Ivy Pay Usage Terms
This Ivy Pay Usage Terms (“Terms”) is a legal agreement between you (“you”), the entity or person who obtains payment processing services offered in the Ivy Pay app and platform (“Services”), and I V Y Labs, Inc. (“Ivy”). The Terms details the terms and conditions that apply to your use of the Services.
Your use of Services constitutes your agreement to Terms. You may not access or use any Services unless you agree to abide by all the terms and conditions of these Terms.
Ivy offers payment processing services through its Ivy Pay app and platform and is a Payment Services Provider (“PSP”), not a bank, money transmitter, or Money Services Business (“MSB”) and we do not offer banking or MSB services as defined by the Unites States Department of Treasury.
If you are sole proprietor, you affirm that you are personally responsible and liable for your use of the Services. If you are the person representing your legal entity (“Representative”), you agree that you are authorized to provide required information on the legal entity’s behalf.
Ivy provides Services and access to an Ivy Pay app to only businesses that Ivy deems eligible for Services.
To help the government fight financial crime, Federal regulation requires certain financial institutions including PSPs to obtain, verify, and record information about the beneficial owners of certain legal entity customers. Federal regulation also requires certain financial entities including PSPs to comply with the Payment Card Industry Data Security Standards (“PCI-DSS”) and when applicable the Payment Application Data Security Standards (“PA-DSS”), collectively “PCI Standards”. Legal entities can be abused to disguise involvement in terrorist financing, money laundering, tax evasion, corruption, fraud and other financial crimes. Requiring the disclosure of key individuals who own, control or represent a legal entity (i.e., Representative, Beneficial Owner(s) and the Control Owner) helps law enforcement investigate and prosecute these crimes. PSPs must collect all required beneficial ownership information from you in accordance with FinCEN’s Beneficial Ownership Rule. Upon Ivy’s request, you agree to promptly provide Ivy with information required to comply with Federal regulations under this paragraph.
In order to be eligible for Services, you or your Representative must provide Ivy with accurate and complete information including your business name, address, email, phone number, tax identification, nature of your business or activities and certain other information about you or your legal entity that Ivy requires.
Ivy requires additional information to identify each person or Representative, including the name, street address, telephone number, Social Security, date of birth and government-issued identification about your beneficial officers, principals and Representatives.
Until you have submitted this required information, and Ivy has approved, your Ivy Pay app and Services will be furnished to you on a preliminary basis.
You agree to provide Ivy with supplemental documentation upon request. Ivy may require additional information from you to verify beneficial ownership or control of the business, validate information you provided, verify you or your Representative’s identity, and assess the risk associated with your business. This additional information may include but is not limited to: articles of incorporation, passports, driver’s license, business license, business invoices, copies of government-issued identification, or other information related to your business, its beneficial owners, principals or representatives. Ivy may require you to provide a personal or company guarantee.
You agree that the identity information provided is complete and accurate to the best of your knowledge and authorize Ivy, directly or through third parties, to make inquiries or verify that this information is accurate (for example, through social media or third party databases). You specifically authorize Ivy to request a consumer report that contains your name and address.
In order to use Services, you must provide Ivy with an accurate email address and a self-selected password. You are responsible for maintaining the secrecy and security of your Account access credentials and for any use of or action taken under them.
In order to settle the payments you have accepted to your bank account or other instrument while using Services, you must provide to Ivy identity and settlement information (such as your bank account information). If you do not provide identity and settlement information, you will not be able to accept additional payments, and unless you provide identity and settlement information promptly, the Bank will refund to your payers all of the payments you have accepted. Finally, if at any time Ivy is unable to verify that the identity information you provided is correct and up-to-date, then, unless you provide verifiable information promptly, (a) Ivy will disable your access to Services so that you cannot accept additional payments, and (b) the Bank will refund to your payers all of the payments that you have accepted but not settled. Neither the Bank nor Ivy will have any liability to you for your inability to accept payments or for refunds.
You acknowledge that information Ivy you provide and which collects from you may affect our assessment of your overall risk of your business. You acknowledge that such information may lead to suspension or termination of your Services. Ivy may periodically update your information as part of Ivy’s underwriting criteria and risk analysis procedures. Failure to provide required information promptly may result in suspension or termination of your Services. Ivy may terminate access to Services at any time for any reason.
If you have any questions about these Terms or the Services, please contact Ivy at firstname.lastname@example.org
Last Revised: January 1, 2018