These are the terms and conditions you must agree to prior to using our services.
This User Agreement ("Agreement") is a contract between you and KowoPay Inc (Owners of JiveTransact) that applies to your use of the JiveTransact third-party payment processing service and any related products and services ("Service") available through JiveTransact.com ("Site").
If you do not agree to be bound by the terms and conditions of this Agreement, you may not use this Site or any of the Services.
JiveTransact reserves the right to amend this Agreement at any time by posting a revised version on this website. Except if otherwise stated, all amendments shall be effective thirty (30) days after publication on this Site. Notice of upcoming changes will be posted on our website and on notification pages posted in your JiveTransact.com account.
In this Agreement, "you" or "your" means any person or entity ("Users") using the Service. Unless otherwise stated, "KowoPay Inc ", "JiveTransact", "we" or "our" will refer collectively to KowoPay Inc Solution and Holdings, its officers, directors, agents, subsidiaries, joint ventures, employees and suppliers.
The terms of this Agreement are deemed to be part of the IO and the IO terms are deemed to be part of this Agreement. In the event of any conflict between the IO terms and these terms, those of the IO will prevail but only to the extent necessary to resolve the conflict. No other terms will apply unless agreed by both parties, placed in writing and duly executed by each party.
Both Sellers and Buyers of products and services ("Products") can use the Service. Unless otherwise stated, all provisions in this Agreement apply to both Sellers and Buyers.
You agree that any information you give to us ("User Information") will stay in our records until termination of this Agreement, for whatever reason, in which case such information will be removed from our systems and/or returned to you and/or destroyed. .
You agree that we do not need additional consent to store, use and transmit data to third parties provided that this is strictly necessary for the performance of our customer support duties as agreed and as part of due diligence for detection of money laundering and terrorist funding and subject to any Data Protection or terms agreed herein relating to the confidentiality of information.
You represent and warrant that all of the following are true of you from your entry into this Agreement until the termination of your Account:
If you are an entity other than an individual, you have the legal capacity to enter into this Agreement and perform the obligations represented within it.
If you are an individual, then you are at least 18 years of age and do not require the consent, approbation or approval of any other person or entity to conclude a contractual obligation of the type represented in this Agreement.
Your execution of and performance under this Agreement in no way violates any legal obligation of the Seller, including any agreement between or among Seller(s) and any third party(ies).
If you are a Seller, you sell through your website only Products and/or services that are available for delivery in the normal course of your business.
You offer Products and/or services for sale only if you have the legal right to market and sell such Products and/or services in all applicable jurisdictions.
You maintain the value and reputation of JiveTransact to the best of your ability.
You conduct your business affairs according to the terms and intent of this Agreement and in compliance with all applicable laws and regulations.
You do not use our Services for any activities considered fraudulent or illegal under any laws or regulations in any applicable jurisdiction.
You do not permit or authorize any other person or entity to use our Services without our written consent.
You do not permit or authorize any other person or entity to use our Services without our written consent. If you are a Seller, you have had ample opportunity to obtain legal advice regarding the legal effects of this Agreement. You can deliver your full legal name, street address, telephone number and email address by postal mail or email to your Buyer(s) and grant JiveTransact access to records of this correspondence.
You will refrain from using abusive and vulgar language with JiveTransact employees, whether through email, support ticket, blog comments or phone support. Abusive conduct will not be tolerated and will result in account termination.
2.1 Our Liability
If you have a dispute with one or more Users, you release JiveTransact from any and all claims, demands and actual/consequential damages related to your transaction(s) with said User(s) unless this results from wrongful or negligent acts attributable to us. We provide our services "as is" without any warranty or condition.
JiveTransact makes reasonable efforts to ensure that requests for electronic debits and credits involving bank accounts, credit cards and check issuances are processed promptly. We make no representations or warranties regarding the amount of time needed to complete transactions because our Service is largely dependent upon many factors outside of our control.
Under no circumstances will we be liable for any lost profits, special, incidental or consequential damages arising out of or in connection to the Site, our Service or this Agreement. Some jurisdictions do not allow the exclusion or limitation of incidental or consequential damages so the above limitation or exclusion may not apply to you. Under no circumstances shall our liability to you exceed the amount of the revenue earned from transactions carried out by you in the three months prior to the event leading to liability.
