Merchant And User Terms & Conditions

Terms and Conditions

Updated on the 19th of October 2023

These Terms and Conditions govern the use of the service provided by [Leverchain Technology Limited or Leverpay Inc,] otherwise referred to as Leverpay (“Leverpay” or “Us” or “We”) by a User or Merchant (as defined below).

All other provisions of this Terms are to the extent not modified, amended or supplemented by these Terms, incorporated into these Terms by reference as if each such clause was expressly included in these Terms. In the event of an inconsistency between the terms of these Terms and Conditions and all other information encountered during interaction with our service, these Terms shall take precedence.

Please read these Terms carefully as they affect your rights and liabilities under the Applicable Laws. By accessing the Leverpay service, you are indicating your acceptance of these Terms, the privacy policy and any other document applicable to your use of Leverpay services. If you do not agree to these Terms, please do not access and or use any of our services. Should you have any questions on the Terms, please contact us at: contact@leverpay.io

Definitions

In these Terms and Conditions, unless otherwise expressly provided or unless the context otherwise requires, the following capitalized terms shall have the respective meanings set forth below.

Admin staff means a Registered Employee designated as such on the Leverpay Platform with an authorization level that permits the Registered Employee to approve and verify funding request, approve virtual card requests, add employees, set rates, approve transaction, and can add or modify the organization’s settings.

Affiliate means, in relation to a party, a subsidiary or a holding company of that Party, or any subsidiary of the holding company and all of its subsidiaries.

Applicable laws means all laws in force and effect as of the date hereof and which may be enacted or brought into force and effect hereinafter in the applicable Territory, including statutes, rules, regulations, directions, bye-laws, notifications, ordinances and judgments having force of law, or any final interpretation by a court of law having jurisdiction over the matter in question as may be in force and effect during the subsistence of these Terms.

AML/CFT laws means any Applicable Laws concerning anti-money laundering or combating the financing of terrorism which impose KYC and CDD obligations or other procedures for the mitigation of money laundering and financing of terrorism.

Auditor means a Registered Employee designated as such on the Leverpay Platform with an authorization level that permits the Registered Employee to view transactions, virtual card requests, reports, funding request, remittances and payments.

Registered employee means a person registered as an employee by a Merchant on its Leverpay Merchant Account as a designated Spender, Verifier, Payment Processor, Finance Officer, Administrator or Auditor.

CDD means Customer Due Diligence.

Card information means information about a Virtual Card including card name, the type and/or number of Cards, the Card numbers, the personal identification number(s), expiry dates and verification values (CVV2/CVC2).

Card transaction means a payment transaction initiated with the Virtual Card.

Remittance means payment made by Leverpay to its Registered Merchant as revenue collected on behalf of the Merchant from the Merchant’s customers.

Leverpay platform means the computer software including this website, mobile application or any other digital platform that are proprietary or licensed to Leverpay or its Affiliates from time to time and utilized by Leverpay to authorize payments for Merchants and process users’ transactions.

Leverpay merchant means a client of Leverpay that uses the Platform to collect payment for goods and services sold to its customers.

Leverpay user means a client, registered or unregistered user of Leverpay that uses the Platform to make payment for goods and services both locally and internationally from a registered Leverpay Merchant.

Leverpay terms means the terms and conditions of the Leverpay Platform, as the same may be amended from time to time by Leverpay, at its sole discretion and publish.

Finance officer means a Registered Employee designated as such on the Leverpay Platform with an authorization level that permits the Registered Employee to process payments, transfer and virtual card transactions.

Leverpay account means an account on the Leverpay Platform created by You and through which You have access to the Leverpay services.

Leverpay service means the payment solution suit provided to You by Leverpay via the Leverpay Platform which provides You with a means to either collect payment for your goods and services as a business or to complete payment for goods and services locally and internationally as a user, and make subscription payments via Virtual Cards, direct transfer, invoicing, direct debit in accordance with these Terms.

Force majeure means unforeseeable circumstances where the performance of Leverpay’s obligations under the Agreement is not reasonable or practical. Such circumstances include natural calamities, accidents, fires, public disorders, walkouts, revolutions, hostilities, legislative acts, government orders and directives of the authorities, inaccuracy, unreliability, or unsuitability of the contents of the Leverpay Platform which directly or indirectly prohibit the types of business stipulated herein, as well as any other circumstances beyond Leverpay’s reasonable control.

