When using the Operator's site, Users agree to the Terms & Conditions
1. Intended Use
1.1 Scope of Use
The User is granted a free license to use the Website of the Operator. Moving Media GmbH, the owner of the Payment21®-brand, is the Operator of Payment21.com. The Operator’s business model consists of facilitating the collection of Bitcoin and its use to purchase goods and services from e-commerce merchants. For this scope of use, the Operator makes a Bitcoin Cashier System available. The Bitcoin Cashier System includes gateway services, collection of funds, currency exchange, clearing & settlement, data processing, reporting, and compliance services.
1.2 Scope of Applicability
These Terms and Conditions (T&Cs) apply to the usage of all sites and services owned or run by the Operator.
Depending on the User’s jurisdiction, Users may not be able to use all the functions of the Website. It is the User’s responsibility to follow those rules and laws in the User’s country of residence and/or country from which the User accesses the Operator’s site and services.
1.3 Scope of Applications
Bitcoin Cashier System: The collection and exchange solution provided by the Operator.
1.4 Affected Stakeholders
Operator: Moving Media GmbH DBA Payment21®, Payment21.com (“The Operator” or “The Company”) operating a Bitcoin Cashier System (but NOT a Bitcoin trading platform) to collect and exchange funds.
Merchant Client, MC: MC means any holder of a Merchant Collection Account (MCA) verified by the Operator. MC is the payee utilizing the Operator´s Bitcoin Cashier System to collect payments from their customers (Purchasers). For the avoidance of doubt, MC is a merchant (vendor, seller, creditor, payee) selling goods and services (but NOT Bitcoin) to customers. MC may be a small to mid-sized business (SMB) or a large ecommerce enterprise qualifying as a B2B-customer of the Operator. The Operator maintains an ongoing business relationship with MC.
Purchaser, P: P means any retail customer of MC (= consumer, online shopper, end-user, buyer, debtor, payer) initiating a payment transaction. The Operator does NOT have any contractual agreement with P. The relation of P and the Operator is indirect (via MC) and of sporadic nature. P has a contractual agreement with MC whereby P and MC agree independently on the applicable jurisdiction of the underlying sales transaction for goods and services. The purpose of the related payment transactions is unique to using the Bitcoin Cashier System provided by the Operator on behalf of MC with regards to purchasing goods and services in the context of the real economy (NOT for financial transactions such as trading Bitcoin).
1.5 Stakeholder Specifics
Payee: MC receiving funds originating from selling goods and services is the payee. The Operator has a contractual agreement with MC for gateway services, collection of funds, currency exchange, clearing & settlement, data processing, reporting, and compliance services. The Operator collects and exchanges funds that arrive for a given merchant collection and settlement account on behalf of the payee.
Payer: Payer pays for acquired goods and services of MC by sending cryptographic means of payment through the Bitcoin Cashier System of the Operator. Payer is NOT a customer or contracting party of the Operator. Therefore, the Lugano Convention/Swiss Federal Code on Private International Law (CPIL) is NOT applicable.
Contracting Party (CP): Legal entity or individual client or customer who has a direct contractual relationship with the Operator. The CP registering with the Operator is hereinafter referred to as the MC.
Collection company: Organizations providing money collection services to cash in funds (pending receivables) due from customers based on a service agreement between the collection company and the vendor. The Operator acts as a collection company on behalf of a third-party vendor.
Financial intermediary: Organizations classified as financial intermediaries within the Swiss Anti-Money Laundering Act (AMLA) and the Swiss Federal Banking Act (SFBA). The Operator acts as an OTC-exchange service, therefore, the Operator qualifies as a financial intermediary.
1.6 Merchant Account Types
Merchant Collection Account (MCA): An account type held by MC. The Operator provides such collection & settlement accounts to MC for the purpose of accepting crypto currency payments from P. MC can accept alternative payment methods (e.g., Bitcoin) through their online shop and/or POS-terminal. Payments originate from selling goods and services within the real economy (rather than offering financial trading accounts). Incoming payments from P represent an entry to accounts receivable of MCA to record the collection of payments based on the sale of goods and services.
Other Merchant Account Types: N/A
1.7 Third-party Account Type
Registered Money Account (RMA): Third-party account of MC (e.g., Bitcoin Wallet, bank account, etc.) to receive settlement payments from the Operator. The RMA is under the control of MC (but NOT controlled by the Operator).
1.8 Profile Types
Purchaser Profile (PP): An online data profile given to P that is used to track payments for goods and services purchased from MC. PPs are created automatically when retail consumers purchase goods and services from MC based on data given from MC to the Operator. The PP tracks purchasing activity and may facilitate AML/KYC-procedures (if applicable). This data profile does NOT allow P to hold, receive or send funds; therefore, it does NOT qualify as a financial account type.
Other Profile Types: N/A
1.9 User Types
User: Any visitor of the site.
Relevant User: Any person using the services offered by the Operator through contracting with MC. In particular, the term Relevant User refers to a passive user (i.e., Purchaser utilizing PP).
Authorized User: Any authorized person (e.g., owner, proxy, employee, contractor, etc.) utilizing an MCA and performing tasks on behalf of MC. In particular, Authorized User refers to an active user (payee) of the Bitcoin Cashier System regardless if the user represents a sole proprietorship or acts as the authorized signatory of the legal entity representing MC. The terms Authorized User and MC may be used interchangeably within the context of these T&Cs.
