Legal | ALFAcoins payment processor

MERCHANT SERVICES AGREEMENT

This merchant services agreement (“Agreement”) is a legal and binding agreement between the Merchant and ALFAcoins. ALFAcoins may change or replace the Agreement at any time by written notiﬁcation, which may be provided through the Website.

When applying for merchant services through our online application process or otherwise, by clicking the “agree to terms” button at the end of this agreement or by using the services defined below, you acknowledge that you have read and agree to be bound by (and that your company will be bound by) all terms and conditions of this agreement and all documents incorporated by reference. If you do not agree to be bound by the terms of this agreement, click the “decline” button at the end of this agreement and do not use our services.

In order to complete your application process you must sign and send us a copy of Notification, before your first payment request, providing all necessary information. The Merchant’s signatory on this Notification personally warrants that he or she is duly authorized to sign the Agreement on behalf of the party he or she is representing.

Terms and Definitions

The following terms used in the Agreement shall have the meanings set forth in this section:

“Agreement”	The present merchant agreement;
“User”	Any customer of the Merchant that uses the ALFAcoins payment gateway;
“Cryptocurrency”	Bitcoin, Litecoin and Ethereum, digital (crypto-) currency, distributed among users of such currency with neither intermediary nor central authority;
“Deal”	The purchase agreement or services agreement concluded between the Merchant and the User;
“Merchant”	A company or a person who wishes to accept Cryptocurrency as payment for goods and services;
“Fiat currency”	Currency that local governments have declared to be legal tender;
“Parties”	ALFAcoins and the Merchant;
“Report”	A statement submitted by ALFAcoins to the Merchant containing all necessary information about Deals and ALFAcoins fees;
“Reporting period”	A calendar month of the year;
“Transaction”	The transfer of a certain amount of Cryptocurrency from the User’s address (wallet) to ALFAcoins’s electronic address (wallet) which is confirmed by the Cryptocurrency nodes;
“Website”	Collection of information, texts, graphic elements, design, pictures, photos, videos and other intellectual property, as well as the software in the information system available over the Internet at network address https://www.alfacoins.com/.

The remaining terms and definitions in the text of the Agreement are interpreted by the Parties according to the current regulations and common rules of interpretation of terms accepted by the Cryptocurrency community.
The headings (of articles) of the Agreement are for convenience only and shall not affect the meaning or interpretation of the Agreement.

