the extent of the payment received, extinguish the Merchant Customer's obligation to make payment to you.
1.2 Prohibited Activities In using the Services, you shall not at any time, directly or indirectly engage in the following activities: a. violate any applicable international, federal, state or local law or regulation, including applicable tax laws and regulations; b. sell any: i. narcotics, research chemicals or any controlled substances; ii. cash or cash equivalents, including virtual currencies and any items used for speculation or hedging purposes (such as derivatives); iii. items that infringe or violate the intellectual property rights of any third party; or iv. ammunition, firearms, explosives (including fireworks), or weapons regulated under applicable laws or as determined by us; c. provide any services which compete with our business; d. engage in any fraudulent or suspicious activity and/or transaction; e. conduct your business or use the Services that results in or may result in complaints, fines, penalties, or other liabilities to us, third parties, or you; f. allow your merchant account to have a negative balance; g. facilitate any viruses, Trojan horses, worms, or other computer programming routines that may damage, interfere with, intercept, or expropriate any system, data, or information; h. use any spider or other automated device or manual process to monitor or copy our website without our prior written consent; i. use any device, software or routine to interfere or attempt to interfere with our website or the Services; or j. engage in any transaction relating to: i. the sale or trade of virtual currencies; ii. the processing or sale of the personal information of third parties in violation of applicable laws;
iii. support pyramid, Ponzi, or other get rich quick schemes; iv. any purchase of annuities or lottery contracts, lay-away systems, banking, off-shore banking, foreign exchange, transactions to finance, investing, investment related products, or refinancing debts funded by a credit card; v. gambling or any other activity with an entry fee and a prize, including, but not limited to casino games, sports betting, horse or greyhound racing, lottery tickets, other ventures that facilitate gambling, and sweepstakes, unless you have obtained our prior written approval and you and your customers are located exclusively in jurisdictions where such activities are permitted by applicable laws; vi. money services business, as defined by the Financial Crimes Enforcement Network of the United States Department of the Treasury; or vii. the provision of credit repair or debt settlement services. 1.3 Prevention of Terrorism and Money Laundering Your use of the Services is subject to all applicable laws and regulations regarding the prevention of terrorist financing and money laundering. You agree and acknowledge that your use of the Services will at all times comply with such laws and regulations, including, without limitation, the sanctions administered by the Office of Foreign Assets Control of the United States Department of the Treasury. 2. Account Registration 2.1 Account When you apply to use the Services, subject to you providing us with the information that we require, we will provide you with a merchant account. You will be able to access the Services via your merchant account.
In order to provide you with a merchant account, we will require you to provide us with information including but not limited to the following: a. information of your contact person (e.g. name, telephone number, email address); b. information of your business (e.g. registered business name, trading name, registered address, company website, financial statements); and c. information of any person who has the authority to enter into contracts (including the Agreement) on your behalf (e.g. name, identification number). We may also obtain information about you from third parties, such as credit bureaus and identity verification services. We collect your information for the purposes of verifying your identity and assessing your business risk. You confirm that all information that you provide to us is true, accurate, and complete. You agree to inform us, in a timely fashion, of any changes to your information. We reserve the right not to provide you with a merchant account or, if you already have a merchant account, to suspend or terminate your merchant account if you do not provide us with true, accurate, complete, and satisfactory information. 2.2 Guarding your Password You are responsible for maintaining the confidentiality of your password and access information to your merchant account. You are fully responsible for all activities that are conducted using your password or merchant account. Please notify us immediately of any unauthorized use of your password or merchant account or any other breach of security.