1.10 Transaction Types
Incoming transaction: Payment transaction from P to MC for goods and services. Incoming transactions relate to the Bitcoin Cashier System provided by the Operator to e-commerce merchants.
Outgoing transaction: Payment from MC to P (e.g., refund or payout).
Refunds: Outgoing transactions qualifying as refunds (e.g., money-back) based on consumer protection law in relation to distance selling.
Payouts: Payments from MC to P for cashing out and settling the open balance of P with MC.
R-Transactions: Rejected transactions are unredeemed payments due to cancellation or technical errors linked to the block chain confirmation system.
Settlement payment: Transaction from the Operator to MC’s third-party RMA.
Means of payment: Term for technology-neutral payment methods using crypto currency (P2P-Electronic Cash such as Bitcoin) or fiat money (such as cash, wire transfer, credit card, debit card).
Crypto currency payment: Payment made in cryptographic means of payment (e.g., Bitcoin or other crypto currency units such as Ether).
Fiat payment: Payment made in fiat money (funds) deriving its value from government regulation or law (legal tender, e.g., currency units such as CHF, EUR, USD, CNY, INR, BRL, RUB, etc.).
1.11 Technical Terminology
Bitcoin: It means the Peer-to-Peer cryptographic payment protocol further described at http://Bitcoin.org. Bitcoin is a form of crypto currency, also known as peer-to-peer electronic cash or digital cash. Transferring crypto currency is basically signing off (using digital signatures) ownership from one party to another.
Public-key: The public-key is one of the two mathematically linked keys used to secure transaction data. It is generated based on the private-key, and can be revealed to the world because the key pairs are asymmetric. The Bitcoin-protocol enables users to decrypt the public-key using the private-key. This way payment data is turned into a readable format.
Private-key: The private-key is a cryptographic algorithm used as a unique identifier to authorize cryptographic means of payment. It is secret and used to encrypt (sign) payment data, making it unreadable and thus secure. In the widest sense, it is comparable to the Personal Identification Number (PIN) when performing e-banking or card transactions.
Bitcoin address: A Bitcoin address (crypto address) is a shortened version (through performing hash operations such as a checksum function) of the public-key used as an address identifying a cryptographic account. It can be associated to an account holder similar to a bank account number or credit card number.
Bitcoin Wallet: A Bitcoin Wallet is a collection of Bitcoin addresses and corresponding transaction data. It can be associated to a specific account holder. The Operator´s Bitcoin Cashier System runs its own Bitcoin Wallet (in connection with a Bitcoin Daemon) and generates intermediary-Bitcoin addresses for each and every transaction to keep track of the payment data and to associate it properly with the Bitcoin Wallets of the parties involved.
Block chain: The Block chain supports clearing and settlement of funds utilizing cryptographic means of payment. Bitcoin-transactions are recorded into a distributed public database called the block chain, which is available internationally. The block chain follows the concept of decentralization using peer-to-peer file sharing technology. Every computer participating in the Bitcoin-payment network running a full node has a copy of the block chain. The network timestamps transactions and forms an ongoing chain. It stores the sequence of events and serves as a way of authenticating transactions among users. Consensus is achieved by a proof-of-work system called mining.
2. Scope of Business
2.1 Primary Service: Bitcoin Cashier System providing Collection Services
The Bitcoin Cashier System provided by the Operator comes with a hosted cashier page, and/or Payment21®Button, and/or API-driven MC-side payment checkout solution. For this purpose, MC shall be assigned an MCA.
An Authorized User can use the MCA to establish a cashier page that allows others to easily send digital cash to the MCA with the help of the Operator. MC’s cashier page may be hosted with the Operator or be self-hosted by MC utilizing the Operator’s API-technology. An Authorized User may establish and customize MC’s cashier page through the MCA settings, which allow for establishing a User handle and associated payment page URLs, uploading photos (showing products and services), and providing short descriptions.
If the Operator performs services, the first payment cannot occur until MC has successfully completed the integration tests with the Bitcoin Cashier System, adequately passed the due diligence procedure, and after the signing of the agreement by both contracting parties at the earliest. Once the Operator successfully processes a payment credit, a confirmation will be sent to MC.
2.2 Add-On Service: E-Billing Services
E-Billing Services are an integral component of an MCA utilizing the Bitcoin Cashier System. Such cashier services allow for the issuing of e-invoices through the Virtual Terminal via the Operator’s MCA. To create an e-invoice, an Authorized User (payee) may post a request to the Operator to collect a specific amount due in digital cash.
2.3 Add-On Service: OTC-Exchange Services
The OTC-Exchange Service is an integral component of the MCA issued to MC (but not to P). It allows for converting digital cash into legal tender or vice versa. When buying or selling digital cash through the OTC-Exchange Service, MC is buying from, or selling to, the Operator directly. The Operator does NOT act as an intermediary or marketplace (i.e., multilateral trading facility or Bitcoin Trading Platform) between other buyers and sellers of digital cash. The Operator does NOT operate an alternative trading platform but obtains digital cash and legal tender in domestic or foreign currency through proprietary trading with third-party exchange service providers and financial institutions.
The Operator offers its optional OTC-Exchange Service as a conversion tool to MC that has successfully linked an RMA to their MCA. The OTC-Exchange Service allows Authorized User to designate the price of its goods and services in legal tender (e.g., EUR) and P to pay for their purchases from such MC in digital cash based on the sell price quoted by the Operator. The quoted price feed provides FOREX conversion rates as well as digital cash conversion rates. In connection with the OTC-Exchange Service, MC, as the merchant of record for each transaction, shall accept digital cash through its corresponding MCA, and/or instantly sell such digital cash to the Operator using the OTC-Exchange Service, and subsequently receive the proceeds from such digital cash sale transaction from the Operator in the relevant legal tender.