You agree to indemnify and hold JiveTransact harmless from any claim or demand, including attorneys' fees, made or incurred by any third party due to or arising out of your breach of this Agreement, by the documents it incorporates or by your violation of any law or third-party rights related to your use of the Service.
You agree that if either you or JiveTransact begin litigation or arbitration, the prevailing party is entitled to recover reasonable attorneys' fees and any other costs incurred in addition to any other relief to which the prevailing party may be entitled.
You agree to indemnify and hold JiveTransact harmless for unauthorized transactions done through JiveTransact. It is very important to contact us immediately if you believe your account has been compromised or if someone has transferred money through your account without your permission. Notifying us as soon as possible will limit your liability.
2.2 Your Liability
If you do not report unauthorized transactions in your JiveTransact account, you will be liable for any resulting damages. We will do what we can to recover the funds, but if we are unable to recover them, you will assume responsibility for the losses.
Your JiveTransact account is protected by a password. As long as you keep the password confidential, no one will be able to access the funds or information in your JiveTransact account. If a member shares their password with others or allows others to discover and use their password with the account, the account holder is giving access to the funds and information in the account and assumes all responsibility for transactions in this account.
Please note that all activities performed on your account while logged in will be assumed to be performed by the account holder. The account holder also understands that delegating authority to operate his account also amounts to ownership of any and all activities performed on his account. This includes but not limited to;
Integrations and configurations
Business registration and verification
Use of JiveTransact’s business solutions.
Note that any User must be logged in to perform business verification.
You are responsible for performing your due diligence on any Sellers with whom you plan on doing business. If you neglect to perform due diligence on a Seller and do not receive an item you paid for or receive an item that does not appear as the Seller described it, you will be liable for any resulting damages. However, if you file a transaction dispute, we will do our best to mediate a resolution that will benefit all parties involved.
Under no circumstances will you be liable for any lost profits, special, incidental or consequential damages arising out of or in connection to this Agreement. Some jurisdictions do not allow the exclusion or limitation of incidental or consequential damages so the above limitation or exclusion may not apply to us. Under no circumstances shall your liability to us exceed the amount of the revenue earned from transactions carried out by you in the three months prior to the event leading to liability.
You agree to indemnify and hold JiveTransact harmless from any claim or demand, including attorneys' fees, made or incurred by any third party due to or arising out of your breach of this Agreement.
You agree that if either you or JiveTransact begin litigation or arbitration, the prevailing party is entitled to recover reasonable attorneys' fees and any other costs incurred in addition to any other relief to which the prevailing party may be entitled.
3.0 Agency Relationship
JiveTransact provides third-party payment processing services and carries out related actions on your behalf. At all times, we hold your funds separate from our corporate funds and do not use your funds for our operating expenses or corporate purposes. We do not voluntarily make your funds available to our creditors in the event of bankruptcy or other purposes. You acknowledge that JiveTransact is not a bank and that the Service is a payment processing service rather than a banking service.
By initiating and sending payments through the Service or adding funds to your balance, you appoint JiveTransact as your agent to obtain the funds on your behalf and transfer them to the designated receiver. When you send a payment, you are the owner of those funds which JiveTransact holds as your agent. You will not be able to withdraw those funds or send the funds to any other User unless the initial transaction is cancelled.
By receiving payments through our Service, you appoint JiveTransact to hold your funds in your account until you take further action. You may allow a third party to withdraw or transfer your funds through our Site, but they will still be subject to the terms of this Agreement. If we send you a payment notification when you receive money through JiveTransact but you have not registered for the Service, you will have no claim to those funds until you register for the Service and accept the payment.
JiveTransact is a payment processor that hosts, creates, maintains and provides our Service to you online. We do not have any control over the Products that are paid for with our Service. We cannot ensure that a Buyer or a Seller will complete their transaction as we are not a party to any transaction between Users. Instead, each User agrees to use the Services of their own accord. Furthermore, JiveTransact reserves the right to correct any processing errors that may occur.
4.0 Account Information
JiveTransact encourages Users to become verified for the security of our network. We may ask our members at any time to become verified to comply with Anti-Money Laundering and Anti-Terrorist Financing Legislation. You agree to complete account verification procedures upon JiveTransact's request. If you refuse to complete account verification, your account may be suspended regardless of any or all pending or unsettled transactions.
