FasterPay Merchant Terms of Service

Welcome to FasterPay! We provide merchants with an easier way to allow their users to pay using credit cards or other payment methods. These Terms of Service (“Terms”) constitute a binding legal Terms between Fasterpay Ltd., a company incorporated under the laws of the United Kingdom (“FasterPay” or “us”) and any legal or natural person that signs up to accept payments from their end users using our service (“you,” “Merchant”). Please review them carefully. By clicking ‘I Agree’ or using our service, you agree to be bound by and comply with these terms.

NOTE THAT THESE TERMS CONTAIN CLAUSES THAT REQUIRE YOU TO USE ARBITRATION ON AN INDIVIDUAL BASIS AND LIMIT THE AVAILABILITY OF CERTAIN REMEDIES IN THE EVENT OF A DISPUTE BETWEEN US AND YOU.

  1. Definitions

    1. A “Chargeback” is a reversal of a transaction initiated by the End User’s financial institution.

    2. The “Corporations” are the financial institutions FasterPay has partnered with to provide payment services, as well as credit card networks (including without limitation Visa, Mastercard, and American Express).

    3. An “End User” is a legal or natural person who purchases goods and/or services from the Merchant.

    4. “FasterPay Service” means the electronic wallet and monetization suite, including an application programming interface and supporting infrastructure, that enables the Merchant to receive end user payments and alternative payments for digital goods and services.

    5. The “Merchant Area” refers to the area of the FasterPay website accessible only by users who long in using valid account credentials that have been established pursuant to the terms of these Terms.

    6. “Refund Costs” include the total amount of any refund issued to an End User, including the costs of issuing a refund and any third party payment processor fees.

    7. “Remittance Costs” are the costs FasterPay incurs to remit funds owed to the Merchant under these Terms, including but not limited to wire transfer fees and any third party processing fees

    8. “Revenue Share” is the amount owed to FasterPay by Merchant in exchange for the use of the FasterPay Service.

    9. “Rolling Reserve” refers to a set percentage withheld from payouts to Merchant to mitigate the risk of fraud, Chargebacks, or other reversed transactions.

    10. "Total Net Revenue" means gross revenues paid by End Users via the FasterPay Service less FasterPay’s Revenue Share, third party payment processor fees, Remittance Costs, Refund Costs, deductions for fraud, chargebacks, chargeback fees, currency exchange rate fluctuation differences, currency exchange fees, and uncollected amounts.

  2. Terms of Payment

    1. FasterPay shall pay you the Total Net Revenue generated by the sale of virtual goods, intangible services, subscriptions, and virtual currency as a result of your End Users’ use of the FasterPay Service. FasterPay expressly reserves the right to deduct the Revenue Share from any amounts owed to Merchant under these Terms prior to paying such amounts out to Merchant.

    2. You shall be responsible for all Remittance Costs.

    3. If for any reason FasterPay is required to (including without limitation by law or its contractual obligations) or resolves to issue a refund to any end user for a transaction, including where the original third party payment option used does not allow refunds, You shall be responsible for total amount of the refund, including the costs of issuing a refund and any third party payment processor fees (collectively, “Refund Costs”) if FasterPay deems it necessary in its sole discretion to issue a refund via a different payment method.

    4. Merchant shall be solely responsible for determining which taxes, if any, apply to the payments received, and to report and remit the correct tax to the appropriate tax authority. FasterPay is not obligated to determine whether taxes apply, and is not responsible to collect, report, or remit any taxes arising from any transaction. Merchant shall be solely responsible for the timely payment of all applicable federal, state or local taxes, including any VAT, sales, use, excise or transfer taxes, and other taxes associated with payments to Merchant under these Terms, except for taxes assessed on FasterPay’s’s net income and local taxes that are already paid by FasterPay or by third party processors. MERCHANT SHALL INDEMNIFY FASTERPAY AGAINST ANY LOSSES, COSTS, LIABILITIES, EXPENSES, INCLUDING ATTORNEYS’ FEES ARISING OUT OF MERCHANT’S FAILURE TO FULLY COMPLY WITH THIS SECTION.