An MC is a contract party initiating financial transactions (converting cryptographic payment into legal tender rather than purchasing goods and services) by using the OTC-exchange service of the Operator. The purposes of the currency conversion services relate to the acquisition of goods and services in the context of bill payment using crypto currency as a payment method.
2.4 Add-On Services: Quotation Services
The Operator´s quoted price feed is labelled as Fair-Value-Rate (FVR) and is available through the Operator’s site. The FVR is displayed to P at the time P approves the purchase. The OTC-Exchange Service is subject to the Operator’s FVR, which is the liquidity-adjusted price of a given digital cash amount in terms of legal tender as quoted on the Operator’s site. The FVR is stated as a sell price, the price in terms of legal tender at which the Relevant User pays for goods and services using digital cash through the Operator providing Bitcoin Cashier System services on behalf of MC. For the purpose of any transaction incorporating the FVR, the User agrees, as a condition of using any of the Operator’s services, to accept the FVR published by the Operator as the sole conversion metric.
The Operator will provide the exchange rate (FVR) and payment instructions to P. The Operator guarantees the exchange rate to MC as long as P pays within the proper time window after the payment request is created. Payment request timeout information is clearly displayed on each cashier page.
By using this service, User agrees that regardless of any change in the price of digital cash between the time of purchase and its clearing and settlement, MC will receive the fixed purchase price as designated in legal tender at the time P approved the purchase.
3. Scope of Business Excluded
3.1 Refund services
The Operator does NOT provide refund services.
3.2 Payout services
The Operator does NOT provide payout services.
3.3 Transfer services
The Operator does NOT provide money transfer services for remittance purposes.
3.4 Wallet App services
The Operator does NOT provide Wallet App services to payers or payees and/or services of a similar nature.
3.5 Payment System services
The Operator does NOT provide payment system accounts to payers or payees and/or services of a similar nature.
3.6 Escrow services
The Operator does NOT provide escrow services.
4. General Conditions
4.1 Merchant Onboarding
In order to use any of the Operator’s services, MC must first register by completing the 5-Step-Sign-Up process (merchant onboarding procedure). Upon successful completion of the registration process, which includes approval from the Operator’s Compliance Officer, the Operator will establish an MCA. The Operator, at its sole discretion, may refuse to allow Authorized User to use its services, or limit the number of MCAs that a single User may establish and maintain at any time.
A newly on-boarded MC is required to submit supporting documentation to verify that MC operates a legitimate business. Steps involved in such verification shall include, but not be limited to, providing MC Company’s legal name, logo, website, phone number, address, taxpayer identification number, User´s details, e-mail address, date of birth, social security number, government identification number, photo of ultimate economic beneficiary, declaration on the origin of funds, and information regarding the bank relationship, and a designation of whether MC has a retail location or online presence only, a designation of business type, and a designation of business category. Until completion of such verification procedures, a newly boarded MC cannot accept payments from P, and cannot transact with the Operator.
4.2 Due Diligence
The Operator applies global due diligence standards on CP. As part of the merchant onboarding procedure, the beneficial owners (Know-Your-Customer rules, KYC) of MC are identified accordingly. If thresholds are passed, the Operator requests Form A (Statement of the Economic Beneficiary) and Form A1 (Declaration on the Origin of Funds) from Users. Thresholds required by law are set automatically depending on the account type conditional to the purpose of transactions (payment for goods and services or money transmitting).
The Operator may also require the User to answer certain questions or take actions in order to verify the User´s identity or comply with applicable law. In submitting this or any other personal information as may be required, the User verifies that the information is accurate and authentic. The User authorizes the Operator, directly or through third parties, to make any inquiries the Operator considers necessary to verify the User’s identity and/or other information.
4.3 Data Integrity
Authorized User assures that the Operator is informed with correct and full data, and must immediately inform the Operator about changes and confirm data updates with the Operator promptly. This pertains to the following details: all due diligence related information given during the merchant onboarding process, and all relevant data about retail customers of MC.
In establishing MC’s cashier page and uploading or adding any text, photo, or other material, Authorized User agrees that MC will not (a) post misleading materials or misappropriate the identity of another person or entity, (b) post any copyrighted material which MC is not authorized to post, or (c) post any profane, unlawful, or offensive materials. The Operator, at its sole discretion, may disable MC’s cashier page and take other action in accordance with these T&Cs if the Operator believes MC is in violation of the foregoing or is abusing this service.
4.4 Information Maintenance
The Operator is attentive in maintaining the security of the site and its services. By registering with us, Users agree to provide the Operator with current, accurate, and complete information as prompted by the registration process, and to keep such information updated. Users further agree that they will not access or use any account type (and/or profile type) other than their own at any time, or assist others in obtaining unauthorized access.
4.5 Authorized User’s Obligation
In addition to the obligations set forth elsewhere in these T&Cs, an Authorized User shall:
(a) At all times maintain all licenses, registrations, authorizations, and approvals required to operate its business, conduct all activities related thereto, and utilize the Operator’s services in connection therewith.
(b) Ensure that all aspects of its business, including all Authorized User activities, and the activity of any third-party engaged by MC (e.g., Authorized Users, branches, vendors, affiliates, Ps, etc.), the goods and services on sale by MC, and the acts or omissions of each Authorized User in connection with its use of the Operator’s services, comply with applicable law at all times.
