This is a binding Agreement between BlocPal International Inc. (“BlocPal”) and the person, persons, or entity (“You” or “Your”) using the service, software, or application (the “Software”).
These terms (the “Terms”) govern your use of the products, services or any other features, technologies or functionality (the “Services”) provided by BlocPal through BlocPal’s website, API or through any other means. Please review these Terms carefully; by using the Services, you are
deemed to agree to and accept such Terms.
Contents of this Agreement:
A. Important Notes
C. Additional Terms Applicable to Merchants
BlocPal provides the Software solely on the terms and conditions set forth in this Agreement and on the condition that You accept and comply with such terms and conditions. By using the Software You: (a) accept this Agreement and agree that You are legally bound by its terms; and (b) represent and warrant that: (i) You are of legal age to enter into a binding agreement; and (ii) if You are a corporation, governmental organization or other legal entity, You have the right, power and authority to enter into this Agreement on behalf of the corporation, governmental organization or other legal entity and to bind it to these terms. This Software functions as a free, open source, and multi-signature digital wallet. The Software does not constitute an account where BlocPal or other third parties serve as financial intermediaries or custodians of Your cryptocurrencies.
BlocPal has undertaken significant beta testing and we continually improve our Services based on comments from open-source users and the developer community. However, BlocPal cannot guarantee there will not be bugs in the Software. You acknowledge that Your use of this Software is at Your own discretion and in compliance with all applicable laws. You are responsible for safekeeping Your passwords, private keys, passphrases, and any other codes You use to access the Software.
Loss of Access or Deletion of Wallet
IF YOU LOSE ACCESS TO YOUR WALLET OR YOUR ENCRYPTED PRIVATE KEYS AND YOU HAVE NOT SEPARATELY STORED A BACKUP OF YOUR WALLET AND CORRESPONDING PASSWORD/PASSPHRASE, OR IF YOU DELETE YOUR BLOCPAL WALLET, YOU ACKNOWLEDGE AND AGREE THAT ANY CRYPTOCURRENCY OR FIAT CURRENCY YOU HAVE ASSOCIATED WITH THAT WALLET WILL BECOME INACCESSIBLE. ALL TRANSACTION REQUESTS ARE IRREVERSIBLE. NONE OF THE AUTHORS OF THE SOFTWARE, EMPLOYEES AND AFFILIATES OF BLOCPAL, COPYRIGHT HOLDERS NOR BLOCPAL CAN RETRIEVE YOUR PRIVATE KEYS, PASSWORDS OR PASSPHRASE IN THE EVENT THAT YOU LOSE OR FORGET SUCH INFORMATION
BlocPal is a cryptocurrency payment processor. BlocPal enables consumers to pay for goods and services using our supported cryptocurrencies, merchants to accept such cryptocurrencies, and all users to transfer, exchange for fiat or hold multiple crypto and fiat currencies. BlocPal is not a cryptocurrency exchange or a place to purchase or sell cryptocurrencies. Our merchant Services are only available to businesses that sell a product or service. By using the Services, you authorize us to act as your agent so BlocPal may receive, hold and disburse funds on your behalf and to take any and all actions that BlocPal thinks are necessary to provide the Services and to comply with applicable law. Payment to BlocPal by a consumer will be considered the same as payment made directly to the merchant and will extinguish the consumer’s outstanding obligation, to the extent of the payment.
In order to use the Services, you must open a BlocPal account. If you are a merchant, when you open an account, BlocPal will ask you for contact information such as your name, phone number, email address, information relating to the beneficial ownership and/or the most senior individual from the organization, a certificate of incorporation and bank account verification (as applicable). BlocPal will also ask you for information on your business, including your business’s legal name or DBA, physical address of the business, and your company’s website. The information that you provide at the time of account opening must be accurate and complete and you must inform us within ten business (10) days of any changes to such information.