    5. The Revenue Share currently in force may be viewed through the Merchant Area. FasterPay reserves the right to change its Revenue Share upon thirty (30) days advance notice to You. If you do not agree to a change after you have received such notification, you must immediately cease using the FasterPay Service prior to the effective date of the new Revenue Share. Using the FasterPay Service after the effective date of the new Revenue Share will be deemed to be acceptance of the new terms.

  3. Payment Logistics and Timeframes

    1. All funds collected on Your behalf shall be held in your FasterPay account. The Total Net Revenue can be withdrawn from the account upon the Your request provided that amounts of less than one hundred dollars ($100.00) will be held until amounts due equal or exceed one hundred dollars ($100.00). All withdrawals shall be limited to the amounts actually collected by FasterPay from the Corporations. The Merchant can view the amount available and initiate a request for withdrawal through the Merchant Area.

    2. All payments shall be remitted to the account displayed in the Merchant Area. Merchant is responsible for updating these account details prior to requesting a withdrawal.

    3. Depending on the location of the payment and the payment method selected, most third party payment providers remit the funds to FasterPay on Net 30 payment terms from the end of the month in which the end user transaction occurs. For select markets or payment options, the collection timeframe can be Net 45, Net 60, Net 90, or longer. FasterPay will only issue a payout of those funds its third party payment providers have actually remitted to it.

    4. The payout report provided in the Merchant Area shall display the tentative amount of Total Net Revenue that will be paid out to the Merchant. The actual withdrawal amount may fluctuate based on currency exchange rates, uncollected amounts, risk adjustments, chargebacks, reversals and other third party fees.

    5. Merchant shall notify FasterPay within six (6) weeks after the receipt of a payment if the Merchant wishes to dispute the amount of any payout for the applicable transactions. After the expiration of this period, the payout and FasterPay’s reporting regarding those transactions shall be deemed approved by Merchant.

  4. Refunds

    1. FasterPay may issue refunds on Your behalf in its sole discretion in response to inquiries from End Users or if FasterPay determines that the payment is fraudulent, was submitted by a non-verified user, or if it is an otherwise illegal transaction. If FasterPay fails to receive the appropriate confirmation from You or if an End User inquires about any transaction, FasterPay will contact You for more information and/or to confirm whether the goods or services were actually delivered to the End User. All notifications will be sent to the email address that Merchant provides to FasterPay through the Merchant Area. It is Your obligation to ensure this email address is kept up to date at all times. If the Merchant does not adequately respond to FasterPay within two (2) days of FasterPay’s request, We may issue a refund to the end user without further notice. For all refunds processed, You shall be responsible to reimburse FasterPay for all Refund Costs.

  5. Rolling Reserves and Other Risk Measures

    1. FasterPay shall be entitled to implement a Rolling Reserve to mitigate the risk of fraud, chargebacks or any other applicable risks. The Rolling Reserve rate shall be the amount of all funds owed to Merchant but not yet collected from the Corporations. We may change the amount of the Rolling Reserve depending on the transaction history and risks associated with Your account. Merchant irrevocably authorizes FasterPay to deduct from the Rolling Reserve or any payout owed to Merchant the amount necessary to cover Refund Costs, chargebacks, amounts for fraud, or other amounts due to: FasterPay; the Corporations; or penalties based on the Merchant’s violation of any of the respective party’s terms of service. For purposes of clarity, FasterPay shall have the right to deduct Refund Costs or chargebacks even for those transactions whose amounts have already been paid out to You.

    2. If FasterPay, in its sole discretion, determines that the measures in Section 5.1 are insufficient to address the high level of risk with the Merchant’s account, FasterPay may take further reasonable actions it deems are necessary regarding Merchant’s account.

