Welcome to FasterPay! We provide a fast and secure alternative to entering your credit card or other payment details each time you wish to make a purchase. These Terms of Service constitute a binding legal agreement between Fasterpay Ltd. (“FasterPay” or “us”) and any person that registers to use our service (“you”). Please review them carefully. By clicking ‘I Agree’ or using our service, you agree to be bound by and comply with these terms.
“Merchant” refers to a provider of goods or services that has an agreement with us to accept payment through the FasterPay service.
A “Partner Bank” is any bank FasterPay partners with to store funds loaded to your Top Up Account (as defined in 1.5, below);
A “Payment Method” is a credit, debit, bank account, or any other payment method currently accepted by FasterPay that has been registered by you to fund your FasterPay transactions.
The “Service” means the digital wallet services provided by FasterPay, including the ability to pay merchants directly using your Payment Method at the time of purchase and the holding of funds for later use.
Your “Top Up Account” refers to the portion of your FasterPay account functionality that allows you to store and maintain and maintain funds for later use at a Merchant’s site.
In order to create and maintain an account with FasterPay, you represent and warrant that you: (1) are at least 18 years of age; (2) have the capacity to enter into a legally binding agreement; (3) are a legal resident of one of the countries where FasterPay is currently operating; and (4) are either the holder of the Payment Method account or an authorized user on said account.
To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions and their third parties to obtain, verify, and record information that identifies each person who opens a new account. What this means for you: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. You may also be required to provide copies of your government issued ID or other documents to prove your identity. This information must be true, and you authorize us to take whatever actions we deem necessary to verify of the accuracy of any information submitted in conjunction with your account. You also agree to provide us with reasonable assistance in verifying such information upon our request. Using a false identity or impersonating another individual will be grounds for immediate cancellation of your account.
The information you provide to us must be kept accurate at all times and you agree to update us about any changes to your information within five (5) business days of when they occur. To the maximum extent permitted by law, we will have no liability from your failure to maintain accurate account information.
You are solely responsible for safeguarding your FasterPay credentials and maintaining the integrity of your account. You will be held accountable for any and all activities under your account, regardless of whether or not you authorized them. If you suspect the security of your account has been compromised by loss, theft, or unauthorized use, you must immediately- but in no event later than forty-eight (48) hours after you discover it- notify us and take any and all other reasonably practicable actions to regain sole control of your account.
Using Your FasterPay Account
Your FasterPay account will allow you to make purchases with any merchant who displays the FasterPay logo, add money to your digital wallet, and withdraw money from your digital wallet to be transferred to your bank account. Before you can do any of these things, however, you need to register one or more Payment Methods with us. By entering your Payment Method details, you authorize FasterPay to confirm that the Payment Method is valid and in good standing, and that it is your account. The manner we will use to do so will vary by the type of Payment Method, but may include, without limitation, submitting a small authorization or debit to the Payment Method.
FasterPay offers you the ability to load funds from your Payment Method(s) to your Top Up Account to be used to fund a later purchase whenever you choose. Neither we nor our Partner Bank will owe you interest on any balance kept in your Top Up Account, and you expressly acknowledge and agree that any interest on funds we deposit with the Partner Bank while holding such funds for your use belongs to us. If your Top Up Account balance becomes negative for any reason, you authorize us to initiate a debit or charge to your Payment Methods in order to return it to zero.
Purchases. You may make a purchase with FasterPay using either your Top Up account or your Payment Method with any merchant who displays the FasterPay logo. To do so, either select FasterPay as your payment method at a Merchant, or click the ‘Top Up’ button after logging into your FasterPay account.
When you make a purchase, we have to transmit certain information to third-parties. First, when you are paying with a Payment Method, we will have to transmit information to the applicable network to verify the Payment Method has funds available and otherwise as necessary to process the payment. Additionally, we may transmit information, including without limitation your name and email address, to the merchant in order to allow them to fulfill your purchase. You expressly agree to allow us to transmit your information as needed to fulfill these transactions.
If you have registered multiple Payment Methods, you are solely responsible for verifying the right one is selected before initiating any transaction through your FasterPay account. We cannot be responsible for any losses due to the selection/use of an incorrect Payment Method.
Where you request to make a purchase in a different currency than the currency of your Payment Method, you will be responsible for any currency exchange fees that result. You acknowledge and agree that we will alter the exchange rates daily based on the rates set by Central Bank.