In order to comply with our know-your-client (“KYC”) and anti-money laundering (“AML”) requirements, BlocPal may require both merchants and general users to provide additional information (including any person agreeing to these Terms on behalf of the your business), in order to verify your identity and assess your business risk. This information may include (but is not limited to) your date of birth, tax identification number, government-issued identification or such other information as may be required. BlocPal may also obtain information about you from third parties, such as credit bureaus and identity verification services. BlocPal has the right to reject your account registration or to later close your BlocPal account, if you do not provide us with accurate, complete, and satisfactory information.
You will choose a secret password and passphrase when registering your account. You are responsible for maintaining the confidentiality of your password, passphrase and account access information. You are fully responsible for all activities that occur with the use of your password, passphrase and BlocPal account. Please notify us immediately of any unauthorized use of your password, passphrase or account or any other breach of security. If you share your password or passphrase with others, BlocPal will not be liable for any loss that you may incur as a result of someone else using your password, passphrase or account, either with or without your knowledge. You may not allow other merchants to use your account. IF YOU LOSE OR FORGET YOUR PRIVATE KEYS, PASSWORD AND PASSPHRASE, BLOCPAL WILL NOT BE ABLE TO RETRIEVE THIS INFORMATION AND YOU WILL NOT BE ABLE TO ACCESS YOUR ACCOUNT.
In using the BlocPal website or the Services, you may be offered services, products and promotions provided by third parties. If you decide to use these third-party services, you do so at your own risk and are solely responsible for reviewing, understanding and complying with the associated terms and conditions. BlocPal expressly disclaims any liability for the third-party services and are not responsible for the performance of the third-party services or service providers.
As BlocPal is a payment processor, we will be working with certain third party providers to assist: BlocPal with its KYC and AML procedures; and our users and merchants with conversions between cryptocurrencies and fiat currencies and for settlement of fiat balances into user and merchant accounts. You hereby consent to the use of such third parties and acknowledge that BlocPal may be required to share your personal information with such third parties, to the extent required to perform such services.
BlocPal has implemented security measures designed to secure your information from accidental loss and from unauthorized access, use, alteration or disclosure. However, BlocPal cannot guarantee that unauthorized persons will never gain access to your information, and you acknowledge that you provide your information at your own risk, except as otherwise provided by applicable law.
In order to provide the Services, BlocPal may share information about you and your BlocPal account with third parties, including but not limited to your bank and consumers.
In order to verify the information you submit via the account registration process as detailed in Section B(2.1), BlocPal may request information from various third parties, including credit bureaus and identity verification services. By accepting these Terms you authorize us to retrieve information about you by using third parties and acknowledge BlocPal may have to share the information you have previously submitted to do so.
Occasionally, BlocPal may engage third parties in order to assist in different aspects of the provision of our Services to you. You acknowledge and agree that your use of the Services may require BlocPal to share your information with these third parties who may need to review your eligibility to use the Services according to their own verification procedures.
You agree and acknowledge that BlocPal owns all right, title and interest to and in the Services, the associated software, technology tools and content, the BlocPal website, the content displayed on the website, and other materials and intellectual property produced by and related to BlocPal (collectively, the BlocPal IP). You are only permitted to use the Services and the BlocPal IP to accept and receive payments, according to these Terms. When you accept the Terms, BlocPal grants you a personal, limited, revocable and non-transferable license to use the BlocPal IP, without the right to sublicense. You shall not rent, lease, sublicense, distribute, transfer, copy, reproduce, download, display, modify or timeshare the BlocPal IP or any portion thereof, or use the BlocPal IP as a component of or a base for products or services prepared for commercial sale, sublicense, lease, access or distribution. You shall not prepare any derivative work based on the BlocPal IP, nor shall you translate, reverse engineer, decompile or disassemble the BlocPal IP.
Both users and merchants will incur a cost (“BlocPal Fee”) to receive an incoming cryptocurrency payment. These BlocPal Fees are included in the invoice total and are paid by the recipient of the cryptocurrency payment. These BlocPal Fees are not returned when a refund is executed. The BlocPal Fee will be equal to 1% of the value of each payment, to a maximum of $5 per payment.