  6. Fraud and Chargebacks

    1. FasterPay will not be obligated to pay for any fraudulent actions generated by any person, bot, automated program, or similar device on the FasterPay Service in connection with any payment collected by FasterPay, as determined by FasterPay in its sole discretion. Merchant is solely liable to FasterPay for the full amount of all Chargebacks plus associated fees, fines, expenses or penalties (including those assessed by the Corporations). FasterPay may recover these amounts by debiting Your Rolling Reserve account or setting off any amount owed to You. If FasterPay determines in its reasonable discretion that a Chargeback is likely for any transaction, FasterPay may withhold the amount of a transaction until the expiration of the period during which the End User may dispute the transaction, the Chargeback is processed, or FasterPay determines that a Chargeback will not occur. Additional restrictions, fees, penalties, or fines may apply if FasterPay or the Corporations determines that Merchant is incurring excessive Chargebacks. Excessive Chargebacks may result in changes to the Rolling Reserve terms, Revenue Share, holds on payouts to You, suspension of the FasterPay Services, or termination of these Terms.

    2. You authorize FasterPay to contest any Chargebacks (or any subsequent appeals thereof) against third parties on Your behalf, if We choose to do so in our sole discretion. This provision applies so long as FasterPay has an interest in the Chargeback even if any of the following events occurs to You including but not limited to: the filing of or commencement of bankruptcy proceeding or insolvency whether voluntary or involuntary, the dissolution of Your entity, or the liquidation of Your assets. Merchant agrees to cooperate and provide all information that FasterPay requests from Merchant for the purposes of investigating and/or contesting a Chargeback. FasterPay will send such requests to the email address that Merchant provides to FasterPay in the Merchant Area. You must provide a full response to the request within fourteen (14) days, unless another timeframe is specified in the request. If You do not meet these requirements, You shall nonetheless be responsible for all costs or losses that FasterPay incurs as a result of the Merchant’s failure to comply with this section, in addition to the Chargeback amounts plus associated fees, fines, expenses or penalties (including those assessed by the Corporations). FasterPay assumes no liability for the resolution of any Chargeback case.

    3. Merchant acknowledges and agrees that notwithstanding the termination of these Terms for any reason, FasterPay shall remain entitled to contest and recover chargebacks from Merchant (and, where if relevant, from any party who has provided FasterPay with a guarantee or security relating to Merchant’s obligations under these Terms) that occur in relation to transactions effected during the term of these Terms.

  7. Third Party Services

    1. If Merchant clicks on a third party link or opt to receive third party content or services from a payment option or other service provider, it may be directed to that third party’s website. The fact that FasterPay links to a third party website or provides Merchant access to any third party service or content is not an endorsement or representation of any affiliation with the third party, and it is not an endorsement of their privacy or information security policies or practices. FasterPay does not exercise any control over third party websites or services. By choosing to navigate to third party sites or to receive third party content or services, Merchant shall be subject to the terms and conditions of the respective third party and Merchant agrees that such services and content are provided “as is,” “with all faults,” and without any warranty of any kind. Merchant acknowledges it will only use and implement third party services at its own risk. FasterPay is not liable to Merchant, or any third party, in any way, for any losses, damages, costs or other expenses arising from Merchant’s use of third party services or content.

  8. Merchant Obligations

    1. Merchant is obliged to provide FasterPay all the details in respect of its offices locations, their registered addresses and contacts, all "doing business as" (DBA) names used by the Merchant, key personnel, ownership structure, a complete list with the detailed description of the services and goods provided by Merchant as provided when entering into these Terms, and any business strategy to enlarge/reduce the list of services/goods provided to FawterPay. Merchant shall immediately inform FasterPay in writing of any significant litigation, enforcement action, governmental inquiry, claim, or other fact that relates to the performance of these Terms, any changes to its business model (including any change of control and/or constitution), goods and/or services it sells, leases or distributes or of any changes in regulatory requirements to which it is subject (including but not limited to changes to or the revocation of the licenses it requires for the business), which might have an adverse impact/effect on FasterPay’s compliance with applicable laws and any regulatory requirements.