If you have added a valid bank account as a Payment Method, you are able to request funds be transferred from your Top Up Account to your bank account at any time. You are solely responsible for any fees charged by third-parties (for instance, your bank) in connection with transferring the funds to your bank account. You further acknowledge and agree that FasterPay is not responsible for any loss or fees incurred if you provide us with incorrect bank account information. It is solely your responsibility to verify that you have entered your account information correctly before initiating a transfer pursuant to this section.
Although we currently make FasterPay available free of charge to our non-Merchant users, we reserve the right, in our sole discretion, to begin charging in the future. If we do so, we will give you advance written notice. Even though FasterPay does not charge you, the issuer of your Payment Method or other third-parties may do so. Additionally, Merchants may charge you a small additional fee for using FasterPay to complete a transaction. You are solely responsible for any fees imposed by third-parties related to your FasterPay transactions, including without limitation any bank fees, interest, taxes, or other expenses.
As you use your FasterPay account to make purchases, we will update the transaction history in your account. It is your responsibility to regularly review history for accuracy and notify us of any errors.
FasterPay is not a bank, and we do not issue cards of any kind or offer credit to you or the Merchant. The Service is not approved by or affiliated with the issuer of your Payment Method. Nothing in these terms modifies your agreement with the issuer of your Payment Method in any way. You remain responsible for complying with all the terms of such agreements when you use the Service, as well as for any and all charges to said Payment Methods resulting from your use of the Service. If there is any inconsistency in these terms and your agreement with your Payment Method issuer, these terms govern your relationship with FasterPay and your agreement with the issuer of your Payment Method will continue to govern your relationship with the issuer.
If you do not use your TopUp account for a period of at least two (2) years and a balance remains, FasterPay will attempt to remit the balance to the mailing address we have on file for you. If we are unable to do so, we may be required by applicable law to deliver it to your state or country of residence as unclaimed property. If this is the case, we will attempt to send you notice prior to doing so. If you do not respond to this notice, we will remit the funds accordingly.
Account/Transaction Limitations and Holds
We impose a $2500 limit per transaction on all transactions initiated through the Service. Additionally, we reserve the right to establish other individual or aggregate transaction limits in our sole discretion, including but not limited to by limiting your number of transactions or preventing you from taking certain actions within the FasterPay service.
In rare instances, we may place a hold on an individual transaction, or on your account as a whole. We may also cancel or reverse any transaction. Any such actions are in our sole discretion, and may occur if: 1) the transaction is disputed, or 2) We believe that the transaction is fraudulent, suspicious, invalid, may be the subject of a future dispute, or it otherwise violates our terms of service or applicable law or regulation.
Where we believe, in our sole discretion, that an account has had a disproportionate number of suspicious transactions, or transactions subject to holds, we reserve the right to either temporarily or permanently block the account.
If we take any of the actions identified in this section, we’ll provide you with notice and a description of our reasons for doing so, unless it would compromise our security measures or is otherwise unlawful.
Refunds and Disputes
All refunds and disputes related to a transaction made through the Service must be resolved through FasterPay’s dispute resolution process. FasterPay is the only one able to authorize or initiate refunds, and reserves the right to do so in its sole discretion. All dispute solutions are binding on both you and the Merchant. We will, however, consider an appeal where you are able to present new or compelling information that was not previously available.
Notwithstanding the foregoing, if you used a credit or debit card as your Payment Method for the transaction, rather than your Top Up Account, you may also have recourse through your card issuer. However, you must select either our dispute resolution process or pursuing a claim through your issuer. Although you can open a dispute with your card issuer after utilizing FasterPay’s dispute resolution process, we will not be liable for any losses you suffer due to filing a dispute with your card issuer after their deadline for doing so.
You may be liable for all or part of unauthorized transactions when they arise out of the use of a lost or stolen payment instrument or where you have failed to your account login details safe (up to a maximum of £50), or when you have acted fraudulently or with gross negligence.
If you believe we have failed to properly execute your requested transaction, you should contact us immediately. We will make every effort to trace the transaction and, where necessary, refund the amount in question.