Cryptocurrency transactions may require a miner fee. These miner fees are automatically created during the transaction process and sent to the miner. These miner fees are not BlocPal Fees. The miner fees paid to the Network are not returned when a refund is executed.
BlocPal reserves the right to change our fee structure and pricing. Your continued use of the Services after BlocPal notifies you of any changes in our fees constitutes your acceptance of such change.
7.4.1 Cryptocurrency to fiat (merchant) – When a merchant converts cryptocurrency to fiat, such conversion will take place at the posted exchange rate of BlocPal’s third-party exchange service.
7.4.2 Cryptocurrency to fiat (user) – When a user converts cryptocurrency to fiat, such conversion will take place at the posted exchange rate plus 1.0% (to a maximum of USD$5).
7.4.3 Fiat Withdrawal – For fees associated with ACH, EFT, SEPA or similar fiat settlement mechanisms, please refer to the following URL: www.blocpal.com/fees
7.4.4 Cryptocurrency withdrawal – For the fees associated with cryptocurrency withdrawals, please refer to the following URL: www.blocpal.com/fees
Direct deposit to a bank account in a fiat currency is available to merchants located in certain countries. If you wish to receive direct deposit settlements, you must provide us with valid bank account information and keep such information current. Minimum settlement amounts may apply, and BlocPal may charge you any applicable wire fees.
You must provide us with written notice at least three (3) business days prior to closing your bank account. If you wish to continue to receive direct deposits, you must provide us with information for a substitute bank account. You are solely liable for all fees and costs associated with your bank account and for all overdrafts. You are also liable to us for any fees that BlocPal may incur based on your provision of inaccurate information or instructions. You authorize us to initiate electronic credits to your bank account at any time, as necessary to process your transactions. BlocPal will not be liable for any delays in receipt of funds or errors in bank account entries caused by third parties.
Payments in any of the supported cryptocurrencies are sent to your BlocPal wallet address. BlocPal is not liable for any losses incurred as a result of improperly reported or designated wallet addresses that you provide.
BlocPal settles once the settlement amount is above the settlement minimum. For a complete list of settlement minimums, please refer to the following URL: www.blocpal.com/fees
If BlocPal needs to conduct an investigation or resolve any pending dispute related to your BlocPal account, BlocPal may delay settlement or restrict access to your funds while BlocPal does so. Additionally, BlocPal may delay settlement or restrict access to your funds if required to do so by law.
You may close your BlocPal account at any time. You will still be obligated to us for any fees incurred, if applicable, before the closure and BlocPal will remit to you funds not yet paid to you and associated with pre-closure sales. If your account balance is below our documented minimum transfer amount, you may be responsible for any applicable transactions fees that may be incurred in the funds transfer.
BlocPal may terminate your account, at its discretion, upon notice to you via email, phone or other communication. BlocPal may also suspend your access to the Services if it suspects that you have failed to comply with these Terms, pose an unacceptable fraud risk to us, or if you provide any false, incomplete, inaccurate or misleading information. BlocPal will not be liable to you for any losses that you incur in connection with our closure or suspension of your account. Additionally, if your merchant account does not have a paid transaction for more than twelve consecutive months, BlocPal reserves the right to suspend your account and disable payment processing capabilities.
If your BlocPal account is closed, you agree: (a) to continue to be bound by these Terms, as required by Section B(13.13); (b) to immediately stop using the Services; (c) that the license provided under these Terms shall end; (d) that BlocPal reserves the right (but not the obligation) to delete all of your information and account data stored on our servers; and (e) that BlocPal shall not be liable to you or any third party for termination of access to the Services or for deletion of your information or account data.