    2. Merchant acknowledges that FasterPay has the right to terminate these Terms with immediate effect or amend the terms of these Terms, including but not limited to Revenue Share, payout terms, and rolling reserve, in response to Merchant’s disclosures or any change of circumstances under this Section. If the Merchant does not provide the required information to FasterPay and apply preventive actions, in the case that FasterPay or Merchant discovers suspicious and/or fraudulent activity, the Merchant shall indemnify FasterPay against all losses arising out of the Merchant`s failure to notify FasterPay of any changes that are relevant for compliance with regulatory requirements and standards applicable to FasterPay or the Merchant.

    3. In the event that Merchant owes any amount to FasterPay for any reason under these Terms, Merchant shall also be liable for any additional costs associated with the collection of the amount owed, including without limitation attorneys’ fees and expenses, costs of any arbitration or court proceeding, collection agency fees and any applicable interest. FasterPay may also collect such amounts by deducting the amount from Merchant’s account. Merchant’s failure to fully pay the amounts owed will be a material breach of these Terms.

    4. Furthermore, Merchant is obliged and agrees:

      1. to comply with the approved standards by the Corporations and incorporate on an ongoing basis all the applicable amendments into its business process. These standards will be made available to You through the Merchant Area;

      2. to fully accept that the Corporations are the sole and exclusive owners of their marks and therefore can make a decision to prohibit the Merchant from using their marks at any time for any reasons without advance notification;

      3. that Merchant is not permitted to contest the ownership of the trademarks of the Corporations for any reason;

      4. that the Corporations have the right to enforce any provisions of their standards and to prohibit the Merchant and/or FasterPay from engaging in any conduct that any of the Corporations deem could injure or create the risk of injury to any of the Corporations, including damage of reputation, adversely affect the integrity of their systems and etc.;

      5. to cooperate with FasterPay to investigate any suspected illegal, fraudulent or improper activities; and,

      6. that the standards promulgated by the Corporations will govern if there is any inconsistency between any provision of these Terms and the standards.

  9. Compliance with Laws

    1. Merchant agrees that it will deliver the content and service in compliance with all applicable local, state, national and international laws, rules and regulations, including any laws regarding privacy and the transmission of technical data exported from Merchant's country of residence. Merchant will not authorize nor otherwise encourage any third party to (a) interfere or attempt to interfere with the proper working of the FasterPay Service or prevent others from using the FasterPay Service; or (b) use the FasterPay Service for any fraudulent or unlawful purpose. Violation of any of the foregoing may result in immediate termination of these Terms, at FasterPay's sole discretion, and may subject Merchant to state and federal penalties and other legal consequences. FasterPay reserves the right, but will have no obligation, to review Merchant's display of and use of the FasterPay Service in order to determine whether a violation of these Terms has occurred or to comply with any applicable law, regulation, legal process, or governmental request.

  10. Representations and Warranties

    1. Without limiting any other representation, warranty or covenant herein, each party hereby represents and warrants to the other party that: (a) it has the full right, power and authority to enter into these Terms; (b) these Terms is a valid and binding obligation of such party; and (c) it has obtained and shall maintain throughout the term of these Terms all necessary licenses, authorizations, approvals and consents to enter into and perform its obligations hereunder in compliance with all applicable laws, rules and regulations.

    2. Merchant represents and warrants to FasterPay that it lawfully owns the rights to all content on the Projects and its website, including any trademarks, trade names, copyrights, and other intellectual property.

  11. Indemnification

    1. Merchant agrees to indemnify and hold FasterPay, its payment processors, its providers, its licensors, the Corporations, and the respective subsidiaries, affiliates, agents, directors and employees of the same, harmless from and against any losses, costs, liabilities and expenses, including attorneys' fees, arising out of any claims relating to the Merchant’s breach of this Terms, any alleged violation or infringement for any copyright, trademark, trade name, or any other intellectual property, or any other claim about the Merchant, the Merchant’s website or any of the goods or services advertised or delivered by the Merchant.

    2. The indemnified party reserves the right, at the indemnifying party's expense, to assume the exclusive defense and control of any matter for which the indemnifying party is required to indemnify the indemnified party and the indemnifying party agrees to cooperate with the indemnified party's defense of such claims.