4.2 Receiving Funds
When you receive funds in your JiveTransact account, applicable transaction fees will be deducted for that transaction.
4.3 Sending Funds
JiveTransact provides a secure medium through which to make payments online. The Seller assumes all liability for the Product being sold, and understands that the Products are purchased at your own risk. If you encounter any problems with the Seller's Products, you should contact JiveTransact immediately to assist you in resolving this problem following the Resolutions process outlined in section 5.0. Your report must be submitted on or before Ten (10) days after the purchase of the product or services.
4.3.1 Refusing Transactions
If you send money to another JiveTransact User, they automatically accept the funds; this means a User must have to return money sent to them back to the sender by initiating another fund transfer. You agree that we will not be held responsible for damages resulting from a User's refund of a transaction.
4.5 Depositing Money
You can deposit funds by bank transfer, or debit/credit card payment, and then spend your money anywhere you like while keeping your personal information confidential.
In compliance with the Money Laundering Act of 1995 and the Terrorism (Prevention) Act 2011 and Terrorism Prevention (freezing of international terrorist funds and other related measures), regulations of 2011, certain limits will be imposed on deposits into JiveTransact accounts whether verified or unverified and depending on the depositing method. To spend your money without divulging your personal information, you must select JiveTransact as the transaction gateway on the checkout page.
4.5.1 Returned Deposit
If you deposit funds by bank transfer and the amount is unpaid due to non-sufficient funds, a closed account or a stopped payment, you will be liable to pay a N2000 fee per incident. Please ensure that you provide accurate data before initiating a bank transfer.
4.6 Withdrawing Money
You have the option of withdrawing to your bank account by bank transfer or bank wire or by requesting a check. In compliance with Anti-Money Laundering and Anti-Terrorist Funding Legislation, certain limits will be imposed on withdrawals from JiveTransact accounts whether verified or unverified and depending on the withdrawal method.
4.6.1 Returned Withdrawal
If you withdraw funds by bank wire or bank transfer and the amount is returned due a closed account or unable to locate, you will be liable to pay a N2000 fee per incident as well as any other associated fees passed on by correspondent banks. Please ensure that you provide accurate data before initiating a bank transfer.
4.7 Recurring Payments
A recurring payment is a payment plan you set up with a Seller in which you allow us to process pre-authorized payments for the subscription or recurring service. If you sign up for a subscription or recurring payment, you give JiveTransact the right to process your pre-authorized payments.
4.7.1 Cancelling A Recurring Payment
If you wish to cancel a subscription, you must always cancel it from your JiveTransact account, or contact our customer support to cancel it for you. If you merely unsubscribe on a seller's website, your subscription will not be cancelled.
4.8 JiveTransact Balance
You are not required to carry a balance in your JiveTransact account. You may deposit funds at any time. However, if your JiveTransact account has a negative balance, you agree to deposit funds into your account to cover the negative balance. If you do not, we reserve the right to recover the funds by any means necessary, including the involvement of a collections or law enforcement agency.
If you do hold a balance in your account, JiveTransact will keep your funds separate from its corporate funds and will not use your funds for its operating expenses or any other corporate purposes. JiveTransact will not voluntarily make your funds available to its creditors in the event of bankruptcy.
You further understand that you will not receive interest or other earnings on the funds that JiveTransact handles as your agent and places in pooled bank accounts. In consideration for your use of the Service, you irrevocably transfer and assign to JiveTransact any ownership right that you may have in any interest that may accrue on funds held in pooled bank accounts. This assignment applies only to interest earned on your funds, and nothing in this Agreement grants JiveTransact any ownership right to the principal of the funds you maintain with JiveTransact. In addition to or instead of earning interest on pooled bank accounts, JiveTransact may receive a reduction in fees or expenses charged for banking services by the banks that hold your funds.
4.9 Credit Card Use
YoYou can use your credit card to send direct payments to other JiveTransact members or to make a payment through a Seller's website. You can also use your credit card to deposit funds, into your JiveTransact account. If you receive a refund and initially paid for the item with your credit card, your refund will be put in your JiveTransact account.
4.10 Account Security
JiveTransact implements various security measures to protect your account. With the use of your password and/or Transaction PIN, unauthorized transactions will be drastically reduced if not completely eliminated.
