Terms and Conditions Bitsafe Accounts

  1. Information on the service provider
    1. Verotel Merchant Services B.V. is a Dutch company with Chamber of Commerce registration number 34180575, registered at Danzigerkade 23D, 1013 AP Amsterdam, Netherlands.

    2. Bitsafe Payments is a trademark registered with Verotel Merchant Services B.V., the corporate entity that is registered with the Dutch Central Bank as a Payment Institution (“Bitsafe”).

  2. Your payment account
    1. Bitsafe complies and will comply with all provisions regarding the protection of customer funds as set out in the “Wet op het financieel toezicht” (Wft).

    2. An amount equal to the balance on the payment accounts are kept on behalf of the customer in segregated client accounts of Bitsafe pooled with the amounts held on behalf of other Bitsafe customers.

    3. The currency of the Basic Payment Account is defined in the account opening from the available currencies and can be changed if requested.

    4. The funds of the Basic Payment Account belong to the private person or legal entity registered as account holder.

    5. If the customer is a private person the customer shall be at least 18 years of age. The customer may also be a legal entity.

    6. If the customer is a legal entity, the customer shall authorize one or more private persons to use customer’s payment account on behalf of the customer. The account holder is liable for any use of the account, including the authorized persons’ use. The account information may be modified only by the persons authorized to use the account and by other legal representatives of the customer after being separately identified and authorized by Bitsafe.

    7. Subject to certain procedures relating to private persons, Bitsafe is entitled to set off the outstanding balance on the customer’s Basic Payment Account against any claims Bitsafe may have against the customer under these Terms and Conditions or any additional Terms and Conditions related to the use of the Basic Payment Account, payment methods or value added services.

    8. Restrictions regarding transfer and withdrawal of funds from the Basic Payment Account may be applied in certain cases depending on the status of customer’s verification and other factors used by Bitsafe from time to time.

    9. Bitsafe has the right to conduct inspections, audits, and/or impose additional conditions or restrictions relating to the customer or the use of customer’s Basic Payment Account, including establishing a reasonable reserve amount to cover potential losses and related fees and sanctions, as well as limiting the right of the customer to claim monies from the Basic Payment Account when required.

    10. It is the customer’s responsibility to determine what, if any, taxes apply in connection with customer’s use of the payment account or any value added services. It is solely the customer’s responsibility to assess, collect, report, or remit the correct tax to the proper tax authority, including, without limitation, to collect and remit any applicable value added taxes in the relevant jurisdictions. Bitsafe is not obligated to, nor will Bitsafe determine which taxes apply, calculate, collect, report, or remit any taxes to any tax authority in respect of customer’s use of the Basic Payment Account, value added services or any underlying transactions.

  3. Opening a Basic Payment Account
    1. To open a Basic Payment Account, the customer or representative shall register with the Bitsafe service and give information required in connection with registration. As a part of the registration, the customer needs to accept these Terms and Conditions, Bitsafe’s Privacy Policy, and other applicable Terms and Conditions.

    2. A customer may have multiple Basic Payment Accounts with Bitsafe for different purposes. In connection with the registration or opening of a Basic Payment Account, as well as at any time during the use of the Basic Payment Account, Bitsafe may request identification information, proof of the customer’s identification and other required documentation necessary to conduct customer’s due diligence. When giving the information, the customer guarantees that the information is complete, accurate and truthful. The customer is required to inform Bitsafe of any changes on the information as soon as possible so that Bitsafe records remain accurate.

    3. We may confidentially verify the information you provide us with or obtain information on you ourselves or through third parties from secure databases. Some of the searches which we or a third party may perform, such as a credit check, may leave a soft footprint on your credit history. This will not affect your credit rating. By entering into these Terms and Conditions, you confirm that you consent to us or a third party on our behalf carrying out such verifications.

  4. Bitsafe App
    1. To open a Bitsafe Account the account holder has to register themselves on Bitsafe’s website. This is where they will fill in their profile information and address. The account holder will then be asked to download the Bitsafe App (“App”). Once the App has been downloaded they will be asked to complete the on-boarding and KYC procedure in order to open an account with Bitsafe.