  12. Disclaimer of Warranty

    1. FASTERPAY SERVICES, AND ANY OTHER MATERIALS OR SERVICES PROVIDED IN CONNECTION THEREWITH, ARE PROVIDED “AS IS” AND “AS AVAILABLE,” AND MERCHANT RECEIVES AND USES THOSE SERVICES AT ITS OWN RISK. TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, THE SERVICES ARE PROVIDED WITHOUT WARRANTIES OF ANY KIND, EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, OR NON-INFRINGEMENT. WITHOUT LIMITING THE FOREGOING, FASTERPAY, THE CORPORATIONS, ITS PROVIDERS, ITS LICENSORS (AND THEIR RESPECTIVE SUBSIDIARIES, AFFILIATES, AGENTS, DIRECTORS, AND EMPLOYEES) DO NOT WARRANT THAT THE SERVICES WILL BE ERROR FREE, UNINTERRUPTED, OR SECURE; THAT ANY DEFECTS OR ERRORS WILL BE CORRECTED; OR THAT THE SERVICES ARE FREE OF VIRUSES OR OTHER HARMFUL COMPONENTS. ANY CONTENT OR DATA DELIVERED ON MERCHANT’S REQUEST OR OBTAINED THROUGH THE USE OF THE SERVICES IS OBTAINED AT ITS OWN RISK AND MERCHANT WILL BE SOLELY RESPONSIBLE FOR ANY DAMAGE TO ITS PROPERTY OR LOSS OF DATA THAT MAY RESULT. FASTERPAY DOES NOT WARRANT THE RESULTS OF USE OF THE FASTERPAY SERVICE, INCLUDING, WITHOUT LIMITATION, THAT MERCHANT WILL EARN ANY PARTICULAR AMOUNTS (OR ANY AMOUNTS) HEREUNDER.

    2. FASTERPAY DOES NOT WARRANT, ENDORSE, GUARANTEE, OR ASSUME RESPONSIBILITY FOR ANY PRODUCT OR SERVICE ADVERTISED OR OFFERED BY A THIRD PARTY THROUGH THE SERVICES. FASTERPAY WILL NOT BE A PARTY TO OR IN ANY WAY MONITOR ANY TRANSACTION BETWEEN MERCHANT AND ANY THIRD-PARTY PROVIDERS OF PRODUCTS OR SERVICES, BEYOND WHAT IS EXPRESSLY STATED BY FASTERPAY.

  13. Limitation of Liability and Damages

    1. FasterPay shall not be liable to Merchant or any other party if FasterPay is delayed or unable to fulfill any of its obligations in this Terms due to an event beyond the reasonable control of FasterPay, including but not limited to acts of God, strikes, labor disputes, war, terrorism, riots, acts of civil or military authority, economic instability, power outages, fire, flood, theft, equipment breakdowns, hacking attacks, internet connection unavailability, internal mechanical or systems failures. FasterPay shall also not be liable in any case for any transaction where the payment instructions received contain incorrect or improperly formatted information or any suspension or refusal to accept a payment that FasterPay reasonably believes to be made fraudulently or without proper authorization.

    2. UNDER NO CIRCUMSTANCES, INCLUDING, BUT NOT LIMITED TO, NEGLIGENCE, WILL FASTERPAY OR ITS AFFILIATES BE LIABLE FOR ANY SPECIAL, INDIRECT, INCIDENTAL, CONSEQUENTIAL, PUNITIVE, RELIANCE, OR EXEMPLARY DAMAGES THAT RESULT FROM THIS TERMS, EVEN IF FASTERPAY OR A FASTERPAY AUTHORIZED REPRESENTATIVE HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. IN NO EVENT WILL FASTERPAY'S OR ITS AFFILIATES' TOTAL LIABILITY TO MERCHANT FOR ALL DAMAGES, LOSSES, AND CAUSES OF ACTION ARISING OUT OF OR RELATING TO THIS TERMS (WHETHER IN CONTRACT OR TORT, INCLUDING NEGLIGENCE, WARRANTY, OR OTHERWISE) EXCEED THE AMOUNTS PAID OR PAYABLE TO MERCHANT FOR THE TRANSACTION TO WHICH THE CLAIM RELATES.