(c) Promptly provide, and cause third parties under its control (e.g., Users, branches, vendors, affiliates, Ps, etc.) to promptly provide, such information as the Operator may request from time to time, such as its policies, procedures, and activities, any goods or services offered for sale and for which MC may accept payment by use of the Operator’s services, or any transaction conducted through the use of the Operator’s services, to the extent the Operator deems such information reasonably necessary to comply with its policies or procedures, applicable law, an audit, or the guidance or direction of, or request from, any regulatory authority or financial institution.
(d) Within the Operator’s hosted cashier page, accurately identify the sale item in the item name field and provide an accurate and sufficient description of the same in the item description field.
(e) Authorized User will truthfully announce all offers, websites, devices, and purposes for which the implemented cashier system by the Operator is to be used, and register all essential changes.
(f) Authorized User is obliged to keep up with the local legal regulations of the respective jurisdiction where the offerings are provided. In particular, there are reverse transaction rules to be honored in accordance to applicable consumer protection laws. MC may use third-party payment systems and payment methods to issue refunds and payouts.
Failure to fulfill this obligation shows a considerable breach of T&Cs and may lead to the termination of the Merchant Service Agreement (MSA).
4.6 Contractual Relationships
Authorized User will use the software and the assigned interface information exclusively for such purposes that are indicated in the MSA between the Operator and MC. The Operator’s services are provided exclusively for the use of MC. Therefore, MC must make it clear to any P that a) there is a separate sales agreement between MC and P (this applies to claims of P towards MC); b) there is an exclusive MSA between MC and the Operator; there is no contractual relationship between the Operator and P using the PP.
4.7 Purchaser Registration
P does NOT register with the Operator´s services. The Operator obtains purchaser data from MC.
5. Operational Conditions
5.1 Transaction Propagation
Once submitted to the Bitcoin network, a transaction will be unconfirmed for a period of time (usually less than one hour, at times up to one day or more). A transaction is not complete while it is in a pending state for sufficient block chain confirmations performed by third-party mining providers (miners). Digital cash associated with transactions that are in a pending state will be designated accordingly, and will not be included in the account balance or be available to conduct transactions.
5.2 Goods Delivery
Authorized User acknowledges and agrees that the Operator has no control over, or liability for, the delivery, quality, safety, or any other aspect of any goods or services that MC may sell to P using the Operator’s services. Each MC is responsible for handling inquiries from P related to the goods and/or services it sells to P through the Operator’s services, except for inquiries related to payment for such goods or services, which will be handled by the Operator.
The Operator will clear the payments over the Bitcoin peer-to-peer payment network and post the balance to the MCA (serves as accounting ledger for settlement with the Operator). The debits and credits to MCA are funds temporarily held (during the necessary operational time period as agreed upon in the MSA) by the Operator until settlement to MC’s bank account or Bitcoin Wallet can take place.
5.4 Collection Report
An Authorized User’s collection report history is available through the MCA. A detailed payment collection report from all the principal transactions and underlying orders (purchases of goods and services) is available for the sales statistics on which all turnovers are credited in real-time. Fees according to the pricelist are charged to the MCA directly and fees are subtracted accordingly.
MC can receive a settlement in legal tender or in digital cash.
Authorized User assumes volatility risks of the currency in which MC chooses to settle.
If an Authorized User chooses to keep digital cash, then MC assumes the volatility risk of the Bitcoin value.
Settlements in digital cash are transmitted to the Bitcoin Wallet on file (using the Bitcoin address that MC registered with the Operator for settlements). Therefore, MC is assumed to maintain a Bitcoin Wallet on its own device or use an on-block chain solution (e.g., blockchain.info). The Operator supports settlements to off-block chain Bitcoin Wallets provided by third-party operators, and on-block chain Bitcoin Wallets, which are self-administered and under the sole control of the receiving Bitcoin owners.
Settlements in legal tender occur by wire transfer (e.g., SEPA, ACH, and/or SWIFT). In certain circumstances a number of intermediaries may be involved in an international payment, and they or the beneficiary bank may deduct charges. The Operator will make reasonable efforts to ensure such charges are disclosed to the Authorized User prior to sending the payment. Where they cannot be avoided, Authorized User acknowledges these charges cannot always be calculated in advance, and MC agrees to be responsible for such charges.
Settlements to an Authorized User using digital cash will generally take 1 (one) banking day or less, although exceptions may apply.
Settlement payments in legal tender may take a few banking days but no longer than the time period specified in the MSA (defined max. number of calendar days depending on volume, min. thresholds and min. withdrawal fees may apply).
Settlement thresholds are customizable and can be self-administered by MC. The Operator will send a direct deposit to Authorized User’s bank account or Bitcoin Wallet to clear out Authorized User’s accumulated open balance as soon as it reaches the specified credit balance. The Operator shall transfer funds as soon as possible following Authorized User’s withdrawal request.
Settlement payments to MC are carried out in accordance with industry standard billing periods and corresponding accounting cycles. The Operator follows professional standards as observed by registered Swiss collection service organizations. In general, settlement of open balances occur within the necessary operational time period, depending on the arrangement with Authorized User and the stipulated legal requirements in these T&Cs.
5.6 Settlement Report
On request, the Operator will provide Authorized User with a settlement report detailing the MCA clearing and settlement history including all deductions. Should Authorized User identify an error in the settlement report, MC must notify the Operator of such error within 1 (one) month. The period begins when the Operator has provided the appropriate details online.