You agree to indemnify BlocPal, its affiliated and related entities, and any of its officers, directors, employees and agents from and against any claims, costs, losses, liabilities, damages, expenses and judgments of any and every kind (including, without limitation, costs, expenses, and reasonable attorneys’ fees) arising out of, relating to, or incurred in connection with any claim, complaint, action, audit, investigation, inquiry, or other proceeding instituted by a person or entity that arises or relates to: (a) any actual or alleged breach of your representations, warranties, or obligations set forth in these Terms; (b) your wrongful or improper use of the Services; (c) the products or services sold by you through the Services, including but not limited to any claims for false advertising, product defects, personal injury, death or property damage; or (d) any other party’s access or use of the Services with your account information.
BLOCPAL PROVIDES THE SERVICES ON AN “AS IS” AND “AS AVAILABLE” BASIS, AND YOUR USE OF THE SERVICES IS AT YOUR OWN RISK. TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, BLOCPAL PROVIDES THE SERVICES WITHOUT WARRANTIES OF ANY KIND, WHETHER EXPRESS OR IMPLIED (INCLUDING, WITHOUT LIMITATION, WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, OR NON-INFRINGEMENT). WITHOUT LIMITING THE FOREGOING, BLOCPAL DOES NOT WARRANT THAT THE SERVICES (AND OUR WEBSITE): WILL OPERATE ERROR-FREE OR THAT DEFECTS OR ERRORS WILL BE CORRECTED; WILL MEET YOUR REQUIREMENTS OR WILL BE AVAILABLE, UNINTERRUPTED OR SECURE AT ANY PARTICULAR TIME OR LOCATION; ARE FREE FROM VIRUSES OR OTHER HARMFUL CONTENT. BLOCPAL DOES NOT ENDORSE, WARRANT, GUARANTEE OR ASSUME RESPONSIBILITY FOR ANY PRODUCT OR SERVICE OFFERED OR ADVERTISED BY A THIRD PARTY THROUGH THE SERVICES OR THROUGH OUR WEBSITE, AND BLOCPAL WILL NOT BE A PARTY TO NOR MONITOR ANY INTERACTIONS BETWEEN YOU AND THIRD-PARTY PROVIDERS OF PRODUCTS OR SERVICES.
Users acknowledges that BlocPal is not a financial or credit reporting institution. BlocPal is responsible only for providing data transmission to effect or direct certain payment authorisations for Merchants and is not responsible for the results of any credit inquiry, the operation of web sites of ISPs or financial institutions or the availability or performance of the Internet, or for any damages or costs Merchant suffers or incurs as a result of any instructions given, actions taken or omissions made by a Merchant, Merchant’s financial processor(s), Merchant’s Financial Institution or any ISP. IN NO EVENT WILL BLOCPAL BE LIABLE TO YOU OR ANY THIRD PARTY FOR ANY DIRECT, INDIRECT, SPECIAL, INCIDENTAL, CONSEQUENTIAL, EXEMPLARY OR PUNITIVE DAMAGES OR ANY LOSS, THEFT, DISAPPEARANCE, OR DAMAGES FOR LOST PROFITS, LOST REVENUES, LOST DATA OR OTHER INTANGIBLE LOSSES THAT RESULT FROM THE USE OF, INABILITY TO USE, OR UNAVAILABILITY OF THE SERVICES, REGARDLESS OF THE FORM OF ACTION AND WHETHER OR NOT BLOCPAL KNEW THAT SUCH DAMAGE MAY HAVE BEEN INCURRED. IN NO EVENT WILL BLOCPAL BE LIABLE TO YOU OR ANY THIRD PARTY FOR ANY DAMAGE, LOSS OR INJURY RESULTING FROM HACKING, TAMPERING, VIRUS TRANSMISSION OR OTHER UNAUTHORIZED ACCESS OR USE OF THE SERVICES, YOUR BLOCPAL ACCOUNT, OR ANY INFORMATION CONTAINED THEREIN. IN NO EVENT WILL OUR LIABILITY FOR ANY DAMAGES ARISING IN CONNECTION WITH THE SERVICES EXCEED THE FEES EARNED BY US IN CONNECTION WITH YOUR USE OF THE SERVICES DURING THE 6 MONTH PERIOD IMMEDIATELY PRECEDING THE EVENT GIVING RISE TO THE CLAIM FOR LIABILITY. THE FOREGOING LIMITATIONS OF LIABILITY SHALL APPLY TO THE FULLEST EXTENT PERMITTED BY LAW IN THE APPLICABLE JURISDICTION.
