Terms of Use

Welcome to Vacepay

This contract is between you and Vacepay Inc. (“Vacepay”, “we”, “us”, or “our” as applicable), and covers all aspects of your use of our Services, which include the website, app and any other materials produced by Vacepay. These terms apply in full force and when you create a Vacepay Account, access our Services, or otherwise interact with us, you agree to be bound by this Agreement and agree to receive communication relating to the Services or your Vacepay Account in electronic format. Additionally, you affirm that you are at least eighteen (18) years old and legally allowed to enter into this Agreement. You expressly accept all Terms and Conditions contained herein in full and without limitation or qualification, including our: Privacy Policy and Acceptable Use Policy . You must not use any of the Services if you have any objection to any of these terms.

It is essential that you read and understand all the terms of each of our policies as well as all the other agreements that are applicable to you. For certain Services, we may have additional terms and conditions that we will communicate to you through the Service or by other means, and these supplementary terms and conditions shall be included in this Agreement.

Purpose and Scope Agreement

This Terms of Service is an Agreement between you and Vacepay. It sets forth the terms and conditions that shall govern the use of the Platform and the services. It details Vacepay’s obligations to you. It also highlights certain risks on using the services and you must consider such risks carefully as the provision of this Agreement will bind you through your use of this website or any of our services.

Our Services permit you to move money in supported currencies, send or receive money into your Vacepay Balance, keep amounts in your Vacepay Balance, convert currency balances to balances in other supported currencies, pull out funds held in your Vacepay Balance, and send funds to recipients. We carry the sole authority to refuse to accept any user or to complete any command to transmit, receive, send, withdraw or convert money held in your Vacepay Account at any time.

Registration

• To use Vacepay, you have to create a Vacepay account by registering. To register, you will provide us with certain information such as your email, first name, last name, business name and phone number and we may seek to verify your information, (by ourselves or through third parties), after which we will approve your account unless deemed risky. You permit us to do all these.
• In the event that you change any information provided to us at registration including your business name, address, financial institution, mode of payments or the products and services that you offer, or where a corporate restructuring occurs, You agree to notify us within 14 days of such change. We may be unable to respond to you if you contact us from an address, telephone number or email account that is not registered with us.

Getting to Know You

We are required by law to carry out all necessary security and customer due diligence checks on you (including any parties involved in your transaction e.g. your recipient) in order to provide any services to you. You agree to comply with any request from us for further information and provide such information in a format acceptable to us. In addition, you agree that we may make, directly or through any third party, any inquiries we consider necessary to validate the information you provided to us, including checking commercial databases or credit reports. Vacepay reserves the right to close, suspend, or limit access to your Vacepay Account and/or the Services in the event we are unable to obtain or verify this information. You authorize us to obtain one or more of your credit reports, from time to time, to establish, update or renew your Vacepay account with us or in the event of a dispute relating to this agreement and activity under your Grey account.

Account Security

You are solely responsible for maintaining adequate security and control of any email IDs, passwords, or other details you use to access your Vacepay Account and Services. You agree not to allow anyone else to have or use your password details and comply with all reasonable instructions regarding account access and security. In the event you share your password details, Vacepay will not be liable to you for losses or damages. You will also take all reasonable steps to protect the security of the personal electronic device through which you access Vacepay’s services (including, without limitation, enabling 2FA, using PIN and/or password-protected personally configured device functionality to access Vacepay’s services and not sharing your device with other people). Immediately change your password and contact Vacepay customer support if:

• anyone asks for your password, OTP or any other security-related aspect of your Vacepay Account.
• your email address becomes compromised.
• you suspect your Vacepay Account or login details including your password or any other security features are stolen, lost, used without authorization or otherwise compromised.
• your transaction history for your Vacepay Account shows transactions that you did not initiate.

We may suspend your Vacepay Account or otherwise restrict its functionality if we have concerns about the security of the Vacepay Account or any of its security features; or potential unauthorized or fraudulent use of your VacepayAccount or any of its security features.