Subject of the Agreement
1. ALFAcoins agrees to act on behalf of the Merchant and to accept Cryptocurrency payments from the Users for consideration (service fees).
2. The Merchant agrees to provide ALFAcoins with information specified in para. 3.1.1 – 3.1.3. of the Agreement that is necessary for ALFAcoins to fulfill its obligations under the Agreement.
3. In order to ensure the fulfillment of obligations specified in para. 2.1 of the Agreement, ALFAcoins provides a personal account to the Merchant on its Website. The personal account includes a webpage that contains records of completed and ongoing Transactions and has electronic facilities that enable ALFAcoins to fulfill its obligations under the Agreement.
4. ALFAcoins is not a financial intermediary and does not perform any operation subject to licensing requirements.
5. Issues concerning delivery of goods or services to the User do not fall under the scope of the Agreement.
Cooperation
1. The Merchant sends an invoice to ALFAcoins for the Deal via ALFAcoins’ payment gateway integrated into the Merchant’s website. The invoice for the Deal contains:
  1. a number assigned to the Deal;
  2. a short description of the Deal;
  3. the price of the Deal.
2. ALFAcoins processes the invoice for the Deal using its electronic facilities as follows:
  1. Assigns a number to the invoice;
  2. Creates a new electronic address (wallet) to accept the Cryptocurrency payment from the User;
  3. Defines the amount of the Crytocurrency that the User shall transfer in order to start the Transaction. The amount of Cryptocurrency payment is calculated considering the price of the Deal and the rate at which Cryptocurrency is exchanged for the Fiat currency;
  4. Converts the amount of the Cryptocurrency payment into the Fiat currency under the User’s order and accepts the converted sum as the payment for the Deal;
3. ALFAcoins controls the Transaction and defines the Transaction status in relation to the actions of the Users and the confirmations of the Cryptocurrency nodes. The Transaction may be assigned with statuses specified on the Website. The Parties agree that the User is considered to have performed the obligations under the Deal once the Transaction gains the status COMPLETE which means that the Transaction has been confirmed by six or more Cryptocurrency nodes.
4. The individual webpage that the Merchant has access to keeps records of any changes in the Transaction statuses.
5. ALFAcoins records the User’s payment in the Fiat currency specified in the invoice for the Deal with a due consideration of Article 5 of the Agreement.
Reports
1. ALFAcoins submits to the Merchant a Report within 10 (ten) working days after the end of the reporting period.
2. The Report refers to the obligations fulfilled by ALFAcoins during the reporting period, the payment amount for the Merchant and ALFAcoins's service fees.
Financial terms
1. ALFAcoins pays the Merchant the price of the Deal agreed to by the Parties in the Report out of the amount paid to ALFAcoins by the Users. ALFAcoins makes the payment upon the Merchant’s request within 2 (two) banking days, considering banking details of the Merchant mentioned in the Merchant’s personal account. Any banking service fees shall be charged to the Merchant.
2. The Merchant is entitled to make a payment request once the relevant Transaction gains the Transaction status COMPLETE. If such payment has occurred within the reporting period before the Report is submitted, the Report shall subsequently refer to the payment.
3. As consideration for the services rendered by ALFAcoins, the Merchant agrees to pay the applicable ALFAcoins service fees set forth on the Website or in the Merchant’s personal account. ALFAcoins may adjust service fees from time to time by publishing written notice on the Website or by notifying the Merchant via their personal account. If the Merchant does not terminate the Agreement, they shall be deemed to have accepted the service fees change.
4. ALFAcoins withdraws service fees defined in para. 5.3 of the Agreement from the payment amount according to para. 5.1 of the Agreement; OR ALFAcoins withdraws the service fees defined in para. 5.3 of the Agreement from the User during the Transaction by adding the amount of the service fees to the sum specified in para. 3.2.3 of the Agreement.
5. ALFAcoins reserves the right to impose processing limits on the Merchant. These limits may apply to the total value of transactions within a certain period of time.
6. The Merchant has the right to issue a refund to the User through the ALFAcoins payment gateway. The amount of cryptocurrency returned should be refunded at the current exchange rate at the time of the refund for the Fiat currency value of the initial transaction. If the Merchant does not have sufficient funds in its personal account for a refund, ALFAcoins may require them to deposit funds into their account to cover the refund to the User. Any required currency conversion during the refund process will be calculated at a rate determined by ALFAcoins.
Rights, Obligations, Warranties
1. The Parties agree that unless the Merchant submits a payment request to ALFAcoins according to para. 5.1-5.2 of the Agreement, ALFAcoins will keep the Merchant’s money without charging any commission or allowing any interest regardless of the length of the period between two payment requests.
2. The Parties understand that the Transaction gains the Transaction status which entitles the Merchant to submit a payment request to ALFAcoins according to para. 5.1 of the Agreement by virtue of the actions of third parties and the confirmation process of the Cryptocurrency nodes. These actions of the third parties are out of the control of the Parties. ALFAcoins does not assume any legal liability or responsibility for damages or losses caused by slow speed of Cryptocurrency payments processing.
3. ALFAcoins assumes the risk of inaccurate definition of exchange rates under para. 3.2.3 of the Agreement, or any fluctuation of exchange rate defined by a third party. Any operation that ALFAcoins performs with the Cryptocurrency is made on behalf of ALFAcoins and its corporate account; the Merchant has neither rights nor obligations under such operations.
4. The Merchant is obliged to provide ALFAcoins with actual and accurate banking details and bears any risk resulting from providing ALFAcoins with inaccurate banking details and information.
5. If the Merchant fails to provide ALFAcoins with actual and accurate banking details, the Merchant pays ALFAcoins a daily penalty of 0.01% of the sum due to pay to the Merchant using these banking details for the entire period that ALFAcoins has not been provided with the accurate banking details and other information. If ALFAcoins makes a payment according to inaccurate banking details and the payment is returned to ALFAcoins, the penalty in question is to be charged on the sum of the returned payment.
6. The Parties agree that any information transferred by each of the Parties to the other in the course of performance under the Agreement shall be confidential information. The Parties agree that they will not share, discuss the content, provide copies, publish or disclose in any other form to third parties the confidential information without prior written consent of the other Party.
7. ALFAcoins does not assume any legal liability for disputes between the User and the Merchant concerning delivery and return of goods (services) under the Deal.
8. For the duration and strictly for the purpose of the Agreement, ALFAcoins grants the Merchant a personal, limited, revocable worldwide, royalty-free, non-transferable license to use the intellectual property rights of ALFAcoins in and through the ALFAcoins payment gateway, without the right to sublicense. Nothing contained in the Agreement should be construed as granting, by implication, estoppel, or otherwise, any license or right to use any of the content on the Website without the prior written permission of ALFAcoins.
9. The Merchant agrees that ALFAcoins may publish information such as company name, logo or a short description of the business on the Website and affiliate sites for marketing and promotional purposes.
Dispute Resolution
1. The Parties shall undertake all reasonable measures to resolve any disputes through negotiation. The claiming Party shall send a message with their claim to the authorized e-mail address of the other Party. The responding Party shall reply to the claiming party within 15 (fifteen) working days upon the receipt of the message.
Security measures
1. If the Administrator has the grounds to suppose that the User is willing to commit a Suspicious transaction the Administrator may at its discretion:
  1. refuse to render the Services upon certain Order;
  2. request additional information proving legitimate character of the operation;
  3. block access of the User to the Personal account;
  4. terminate the Terms without the prior notice of the User.
2. With respect to the recommendations of the Financial Action Task Force (FATF) the Administrator will not render Services to the Users – citizens or residents of the following states:
  1. Islamic Republic of Iran;
  2. Democratic People's Republic of Korea;
  3. the United States of America.