While using the FasterPay Service, you shall not:
Violate any provision of these terms and conditions, or any provision of an agreement between you and any third-party;
Violate any law, court order, or government regulation;
Attempt to access FasterPay’s system except as expressly permitted by these terms and conditions, or attempt to interfere with, damage, disrupt, or impede the operation of FasterPay and its services and systems in any way;
Use FasterPay in a way that is fraudulent, defamatory, abusive, harassing, threatening, or obscene, or violates the rights of any third-party;
Reverse engineer, disassemble, decompile, copy, clone, modify, distribute or commercially exploit in any way the FasterPay Service or any portion thereof;
Transmit or facilitate the transmission of any malware, viruses, Trojan horses, or other program of a harmful or destructive nature;
Take any action that places an unreasonably large or disproportionate burden on FasterPay’s systems.
Except as expressly provided herein, FasterPay retains ownership of its intellectual property and all rights, titles, and interests herein. Nothing in these terms should be construed as granting you any right to use any of FasterPay’s trademarks, service marks, or logos.
FasterPay grants you a limited, revocable, non-transferable license to use the FasterPay Service. In our sole discretion, we may suspend or terminate this license at any time, for any reason.
General Legal Provisions
Notice. All notices under this Agreement 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.
Limitation of Liability. UNDER NO CIRCUMSTANCES, INCLUDING, WITHOUT LIMITATION, NEGLIGENCE, WILL FASTERPAY OR ITS AFFILIATES BE LIABLE FOR ANY SPECIAL, INDIRECT, INCIDENTAL, CONSEQUENTIAL, PUNITIVE, RELIANCE, OR EXEMPLARY DAMAGES THAT RESULT FROM THIS AGREEMENT, EVEN IF A PARTY OR ITS AUTHORIZED REPRESENTATIVE HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. IN NO EVENT WILL FASTERPAY OR ITS AFFILIATES' TOTAL LIABILITY TO THE LICENSOR AND END USERS FOR ALL DAMAGES, LOSSES, AND CAUSES OF ACTION ARISING OUT OF OR RELATING TO THIS AGREEMENT (WHETHER IN CONTRACT OR TORT, INCLUDING NEGLIGENCE, WARRANTY, OR OTHERWISE) EXCEED THE AMOUNTS PAID OR PAYABLE TO THE OTHER PARTY FOR THE TRANSACTION TO WHICH THE CLAIM RELATES.
Disclaimer of Warranties. FasterPay makes no warranties, either express or implied, including without limitation any warranty of merchantability, fitness for a particular purpose, and non-infringement. You expressly understand and agree that your use of the Service is “as is” and “as available.” Your use is at your own discretion and risk. FasterPay does not warrant that the Service will be error free, uninterrupted, or secure; that any defects or errors will be corrected, or that the Service is free of viruses or other harmful components. Any content or data delivered at your request is obtained at your own risk, and you will be solely responsible for any damage to your property or loss of data that may result. FasterPay does not warrant the results of use of the Service in any way.
Force Majeure. FasterPay shall not be liable to you or any other party if we are delayed or unable to fulfill any of our obligations in this Agreement due to an event beyond our reasonable control, 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.
Indemnification. You agree to indemnify and hold FasterPay, its subsidiaries, affiliates, agents, directors and employees harmless from and against any losses, costs, liabilities and expenses, including attorneys’ fees, arising out of any claims related to the your breach of this Contract, any alleged violation or infringement of any copyright, trademark, trade name, or any other intellectual property, or any other claim about the you, or your performance under this Agreement.
Relationship Between the Parties. These terms shall not be construed to create a partnership, joint venture, or another business enterprise between the parties.
Assignment. These terms, and any rights and licenses transferred hereunder, may not be transferred, assigned, or delegated by you. FasterPay reserves the right to assign its rights, licenses, and duties under these terms to its affiliates at any time without prior approval from the Licensor.
Amendments. We may amend these terms and conditions from time to time at our discretion. Any changes will be posted on our website and notice sent to your registered email address at least fifteen (15) days before entering into effect. If you do not agree with the amended terms, you must immediately discontinue use of the Service before they enter into effect. Your continued use after the effective date will be deemed to constitute acceptance of the new terms.
Severability. If any provision contained in this Agreement 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 this Agreement will remain in full force and effect.
Waiver. Failure by FasterPay to exercise or enforce any provision of this Agreement shall not be deemed to be a waiver of future enforcement of those or any other rights under this Agreement.
Construction. Section headings are for convenience only.
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.
Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the United Kingdom, 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 the state or federal courts in and for London, United Kingdom. Licensor hereby consents and submits to the exclusive jurisdiction of such courts for the purpose of litigating any such action.
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, United Kingdom.