POSaBIT Payments Terms of Sale

POSaBIT (“POSaBIT,” “our,” or “we,”) sells cryptocurrency through our proprietary point of sale system (“POS System”).

When you use your debit or credit card to make a purchase at a participating merchant (“Merchant”) using our POS System, you are purchasing cryptocurrency, which is issued to you in the form of a paper wallet. You may then use your paper wallet to complete your purchase with the Merchant, or you may take your paper wallet with you to use with any other business or person that accepts cryptocurrency as payment. 

Your purchase of cryptocurrency through the POSaBIT POS System is governed by these Terms of Sale. The amount of cryptocurrency you receive in exchange for the charges to your card is calculated using an exchange rate derived from Coinbase. Each time a new wallet is funded with cryptocurrency, a call is made to a third party API to get the current exchange rate. 

POSaBIT honors the USD exchange value of cryptocurrency purchased from our POS System as-applied to any purchases you make from a merchant using our POS System for up to one hour following your purchase of cryptocurrency using our POS System. After one hour, the value in USD of cryptocurrency you purchased from us is calculated by the then-applicable exchange rate described above. 

POSaBIT reserves the right to change or modify these Terms of Sale at any time and at our sole discretion. The amended Terms of Sale will be effective immediately, and will apply to all purchase transactions occurring thereafter. We encourage you to review these Terms of Sale each time you make a purchase to ensure that you understand the terms and conditions that apply to your transactions made through our POS.

PERSONAL INFORMATION & IDENTITY VERIFICATION

Prior to your use of the POS, you must provide all information requested by POSaBIT through the Merchant, which may include, but not be limited to, name, address, driver’s license or Government-issued ID scans, and photographic images (“Personal Information”). You acknowledge that POSaBIT will analyze and validate your identity by reference to the Personal Information to determine whether you qualify to use the POS System (“Verification Process”).  POSaBIT may use a third party service to assist it in the Verification Process, and disclaims responsibility for any loss, delay, or other harm relating to the Verification Process. 

Your use of the POS System may be delayed during the Verification Process. If your Personal Information does not pass the Verification Process, or if you fail to provide the Personal Information required to access the POS System, you will be denied access to the POS System. If you believe your access to the POS System has been wrongly denied, please contact POSaBIT customer service at 855.767.2248.  

LIMITATIONS

POSaBIT imposes limits on the amount of virtual currency that you can buy using the POS System in any single day. POSaBIT, in its sole discretion, may change the limitations as it deems necessary or appropriate from time to time. 

CANCELLATIONS; REFUNDS

All virtual currency purchases are final, and there are no refunds or cancellations, except as otherwise provided in these Terms of Sale or as required by law. POSaBIT reserves the right to refuse or cancel purchases at any time, in its sole discretion, before completing such sale.

CHARGEBACKS

A. Our Liability for Chargebacks

The amount of a transaction may be reversed or charged back to your POSaBIT Account (a “Chargeback”) if the transaction (a) is disputed, (b) is reversed for any reason by the Network, our processor, or a Buyer or our financial institution, (c) was not authorized or we have any reason to believe that the transaction was not authorized, (d) is allegedly unlawful, suspicious, or in violation of the terms of this Agreement.

B. Our Collection Rights for Chargebacks

For any transaction that results in a Chargeback, we may withhold the Chargeback amount in a reserve account. We may debit the amount of any Chargeback and any associated fees, fines, or penalties listed in the Fee Schedule or assessed by the Association or our processor from your POSaBIT Account (including without limitation any reserve account), any proceeds due to you, your bank account, or other payment instrument registered with us. If you have pending Chargebacks, we may delay payouts from your POSaBIT Account. Further, if we reasonably believe that a Chargeback is likely with respect to any transaction, we may withhold the amount of the potential Chargeback from payments otherwise due to you under this Agreement until such time that: (a) a Chargeback is assessed due to a buyer’s complaint, in which case we will retain the funds; (b) the period of time under applicable law or regulation by which the Buyer may dispute that the transaction has expired; or (c) we determine that a Chargeback on the transaction will not occur. If we are unable to recover funds related to a Chargeback for which you are liable, you will pay us the full amount of the Chargeback immediately upon demand. You agree to pay all costs and expenses, including without limitation attorneys’ fees and other legal expenses, incurred by or on behalf of us in connection with the collection of all POSaBIT Account deficit balances unpaid by you.