We are not liable for any unauthorised use of your password or merchant account if you: a. fail to maintain the confidentiality of your password and merchant account access information; b. allow a third party to access your merchant account; and/or c. fail to notify us immediately of any suspected unauthorised use of your password or merchant account or any breach of security. You are only entitled to use and access your merchant account. You may not use anyone else s password or merchant account at any time. You must be the beneficial owner of your merchant account. 3. Your Sales 3.1 Daily Transaction Volume Limits We impose daily and annual limits on the transactions that we process on your behalf as part of the Services. We may, in our absolute discretion, increase your processing limit based on our assessment of the risks of your business and subject to you providing any additional documentation or information regarding you and/or your business that we may request. We are not obliged to accede to your requests to increase your processing limit unless and until we have reviewed your documentation or information to our satisfaction and have confirmed the accuracy and authenticity of the information therein, and are satisfied as to our assessment of the risks of your business. The maintenance of your processing limit is subject to our continued satisfaction in our assessment of the risks of your business and you providing us with any further documentation or information that we may require from time to time, otherwise we may at our sole discretion reduce your processing limit without prior notice to you.
3.2 Invoices and Records You are solely responsible for keeping all records relating to your transactions with the Merchant Customers, as may be required by us under this Agreement, by your business, or by applicable laws. We are not obliged to provide you with any records of the transactions that we process on your behalf (even if we have such records), other than such records that we have agreed to provide to you under the Agreement. 3.3 Obligations You acknowledge that you remain solely responsible for your fulfilment of your obligations to the Merchant Customers (e.g. fulfilling any orders made by the Merchant Customer or providing any post-sale support) and any obligations that may be imposed on you by applicable laws. We are only responsible for accepting and processing payments that you receive from the Merchant Customers. We will not be responsible for your failure to fulfil your obligations to the Merchant Customers or to comply with any applicable laws. Your failure to fulfil your obligations as set out in this paragraph shall constitute a breach of the Agreement. 3.4 Our Right to Reject We reserve the right to decline to process a transaction if we believe that it violates the Agreement or would expose us, you, other merchants, the Merchant Customers, or other parties to harm. If we have grounds to suspect that your merchant account has been used for an illegal purpose, you authorize us to share information about you, your merchant account, and your account activities with any relevant law enforcement agencies or authorities. 3.5 Our Right to Inspect
We may, from time to time, request to inspect your place of business in order to ensure that you are using the Services in a way that complies with the Agreement. During such inspection, we may make copies of any documentation or information located at your place of business. We shall be entitled to suspend or terminate your use of the Services or reduce your processing limit if you fail to comply with our request to inspect your place of business or to make copies of documentation or information located at such place. 4. Third Parties 4.1 Transactions with Third-Parties Our website may from time to time contain links to and from the websites of third parties. If you follow a link to any of these websites, please note that these websites are governed by their own terms, and we do not accept any responsibility or liability for these terms. You are solely responsible for ensuring that these terms are acceptable before you engage in any activity on these websites. In using the Services, you may be offered services and/or products provided by third parties. If you decide to purchase these services and/or products from such third parties, you do so at your own risk and you acknowledge that you are solely responsible for reviewing, understanding and complying with the terms and conditions relating to such purchase and/or the services/products. We do not represent or endorse, and shall not be responsible for: a. the reliability or performance of any third party; b. the safety, quality, accuracy, reliability, integrity, or legality of any product, service, or promotion offered by any third party; and c. the truth or accuracy of the description of any product or service, or of any advice, opinion, offer, proposal, statement, data, or other
information displayed, distributed, or purchased by or from the third party. 4.2 Security We have implemented security measures designed to secure your information from accidental loss and from unauthorized access, use, alteration or disclosure. However, we cannot guarantee that unauthorized persons will never gain access to your information, and you acknowledge that you provide your information at your own risk, except as otherwise provided by applicable law. 5. Advertising You acknowledge and agree that we may publish your corporate name, artwork, text and logo on our website and promotional materials in order to inform other parties that you are our customer. You represent and warrant to us that our use of the aforementioned content relating to you for our promotional or advertisement purposes will not: a. infringe, violate or misappropriate any third party copyright, patent, trade secret or other proprietary rights; b. infringe any rights of publicity or privacy of any third party; and c. be defamatory or obscene or otherwise violate any law. 6. Invoices & Settlement 6.1 Invoice Generation and Exchange Rate Guarantee To create an invoice for the Merchant Customer, you may post a request to us to collect a specific amount in your local currency, such as Dollars or Euros. We will provide you with the exchange rate that you can display on the invoice that you will issue to the Merchant Customer. We guarantee that the validity of the exchange rate that we have provided as long as the