5.1 Transaction Disputes
Disputes between you and a Buyer must be reported through Customer Support at www.JiveTransact.com/dispute or www.JiveTransact.com/tickets. Claims must be filed within 2 days of the completed payment.
When handling a dispute, JiveTransact will take into consideration the Seller's Terms of Service to which you agreed at the time of purchase. If the service or product has not been delivered as stated, JiveTransact's policy will be used in place of the Seller's Refund Policy.
5.2 Buyer Protection Policy
When payment is made for any purchase of product and/or services by the buyer, the fund is not released to the Seller until after ten (10) days from the date the payment was made. The Buyer is expected to report any fraud within these days if there is any.
We do our best to provide protection for both the seller and the buyer alike.
Some of our dispute resolution and refund processes are summarized below. Be sure to read through before filling out our dispute resolution form.
5.2.1 Dispute Resolution
When a buyer is not satisfied with a purchase from a seller, the buyer can fill out our dispute resolution form appropriately within 2 days of the completed payment. We will do our best to mediate a fair resolution between both parties.
If the resolution results in a refund for the buyer, a refund of the total money less the already deducted charges will be made to the buyer. The already deducted charges will serve as a fine for the buyer while the seller may also be fined.
However, if the resolution does not result in a refund for the buyer, the seller is fined for the resolution.
We encourage the seller and the buyer to communicate and reach a mutually agreeable resolution. This will reduce the possibility of refunds which may result in a fine for both parties.
If a buyer has filled our dispute resolution form with respect to a transaction, the buyer and/or the seller may be required to provide some or all of the following:
Proof of physical postage/delivery, email delivery, refund and/or replaced product.
A copy of the original item description.
Return/Refund Policy applicable to the buyer at the time of purchase.
Terms and conditions agreed to by the buyer prior to purchase.
5.3 Seller Protection Policy
The Sellers are protected from unjust claim from any Buyer. If any issue is resolved in favour of the Seller, the buyer pays a fine and may be banned from using the services on JiveTransact.
5.4 Chargebacks and Associated Fees
A chargeback occurs when the debit/credit card owner contacts their debit/credit card issuer to dispute certain charges made through their credit card or bank account, depending on payment or depositing method. Any account that receives fraudulent funds or funds that have been disputed by the debit/credit card owner will be reversed. If you receive funds in your account from the debit/credit card owner's credit/debit card or bank account and the credit/debit card or ACH transaction is reversed, you agree to hold JiveTransact harmless for the reversal fee and agree to reimburse JiveTransact immediately by any means necessary. If Chargebacks exceeds 1% of transactions per month consecutively, then JiveTransact can invoke its right to terminate this contract. Chargebacks returns and reversals may lead to immediate account termination and/or a N2000 penalty fee. Furthermore, in the event of a chargeback or reversal, any JiveTransact fees (such as "receiving" fees) will not be refunded.
5.5 Funds Recovery
If another User disputes a payment made to your JiveTransact account by chargeback, JiveTransact will retrieve the funds in question. Furthermore, you authorize JiveTransact to retrieve any disputed funds to recover the lost funds. If you received the amount by check, you agree to pay the negative balance in your JiveTransact account. Otherwise, we will have to involve a collections agency in the funds recovery process. Save that in such instance you will be consulted first to give you an opportunity to present an argument in mitigation of such JiveTransact’s intended actions.
5.6 Contacting the Seller
Before filing a claim, you must contact the Seller and attempt to resolve the dispute on your own. Most disputes are solved with proper communication. If you cannot resolve the dispute this way, you can submit a ticket regarding your dispute through JiveTransact dispute form.
After you have opened a dispute, JiveTransact will send a "Contact Request" to the Seller in hopes of resolving the issue. The Buyer must respond to this email if the issue has not been resolved, otherwise the dispute will be closed. Furthermore, it is not permitted to alter either party's email reply; all information, including emails, should be included in their original format. We ask that all email communications take place using the same email address as the one used to open the dispute.
5.7 Submitting a Dispute to The Support Center
JiveTransact members may only submit one dispute per transaction. Submitting multiple disputes for a single issue may result in the closure of the dispute without resolution for the inconvenience.
If one member files a dispute against another member, JiveTransact's Support Centre will mediate the situation. JiveTransact will only intervene if there is a clear policy violation. JiveTransact's involvement and final decision protects Buyers from fraudulent Sellers and protects Sellers from false allegations of fraud.