C. Excessive Chargebacks

If we determine that you are incurring an excessive amount of Chargebacks, we may establish controls or conditions governing your POSaBIT Account, including without limitation, by (a) establishing new processing fees, (b) creating a reserve in an amount reasonably determined by us to cover anticipated Chargebacks and related fees, (c) delaying payouts, or (d) terminating or suspending the Services.

D. Contesting Chargebacks

You agree to assist us when requested, at your expense, to investigate any of your transactions processed through the Services. To that end, you permit us to share information about a Chargeback with the buyer, the buyer’s financial institution, and your financial institution in order to investigate and/or mediate a Chargeback. We will request necessary information from you to contest the Chargeback. If the Chargeback is contested successfully, we will release the reserved funds to your POSaBIT Account. If a Chargeback dispute is not resolved in your favor by the Network or issuing bank or you choose not to contest the Chargeback, we may recover the Chargeback amount and any associated fees as described in this Agreement. You acknowledge that your failure to assist us in a timely manner when investigating a transaction, including providing necessary documentation within fifteen (15) days of our request, may result in an irreversible Chargeback. We reserve the right, upon notice to you, to charge a fee for mediating and/or investigating Chargeback disputes.

ASSUMPTION OF RISK

You acknowledge and agree that there are risks associated with utilizing the POS System for the purchase of virtual currency including, but not limited to, the risk of failure of hardware, software and Internet connections, the risk of malicious software introduction, and the risk that third parties may obtain unauthorized access to your Personal Information and other information stored with us.  You acknowledge and agree that POSaBIT will not be responsible for any communication failures, disruptions, errors, distortions or delays you may experience when using the POS System, however caused. POSaBIT takes no responsibility for and will not be liable for any losses, damages or claims arising from the use of our POS System, including, but not limited to, any losses, damages or claims arising from (a) server failure or data loss or (b) "phishing," viruses, third-party attacks, or any other unauthorized third-party activities.

The paper wallet issued to you upon completion of your purchase is the only record that exists containing the private key requisite to access and spend the cryptocurrency you purchase. 

If you lose the paper wallet, POSaBIT has no way to restore your access to the cryptocurrency you purchased. 

POSaBIT does not guarantee the value of any virtual currency.  You acknowledge and understand that the price or value of virtual currency is highly volatile. 

DISCLAIMER

EXCEPT AS EXPRESSLY PROVIDED TO THE CONTRARY IN A WRITING BY US, OUR POS SYSTEM IS PROVIDED ON AN “AS IS” AND “AS AVAILABLE” BASIS. WE EXPRESSLY DISCLAIM, AND YOU WAIVE, ALL WARRANTIES OF ANY KIND, WHETHER EXPRESS OR IMPLIED, INCLUDING, WITHOUT LIMITATION, IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, TITLE AND NON-INFRINGEMENT AS TO OUR POS SYSTEM, INCLUDING THE INFORMATION, CONTENT AND MATERIALS CONTAINED THEREIN.

Some jurisdictions do not allow the disclaimer of implied terms in contracts with consumers, so some or all of the disclaimers in this section may not apply to you.

LIMITATION OF LIABILITY

IN NO EVENT SHALL POSABIT, OUR DIRECTORS, MEMBERS, EMPLOYEES OR AGENTS BE LIABLE FOR ANY SPECIAL, INDIRECT OR CONSEQUENTIAL DAMAGES, OR ANY OTHER DAMAGES OF ANY KIND, INCLUDING BUT NOT LIMITED TO LOSS OF USE, LOSS OF PROFITS OR LOSS OF DATA, WHETHER IN AN ACTION IN CONTRACT, TORT (INCLUDING BUT NOT LIMITED TO NEGLIGENCE) OR OTHERWISE, ARISING OUT OF OR IN ANY WAY CONNECTED WITH THE USE OF OR INABILITY TO USE OUR POS SYSTEM OR ANY PURCHASE TRANSACTION OCCURRING VIA THE POS SYSTEM, INCLUDING WITHOUT LIMITATION ANY DAMAGES THAT RESULT FROM MISTAKES, OMISSIONS, INTERRUPTIONS, DELETION OF FILES OR EMAIL, ERRORS, DEFECTS, VIRUSES, DELAYS IN OPERATION OR TRANSMISSION OR ANY FAILURE OF PERFORMANCE, WHETHER OR NOT RESULTING FROM ACTS OF GOD, COMMUNICATIONS FAILURE, THEFT, DESTRUCTION OR UNAUTHORIZED ACCESS TO POSABIT’S POS SYSTEM, RECORDS, PROGRAMS OR SERVICES. 