5.7 Tiered Pricing
The Operator imposes monthly transaction limits on MC taking total amounts and total number of payments into account. When Authorized User registers for MCA, MC will be required to select the transaction limit corresponding to MC’s pricing plan (tiered pricing) that will apply, and to provide the Operator with the documentation necessary to qualify for that tier. If Authorized User’s business is a high-risk category, as determined by the Operator, MC will be required to qualify for the Risk-based TNX Fee tier in order to use the services.
5.8 Fee Deductions
The Operator’s claims for rendered services are charged against any due payments to the MCA in accordance with a valid settlement schedule as specified in the MSA.
5.9 Insufficient Funds
In case the balance shows no credit, or there are insufficient funds in the linked account to cover any amounts owed to the Operator hereunder, MC authorizes the Operator to debit the MCA. The Operator may resubmit debits or charges until all amounts owed by Authorized User to the Operator hereunder are satisfied in full. In the event of closed accounts, the Operator will issue an invoice for the services rendered, which is due immediately without other requirements. In case of late payments, the Operator is entitled to charge a commonly used interest rate for overdue invoices. The proof of higher damage is not excluded.
6.1 Safeguarding Credentials
Users are responsible for maintaining adequate security and control of any IDs, passwords, hints, personal identification numbers (Private-key details, PINs, TANs), or any other codes used to access the Operator’s services. Any loss or compromise of the foregoing information and/or the User’s personal information may result in unauthorized access to the MCA by third parties and the loss or theft of any digital cash and/or funds held.
The User is responsible for keeping the User’s email address and telephone number up to date in the User’s account or profile in order to receive any notices or alerts that the Operator may send to the User. The Operator assumes no responsibility for any loss that the User may sustain due to any compromise of the User’s sensitive information or failure to follow or act on any notices or alerts that the Operator may send to the User.
If suspicious activity is observed, monitored or recorded, the Operator may, but is not obligated to, request additional information from Users, including authenticating documents, and freeze any transactions pending the Operator’s review. Users are obligated to comply with these security requests, or accept termination of User`s access. Users are required to notify the Operator immediately of any unauthorized use of the User’s password, or any other breach of security in written form by email.
6.2 Safeguarding API keys
The Operator may provide certain parties with access to specific data and information through the Operator’s API (Application Programming Interface). Users are free to use these in their original, unmodified, and unaltered state. Authorized User is responsible for maintaining adequate security and control of API tokens and/or API keys.
Users also agree that the Operator may, by giving notice and at its sole discretion, terminate the User’s access to the site, including and without limitation, the Operator’s right to: limit, suspend or terminate the service, prohibit access to the site and its content, services and tools, delay or remove hosted content, and take technical and legal steps to keep Users off the site, if the Operator assumes they are creating possible legal liabilities, infringing on the intellectual property rights of third parties, or acting inconsistently with the letter or spirit of these T&Cs.
Additionally, the Operator may, in appropriate circumstances and at its discretion, suspend or terminate user`s access for any reason, including and without limitation: (a) attempts to gain unauthorized access to the site or providing assistance to others attempting to do so, (b) perform malicious hacking or overcoming software security features limiting use of or protecting any content, (c) usage of the services to perform illegal activities such as money laundering, illegal gambling operations, financing terrorism, or other criminal activities, (d) failure to pay or fraudulent payment for transactions, (e) unexpected operational difficulties, or (f) upon the request of law enforcement or other government agencies, if deemed to be legitimate and compelling by the Operator, acting at its sole discretion, (g) the creation or use of any account type (and/or profile type) without obtaining the prior explicit permission from the Operator, (h) distribution of instructions, software or tools for unauthorized purposes, (i) opening multiple account types (and/or profile types) for abusing the Bitcoin Cashier System, (j) copy or share the software source codes or the interface information, (k) to transfer the right to use the Operator’s system to unauthorized third parties for accepting digital cash.
Termination is not the exclusive remedy for violations described above, and the Operator may elect to take further action against such Users.
6.4 Insufficient Activity
The Operator reserves the right to deactivate Users of any account type (and/or profile type) if the users have been inactive for a period of 6 months or more, and/or to modify or discontinue the Operator’s site or services. Authorized User agrees that the Operator will not be liable to it or to any third-party for termination of their MCA or access to the site.
7. Purchaser Profile
7.1 Scope of Services
A PP is held by a retail customer of MC and is used to pay for goods and services. MC bills amounts due and collects payments. P receives payment requests through the Operator`s Bitcoin Cashier System.
P does NOT maintain an account with the Operator. Instead, the Operator keeps a user profile of P on record, which tracks the purchasing and payment history, and informs P about the rights to privacy and related data protection law.
7.2 Payment Instructions
Users may initiate a digital cash transaction by going to the Merchant’s website utilizing the Bitcoin Cashier System of the Operator, choosing to send or request, and entering the requisite information regarding the sender or recipient and the amount of Bitcoin to be transferred. The Operator will then communicate with the Bitcoin network on MC’s behalf, as necessary, to facilitate each digital cash transaction in accordance with these instructions.
7.3 Payment Validity
The Operator processes digital cash transactions according to the instructions received from MC and their P. The Operator does not guarantee the validity of payment instructions that are associated with third parties. MC and their P should verify all transaction information prior to submitting instructions to the Operator as the relevant Bitcoin transaction may not be cancelled or reversed once initiated.