You are responsible for determining any and all taxes assessed, incurred, or required to be collected, paid, or withheld for any reason in connection your use of our software and services (“Taxes”). You also are solely responsible for collecting, withholding, reporting, and remitting correct Taxes to the appropriate tax authority. Blocpal is not obligated to, nor will BlocPal determine whether Taxes apply, or calculate, collect, report, or remit any Taxes to any tax authority arising from any transaction. BlocPal may report any revenues that process through the Software to the applicable tax authorities, as required by law.
BlocPal is committed to providing its users with a service that respects their privacy. BlocPal does not gather personal information such as your name, phone number, or e-mail address unless you supply it voluntarily, usually through contacting us via e-mail, regular mail or registering in a secure portion of the website. BlocPal does maintain server logs and web logs which automatically collect and log all incoming traffic to our website including your Internet Protocol (IP) address. However, we make no attempt to link these addresses with the identity of individuals visiting our site.
Any personal information you do provide is protected under the federal Personal Information Protection and Electronic Document Act (PIPEDA) or British Columbia’s or Alberta’s Personal Information Protection Act, as applicable. This means that, at the point of collection, you will be informed that your personal information is being collected, the purpose for which it is being collected and that you have a right of access to the information. Website visitor information is not disclosed to anyone except our personnel who need the information, e.g. to respond to a request from you.
You may not transfer or assign these Terms, or any rights granted by these Terms. You agree and acknowledge that BlocPal may assign or transfer these Terms.
Should any provision of these Terms be determined to be invalid or unenforceable under any law, rule, or regulation, such determination will not affect the validity or enforceability of any other provision of this Agreement.
Our failure to assert any right or provision in these Terms shall not constitute a waiver of such right or provision, and no waiver of any term shall be deemed a further or continuing waiver of such or other term.
This Agreement represents the entire understanding between BlocPal and you with respect to the matters discussed. Headings are included for convenience only, and shall not be considered in interpreting these Terms.
You agree to accept communications from us in an electronic format, and agree that all terms, conditions, agreements, notices, disclosures or other communications that BlocPal provides to you electronically will be considered to be “in writing”.
This Agreement will be governed by and construed in accordance with the laws of the Province of British Columbia without reference to conflict of law or choice of law provisions. If a disagreement or dispute in any way involves the Services or these Terms and cannot be resolved between you and us with reasonable effort, the disagreement or dispute shall be resolved exclusively by final and binding arbitration in Vancouver, Canada, and will be conducted before a single arbiter. You agree that the arbiter will apply the laws of the Province of British Columbia, and will honor and agree to all applicable statutes of limitation. You agree that, unless prohibited by law, there shall be no authority for any claims to be arbitrated on a class or representative basis, and arbitration will only decide a dispute between you and us. Arbitration proceedings must be initiated within one (1) year after the disagreement or dispute arises. If any part of this Arbitration clause is later deemed invalid as a matter of law, then the remaining portions of this section shall remain in effect, except that in no case shall there be a class arbitration.
BlocPal may update or change these Terms from time to time by posting the amended Terms on our website. Such updates or changes shall be effective at the time of posting. If you continue to use the Services after BlocPal provides notice of such changes, your continued use constitutes an acceptance of the amended Terms and an agreement to be bound by them. If you do not agree to the amended Terms, you must close your BlocPal account per the termination section of this agreement and discontinue your use of the Services.
Neither you nor BlocPal will be liable for delays in processing or other non-performance caused by such events as fires, telecommunications, utility, or power failures, equipment failures, labor strife, riots, war, nonperformance of our vendors or suppliers, acts of God, or other causes over which the respective party has no reasonable control; provided that the party has procedures reasonably suited to avoid the effects of such acts.