    2. The customer may use the App to carry out some or all of the following services.

      1. complete the on boarding and KYC procedure

      2. check the balance of your Bitsafe Basic Payment Account

      3. check the transactions records of your Bitsafe Basic Payment Account

      4. authorize transactions initiated on Bitsafe’s website

      5. check sales, commissions, domain names and other products and services that are affiliated to the Bitsafe Account

      6. any other products or services that are added to the App whenever these products or services are released

    3. Please note that not all of the above Services may be available to you. You must not use the App for any other purpose.

    4. You acknowledge and agree that by tapping the ‘sign up’ in the App you will be legally bound by these Terms and Conditions and hereby authorize Bitsafe to allow access to the designated account(s) in order to provide you with the Services.

    5. From within the App you must complete a designated registration process by furnishing us with all true and accurate information required and agreeing to comply with Bitsafe’s Privacy Policy.

    6. We reserve all rights, at our sole discretion, to set other eligibility criteria or revoke an account without giving any reasons for doing so.

    7. Amongst other identity verification processes, we require you to use the Bitsafe App to submit a scan of the following documents via the App:

      1. Your current and valid passport, drivers license or any other national ID document that is supported by the App

      2. Your current address

      3. Evidence that you are a live natural person by completing a series of tests requested by the App

    8. We may, if necessary, conduct further personal identification checks on you. If you fail to provide the information pursuant to Clauses 4.7. above, we may refuse to open an account for you. Subject to clause 4.9 below, you may:

      1. Download and install a copy of the App onto your Device and to view, use and display the App on the Device for your personal purposes only;

      2. Use the information displayed on the App for your personal purposes only; and

      3. Your Bitsafe App account is accessed by using a unique login code as specified by you to ensure that your account is safe from unauthorized access by any third parties.

    9. You must take all reasonable precautions to keep safe and prevent fraudulent use of your Device and security information. These precautions include:

      1. leaving your Device unattended whilst logged into the account;

      2. notifying us as soon as reasonably practicable at support@bitsafe.com in the event of your login code having been accessed or disclosed to unauthorized third parties or otherwise compromised:

      3. that you have any reason to suspect unauthorized use of your login code

      4. your Device being lost or stolen

    We may act and rely on the correct entry of a login code as conclusive evidence of your identity to whom the login code is assigned to.

  5. Managing an account
    1. The customer may use the Basic Payment Account with customer’s credentials. All actions executed at Bitsafe with customer’s credentials are binding on the customer.

    2. The customer shall keep the customer’s credentials secret and shall not disclose them to unauthorized third parties.

    3. Bitsafe shall have the right, without prior notice, to lock a customer’s credentials and thus prevent the customer’s access to its Basic Payment Account if there is a reason to suspect an unauthorized use. Bitsafe shall not be liable for any damages which are caused to the customer or a third-party due to the fact that the customer’s credentials are locked in accordance with above.

    4. The customer is liable for any action executed at Bitsafe service if an unauthorized payment transaction is executed because the customer:

      1. has not kept customer’s credentials secret;

      2. has shared with a third-party the customer’s credentials in breach of these Terms and Conditions; or

      3. the customer has neglected the obligation, without undue delay, to inform about a loss of or an unauthorized party having a possession of or other unauthorized use of the customer’s credentials.

  6. Execution and initiation of payment transactions
    1. Bitsafe executes or initiates payment transactions regarding placing, transferring and withdrawing funds to and from Bitsafe payment accounts in accordance with customer’s payment orders.

    2. A correct payment order contains at least an amount of funds and a valid payment method to deliver funds. It is the customer’s responsibility to ensure correct recipient account details when making any payment or setting up a payee. The customer is responsible for incorrect given payment instructions, in such cases Bitsafe may assist with reasonable efforts to help the customer recover the funds. If the funds can’t be recovered, Bitsafe may provide the relevant information about the transaction to help the customer to reclaim the funds. Bitsafe will provide this information on receiving a written request from the customer, unless instructed otherwise by law.

    3. The payment order is considered received by Bitsafe immediately upon duly placement to the Bitsafe Basic Payment Account.

    4. Bitsafe may temporarily refuse to execute, initiate or process payment orders due to insufficient available funds, for compliance and security reasons, suspected fraudulent activity, the payment is unlawful or fraudulent or for reasons relating to Bitsafe right to enforce charge-backs. Bitsafe will not be liable for any loss this may result in, nor will be obliged to inform the intended recipient. Unless by law instructed, Bitsafe shall inform the customer without undue delay of the reasons for temporary refusal.

    5. A payment order may be revoked only in limited circumstances described in the applicable law. Bitsafe will charge a fee for revoked payments in accordance with the applicable price list.

