Switch Pay Terms & Conditions

Welcome to Switch Pay. These Terms and Conditions constitute the User Agreement and Terms of Service (hereafter the “Terms & Conditions”) governing your access and use of Switch Pay (referred to as “Switch Pay” or the “Site” and defined below) and the Services.

Services include: (1) the content on our website located at UseSwitchPay.com (“Website”) or any other websites, pages, features, or content we own or operate (collectively, the “Sites”) or when you use our mobile app; (2) On/Off-ramp Services; (3) NFT Checkout; (4) Crypto Merchant Widget; (5) Whitelabel Services; and (6) any other services that Switch Reward Card may make available directly or indirectly, from time to time (collectively, “Switch Services” or “Services”).

These Terms & Conditions do not create any agency, partnership, or joint venture between Switch Pay and any person, customer, or entity (referred to as the “User”) utilizing the Sites. By registering for an account through the Switch Pay Site or any associated websites, APIs, or mobile applications, the User represents that they have read and consent to the Terms & Conditions; by registering the User also agrees to Switch Pay’s Privacy Policy.

If Users do not agree with these Terms, Users may not, and are prohibited from, access or use of the Services, Sites, or any other aspect of our business.

These Terms & Conditions may be amended and updated from time to time at the sole discretion of Switch. Revised versions will be considered effective as of the date and time posted on the Site.

Switch Pay is a blockchain-based financial services ecosystem offering digital asset tools for businesses. The blockchain is empowered by a global decentralized node network where node licensees will be rewarded with SWITCH digital rewards. Switch Pay provides on/off-ramp services, NFT checkout solutions, crypto merchant widgets, and whitelabel services for businesses around the world.

To be eligible to use our Services, Users must be a business, corporation, legal person, entity, or organization in a location in which Switch Pay services are available. Individual Users must be authorized representatives of the business and at least 18 years old.

Full use of our Services requires that businesses create an Account(s) by: (1) providing us with information such as the business name, full name of the authorized representative, email address (temporary, disposable, self-destructive, or similar email addresses are prohibited), current physical address, and such other information that we may require; and (2) accepting these Terms & Conditions. Businesses must also go through an application process and provide documents to prove they are legitimate, which will be reviewed and approved by our compliance team. Switch Pay reserves sole and absolute discretion to accept or reject any application for any reason or for no reason at all or limit the number of Account(s) that businesses may hold. Under no circumstances shall any of the Indemnified Persons (defined below) be responsible or liable to the User or any other person or entity for any direct or indirect losses (including loss of profits, business, or opportunities), damages, or costs arising from our decision to reject the application to open an Account(s).

As a money services business registered with the U.S. Department of the Treasury’s Financial Crimes Enforcement Network, Switch Pay is required to, among other things, identify users of our Services. Businesses agree to provide us with the information we request for identity verification and the detection of money laundering, terrorist financing, fraud, or any other financial crime, and permit us to keep a record of such information.

Businesses will need to complete certain verification procedures before they are permitted to use the Services and access one or more Account(s) or Services. In addition, as part of our risk management and fraud prevention processes, we may from time to time require Users to reconfirm or update some of the information provided during the initial identity verification procedure.
The information we request may include certain personal information, including but not limited to the authorized representative’s name, address, telephone number, email address, date of birth, taxpayer identification number, social security number or government identification number, and scans of government-issued identity documents. At a minimum, you will be asked to submit business-related information such as the business name, mailing address, physical address, phone number, email address, information relating to the ultimate beneficial owner(s) or the individual(s) having significant control over the business (e.g., tax identification number and government-issued identification), legal name, fictitious name (i.e., DBA name), company website, and bank account details to be used for settlement of transactions made using the Acceptance Services. Additionally, we will request information about the nature of your expected transactions and your field of industry.

You may be asked to submit additional information and/or documents to enable us to verify your identity and assess business risk, such as entity formation documentation, compliance program documentation, and information regarding your Shoppers (such as the name of the bank, the account type, routing number, and account number). In some cases (where permitted by law), special categories of personal data, such as the authorized representative’s biometric information, may be requested.
In addition to providing this information, to facilitate compliance with global industry standards for data retention, the business agrees to permit us to keep a record of such information for the lifetime of the business’s Account(s). Businesses agree to keep us updated if any of the information provided changes.

Businesses authorize us to make inquiries, whether directly or through third parties, that we consider necessary to verify the business’s identity or protect the business and/or us against fraud, money laundering, terrorist financing, or other financial crimes, and to take any action we deem necessary based on the results of such inquiries. When we carry out these inquiries, the business acknowledges and agrees that personal information may be disclosed to identity verification, compliance data recordation, credit reference, fraud prevention, or financial crime agencies and that these agencies may respond to Switch Pay’s inquiries in full.

If there is reasonable doubt that any information provided by the business is wrong, untruthful, outdated, or incomplete, Switch Pay shall have the right to send the business a notice to request corrections, remove relevant information directly and, as the case may be, terminate all or part of the Services provided to the business. Switch Pay shall also have the right, in its sole and absolute discretion, to terminate, suspend, or restrict business access to any Account(s) or Services should an issue arise with identity verification, including but not limited to circumstances in which Switch Pay has requested additional verification information from the business but has not yet received or processed that information.

The business should also be aware that Switch Pay will also use other information about them that we become aware of, such as the business’s geographic location, IP address, transaction data, and ISP/VPN address. We will store this information in our technical logs.