    3. UNDER NO CIRCUMSTANCES SHALL FASTERPAY OR ITS AFFILIATES BE RESPONSIBLE OR HELD LIABLE FOR ANY TRANSACTIONS OR PAYMENTS THAT ARE BLOCKED BY THIRD PARTIES, INCLUDING BANKS, FINANCIAL INSITUTIONS, OR ANY GOVERNMENT BODY. THIS DISCLAIMER OF LIABILITY INCLUDES ANY RESTRICTION BASED ON APPLICABLE INTERNATIONAL, NATIONAL, OR LOCAL LAWS, RULES AND REGULATIONS, THE SPECIALLY DESIGNATED NATIONALS LIST PUBLISHED BY THE OFFICE OF FOREIGN ASSETS CONTROL, ANY INTERNAL BANK “BLACK LISTS,” OR ANY OTHER SIMILARLY RESTRICTIVE THIRD PARTY MEASURES.

  14. Intellectual Property License and Ownership

    1. FasterPay hereby grants to Merchant a non-exclusive, non-transferable, revocable, worldwide license to access and use the FasterPay Service for incorporation into any of Merchant’s social media, online application, mobile application, website, or any other medium that is approved by FasterPay.

    2. FasterPay manages a portfolio, which is updated from time to time, of names, logos, unregistered and registered trademarks, copyrights, and other branding materials in supporting documentation that relate to the FasterPay Services (the “Licensed Material”). FasterPay grants the Merchant a non-exclusive, non-transferable, revocable, worldwide license to use the Licensed Material for the sole purposes of promoting the FasterPay Services during the Term, provided that:

      1. Merchant’s use of the Licensed Material is subject to FasterPay’s then current policies and procedures, as currently in effect and posted in the Merchant Area;

      2. Merchant acknowledges and agrees that any use of the Licensed Material is solely as licensee from FasterPay and that any goodwill arising from the Merchant’s use of the Licensed Material will be for the benefit of FasterPay; and

      3. FasterPay may limit, expand, or terminate this license with prior written notice at any time.

    3. Merchant grants to FasterPay a non-exclusive, non-transferable, revocable, and royalty-free worldwide license to use the names, logos, and unregistered or registered trademarks that relate to the Merchant or its services for the purposes of promoting the availability of the FasterPay Services.

    4. Merchant agrees that it will use any data (including any usage data and compilations thereof), information or software provided by FasterPay to Merchant only for the purpose of providing content for FasterPay on the Site as set forth in these Terms. Except as expressly described in this section, FasterPay does not grant to Merchant any license, express or implied, to the intellectual property of FasterPay or its licensors. FasterPay will own and retain all rights, title, and interest in and to the FasterPay Service (except for any licensed content and third-party content included therein), including all data (including any usage data and compilations thereof), information and software related thereto. Merchant acknowledges that the software, information and data related to the FasterPay Service (including, without limitation, any usage data or compilations thereof) are protected by FasterPay copyrights or other intellectual property owned by FasterPay. Merchant agrees not to copy, alter, modify or create derivative works of the FasterPay Service or any such data, information or software or otherwise use the FasterPay Service or any such data, information or software in any way that violates the use restrictions contained in these Terms.

  15. Term and Termination

    1. These Terms shall continue in force until terminated.

    2. FasterPay reserves the right to terminate Your use of the FasterPay Service, including your FasterPay account, if you violate these Terms or any other applicable terms posted in the Merchant Area, or for any other reason in our sole discretion. In the event of any termination, FasterPay may delay payment to Merchant for up to six months, or longer if necessary, and may deduct from the payout any amounts necessary to satisfy any debts or obligations that result from the Merchant's account. Following the reconciliation of any anticipated obligations, FasterPay will remain liable for any amount remaining of Total Net Revenue due to Merchant through the effective date of termination and such obligation to pay shall survive any termination of these Terms.