Age Restriction

Our website and services are directed to people aged 18 and above. You are only permitted to use the Services if you are 18 or older. We do not knowingly engage people younger than the age of 18.

Software License

For businesses, we hereby grant you a revocable, non-exclusive, non-transferable license to use Vaceoay’s APIs, developer’s toolkit, and other software applications (the “Software”) in accordance with the documentation accompanying the Software. This license grant includes all updates, upgrades, new versions and replacement software for your use in connection with Vacepay’s services. If you do not comply with the documentation and any other requirements provided by Vacepay, then you will be liable for all resulting damages suffered by you, Vacepay and third parties. Unless otherwise provided by applicable law, you agree not to alter, reproduce, adapt, distribute, display, publish, reverse engineer, translate, disassemble, decompile or otherwise attempt to create any source code that is derived from the Software. Upon expiration or termination of this Agreement, you will immediately cease all use of any Software.

Warranties and Representations

You represent and warrant to Vacepay that:

• You have the full power, authority, regulatory approval and corporate authorization to enter into, execute, deliver and perform this Agreement.
• You are duly organized, authorized and in good standing under the laws of any state, region or country of your organization. You are duly authorized to do business in all other states, regions or countries in which your business operates.

Charges and Fees

You agree to pay us for the services we render. Our Fees will be calculated as demonstrated on the Pricing page on the website. Subject to the terms of this Agreement, Vacepay will send to your designated bank or card settlement account (“Bank Account”) all amounts settled and due to you from your transactions, minus our stated fees, any Reversals, Invalidated Payments, Chargebacks, Reversals, Refunds or other amounts that you owe to Vacepay under this Agreement (“Payout”). Should either Party in good faith have cause to dispute any amount appearing on an invoice submitted by the other Party pursuant to this Agreement (“Affected Invoice”), the affected Party shall, within Forty-Eight (48) hours of receipt of the Affected Invoice, notify the other Party in writing, of such dispute, specifying the Affected Invoice, the specific amount in dispute and alleged reasons or grounds for dispute, failing which it will be deemed that the invoice is true and correct. We reserve the right to revise our fees. In the event that we revise our fees, we will notify you within twenty-four (24) hours of such change.

Virtual Cards

You agree to pay us for the services we render. Vcaepay provides Virtual Cards in conjunction with its bank account. You can find frequently asked questions (FAQs) regarding these virtual cards linked here

In the event that you initiate two repeated transactions with insufficient funds using the Vacepay card, our system will detect and flag your account, resulting in a temporary freeze of the card’s functionality. Should this particular scenario repeat for a consecutive total of four instances, the card will be subject to immediate termination.

Please be aware that if you request a new card subsequent to the termination or deletion of a previous card, a new card creation fee will apply.

Transactions, Services and Payments

You can deposit money to your Vacepay Account through one or more methods such as; bank transfer (ACH, wire or swift, FPS or Chaps, SEPA transfers etc.), credit cards or debit cards. The number of methods available to you will depend on a number of factors. Deposits into your Vacepay account are provided by third parties, for example, the card provider which issued your credit or debit card. We cannot guarantee the use of any particular deposit method and when appropriate, we may restrict or prohibit a particular deposit method at any time without notice to you.

We will credit your Vacepay Account once we have received your deposit, and we are only responsible for the funds deposited once we have received it. In certain instances, you may be asked to provide us with evidence of source of funds in order for us to meet our regulatory requirements, in which case you agree to provide that evidence promptly. You represent and warrant to us that the evidence you provide to us is up to date, complete and accurate.

Vacepay is not a bank and banking services are provided by third party partner banks. The specified bank account details that we provide to you in order for you to receive funds from third parties are for accounts held by Vacepay (and we will credit your Vacepay Account, which is held by us, upon receipt of such funds), and are not for a bank account held by you. Funds held by Vacepay are not insured by the Federal Deposit Insurance Corporation (FDIC) or any other deposit protection scheme. All Customer Funds are safeguarded; this means Vacepay does not use balances held by its customers for operating expenses or other corporate purposes and will not voluntarily make such funds available to its creditors in the event of bankruptcy.