Intellectual property rights means patents, rights to inventions, copyright and related rights, rights in software, trademarks, business names and domain names, rights in get-up, goodwill and the right to sue for passing off, rights in designs, database rights, rights to use, and protect the confidentiality of, confidential information (including know-how), and all other intellectual property rights, in each case whether registered or unregistered and including all applications and rights to apply for and be granted, renewals or extensions of, and rights to claim priority from, such rights and all similar or equivalent rights or forms of protection which subsist or will subsist now or in the future in any part of the world relating to the business of the Leverpay.

KYC means Know-Your-Customer.

Live mode means the status of being approved for live transactions on the Leverpay Platform following satisfaction of all requirements set by Leverpay including completion of KYC procedures and pre-live testing framework.

Owner means the Registered account of the User or Merchant on the Leverpay Platform, designated as such and with an authorization level that permits the User or Merchant account to have full control over their Leverpay account.

Payment processor means a Registered Employee designated as such on the Leverpay Platform with an authorization level that permits the Registered Employee to process payments.

Spender means an Unregistered User who purchases items or product through the Merchant platform and Used Leverpay to checkout, or a User who complete payment for an invoice generated by the Merchant through the Leverpay platform.

Terms means the terms and conditions set out in this document titled as such, as the same may be amended from time to time by Leverpay, at its sole discretion. The latest version is always available on our website.

Territory means all countries Leverpay is licensed to operate.

Third party providers means the third party(ies) providing or hosting contents, products and/or services relating to the Leverpay Services including but not limited to partner financial institutions, cloud service providers, technical services providers etc.

Transaction means any payment transaction such as Card Transactions, Remittance, Transfer.

Verifier means a Registered Employee designated as such on the Leverpay Platform with an authorization level that permits the Registered Employee to verify transactions.

Virtual card means a NAIRA or USDT denominated card in electronic form, issued in accordance with the Leverpay service offering, for the purpose of purchasing goods or services from the registered Merchant.

You/Your refers to you as a Merchant or User.

Introduction

The Leverpay Service is a digital payment solution that enables users to make local and cross-border payment using their local currency. Essentially, the system enables business to collect payment from their customers in a seamless manner.

Amendments

We may update these Terms from time to time for legal or regulatory reasons or to improve the efficiency of the Leverpay Platform. Any changes will be notified to You via the e-mail address provided by You at the point of registration or via a suitable announcement on the Leverpay Platform. The changes will apply to the use of the Leverpay Platform immediately after notice. If You do not wish to accept the new terms You should discontinue usage. If You continue to use the Leverpay Platform after the date on which the change comes into effect, Your use of the Leverpay Platform indicates Your agreement to be bound by the new terms.

Registration requirements

To be eligible to access the Leverpay services, You must be a registered Merchant on Live Mode. You may apply for access to the Leverpay services using the link here: Sign up

As a Merchant, when a Registered Employee is added to Your Leverpay Account, we may require You to provide and/or confirm information and documentation that will allow us identify the relevant Registered Employee such as;

• name
• gender
• email address
• date of birth
• mobile device number
• address
• such other information and documentation that we may require from time to time in accordance with AML/CFT/KYC Laws and our internal risk assessment policies.

If we approve Your Registration as a Merchant or User, You will be authorized to use the Leverpay Service, subject to these Terms.

User management and transaction procedure

User Management

• Any Spender may initiate requests for Payments via the Leverpay platform.
• Upon the creation of a request for Payment, the request shall be verified, and processed on the Leverpay Platform by the Registered Employees designated as Verifiers, Payment Processors and Finance Officers as the case may be.
• When a request for a Payment has been processed, user accounts designated as an Owner or Leverpay Administrator on the Leverpay Platform may confirm and finally authorize the request for Payment.
• Upon final confirmation and authorization of the request for Payment, Leverpay will facilitate transfer of the approved sum to the designated bank account of the Registered Leverpay Merchant for which the payment was initiated.

Virtual Cards

• • A Spender cannot initiate requests for a Virtual Card except if registered and complete the required KYC process on the Leverpay platform.