Under no circumstances shall any of the Indemnified Persons be responsible or liable for any direct or indirect losses (including loss of profits, business, or opportunities), damages, or costs suffered by the business or any other person or entity due to any such termination, suspension, or restriction of access to any Account(s) or Services. Furthermore, the business shall be solely and fully responsible for any loss or expenses incurred during the use of the Services if the business cannot be reached through the contact information provided.

Enhanced Due Diligence. We may require the business to submit additional information about itself or its authorized representatives, provide records or documentation, or have face-to-face meetings with representatives of Switch Pay (such process, “Enhanced Due Diligence”). We reserve the right to charge businesses for any costs and fees Switch Pay incurs associated with such Enhanced Due Diligence. In its sole and absolute discretion, Switch Pay shall have the right to suspend or restrict access to any Account(s) or Services pending submission of such Enhanced Due Diligence. Under no circumstances shall any of the Indemnified Persons be responsible or liable for any direct or indirect losses (including loss of profits, business, or opportunities), damages, or costs suffered by businesses or any other person or entity due to any such termination, suspension, or restriction of access to any Account(s) or Services.

BY ACCESSING AND USING SWITCH PAY SERVICES, BUSINESSES REPRESENT AND WARRANT THAT THEY HAVE NOT BEEN INCLUDED IN ANY TRADE EMBARGOES OR ECONOMIC SANCTIONS LIST (SUCH AS THE UNITED NATIONS SECURITY COUNCIL SANCTIONS LIST), THE LIST OF SPECIALLY DESIGNATED NATIONALS MAINTAINED BY OFAC (THE OFFICE OF FOREIGN ASSETS CONTROL OF THE U.S. DEPARTMENT OF THE TREASURY), OR THE DENIED PERSONS OR ENTITY LIST OF THE U.S. DEPARTMENT OF COMMERCE. SWITCH PAY RESERVES THE RIGHT TO CHOOSE MARKETS AND JURISDICTIONS TO CONDUCT BUSINESS, AND MAY RESTRICT OR REFUSE, IN ITS DISCRETION, THE PROVISION OF SWITCH PAY SERVICES IN CERTAIN COUNTRIES OR REGIONS.

1.1 Switch Pay Services
1.1.1 Switch Pay will provide each User with access to its digital asset tools, which enable Users to manage their digital assets, including SWITCH Rewards. Switch Pay will never take custody or control over any Digital Rewards stored by Users. Users may use any compatible digital app or wallet provided by a third-party company that safely connects to the various blockchains supported by Switch Pay. Switch Pay is not responsible for any damage incurred through the use of such a compatible digital app or wallet provided by a third-party company. Users may be able to use these tools or other compatible wallets to send and receive Digital Rewards with other users across the supported blockchains.

Switch Pay offers Users the ability to exchange one form of currency for any other form of currency (fiat or digital) via its crypto on-ramps and off-ramps. However, Switch Pay is not a custodian.

1.1.13 On-Ramp Services
Switch Pay provides on-ramp services that enable Users to convert fiat currency to digital assets. Users will be charged a transaction fee for each conversion, which will be displayed prior to the transaction. Identity verification is required to use the on-ramp services, and transaction limits may apply based on the user’s verification level and jurisdiction.

1.1.14 Off-Ramp Services
Switch Pay provides off-ramp services that enable Users to convert digital assets to fiat currency. Users will be charged a transaction fee for each conversion, which will be displayed prior to the transaction. Identity verification is required to use the off-ramp services, and transaction limits may apply based on the user’s verification level and jurisdiction.

1.1.15 NFT Checkout Services
Switch Pay provides NFT Checkout services that enable Users to integrate NFT sales and transactions into their platforms. Users will be charged a transaction fee for each NFT sale or transfer, which will be displayed prior to the transaction. Users must ensure compliance with all applicable laws and regulations, and Switch Pay does not guarantee the value or marketability of any NFTs.

1.1.16 White-Label Services
Switch Pay provides white-label services that enable Users to customize and brand digital asset tools. Users will be charged a setup fee and an ongoing service fee, detailed in the individual contract. Users must adhere to the licensing terms and conditions, and any customization or branding changes must be approved by Switch Pay.

1.1.2 When a User creates an account with Switch Pay, the User may also have the ability to create a Rewards Wallet (defined below in Section 1.5). With the creation of the Rewards Wallet, the supported blockchain software generates a cryptographic private key and public key pair that the User must use to send and receive any digital reward supported on these blockchains. The User is solely responsible for storing and keeping secret, outside of Switch Pay’s Services, a backup of the User’s account credentials, any private key(s), passwords, and transaction information that the User maintains with the Switch Pay Services. If the User does not backup their information, the User may not be able to access their account in the event that Switch Pay discontinues some or all of the Switch Pay Services. Any digital reward a User has stored may become inaccessible if the User does not know or keep secret their keys and passwords. Switch Pay does not receive or store the User’s passwords, PIN, keys, network addresses, or transaction history. Switch Pay cannot assist the User with password or key retrieval. Any third party with knowledge of one or more of the User’s credentials (including, without limitation, a backup phrase, account identifier, password, or keys) can dispose of the digital reward.

1.1.3 For a transaction to be validated on any of the supported blockchains, any transaction through the Rewards Wallet must be confirmed and recorded in the distributed ledger associated with the respective blockchain. These blockchains are decentralized, peer-to-peer networks supported by their users, and are not owned by Switch Pay.