Before filing a complaint, you should review the Seller's Refund Policy and Terms of Service. If after reviewing the Refund Policy and TOS you believe that the Seller failed to provide the Product or Service as stated and/or if you are entitled to a refund as stated by the Seller, you may file a complaint.
If your claim is justified, JiveTransact will attempt to collect funds from the Seller. Both parties agree to a binding resolution rendered by JiveTransact. JiveTransact reserves the right to limit resolution requests if the User has not done due diligence on the Seller prior to making a purchase or sending funds. Once a dispute has been closed, it cannot be re-opened or disputed again.
Before a Buyer can report a dispute, the following conditions must be satisfied:
You must register a JiveTransact account. This is because in case of refund, the refund will be paid into your JiveTransact account.
You must submit your complaint on or before 2 days after purchase of Service. Failure to do this revokes your complaint.
The complaint must include the following: Transaction Number, Email used for order, Date of the transaction, amount and payment method.
6.0 Acceptable Use Policy and Activities Not Allowed
6.1 Acceptable Use
Use of the Services is subject to this acceptable use policy ("AUP"). If not defined here, capitalized terms have the meaning stated in the applicable contract ("Agreement") between Buyer, Seller or other authorized User ("You") and JiveTransact.
You agree not to use or allow third parties or Your End Users to use the Service for the following reasons:
To generate or facilitate unsolicited bulk commercial email.
To violate or encourage the violation of the legal rights of others.
For any unlawful, invasive, infringing, defamatory or fraudulent purpose.
To intentionally distribute viruses, worms, Trojan horses, corrupted files, hoaxes or other Products of a destructive or deceptive nature.
To interfere with the use of the Services or the equipment used to provide the Services, by Buyers, Sellers or other authorized Users.
To alter, disable, interfere with or circumvent any aspect of the Services.
To test or reverse-engineer the Services to find limitations, vulnerabilities or evade filtering capabilities.
To use the Services, a component of the Services or contents of password protected pages in a manner not authorized by JiveTransact.
Your failure to comply with the AUP may result in suspension and/or termination of the Services pursuant to the Agreement.
No User or other third party is authorized to use bots, spiders or other automated information-gathering devices or programming routines to "mine" information displayed, register User accounts, perform transactions and any other activities JiveTransact considers inappropriate.
6.2. Activities Not Allowed
The sale, solicitation, offering, exchange or service of the following:
Tobacco products and related paraphernalia.
Pharmaceutical and controlled substances.
Imitation and replica clothing and accessories.
Drugs and related paraphernalia (including but not limited to research chemicals and illicit herbal incense)
Pre-adult content, such as pictures, videos, etc..., of individuals under the age of 18.
Illegal downloads or any other goods and services infringing intellectual property rights of a third party, including streaming video/audio.
Credit card protection, credit repair services, applications for financial services or loans and/or collection services.
Payment processors or any aggregation type services.
Sites that promote hatred, racism, sexism, religious persecution and/or any other prejudicial views.
Services using credit card transactions as deposits or credits, including pre-loaded debit/credit/cash/virtual cards.
Hazardous materials, combustibles and/or corrosives.
The followingactivities are also not allowed through or in relation to JiveTransact:
Infringing on any third party's copyright, patent, trademark, trade secret or other property rights or rights of publicity or privacy.
Violation of any law, statute, ordinance, contract or regulation, including but not limited to those governing financial services, consumer protection, unfair competition, anti-discrimination or false advertising.
Submission of altered verification documents.
Being misleading, false or inaccurate in respect to JiveTransact or any other User.
Any activity similar to or consisting of giving yourself a cash advance from your credit card or bank account, factoring or helping others to do so.
Any defamatory, trade libellous, unlawfully threatening or harassing statements or information.
Using JiveTransact as a virtual terminal.
Using currency exchangers or aggregation, unless approved by JiveTransact.
Transmitting personal information of other JiveTransact members to third parties.
Using the JiveTransact brand to market or advertise your product(s)/service(s) in any capacity.
Threatening legal action against JiveTransact and/or JiveTransact employees.
Furthermore, anything that directly causes us to lose or become liable for, in whole or in part, the services of our sponsoring banks, Internet Service Providers or other suppliers is not allowed. If you use or attempt to use the Service for purposes other than sending and receiving payments and managing your account, including but not limited to tampering, hacking, modifying or otherwise corrupting the security or functionality of the Service, your account will be terminated and you will be subject to damages and other penalties, including criminal prosecution if necessary.