    6. If, for any reasons, a payment is processed for an amount greater than the available, the customer must repay the amount by which the full deductible amount exceeds the available balance immediately after receiving the notification. Bitsafe reserves the right to take all steps necessary, including legal action and/or suspending or closing the Bitsafe Payment Account, to recover any outstanding funds.

  7. Account information
    1. The customer is able to see account information on all payment or other accounts the customer has made an agreement to attach with Bitsafe.

    2. Information on individual payment transactions that customer has done through their Bitsafe payment account is provided in the customer’s Bitsafe account.

    3. You must ensure the information on your Bitsafe Account is always accurate and up to date. If at any time we believe that your information is outdated or inaccurate, we may contact you and request further information or request that you go through the verification process again. We shall not be liable for any losses arising out of your failure to maintain up to date information.

  8. Applicable payment methods
    1. The customer may withdraw, transfer or place funds to and from the payment account by using various payment methods. Payment methods may include, for example, debit SEPA payments, card payments, payment initiation or mobile payments. Bitsafe reserves the right at any given time, to introduce new payment methods or to disable previously available payment methods.

    2. In connection with the use of a particular payment method, Bitsafe may demand for additional identification to verify the identity of the customer for security or other reasons.

    3. Bitsafe may temporarily block the use of a particular payment method for compliance or security reasons, because of suspicion of unauthorized or fraudulent use of the payment method, or because of a significantly increased chargeback risk or a risk the payer may be unable to fulfil its liability to pay. Bitsafe shall inform the customer without delay of the reasons for temporary blocking.

  9. Payment refunds
    1. If a transaction has been made incorrectly, Bitsafe will immediately and in any event no later than by the end of the following business day, refund the customer’s payment account with sufficient funds including any charges to restore the payment account to the same position as if the incorrect transaction had not been made. However, this will not apply if any payment instructions provided by the customer were incorrect. If so, Bitsafe will make reasonable efforts to recover the funds. Bitsafe may charge a fee to cover the costs in doing so. Applicable fees are defined in accordance with the pricing information published at Bitsafe’s website at the relevant time.

    2. If funds have been paid to the customer’s payment account by mistake, Bitsafe is entitled to refund the funds and/or put a hold on the funds, unless otherwise specified by law. If funds are settled into a customer’s payment account by mistake, Bitsafe may provide sufficient details about the customer and the incorrect payment to the bank institution that sent the payment according the applicable legislation.

  10. Closing a payment account
    1. The customer may, at any time, close its payment account by informing Bitsafe and withdraw the funds from the account provided, if there are no outstanding exposures, pending reserves or negative balances. The account will be closed once the funds are redeemed. However, if any additional withdrawals, fees or charges have been incurred on the payment account following the processing or the redemption request, the fees will be invoiced and the payment account will remain active until there are no outstanding funds.

  11. Data protection
    1. Bitsafe may record and transfer personal data in accordance with the Bitsafe Privacy Policy available at Bitsafe’s website.

    2. Bitsafe has the right to share customer’s data to the payment Card Networks pursuant to the requirements of the network rules under the applicable payment facilitation contracts or with third-party service providers who help with certain parts of Bitsafe business operations, including payment processing, fraud prevention, validation of user credentials, secure data storage and other similar services. Bitsafe ensures that these parties only use personal information in connection with the services they perform for Bitsafe.

    3. The customer is required to inform Bitsafe of any changes on the information as soon as possible so that Bitsafe records remain accurate.

    4. Bitsafe is committed to maintaining customer information in accordance with the requirements of applicable data protection laws and will take all reasonable steps to ensure that customer information is kept secure against unauthorized access, loss, disclosure or destruction. Except as required by law, or in accordance with these Terms and Conditions and Bitsafe Privacy Policy, customer information will not be passed to anyone without the customer’s permission.

    5. Bitsafe has the right to keep customer’s data also after the termination of the services in order to meet the requirements of anti-money laundering and other applicable legislation, regulations and enforcements.

  12. General limitations of liability
    1. Bitsafe is responsible for the payment order initiated by the customer being carried out in accordance with these Terms and Conditions and the applicable law. The customer is responsible for the payment account containing the funds needed for payment transactions and for complying with its obligations under these Terms and Conditions, and the applicable law.