Use of the Leverpay Service

Users must follow reasonable instructions which we issue or publish on our Leverpay Platform and website from time to time which are intended to help You to safely use the Leverpay Services.

It is Your responsibility to block and/or restrict access or use to the Virtual Cards at Your will or at the termination of Your business engagement with your staff as a Merchant.

It is Your responsibility to report any security issue or unauthorize to your account as a User or Merchant.

Users and Merchants agree to promptly notify Us of any changes in their User or Business Information by updating their information on the Leverpay Platform.

You must report all unauthorized, erroneous and disputed Card Transactions, or any other form of transaction to Leverpay immediately.

If Leverpay has a reason to believe that there is likely to be a breach of security or misuse of a Virtual Card, we may require Users to change their password or We may suspend Users’ access to the Leverpay services.

Users and Merchants must only use the Leverpay Services for designated purposes only.

Users and Merchants must not use the Leverpay Services in connection with illegal activity including but not limited to money-laundering, fraud, and the funding of terrorist organizations. If we reasonably believe any User or Merchant is using the Leverpay Services in connection with illegal activity or for any fraudulent purpose, or is permitting a third party to do so, we shall report the User or Merchant to the appropriate legal authorities.

When using the Leverpay Service, a User or Merchant must do the following;

• comply with these Terms as well as any Applicable Laws, rules or regulations;
• provide confirmation of any information You provide to us, including proof of identity;
• co-operate in any investigation that we reasonably carry out, or that is carried out by any law enforcement agency, government agency or regulatory authority;
• not provide false, inaccurate, or misleading information; and
• not use an anonymizing proxy.

Provided it would not be unlawful for us to do so, and it would not compromise reasonable security measures, we will contact You by phone or email if there is an actual or suspected fraud affecting Your use of the Leverpay Service, a security threat affecting the Leverpay Platform.

Users and Merchants hereby authorize Us to share, receive, and use data/information collected from their use of the Leverpay Platform with our Affiliates or Third-Party Providers in order to provide the Leverpay services to you or improve our Services.

Nothing in these Terms or in any information provided by Leverpay as part of the Services covered by these Terms is intended to be, nor should it be construed to be, legal or other advice. Users and Merchants must consult their own professional advisers as to the effect of laws which may apply to their use of the Leverpay Platform.

Account security and card information security

When a User or Merchant registers on the Leverpay Platform, the User or Merchant will be asked to create a password; to prevent fraud, the User or Merchant must keep this password confidential and must not disclose it or share it with anyone. If a User or Merchant knows or suspects that someone else knows their password, they should reset it immediately or notify Us by mailing contact@leverpay.io immediately.

Leverpay will not be liable for unauthorized transactions or activities resulting from a User’s or Merchant’s disclosure of their login credentials on the Leverpay Platform.

Users must keep Card Information of all Virtual Cards confidential and take all reasonable steps to protect the confidentiality of the Card Information.

Leverpay will not be liable for unauthorized Card Transactions resulting from the unauthorized use or access to the Virtual Cards or the failure to implement reasonable data security measures by You.

In the event that You authorize any person to manage the Leverpay Merchant Account on Your behalf, this shall be at Your sole risk and Leverpay shall not be liable to You in any way for any loss or liability arising from use by such person.

Availability of the Leverpay Services

Although we aim to offer Users and Merchants the best service possible, we make no promise that the Leverpay Platform will meet all of a Users’ and Merchant’s requirements. We cannot guarantee that the Leverpay Platform will be fault-free. If a fault occurs with the Leverpay Platform, Users and Merchants should report it to contact@leverpay.io and We will attempt to correct the fault as soon as We reasonably can.

A Users’ or Merchant’s access to the Leverpay services may be occasionally restricted to allow for repairs, maintenance or the introduction of new features or services. We will attempt to restore the service as soon as we reasonably can.