The terms and provisions of this Agreement are binding upon Your heirs, successors, assigns, and other representatives.
Upon termination of this Agreement, the following provisions shall continue in full force and effect: Section B(5), Section B(6), Section B(10), Section B(12) and Section B(13).
You assume any and all risks associated with the use of the Software. BlocPal reserves the right to modify this Agreement from time to time. Except as otherwise provided in this Agreement, Merchant agrees that BlocPal may: (1) revise the terms and conditions of this Agreement, including without limitation modifying the service fees or payment terms; and/or (2) change part of the Services provided under this Agreement at any time. Any such revision or change will be binding and effective either, at BlocPal’s sole discretion, 30 days after posting of the revised Agreement or change to the Services on our website, or upon electronic or written notification to you. You agree to periodically review our website, including the current version of this Agreement, to be aware of any such revisions. If you do not agree with any revision to the Agreement, you may terminate this Agreement at any time by providing us with written notice. Notice of your termination will be effective on receipt and processing by us. Any fees paid by you if you terminate your Agreement with us are nonrefundable, except as otherwise expressly stated herein, but you will not incur any additional fees. By continuing to use BlocPal services after any revision to this Agreement or change in Services, you agree to abide by and be bound by any such revisions or changes. We are not bound by nor should you rely on any representation by (i) any agent, representative or employee of any third party that you may use to apply for our Services; or in (ii) information posted on our website of a general informational nature.
Merchants must keep all records needed for fulfilling the goods or services sold to a consumer and providing any post-sale support to the consumer. If the sale of the item requires any government registration, you are responsible for such registration. BlocPal will maintain records of all documentation and information collected for your merchant account for the duration that your account is active, and up to 5 years thereafter.
Consistent with your local laws and regulations, you are solely responsible for obtaining any information required of those who purchase your goods or services. For instance, if applicable law prohibits a sale to persons under the age of 18 years, you must ensure that a consumer is at least 18 years of age. Similarly, if applicable law requires that a consumer’s identity be verified, you must verify the consumer’s identity. BlocPal will not be responsible in the event that you inadequately verify your consumers’ identities or qualifications.
Use of the Services is subject to the laws and regulations of Canada regarding the prevention of terrorist financing and anti-money laundering. You agree and acknowledge that your use of the Services would and will comport with such laws and regulations, including, without limitation, any sanctions programs administered by the Financial Transactions and Reports Analysis Centre of Canada (“FINTRAC”).
Your use of the Services is also subject to the following important restrictions:
1. You are at least eighteen (18) years old and have the right, power and contractual capacity to agree to these Terms.
2. Your use of the Services will not contravene any applicable international, federal, provincial, state or local law or regulation, including applicable tax laws and regulations.
3. Your use of the Services will not relate to the following prohibited activities:
a) Sales of narcotics, research chemicals or any controlled substances;
b) Sales of cash or cash equivalents, including items used for speculation or hedging purposes (such as derivatives);
c) Items that infringe or violate any intellectual property rights such as copyrights, trademarks, trade secrets, or patents;
d) ammunition, firearms, explosives (including fireworks), or weapons regulated under applicable law or as determined by us;
e) transactions that show the personal information of third parties in violation of applicable law;
f) transactions that support pyramid, ponzi, or other “get rich quick” schemes;
g) any services which compete with BlocPal; or
h) Explicit sexual content.
If your use of the Services relates to one of the following restricted activities, your activities are subject to internal review and you are only allowed to transact when expressly authorized by BlocPal in writing:
a) Foreign exchange, Money Service Business activities (as defined by FINTRAC) or E-wallets;
b) Selling cryptocurrency mining hardware;
c) Providing currency exchange services;
d) Transactions that are associated with purchases of annuities or lottery contracts, lay-away systems, banking, offshore banking, transactions to finance, investing, investment related products; or
e) Transactions that involve gambling or any other activity with an entry fee and a prize, including, but not limited to casino games, sports betting, horse or greyhound racing, lottery tickets, other ventures that facilitate gambling, and sweepstakes, unless you have obtained our prior written approval and you and your customers are located exclusively in jurisdictions where such activities are permitted by law.