There is no legal obligation to execute payment transactions immediately. This also applies if a delivery period or availability was stated when the corresponding order was placed. However, the Operator will do its best to inform User about different lead times should such apply.
7.4 Billing Support
In this context, the Operator provides Billing Support. Such services shall be performed through the Operator’s Billing Support web portal offering transaction look-ups to Users. It includes receiving and responding to billing inquiries and providing other electronic support services to P, including dispute resolution, and handling R-Transactions.
7.5 Post-Sales Customer Support
The Operator does not ensure that P (buyer of goods and services) or MC (seller of goods and services) will actually complete the transaction, or is authorized to do so.
Authorized User must keep all records needed for fulfilling the merchandise to P and providing any post-sale customer support to P. If the sale of the item requires any government registration of the sale (e.g., banking and/or gaming licensing), MC is responsible for such registration.
7.6 Dispute Resolution
Due to the nature of Bitcoin, any transaction conducted using the Operator’s services is final regardless of any defects in or non-delivery of any goods or services purchased in connection with such digital cash transaction, or any other aspect of P’s transaction or relationship with the relevant MC.
The Relevant User is advised to use adequate care because the Operator cannot reverse a Bitcoin transaction that has been communicated to and confirmed by the Bitcoin network.
If P experiences a problem with any goods or services purchased from MC in connection with using the Operator’s services, or if P has a dispute with such MC, P must handle it directly with that MC. The Operator has no control over, or liability for, the delivery, quality, safety, or any other aspect of any goods or services that P may purchase from MC.
If P believes MC has behaved in a fraudulent, misleading, or inappropriate manner, or if P cannot adequately resolve a dispute with MC, P may notify the Operator’s Support Team so that the Operator may consider whether to take any action.
7.7 Underlying Purchasing Agreement
The Operator is NOT responsible for the underlying purchasing agreement between P and MC.
7.8 Consumer Protection
Complaints filed by P about a purchase will be forwarded to MC for dispute resolution. If the Operator needs to conduct an investigation or resolve any pending dispute related to the relevant MCA, the Operator may restrict access to the site. The Operator reserves the right to terminate any MCA that receives excessive complaints, and/or is in violation of Consumer Protection Law including the Distance Selling Act of the applicable jurisdiction.
8. Data Protection
8.1 Data Privacy
The Operator is committed to protecting the security of Users. At the Operator’s sites, the Operator attempts to use industry-standard security technologies when transferring and receiving User data exchanged within the Operator’s Website.
The contracting parties (MC and the Operator) commit themselves to absolute confidentiality concerning the terms of the underlying contract, and agree to exercise discretion in regards to the technical, financial, operational, or other aspects of the MSA.
8.3 E-mail Campaigns
User may not initiate mass-mailing campaigns (mail actions) via email from their domain without having been specifically requested to do so by the email-recipients.
9.1 Bitcoin specifics
Accepting cryptographic means of payment has special risks not generally shared with official currencies or goods or commodities in a market. Unlike most types of money such as legal currencies, which are backed by governments or other legal entities, or by commodities such as gold or silver, Bitcoin is a form of private money representing a unique medium of exchange (elsewhere specified as unit of account or complementary currency) backed by technology and trust among Users. There is no central bank that can take corrective measures to protect the value of digital cash in a crisis, or issue more currency.
Buying and selling of cryptographic means of payment may be susceptible to irrational (or rational) financial bubbles or loss of confidence, which could collapse demand relative to supply. For example, confidence might collapse in digital cash because of unexpected changes imposed by the software developers or others, a government intervention, the creation of superior competing alternative crypto currency, or a deflationary or inflationary spiral. Confidence might also collapse because of technical problems such as the safety of the system if it is compromised due to privacy issues, if money is lost or stolen, or if hackers or regulators prevent any transactions from settling.
There may be additional risks that the Operator has not foreseen or identified in the Operator’s T&Cs. Any Authorized User should carefully assess whether its financial situation and tolerance for risk are suitable for accepting digital cash from P.
9.2 Volatility Risk
While the Operator guarantees the exchange rate as long as P pays within such time window, Authorized User agrees to assume the volatility risk of legal tender or Bitcoin, as applicable. For instance, if MC asks the Operator to collect EUR 250, and P sends the payment within the time window, the Operator guarantees MC will receive exactly EUR 250 in relation to the value of Bitcoin, minus the Operator’s fee, but do not guarantee the value of EUR.
9.3 Volume Fluctuations
In connection with any sale of Bitcoin to the Operator, the Operator will make good faith efforts to fulfill such sale orders at the applicable sell price quoted on the Operator’s site at the time that MC places such an order. However, from time to time it may be necessary for the Operator to delay fulfillment of a sale order until the Operator is able to execute the transaction.
Trading crypto currency implies volume fluctuations on digital asset markets, and may occasionally induce liquidity shortages resulting in delayed execution of market orders. MC accepts that the Operator cannot be held responsible for such delays.
9.4 Bitcoin Storage
The Operator may securely store all digital cash in a combination of online (hot) and offline (cold) storage. An undisclosed amount of Bitcoin liquidity is stored with third-party exchange service providers. As a result, it may be necessary for the Operator to retrieve this information from offline storage or from third-parties in order to facilitate a Bitcoin transaction, which may delay the initiation or crediting of such digital cash payments. MC accepts the risk that a Bitcoin transaction facilitated by the Operator may be delayed, and agrees not to hold the Operator responsible for any damages or injury arising out of or related to such delay but acknowledges the security measures conducted by the Operator.
