Introduction
Welcome to ParlyPay! These Terms and Conditions (“Terms”) govern your access to and use of our services, including remittances, FX currency conversion, installment payments, virtual currency cards, and subscription payments (collectively, the “Services”). By using ParlyPay, you agree to be bound by these Terms. Please read them carefully.
1. Definitions
ParlyPay: The cross-border payment platform provided by Mysparklite LLC.
User: Any individual or business that uses the services.
Remittance: The transfer of money from one party to another.
FX Currency Conversion: The service of converting one currency to another.
Installment Payments: Payments made in regular intervals over a specified period.
Virtual Currency Card: A digital card issued in USD, GBP, or EUR for online transactions.
Subscription Payment: Regular automatic payments for recurring services.
AML: anti-money laundering.
2. Liability for Losses
2.1Loss Liability
ParlyPay shall not be held liable for financial losses incurred by businesses (“Sellers”) or individuals (“Buyers”) that arise from actions beyond its reasonable control. Users (Sellers and Buyers) are expected to take proactive steps to mitigate potential losses.
2.1.1 Liability and User Responsibility
- Users are solely responsible for ensuring the legitimacy of their transactions and counterparties. Parlypay does not mediate disputes beyond providing transaction records and compliance with legal requirements.
- If a user engages in any fraudulent activities, they agree to indemnify and hold Parlypay harmless from any resulting claims, losses, or legal actions.
- Users acknowledge that Parlypay may, at its sole discretion, freeze or terminate accounts linked to suspicious activities without prior notice.
2.2 Account Reserves
ParlyPay reserves the right to hold reserves on accounts to address potential liabilities, including negative balances or anticipated losses. Users acknowledge that such reserves are intended as precautionary measures and do not constitute punitive action.
2.3 Account Balance Responsibility
Users are responsible for maintaining sufficient balances in their accounts to meet obligations. ParlyPay reserves the right to offset negative balances by utilizing available funds in the user’s account.
3. Onboarding and Compliance
3.1 User Review
All Sellers and Buyers must undergo an onboarding process to verify their identity, eligibility, and compliance with applicable laws. ParlyPay reserves the right to deny access to users involved in restricted business activities, selling prohibited products, or engaging in unlawful transactions.
3.1.1 Eligibility Criteria
To use Parlypay, you must meet the following eligibility requirements:
- Be a corporate business entity or an individual remote gig worker operating in a jurisdiction where Parlypay is legally permitted to provide services.
- Be at least 18 years of age or the legal age of majority in your jurisdiction.
- Provide accurate and verifiable information during registration, including valid government-issued identification and business registration documents (if applicable).
- Not be listed on any government or international sanctions or watch lists.
- Use the platform solely for lawful purposes, without engaging in any prohibited activities such as money laundering, terrorism financing, or fraud.
3.2 Compliance Requirements
Users must provide accurate, complete, and truthful information during the onboarding process. ParlyPay may request additional documentation to ensure ongoing compliance with applicable policies and regulations.
3.2.1 Prohibited Activities
Users agree not to engage in any fraudulent or abusive activities, including but not limited to:
Excessive Chargebacks:
Users who repeatedly initiate chargebacks without valid grounds may have their accounts flagged for fraudulent behavior and be subject to penalties, including account suspension or termination.
Fake or Abusive Refund Requests:
Users attempting to obtain refunds after receiving goods or services without valid justification will be liable for penalties, including potential legal action.
Dispute Escalation Trends:
Users exhibiting a high frequency of disputes relative to their transaction volume will be subject to review. Parlypay reserves the right to impose restrictions, hold funds, or terminate accounts associated with excessive disputes.
Seller Abuse:
Users engaging in fraudulent seller practices, such as withholding funds, making fake non-delivery claims, or engaging in deceptive practices, will be permanently banned from the platform.
3.3 Compliance with Local and International Regulations
Parlypay operates under stringent compliance with local and international regulations, including but not limited to:
- Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) laws.
- Financial Crimes Enforcement Network (FinCEN) requirements for Money Service Businesses (MSBs).
- Central Bank of Nigeria (CBN) licensing and other relevant regulatory frameworks in jurisdictions where Parlypay operates.
By using Parlypay, you agree to:
- Adhere to all applicable local and international laws governing cross-border payments and money transfers.
- Provide all necessary documentation for compliance with Know Your Customer (KYC) and verification processes.
- Avoid any misuse of the platform for illegal activities.
4. Risk Monitoring and Detection
4.1 Ongoing Risk Monitoring
ParlyPay employs advanced monitoring systems to detect unusual activity or transactions indicative of potential losses or fraud across both Seller and Buyer accounts.
4.2 Risk Alerts and Actions
When risk indicators are identified, ParlyPay may suspend, restrict, or take other appropriate action on affected accounts to minimize exposure to losses or fraudulent activities.
5. Risk Mitigation Actions
5.1 Use of Risk Management Tools
ParlyPay, at its discretion, will utilize available tools and methodologies to mitigate risks. These actions aim to balance loss prevention with minimal disruption to Sellers and Buyers.
5.2 Proportionality in Action
Efforts to manage risk will prioritize proportionality, ensuring measures are appropriate to the level of identified risk. However, ParlyPay disclaims liability for disruptions caused by necessary actions to safeguard platform integrity.
6. Communication Regarding Risk Actions
6.1 Notification of Actions
Sellers and Buyers will be notified promptly if their accounts are subject to restrictions or other actions due to risk-related concerns or fraud prevention measures.
6.2 Explanation and Next Steps
ParlyPay will provide an explanation of the reasons behind such actions and outline the necessary steps for the affected party to address the identified issues.