Merchant shall be solely responsible for:
a) Establishing, hosting and maintenance of its Web site(s) and its connection to the Internet (the ” Merchant Web Site(s) “), fulfilling all orders for products and services sold by Merchant to its users on the Merchant Web Site(s) or otherwise, including without limitation, transmitting Merchant’s registration information and Transaction data to BlocPal and ensuring that any data stored or transmitted by Merchant in conjunction with the Services and for enrollment for the Services is accurate, complete and in the form as requested by BlocPal, is securely collected and is not corrupted due to Merchant’s systems. Merchant is also responsible for reviewing the transactions in its account on a regular basis and notifying BlocPal promptly of suspected unauthorized activity through its account;
b) Establishing and maintaining a commercial banking relationship with one or more regulated financial institutions. The terms of such relationship shall be determined solely by Merchant and the financial institution;
c) Maintaining commercially reasonable business practices in conjunction with use of the Services, collecting, storing and transmitting its customer data in a secure manner and protecting the privacy of its customer data. Merchant shall comply with BlocPal’s requests for reasonable action on Merchant’s part, to the extent necessary, to maintain security and integrity of the Services;
d) Updating to the most current Software version and security updates and patches necessary to properly operate the Services and keeping all Merchant enrollment and payment information current and updated on the Manager Web Site; and
e) Merchant agrees, and hereby represents and warrants that Merchant shall (A) use the Services in accordance with the applicable user guides and other documentation; and
(B) not use or permit others to use information obtained through the use of the
Services for any purpose other than in conjunction with the Services and in a manner described in the documentation for the Services
BlocPal reserves the right to decline to process a sale if it reasonably believes that the sale violates these Terms or would expose you, other merchants, consumers, or other parties to harm. If BlocPal reasonably suspects that your BlocPal account has been used for an illegal purpose, you authorize us to share information about you, your BlocPal account, and your account activity with law enforcement.
BlocPal may ask for permission to inspect your business location in connection with your use of the Services, or documentation or evidence to support specific transactions. If you refuse our request, BlocPal may suspend or terminate your BlocPal account.
By written mutual consent, BlocPal may publish your corporate name, artwork, text and logo (Merchant Content) on the BlocPal website and promotional materials to acknowledge you as our customer. You represent and warrant to us that you have the right to provide the Merchant Content to us, and that the use, copying, modification and publication of the Merchant Content by us: (a) will not infringe, violate or misappropriate any third party copyright, patent, trade secret or other proprietary rights, (b) will not infringe any rights of publicity or privacy, and (c) will not be defamatory or obscene or otherwise violate any law.
BlocPal’s hosted invoice UI shall be used. To create an invoice for your consumer, you may post a request to BlocPal to collect a specific amount in your local currency, such as Dollars or Euros, or in any of the supported cryptocurrencies. BlocPal will pull the exchange rate from a third party provider, where applicable, and provide a QR code to the merchant. The consumer must then scan the QR code in order to complete the transaction. BlocPal guarantees the exchange rate to you as long as the consumer pays within the proper time window after the invoice is created. Once the QR code expires, BlocPal can no longer guarantee that exchange rate. Invoice timeout information is clearly displayed on each BlocPal invoice. While BlocPal guarantees the exchange rate as long as the consumer pays within such time window, you agree that you assume the volatility risk of your local currency or the applicable cryptocurrency. For instance, if you ask us to collect $150, and the consumer sends the cryptocurrency equivalent within the time window, BlocPal guarantees you will receive exactly $150, minus our fee. Blocpal does not, however, guarantee the value of the U.S. dollar.
In exchange for providing our payment processing service, BlocPal will charge merchant partners the BlocPal Fee. If you issue a full or partial refund to your customers, the BlocPal Fee will not be refunded and will be deducted from your merchant ledger balance. The deduction will be added as a separate entry in your BlocPal ledger after the refund is executed. Please refer to Section B(7) for information about merchant, cryptocurrency exchange and withdrawal fees.