    3. You may view your account or edit your information by visiting the Merchant Area. If you want to delete your personal information, change your settings, or stop storing information using your Account, you can submit these requests through the Merchant Area.

  16. Changes to these Terms

    1. FasterPay may, in its discretion, make changes to these Terms at any time. If FasterPay considers any such changes material, we will notify you in accordance with these Terms. We may also provide notices of changes to these Terms or other matters by displaying links to notices in the Merchant Area. By continuing to use the FasterPay Service after those changes are made, you are expressing and acknowledging your acceptance of the changes.

  17. Assignment

    1. You may not assign this Agreement or any rights or obligations hereunder, by operation of law or otherwise, without our prior written approval and any such attempted assignment shall be void. We reserve the right to freely assign the Agreement and the rights and obligations hereunder, to any third party without notice or consent. Subject to the foregoing, the Agreement shall be binding upon and inure to the benefit of the parties hereto, their successors and permitted assigns.

  18. General Legal Terms

    1. Notice. All notices under these Terms will be sent to you via the email address associated with your account, and will be deemed to have been given as of the first business day after the date sent.

    2. Relationship Between the Parties. These Terms shall not be construed to create a partnership, joint venture, or other business enterprise between the parties.

    3. Severability. If any provision contained in these Terms is determined to be invalid, illegal, or unenforceable in any respect under any applicable law, then such provision will be severed and replaced with a new provision that most closely reflects the original intention of the parties, and the remaining provisions of these Terms will remain in full force and effect.

    4. Waiver. Failure by FasterPay to exercise or enforce any provision of these Terms shall not be deemed to be a waiver of future enforcement of those or any other rights under these Terms.

    5. Construction. Section headings are for convenience only.

    6. Official Language. The official language of these Terms is the English language. Any translations are provided for your convenience only, and in the case of any conflict or ambiguity between the English version of these terms and any other version of this terms in a different language shall be resolved based on the English version.

    7. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of England, without giving effect to principles of conflicts of law. Any action at law or in equity arising out of or relating to this Agreement will be filed only in courts located in London, England. You hereby consent and submit to the exclusive jurisdiction of such courts for the purpose of litigating any such action.

    8. Electronic Signature: The parties agree that this and all future agreements may be conducted electronically. If you wish to opt out of electronic signatures and instead conclude a handwritten agreement, you must not sign this version of the agreement. Instead, contact us at support@fasterpay.com.

    9. Disputes. Any dispute under this Agreement will be privately negotiated in good faith between the parties within forty-five (45) calendar days commencing upon written notice from one party to the other. If the parties fail to privately resolve any dispute, the parties shall submit to arbitration performed by a mutually agreed upon arbitration provider in London, England. TO THE EXTENT PERMITTED BY LAW, YOU ARE GIVING UP YOUR RIGHT TO GO TO COURT. THERE IS NO JUDGE OR JURY IN ARBITRATION, AND COURT REVIEW OF AN ARBITRATION AWARD IS LIMITED. AN ARBITRATOR CAN AWARD ON AN INDIVIDUAL BASIS THE SAME DAMAGES AND RELIEF AS A COURT, BUT ARBITRATION PROCEDURES (SUCH AS, FOR EXAMPLE, DISCOVERY MAY BE SIMPLER AND MORE LIMITED THAN COMPARABLE RULES IN COURT. YOU AND FASTERPAY AGREE THAT ALL DISPUTES WILL BE RESOLVED ON AN INDIVIDUAL-- RATHER THAN A CLASS, CONSOLIDATED, OR REPRESENTATIVE-- BASIS. SHOULD A PROCEEDING TAKE PLACE IN COURT FOR ANY REASON, BOTH YOU AND PASSPORT.IO WAIVE ANY RIGHT TO A JURY TRIAL.

    10. Note to EU Residents: You may find the European Commission’s entity for online dispute resolution for consumer disputes at http://ec.europa.eu/consumers/odr/. If you have any initial questions concerning a potential dispute or its resolution, please email us through the Merchant Area.