IN NO EVENT SHALL THE AGGREGATE LIABILITY OF POSABIT, WHETHER IN CONTRACT, WARRANTY, TORT (INCLUDING NEGLIGENCE, WHETHER ACTIVE, PASSIVE OR IMPUTED), PRODUCT LIABILITY, STRICT LIABILITY OR OTHER THEORY, ARISING OUT OF OR RELATING TO THE USE OF OR INABILITY TO USE THE POS SYSTEM, ANY PURCHASE TRANSACTION OCCURRING VIA THE POS SYSTEM, OR TO THESE TERMS OF SALE, EXCEED THE FEES PAID BY YOU TO POSABIT (IF ANY) DURING THE 6 MONTHS IMMEDIATELY PRECEDING THE DATE OF ANY CLAIM GIVING RISE TO SUCH LIABILITY. 

Some jurisdictions do not allow the exclusion of certain warranties or the limitation or exclusion of liability for incidental or consequential damages. Accordingly, some of the limitations of this section may not apply to you.

INDEMNITY

You agree to defend, indemnify, and hold harmless POSaBIT (and each of our officers, directors, members, employees, agents and affiliates) from any claim, demand, action, damage, loss, cost, or expense, including without limitation reasonable attorneys’ fees, arising out or relating to (a) your use of, or conduct in connection with our POS System; (b) your violation of these Terms of Sale; or (c) your violation of any rights of any other person or entity.  If you are obligated to indemnify us, we will have the right, in our sole discretion, to control any action or proceeding and determine whether we wish to settle it, and if so, on what terms. 

APPLICABLE LAW; ARBITRATION

PLEASE READ THE FOLLOWING PARAGRAPH CAREFULLY BECAUSE IT REQUIRES YOU TO ARBITRATE DISPUTES WITH US AND IT LIMITS THE MANNER IN WHICH YOU CAN SEEK RELIEF.

You and POSaBIT agree to arbitrate any dispute arising from these Terms of Sale or your use of POS System, except for disputes in which either party seeks (a) relief in small claims court, or (b) equitable and other relief for the alleged unlawful use of copyrights, trademarks, trade names, logos, trade secrets or patents. ARBITRATION PREVENTS YOU FROM SUING IN COURT OR FROM HAVING A JURY TRIAL. You and POSaBIT agree to notify each other in writing of any dispute within thirty (30) days of when it arises. Notice to POSaBIT shall be sent to 48 Charlotte St. London W1T2NS or 122 South Jackson Street, suite 310, Seattle, WA 98104. You and POSaBIT further agree: (a) to attempt informal resolution prior to any demand for arbitration; (b) that any arbitration will occur in Seattle, Washington; (c) that arbitration will be conducted confidentially by a single arbitrator in accordance with the rules of JAMS; and (d) that the state or federal courts in the state of Washington, King County, have exclusive jurisdiction over any appeals of an arbitration award and over any suit between the parties not subject to arbitration.  Other than class procedures and remedies discussed below, the arbitrator has the authority to grant any remedy that would otherwise be available in court.  Any dispute between the parties will be governed by these Terms of Sale and the laws of the State of Washington and applicable United States law, without giving effect to any conflict of laws principles that may provide for the application of the law of another jurisdiction.  WHETHER THE DISPUTE IS HEARD IN ARBITRATION OR IN COURT, YOU AND POSABIT WILL NOT COMMENCE AGAINST THE OTHER A CLASS ACTION, CLASS ARBITRATION OR REPRESENTATIVE ACTION OR PROCEEDING.

TERMINATION

Notwithstanding anything to the contrary herein, POSaBIT reserves the right, without notice and in its sole discretion, to terminate your permission to use the POS System, and to block or prevent your future access to and use of the POS System.

MISCELLANEOUS

(a) Severability. The invalidity or unenforceability of any of these Terms of Sale shall not affect the validity or enforceability of any other of these Terms of Sale, all of which shall remain in full force and effect.

(b) Survival. Sections 5-9 shall survive any termination or expiration of these Terms of Sale.

(c) POSaBIT Inc. charges a convenience fee in order to create a cryptocurrency wallet for the consumer and in order to convert $USD into cryptocurrency.

(d) Credit card purchases MAY be subject to a “cash advance fee” depending on the bank that issued your credit card. This fee is a result of how some banks classify purchases of cryptocurrency, and can be as high as $10. Debit card transactions are NOT affected.

 

Last Updated: April 2, 2018