9.5 Banking Providers
The Operator uses financial institutions to receive MC monies, and for making settlement payments. The Operator’s banking providers DO NOT transfer cryptographic means of payment, exchange cryptographic means of payment, or provide any services in connection with cryptographic means of payment.
Third-party exchange service provider: Authorized organizations (including but not limited to licensed payments institutions, e-money institutions, money service businesses, money transfer companies, regulated financial institutions, security dealers, stock exchange providers, etc.) operating alternative trading platforms and multilateral trading facilities (MTF) for trading of cryptographic means of payments against legal tender denominated in CHF, EUR or other foreign currency. The Operator performs proprietary trading on platforms made available by third-party exchange service providers.
9.6 Financial Advice
For the avoidance of doubt, the Operator does not provide any investment advice in connection with the services addressed by these T&Cs. The Operator may provide information on the price, range, volatility of digital cash, and events affecting the price. This is not considered investment advice and should not be construed as such. Any decision to purchase or sell digital cash is the User’s decision and the Operator will not be liable for any loss suffered.
10. Compliance with Law
10.1 Operator’s Regulatory Status
The Operator is a registered financial intermediary operating as an exchange office (OTC-Broker/Bureau de Change).
10.2 Legal Basis
The legal basis for the operation of all account types and/or profile types shall be the Swiss Code of Obligations (governed by the principle of the freedom to contract), the Swiss Banking Act (SFBA), the Anti-Money Laundering Act (AMLA), and the Swiss provisions for financial intermediaries, including the Stipulations and Ordinances of the Swiss Financial Market Supervisory Authority (FINMA).
The Operator shall perform AML/KYC-profiling on all Users on a voluntary basis. For this purpose, the Operator will utilize feedback received from the Operator`s staff or monitoring systems. The Operator utilizes manual and automatic transaction monitoring tools such as the Verification Loop™, Mitigation Monitor™, Dynamic Delivery Authorization System for Cryptographic Payments (patent pending), and AML/KYC Profiler™ to oversee incoming and outgoing transactions.
The purpose of the transactions is identified through Merchant Category Coding (MCC). Transactions qualifying for money collection (purchase transactions for goods and service) are distinguished from money transmitting; hence, different verification procedures are automatically applied.
If applicable law requires a retail customer of a merchant’s identity to be verified, MC must adequately verify the user’s identity or qualifications and forward the relevant details to the Operator for AML-compliance and KYC-legitimacy. The Operator will then apply AML/KYC-procedures as required by its jurisdiction.
The Operator performs AML/KYC-procedures on each MC on an obligatory basis.
10.4 Bitcoin Regulation
Crypto currency frameworks are partially regulated networks of regulated and non-regulated entities and individuals (e.g., Bitcoin community). Users put their trust in a digital, decentralized autonomous system that relies on peer-to-peer networking and cryptography to maintain its integrity.
Without limiting the foregoing, User may not acquire any of the Operator’s services through the Operator’s site if: (a) User is a national or resident or entity of the countries banned by Swiss SECO, or any other relevant embargo or sanctions lists; (b) User is a national or resident of the countries classified as high-risk and non-cooperative jurisdictions by the Financial Action Task Force (FATF).
The Operator reserves the right to refuse to process, or to cancel or reverse, any digital cash payments to or from the Operator at its sole discretion, if the Operator suspects the transaction involves (or has a high risk of involvement in) money laundering, terrorist financing, fraud or any other type of financial crime, or if the Operator suspects the transaction relates to a restricted activity in accordance with the Operator’s List of Excessive-Risk Countries and/or List of Excessive-Risk Industries (contact us for more details).
10.6 Assets Block
In the event that the Operator is required to block assets associated with the MCA in accordance with a sanctions program, the Operator may (a) deactivate or cancel the MCA or block User activity, (b) reject funds transfers or block funds; (c) transfer digital cash to an originating source or to an account specified by authorities, or (d) require Authorized User to withdraw funds within a certain period of time. The Operator is not responsible for any losses, whether direct or indirect, that the User may incur as a result of the Operator complying with applicable law, the guidance, or direction of any regulatory authority or government agency, or any writ of attachment, lien, levy, subpoena, warrant or other legal order.
Authorized User is solely responsible for the proper taxation of all income. This also applies to the value added tax calculated by MC, as well as import and export duties in relation to the goods and services sold by MC. All information that the Operator makes available to the User in relation to the value added tax refers exclusively to information received by MC. Authorized User has the sole duty for the registration of the asserted tax.
11.2 Value Added Tax, VAT
The considerations describing consulting and engineering services rendered for domestic business relationships are subject to VAT in Switzerland.
The fee calculation for business relationships outside of Switzerland is tax-free.
11.3 Taxation of Financial Transactions
Financial transactions do not incur VAT in Switzerland, hence, there is no VAT applied to the fees charged by the Operator.
11.4 Taxation of Bitcoin Transactions
It is the User’s sole responsibility to determine whether, and to what extent, any taxes apply to any transactions associated with the Bitcoin transactions the User conducts through the Operator’s services, and to withhold, collect, report and remit the correct amounts of taxes to the appropriate tax authorities. The User transaction history is available through the Website of the Operator.
The Operator does not adhere to the insolvency or unwillingness-to-pay by the User. This disclaimer of liability refers to all money, fees, substitutes and other demands that are asserted by the User.
