Updated:
February 2, 2024
POSaBIT Inc. (“POSaBIT,” “we,” “us,” “our”) provides its services to you subject to the following Terms of Service (the “Terms of Service”). We reserve the right, at our sole discretion, to change or modify portions of these Terms of Service at any time. If this happens, we will post the changes on this page and will indicate the date these terms were last revised. Any such changes will become effective immediately. Your continued use of the Service after the date any such changes become effective constitutes your acceptance of the new Terms of Service.
These Terms of Service constitute the entire agreement between you and POSaBIT and govern your use of the Service, superseding any prior agreements between you and POSaBIT with respect to the Service. You also may be subject to additional terms and conditions that may apply when you use affiliate or third-party services, third-party content, or third-party software. These Terms of Service will be governed by the laws of the State of Washington without regard to its conflict of law provisions.
POSaBIT is a Payment POS Platform: You expressly agree and acknowledge that POSaBIT is a technology service provider. POSaBIT does not participate in cultivation, manufacturing, packing, labeling, testing, selling, or delivering cannabis. It is the sole responsibility of the Dispensary to offer its services in a legal and compliant manner.
Compliance with Federal Law: Marijuana is considered a Schedule 1 drug under the United States Controlled Substances Act. Under federal law, manufacturing, distributing, dispensing or possession of marijuana is illegal, and individuals are subject to arrest and/or prosecution for doing so. You acknowledge that it is your responsibility to ensure compliance with these laws. POSaBIT disclaims any and all liability relating to the use of its website and applications in violation of any federal laws, rules, and/or regulations.
Compliance with State Law: You expressly acknowledge that the POSaBIT site and related services are for those residing in states that legally allow the use of medical and/or recreational cannabis. Such legalities are determined by respective state laws. You expressly acknowledge and assume full responsibility for cooperating with the laws of the state and municipality where you reside. Further, POSaBIT disclaims any and all liability relating to the use of its website and related services in violation of any state laws, rules, and/or regulations.
Services Provided: POSaBIT provides both payments (pin debit) and Point of Sale (POS) services to cannabis retailers (hereinafter referred to as “Merchants”) in states that are deemed legal for medical and/or recreational adult cannabis use. Merchants
POSaBIT, in its sole discretion, may suspend or terminate your account or the overall use of POSaBIT Services if POSaBIT believes a Dispensary or control person: (i) Is not abiding by the Terms of Services herein; (ii) suspects fraudulent behavior or potential money laundering concerns; (iii) suspects illegal activity. Such termination can be given with or without notice. You agree that any termination under the Terms of Service may be given with or without notice, and you acknowledge and agree that POSaBIT may immediately suspend and/or terminate or your account and/or bar any further access to such files for any of the above reasons. Further, you agree that POSaBIT will not be liable to you or any third party for any termination of your access to the Service.
You may not assign the Terms of Service without prior written consent of POSaBIT, but POSaBIT may assign or transfer the Terms of Service, in whole or in part, without restriction.
At POSaBIT, we respect the privacy of our users. For specific details, please see our Privacy Policy. By using the Service, you consent to our collection and use of personal data as outlined therein.
Prior to your use of the POS, you must provide all information requested by POSaBIT, 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 via your 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.
POSaBIT Liability for Chargebacks. The amount of a transaction may be reversed or charged back to your POSaBIT Account (a “Chargeback”) if the transaction is: (1) Disputed; (2) Reversed for any reason by the Network, our processor, or a Buyer or our financial institution; (3) Was not authorized or we have any reason to believe that the transaction was not authorized; or (4) Iis determined to be unlawful, suspicious, or in violation of the terms of this Agreement.
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 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 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.
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.
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 the 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.
You acknowledge and agree that there are risks associated with utilizing the POS System, 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.
Except as expressly provided to the contrary in writing by us, our POS systems are 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 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.
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 six (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.
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 Service; 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.
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 Service or your use of POSaBIT’s 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 15 Lake Bellevue Dr #101, Bellevue, WA 98005. 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; 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 Service 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.
The invalidity or unenforceability of any of these Terms of Service shall not affect the validity or enforceability of any other of these Terms of Service, all of which shall remain in full force and effect.
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