Limitation of liabilities and disclaimer

THE LEVERPAY PLATFORM AND ALL INFORMATION, CONTENT, MATERIALS, PRODUCTS AND OTHER SERVICES INCLUDED ON OR OTHERWISE MADE AVAILABLE TO USERS AND MERCHANTS THROUGH THE LEVERPAY PLATFORM ARE PROVIDED BY LEVERPAY ON AN 'AS IS' AND 'AS AVAILABLE BASIS', UNLESS OTHERWISE SPECIFIED IN WRITING. LEVERPAY MAKES NO REPRESENTATIONS OR WARRANTIES OF ANY KIND, EXPRESS OR IMPLIED, AS TO THE OPERATION OF THE LEVERPAY PLATFORM, OR THE INFORMATION, CONTENT, MATERIALS, PRODUCTS OR OTHER SERVICES INCLUDED ON OR OTHERWISE MADE AVAILABLE TO USERS AND MERCHANTS THROUGH THE LEVERPAY PLATFORM, UNLESS OTHERWISE SPECIFIED IN WRITING. USERS AND MERCHANTS EXPRESSLY AGREE THAT THEIR USE OF THE LEVERPAY SERVICES IS AT THEIR SOLE RISK.

TO THE FULL EXTENT PERMISSIBLE BY LAW, LEVERPAY DISCLAIMS ALL WARRANTIES, EXPRESS OR IMPLIED, INCLUDING, BUT NOT LIMITED TO, IMPLIED WARRANTIES OF MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE. LEVERPAY DOES NOT WARRANT THAT THE SERVICES, INFORMATION, CONTENT, MATERIALS, PRODUCTS OR OTHER SERVICES INCLUDED ON OR OTHERWISE MADE AVAILABLE TO USERS AND MERCHANTS THROUGH THE LEVERPAY PLATFORM, OR ELECTRONIC COMMUNICATIONS SENT BY LEVERPAY ARE FREE OF VIRUSES OR OTHER HARMFUL COMPONENTS. TO THE FULL EXTENT PERMISSIBLE BY LAW, LEVERPAY WILL NOT BE LIABLE FOR ANY DAMAGES OF ANY KIND ARISING FROM THE USE OF THE LEVERPAY SERVICES, OR FROM ANY INFORMATION, CONTENT, MATERIALS, PRODUCTS OR OTHER SERVICES INCLUDED ON OR OTHERWISE MADE AVAILABLE TO USERS THROUGH THE LEVERPAY PLATFORM, INCLUDING, BUT NOT LIMITED TO DIRECT, INDIRECT, INCIDENTAL, PUNITIVE, AND CONSEQUENTIAL DAMAGES, UNLESS OTHERWISE SPECIFIED IN WRITING.

Users and Merchants understand that Leverpay cannot and does not guarantee or warrant that files available for downloading from the internet will be free of viruses, worms, Trojan horses, or other code that may manifest contaminating or destructive properties. Users and Merchants are responsible for implementing sufficient procedures and checkpoints to satisfy their particular requirements for accuracy of data input and output, and for maintaining a means external to this Leverpay Platform for the reconstruction of any lost data. Leverpay does not assume any responsibility or risk for a Users’ or Merchant’s use of the internet.

LEVERPAY, IT’S SUBSIDIARIES, AFFILIATES, LICENSORS, SERVICE PROVIDERS, CONTENT PROVIDERS, EMPLOYEES, AGENTS, OFFICERS, AND DIRECTORS WILL NOT BE LIABLE FOR ANY INCIDENTAL, DIRECT, INDIRECT, PUNITIVE, ACTUAL, CONSEQUENTIAL, SPECIAL, EXEMPLARY, OR OTHER DAMAGES, EVEN IF LEVERPAY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

Indemnity

Users and Merchants will indemnify and hold Leverpay, its Affiliates, Third Party Providers (and their employees, agents, officers, directors, and contractors) (the “Indemnified Parties”) harmless from any breach of these Terms by Users, and Merchants including any use of content other than as expressly authorized in these Terms. Users and Merchants agree that the Indemnified Parties will have no liability in connection with any such breach or unauthorized use, and Users or Merchants agree to indemnify the Indemnified Parties against any and all resulting loss, damages, judgments, awards, costs, expenses and attorney fees in connection therewith. Users or Merchants will also indemnify and hold the Indemnified Parties harmless from and against any claims brought by third parties arising out of the Users’ or Merchant’s use of the information accessed from the Leverpay Platform.

Termination and suspension of access

The termination of a User’s or Merchant’s access to the Leverpay Platform shall not affect or prejudice any rights or obligations which have accrued or arisen under these Terms prior to the time of termination and such rights and obligations shall survive the termination of these Terms.