To the extent permitted by law, the Operator will, under no circumstances, be liable for any damages, losses, or liabilities, including without limitation, direct or indirect, incidental or consequential damages, losses, or liabilities, in connection with the usage of the Operator's site or the User’s reliance on or use or inability to use the information, materials, products, services, or functionality on this site, or in connection with any failure of performance, error, omission, interruption, defect, delays in operation or transmission, computer virus or line or system failure, even if the Operator is advised of the possibility of such damages, losses, or expenses.
Regardless of the reasons a liability is considered, this is limited only to the availability of the respective offer. Further claims that arise from the original claim are also excluded. This exemption also applies to all employees and contracting parties.
Subject to the foregoing, the Operator's aggregate liability with respect to claims based on events arising out of or in connection with any single User, whether in contract or tort (including negligence) or otherwise, shall in no circumstances exceed the greater of either of the following: (a) the total amount held for the User making a claim less any amount of fees that may be due and payable; or (b) the amount of the transactions that are the subject of the claim less any amount of fees that may be due and payable with respect to such transaction.
To the extent permitted by applicable law, Users hereby agree to indemnify the Operator and its partners against any action, liability, cost, claim, loss, damage, proceeding, or expense suffered or incurred directly or indirectly from the usage of the Operator's site.
12.4 Force Majeure
If the Operator is unable to perform the services outlined in the T&Cs due to factors beyond the Operator’s control, including but not limited to an event of Force Majeure, change of law, or change in sanctions policy, the Operator will not have any liability to Users with respect to the services provided under these T&Cs and for a time period coincident with the event.
The information and material contained in this site, including text, graphics, links and other items are provided as is and as available. The Operator does not warrant the accuracy, adequacy, or completeness of this information and material and expressly disclaims liability for errors or omissions in this information and material. No warranty of any kind, implied, expressed, or statutory, including but not limited to the warranties of non-infringement of third-party rights, title, merchantability, fitness for a particular purpose and freedom from computer virus, is given in conjunction with the information and material on this site, particularly with regard to investment decisions. Users must independently verify the accuracy of all such information and material before acting, relying thereon, or making investment decisions in connection therewith.
By using the Operator’s services, the User agrees that the Operator may provide the User with any notices or other communications about the User’s activity and the Operator’s services electronically: (a) via email (in each case to the address the User provides), SMS message, or telephone call (in each case to the phone number the User provides), or (b) by posting to the Operator’s site. For notices made by email, the date of receipt will be deemed the date on which such notice is transmitted. If the User does not wish to receive notices or other communications electronically, the Operator will be unable to support the User and will deactivate any associated data.
12.7 Availability of Links, Products, and Services
The Operator gives no guarantee of the availability of the products and services. Any liability, no matter what kind or for which legal argument, is excluded. The same situation applies for interruptions of the data transfer, failure, or partial failure of the systems and loss of data regardless of the reasons for its occurrence. The disclaimer of liability also applies to all employees and fulfillment assistants of the Operator. The Operator is not responsible for the availability of any other site to which any of the Operator's sites link. The Operator does not endorse or take responsibility for the content, advertising, products or other materials made available through any other site.
Authorized User is solely responsible for obtaining any information required of those who purchase its goods or services. MC may only provide services that do not offend common ethical standards, human dignity, and third-party rights (brands, names, originators, data protection rights, etc.). Authorized User is required in each case to provide data protection under applicable local regulations and to make sure that underage-prohibited content is only accessible to persons over 18 years of age. The Operator is entitled to reverse transactions in cases where legal rights are offended.
13. Intellectual Property
13.1 Restrictions on Use of Materials
The content of this site and any other Operator's site is protected by copyright and trademark laws, and is the property of the Operator. Materials located within the Operator's site may be accessed only for the User’s business use. Users agree not to sell, license, rent, modify, distribute, copy, reproduce, transmit, publicly display, publish, adapt, edit or create works from such materials or content or in any way exploit the material or content of the Operator's site. This means Users may download copies of posted materials for business use only, so long as Users neither change nor delete any author attribution, trademark, legend, copyright, or other proprietary notice. When Users download copyrighted and/or patented material, Users do not obtain any ownership of rights in that material.
14.1 Acceptance of T&Cs
When using the Operator's site, Users are deemed to have agreed to all the terms, conditions, use, and notices contained or referenced herein. The Operator reserves the right, at its discretion, to update or revise the T&Cs. Users should check these T&Cs periodically for changes. By opening an MCA to use the services, or by utilizing a PP, Users expressly represent and warrant the following: (a) Users have accepted these T&Cs; and (b) Users are at least 18 years of age and have the full capacity to accept these T&Cs and enter into a transaction.
14.2 Partial Validity
If any provision of these T&Cs is determined to be wholly or partially not legally effective or not feasible or loses its legal validity or enforceability later, this shall not affect the validity of the remaining provisions. The same applies if it should turn out that the T&Cs include a loophole. Instead of the invalid or unenforceable provision or to fill the regulatory gap, a reasonable legal possible provision is to be found, which comes closest to what the parties intended or would have intended in meaning or purpose of the T&Cs if they had considered the matter at the time or at the time of a later insertion of a provision.
The T&Cs shall be governed and construed in accordance with Swiss Law. CP agrees to irrevocably submit to the exclusive jurisdiction of the Swiss Courts. Legal venue for all disputes resulting from this arrangement is in St. Gallen (SG), Switzerland.
If Users have any questions relating to these T&Cs, the User’s rights and obligations arising from these T&Cs and/or User’s use of the site and the services, or any other matter, please contact the Operator.
Effective Date: October 12, 2016