    2. Bitsafe is entitled to compensation from Bitsafe only if the customer informs about the breach that entitles it to damages within a reasonable time after the customer has noticed the error or the customer should have noticed it.

    3. IN NO CIRCUMSTANCE SHALL BITSAFE BE LIABLE FOR DEFECTS OR DELAYS IN PRODUCTS OR SERVICES OF THE CUSTOMER OR THIRD PARTIES THAT ARE THE SUBJECT MATTER OF THE RELEVANT PAYMENT TRANSACTION. BITSAFE IS A PAYMENT SERVICE PROVIDER AND IS NOT A PARTY TO THE COMMERCIAL TRANSACTION UNDERLAYING THE PAYMENT ORDER.

    4. BITSAFE IS LIABLE ONLY FOR DIRECT DAMAGES CAUSED BY ITS BREACH OF THESE TERMS OF SERVICE OR THE APPLICABLE LAW. BITSAFE IS NOT LIABLE FOR ANY INDIRECT OR CONSEQUENTIAL DAMAGES UNLESS CAUSED BY WILLFUL MISCONDUCT OR GROSS NEGLIGENCE BY BITSAFE.

    5. Bitsafe is not liable for any damages caused by events of force majeure.

  13. Suspension and Termination
    1. Bitsafe has the right to suspend the Bitsafe service at any time with immediate effect and, until the cause has been remedied or the agreement terminated, without any prior notice to the customer if:

      1. any of the information that the customer has provided during the application or account opening process was incorrect; or

      2. if in Bitsafe’s discretion, it is necessary for security reasons; or

      3. there is a suspicion or to prevent suspected unauthorized or fraudulent use of the card, payment account or any security credentials related to any Bitsafe services; or

      4. if required by any legal obligations or requirement; or

      5. if there is reason to believe that the customer is in material breach of these Terms and Conditions, any supplementary Terms and Conditions, or any applicable law; or

      6. there is reason to believe that the customer has used, or intends to use any Bitsafe service in a grossly negligent manner or for fraudulent or other unlawful purposes.

    2. The customer has the right to terminate the Bitsafe service and these Terms and Conditions for convenience with immediate effect at any time by a written notice to Bitsafe. Notwithstanding the termination, the customer will remain responsible for payment transactions that have been made from the payment account before Bitsafe received the termination notice. The notice shall be considered as received no later than 7 days from the date of notice.

    3. Bitsafe has the right to terminate the Bitsafe service and these Terms and Conditions for convenience at any time giving two months’ written notice to the customer.

    4. Bitsafe has the right to terminate the Bitsafe service and these Terms and Conditions with immediate effect in the event that the customer is in material breach of these Terms and Conditions, any supplementary Service, or any applicable law if;

      1. The customer files bankruptcy, reorganization, suspension of payment or commissions any other act of insolvency;

      2. the customer fails to pay any service fees or is otherwise in breach of the applicable law, these Terms and Conditions, supplemental Terms and Conditions, or any applicable policies specified herein;

      3. the contract between Bitsafe and any payment processor is terminated for any reason; or

      4. there is, in Bitsafe’s discretion, heightened volume of expected chargebacks, bad scoring or missing or negative information as part of the compliance assessment of the customer, or Bitsafe has reason to believe that the customer has used, or intends to use the account in a grossly negligent manner or for fraudulent or other unlawful purposes.

    5. In the event of suspension or termination Bitsafe will inform the customer in advance otherwise immediately afterwards (to the extent that Bitsafe is permitted by law). The notice of suspension and termination shall be made electronically.

    6. The customer must pay the regularly charged service costs only to the extent that they relate to the period before the termination of these Terms and Conditions. If the customer has prepaid such costs, Bitsafe shall refund such costs to the extent that they relate to the period after the termination of these Terms and Conditions.

    7. The termination does not alter customer's liability for processed payments or obligations related to charge-backs or similar obligations which shall survive any termination of these Terms and Conditions.

  14. Fees
    1. The customer shall pay the fees and charges for the use of Bitsafe services according to the applicable Pricing Terms valid at the given time.

    2. The Pricing Terms in force at any given time is available on the Bitsafe website.

    3. Bitsafe may amend the service price list at any time. The amendment shall be notified to the customer electronically. The amendment enters into force on the date set out in the notice.

    4. Bitsafe is entitled to charge the fees and charges directly from the customer’s payment account. The customer is responsible that there are enough funds in the payment account for charging the fees.