BlocPal will verify the consumer’s payments over the cryptocurrency payment network and post the balance to your accounting ledger, according to your preference settings. The debits and credits to your accounting ledger are funds temporarily held by BlocPal until settlement to your bank account can take place. You can receive a settlement in any of our supported fiat currencies or cryptocurrencies, or in a mixture of both. You assume volatility risks of the currency in which you choose to settle. For example, if you choose to settle in Bitcoin, then you assume the volatility risk of the Bitcoin value.
While there are also material risks from accepting various forms of payment (such as cash, other fiat currencies, network card payments, other proprietary electronic payments and alternative virtual currency payments including Litecoin and Ethereum), BlocPal is disclosing the following material risks of virtual currency:
1. Material Risks of Virtual Currency Disclosure Based on 23 NYCCR 200.19;
2. virtual currencies (I.e. Bitcoin) are not legal tender, are not backed by the government, and accounts and value balances are not subject to any deposit or other insurance protection;
3. legislative and regulatory changes or actions at the state, federal, or international level may adversely affect the use, transfer, exchange, and value of cryptocurrency;
4. transactions in cryptocurrency may be irreversible, and, accordingly, losses due to fraudulent or accidental transactions may not be recoverable;
5. some cryptocurrency transactions shall be deemed to be made when recorded on a public ledger, which is not necessarily the date or time that the customer initiates the transaction;
6. the value of cryptocurrency may be derived from the continued willingness of market participants to exchange fiat currency for virtual currency, which may result in the potential for permanent and total loss of value of a particular cryptocurrency should the market for that cryptocurrency disappear;
7. there is no assurance that a Person who accepts a cryptocurrency as payment today will continue to do so in the future;
8. the volatility and unpredictability of the price of cryptocurrency relative to fiat currency may result in significant loss over a short period of time;
9. the nature of cryptocurrency may lead to an increased risk of fraud or cyber attack;
10. the nature of cryptocurrency means that any technological difficulties experienced by BlocPal may prevent the access or use of a customer’s cryptocurrency; and
11. any bond or trust account maintained by BlocPal for the benefit of its customers may not be sufficient to cover all losses incurred by customers.
In certain situations when an invoice is not fully paid or overpaid, it will result in a payment exception. You can resolve payment exceptions from the Blocpal merchant dashboard.
4.4.1 Underpayments & Overpayments
Underpayments occur when the consumer sends less than the full amount required to mark the invoice as fully paid; and overpayments occur when an invoice receives excess funds. In both such case, you will be solely responsible for reconciling the payment amount directly with your consumer.
You will have access to account information detailing your ledger and transaction and settlement history through your merchant account. Should you identify an error, you must notify us within thirty (30) calendar days of the ledger entry.
BlocPal can facilitate cryptocurrency refunds on your behalf. You can decide to issue a partial refund or refund the full amount of the initial purchase. You can also decide whether to issue the refund denominated in your local currency or in a supported cryptocurrency. If you do not have enough funds in your BlocPal account to cover the refund, BlocPal may require you to deposit cryptocurrency or fiat to cover the refund. Any required currency conversion during the refund process will be calculated in accordance with this Agreement. Alternatively, merchants may choose to facilitate the refund on their own accord and not through the BlocPal wallet.
BlocPal is not responsible for Merchant refund policies. BlocPal suggests that Merchants have a clear refund policy for their customers (including, if applicable, “all sales are final”). For certain industries, a refund policy may not be applicable (e.g. where a service is provided). If refunds are permitted, BlocPal recommends that you refund the amount of the initial purchase in the currency in which the item was priced.
Consumers complaints filed with BlocPal about a specific purchase will be forwarded to you for resolution. BlocPal reserves the right to terminate accounts which receive excessive complaints.
Merchants who wish to file a complaint regarding our processing service should contact us via email, phone or mail at: SUPPORT@BLOCPAL.COM