Merchant Customer pays within the time period that we have stipulated on the invoice that we generate. While we guarantee the exchange rate as long as the Merchant Customer pays the stipulated time period, you agree that you will assume the volatility risk of your local currency. For instance, if you instruct us to collect USD $150, and the Merchant Customer pays us within the stipulated time period, we guarantee that you will receive USD $150, less our fee if applicable. We do not, however, guarantee the value of the U.S. dollar that you have received. 6.2 Fees We may charge you a fee in order to process transactions on your behalf. Please refer to your Agreement with us for the applicable fees. 6.3 Currency Volatility Risk Where payments received through your website are held in our bank account, you agree that you will assume the volatility risks of the local currency that you have chosen to receive payment in from us, between the time that we receive the payment from the Merchant Customer and the time that we transfer the payment to your bank account in accordance with our Agreement. 6.4 Deposits to Your Bank Account You understand that deposits to your bank account are subject to minimum settlement amounts and deposit frequency rules that may be prescribed by your bank. Please refer to your respective country bank sales office for information related to minimum settlement amounts and deposit frequency. You agree not to hold us responsible for our failure to make deposits to your bank account arising from any failure to fulfil the minimum settlement amounts and deposit frequency rules that may be prescribed by your bank.
6.5 Changes to Your Bank Account You must provide us with written notice at least five (5) business days prior to closing your bank account. If you wish to continue to receive direct deposits, you must provide us with information for a substitute bank account. You are solely liable for all fees and costs associated with your bank account and for all overdrafts. You are also liable to us for any fees that we may incur based on your provision of inaccurate information or instructions. You authorize us to initiate electronic credits to your bank account at any time, as necessary to process your transactions. We will not be liable for any delays in receipt of funds or errors in bank account entries caused by third parties. 6.6 Certain Deferrals If we need to conduct an investigation or resolve any pending dispute related to your merchant account, we may delay settlement or restrict access to your funds while we do so. Additionally, we may delay settlement or restrict access to your funds if required to do so by law, court order or at the request of law enforcement. 6.7 Account Information You will have access your ledger and transaction and settlement history through your merchant account. Should you identify an error, you must notify us within thirty (30) calendar days of the ledger entry posting. 7. Refunds and Adjustments 7.1 Refund Procedures We can facilitate refunds to Merchant Customers on your behalf. You can decide to issue a partial refund or refund the full amount of the initial purchase. You can also decide whether to issue the refund in the transaction currency. If you do not have enough funds in your merchant
account for payment of the refund, we may require you to deposit cash into our bank account before the refund can be processed. Any required currency conversion during the refund process will be calculated at the spot rate determined by us. 7.2 Disclosure of Your Refund Policy We recommend that you put in place a refund policy that is clear and is made availbale to the Merchant Customers (including, if applicable, no refunds are allowed as all sales are final ). If refunds are permitted, we recommend you refund the amount of the initial purchase in the currency in which the item was priced. You understand that we are not responsible for your refund policy and the manner in which you apply your refund policy. 7.3 Purchaser Complaints In the event that we receive any complaint relating to any transaction that we processed on your behalf, we will forward the complaint to you for resolution. We reserve the right to terminate or suspend your access to the Services, or lower your processing limit, without prior notice to you, if we are of the view that you have received excessive complaints. 10. Account Termination In the event that you cease, for any reason, to use the Services under the Agreement (in particular, the General Terms and Conditions), your access to your merchant account will be terminated. 11. Miscellaneous 11.1 Notices You agree to accept communications from us in an electronic format, and agree that all terms, conditions, agreements, notices, disclosures or other
communications that we provide to you electronically will be considered to be in writing. 11.2 Amendment We may update or change this MATOU from time to time by posting the amended MATOU on our website. Such updates or changes shall be effective at the time of posting. If you continue to use the Services after we provide notice of such changes, your continued use constitutes an acceptance of the amended MATOU and an agreement to be bound by them. If you do not agree to the amended MATOU, you should immediately discontinue use of your merchant account, and terminate the Agreement in accordance with the General Terms and Conditions.