  15. Amendments
    1. Bitsafe may amend these Terms and Conditions, any supplemental Terms and Conditions or the service price list at any time. The amendments shall be notified to the customer electronically. The amendments enter into force on the date set out in the notice, however, at the earliest two (2) months from the date of the notification. The changes shall, however, become in force within two (2) weeks from the date of notice if the changes are due to practices of unauthorized use of service or because of requirements of Card Networks.

    2. The customer shall be regarded as having accepted the amendments if the customer does not object to them before the effective date. If the customer objects to the amendments, the customer and Bitsafe both have the right to terminate the service and these Terms and Conditions with immediate effect.

    3. Where an amendment to the Terms and Conditions or any supplemental Terms and Conditions is required by law or relates to the addition of a new service, new account type, extra functionality to the existing service, a reduction in the cost of the services or any other change which neither reduces the rights nor increases responsibilities of the customer, the amendment may be made without prior notice to the customer and shall be effective immediately.

    4. If any provision or provisions of these Terms and Conditions shall be held to be invalid, illegal, or unenforceable Bitsafe will not rely on that part and make adequate changes as soon as reasonably practical to fully comply. The corresponding term(s) will be amended accordingly.

  16. Complaints
    1. If the customer is not happy with the Bitsafe services, the customer is always welcomed to notify Bitsafe on the problem. If the customer wishes to make a complaint, the customer can send a message including the complaint to support@bitsafe.com. Bitsafe is committed to resolve customer complaints within 15 business days. In exceptional circumstances Bitsafe may extend this period to 35 days. If the customer is not happy with the resolution Bitsafe comes to, the customer may refer any disputes relating to these Terms and Conditions the customer can report the conduct the Authority Financial Markets (AFM) in the Netherlands.

Definitions

App or Bitsafe App: Refers to the Bitsafe mobile application of Verotel Merchant Services B.V. as available in the relevant app store for your Device.

Business Day: Means between the hours 09:00 to 17:00 in Amsterdam (Central European Time) not including Saturdays, Sundays or any public or statutory holidays in the Netherlands

Card Networks: Refer to Mastercard International Inc. and/or Visa Europe Services Inc. or any other applicable card brands.

Contents: All or any data, texts, buttons icons, links, HTML codes, trademarks, software’s, music, audio and/or visual information, photographs, graphics, pictures, series of moving pictures, (animated or otherwise), movies, merchandises, products, advertisements, services or any complication collection combination of all and/or any of the items mentioned above and/or any other contents materials and/or information displayed on the App, including these Terms and Conditions.

Customer: Is the private or legal person with a bona fide business purpose in whose name the Bitsafe Account is opened.

Customer credentials: Are the username and the password chosen by the customer or other credentials granted to the customer by Bitsafe.

Device: Any smartphone or handheld device that is controlled by you and onto which the Bitsafe App can be downloaded.

End User or You: Means an end user of Bitsafe and/or Bitsafe App.

Fees: Are the charges to be paid to Bitsafe for using Bitsafe’s services.

Force Majeure Events: Means any event arising from any cause preventing a party from performing any or all of its obligations under these Terms and Conditions which arises from or is attributed to acts, events, omissions or accidents beyond the reasonable control of the party so prevented.

Bitsafe: Bitsafe Payments, also referred in this Terms and Conditions as “we” and “us”.

Bitsafe customer support: Is the service offered by Bitsafe to support its customers to resolve customer support requests or answer questions concerning Bitsafe and its services.

Bitsafe website: Is the website available at www.bitsafe.com.

Payment account: Is a Basic Payment Account created in the Bitsafe service for executing payment transactions regarding placing, transferring or withdrawing funds.

Payment transaction: Is an act, initiated by a payer or a payee, of placing, transferring or withdrawing funds from a payer payment account to a payee payment account, irrespective of a chosen payment method to deliver the funds.

Payment order: Is an instruction by a payer or payee to his/her payment service provider requesting the execution of a payment transaction.

Payment refund: Is an act, initiated by Bitsafe or a payee, of paying back the funds of a previous payment transaction. The object is typically an unsatisfied obligation between the payer and the payee.

Payment method: Is a channel chosen by the payer to enable the funds delivery. Bitsafe may make available different payment methods such as credit or debit SEPA- payments, card payments and mobile payments.

SEPA: Single Euro Payment Area. This unique euro payment area establishes an integrated European market for payment instruments.

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