7. Remediation and Resolution
7.1 Information Provision
Users agree to furnish all requested information to facilitate remediation efforts, allowing ParlyPay to restore account functionality or compliance status.
7.2 Timely Support
ParlyPay is committed to supporting users in resolving issues promptly, provided users actively cooperate and fulfill their obligations during the remediation process.
8. Support for Payment and Risk Inquiries
8.1 Dedicated User Support
ParlyPay will provide dedicated support channels to address inquiries from Sellers and Buyers regarding payments, account status, or risk management.
8.2 Education on Risk Processes
Users will receive guidance and educational resources regarding ParlyPay’s risk management processes, including how to avoid potential risks and achieve compliance.
8.3 Exclusion of Liability
ParlyPay’s support and guidance do not constitute legal or financial advice. Sellers and Buyers remain independently responsible for their own compliance, financial management, and adherence to applicable laws. Users agree to indemnify and hold ParlyPay, its affiliates, and partners harmless from any claims, liabilities, or damages arising from the misuse of the Parlypay platform or violations of these Terms and Conditions.
9. Services
9.1 Remittances
9.1.1 Service Description: ParlyPay allows users to send and receive money across borders.
391.2 User Obligations: You must provide accurate and complete information for both the sender and receiver. ParlyPay is not responsible for delays or losses due to incorrect information.
9.1.3 Fees: Fees for remittances will be disclosed prior to the transaction. You agree to pay all applicable fees.
9.1.4 Processing Time: The time required for processing remittances may vary based on the destination country and method of transfer.
9.1.5 Limits: ParlyPay may impose limits on the amount and frequency of remittances.
9.2 FX Currency Conversion
9.2.1 Service Description: ParlyPay offers currency conversion services at competitive exchange rates.
9.2.2 Exchange Rates: The rates are subject to change and will be confirmed at the time of the transaction.
9.2.3 User Obligations: You must ensure the accuracy of the amount and currency before confirming a transaction.
9.2.4 Fees: Currency conversion fees will be disclosed prior to the transaction.
9.2.5 Processing Time: The time required for processing currency conversions may vary.
9.3 Installment Payments
9.3.1 Service Description: Users can opt for installment payments for certain transactions.
9.3.2 Terms of Installment: The terms, including the schedule and interest rates, will be disclosed at the time of the transaction.
9.3.3 User Obligations: You must comply with the installment schedule and make timely payments.
9.3.4 Fees: Installment payment fees, including any interest, will be disclosed prior to the transaction.
9.3.5 Default: Failure to make timely payments may result in additional fees and suspension of your account.
9.4 Virtual Currency Cards
9.4.1 Service Description: ParlyPay provides virtual cards in USD, GBP, and EUR for online transactions.
9.4.2 User Obligations: You must ensure the security of your virtual card information.
9.4.3 Fees: Fees for issuing and using virtual cards will be disclosed prior to the transaction.
9.4.4 Usage Limits: ParlyPay may impose limits on the usage of virtual cards.
9.4.5 Expiration and Renewal: Virtual cards may have expiration dates and renewal policies that will be disclosed at the time of issuance.
9.5 Subscription Payments
9.5.1 Service Description: Users can set up recurring payments for services and subscriptions.
9.5.2 User Obligations: You must ensure sufficient funds are available for each recurring payment.
9.5.3 Fees: Fees for setting up and managing subscription payments will be disclosed prior to the transaction.
9.5.4 Management and Cancellation: You can manage and cancel your subscriptions through your ParlyPay account.
9.5.5 Automatic Renewal: Subscription payments will automatically renew unless cancelled by you.
10. User Obligations
10.1 Eligibility: To use the services, you must be at least 18 years old and capable of entering into a legally binding agreement.
10.2 Account Security: You are responsible for maintaining the confidentiality of your account information, including your password. Notify us immediately of any unauthorised use of your account.
10.3 Accurate Information: You must provide accurate and complete information when using our services. You are responsible for updating any changes to your information promptly.
11. Fees and Charges
ParlyPay may charge fees for certain transactions. The fees will be disclosed prior to the completion of the transaction. You are responsible for any fees incurred.
12. Anti-Money Laundering (AML) Compliance
12.1 User Verification: We comply with AML regulations and may require users to verify their identity. This may include providing government-issued identification and other documentation.
12.2 Transaction Monitoring: ParlyPay monitors transactions for suspicious activity. We may suspend or terminate accounts and report suspicious activities to relevant authorities.
12.3 Record Keeping: We maintain records of transactions as required by AML laws. These records may be used for compliance purposes and may be disclosed to authorities as necessary.
Your privacy is important to us. Please review our privacy policy to understand how we collect, use, and protect your information.
13. Limitation of Liability
ParlyPay is not liable for any indirect, incidental, special, or consequential damages arising from your use of the Services. Our total liability for any claim arising out of or relating to these Terms or the Services shall not exceed the amount you paid us to use the Services.
14. Termination
We may terminate or suspend your account and access to the Services at any time, without prior notice or liability, for any reason, including if you breach these Terms
15. Dispute Resolution
Any disputes arising out of or relating to these Terms or the Services shall be resolved through binding arbitration in accordance with the rules of the relevant arbitration body.
16. Governing Law
These Terms shall be governed by and construed in accordance with the laws of the jurisdiction in which ParlyPay is established, without regard to its conflict of law principles.
17. Amendments
We may amend these Terms at any time by posting the amended Terms on our website. Your continued use of the services constitutes your acceptance of the amended terms.
18. Contact Us
If you have any questions about these terms, please contact us at hello@parlypay.com.