6.3 Monetary Penalties
If you are found by a competent judicial body to be in violation of this User Agreement and all terms herein, we reserve the right to fine you a penalty of N2000
We further reserve the right to penalize any and all fraudulent or negligent Sellers for using JiveTransact as Customer Support for their business, for excessive refunds, transaction disputes, Chargebacks, complaints, excessive burden, creating liability and damaging our credibility among our members and professional partners.
6.4 Use of Other Payment Processors
Members participating in high-risk programs, such as MLMs or gambling should only send/receive payments through JiveTransact-to-JiveTransact funds transfers/payments. If members transfer funds with debit/credit cards, any disputes resulting from that effect will be manage through Chargebacks processes and the card issuers or banks policy will be adhere to. JiveTransact and Digimedia records will be used to determine the outcome of any conflict or dispute. Anti-Money Laundering guidelines and JiveTransact's fraud prevention policies require that transactions disputed through JiveTransact are limited to only the lesser of the funds sent or received through JiveTransact. Therefore, should the case arise that disputes are initiated on ingoing or outgoing funds transfers, only the lesser amount of the two will be treated as relevant to the dispute, resolution and risk management process.
7.0 Regulated Account Types And Industries
Individuals whose businesses fall under the following "Regulated" industries ARE permitted to use our services. However, accounts and industries that fall under the "Regulated" category must use a JiveTransact Business account (they must be register on our platform as a verifiable merchant account) to receive payments. Please note, some industries may be subject to higher fees than regular and other "Regulated" industries. The fees are applied at the discretion of JiveTransact but not without notice or forewarning.
7.1 Regulated Industries
Telephone service, long distance, VoIP, PC-to-phone service or SMS
Plants, seeds and/or other horticultural products.
Seminars and event tickets
Perishable and non-repackaged foods.
Police and other government identification and equipment
Body modification products, such as penis/breast enlargement
Mature toys, novelties, and paraphernalia and related Products
Multi-Level Marketing (MLM), matrix programs or online income opportunity programs
Pay-to-click, pay-to-read and any related industries
Games of skill. Gambling and sport betting fall under game of skill.
Lotteries and raffles.
7.2 Deferred Rendering of Goods and Services
Deferred Rendering of Goods and Services is defined as funds that are received from a client for services or goods to be delivered to the client at a date further than 2 calendar days after purchase. Depending on a seller's goods, services or industry, JiveTransact reserves the right to temporarily sustain an amount of transactions and/or monies until confirmation is received by virtue of client confirmation or if package delivery information can be substantiated.
8.0 Closing Accounts And Limiting Account Access
This Agreement's term will begin as soon as you accept these terms and will continue as long as you use the Site or the Services and are a JiveTransact member.
8.1 Activities Resulting In Account Limitation and Termination
JiveTransact reserves the right to limit Account access or withdrawals and the right to terminate this Agreement with no prior notice for any of the following:
Reporting unauthorized or unusual credit card or bank account use to your issuing bank or other issuing authority, including but not limited to chargebacks.
Reporting unauthorized or unusual credit card or bank account use to your issuing bank or other issuing authority, including but not limited to Chargebacks.
Abusing the reversal process by a Buyer through their bank.
Consistently failing to follow the Resolutions process before filing a complaint with their issuing bank or other issuing authority.
Initiating a reversal by a Buyer through their issuing bank or other issuing authority without first following the Resolutions process.
Initiating transactions such as cash advances or assisting cash advances.
Sending unsolicited email
Using the JiveTransact account to facilitate fraudulent activity.
Violating this User Agreement in any way.
Returning an incoming Electronic Funds Transfer due to insufficient funds in the bank account or an incorrect bank routing/institution and/or account number.
Using an anonymizing proxy.
Receiving excessive complaints from Buyers about your account, business or service.
Submitting altered verification documents.
8.2 Actions Resulting From Engagement In Restricted Or Prohibited Activities
If we have reason to believe or suspect that you have engaged or plan on engaging in any restricted or prohibited activities, we may take various actions to protect JiveTransact, other users or you from reversals, Chargebacks, claims, fees, fines, penalties and any other activity that may render JiveTransact liable.
The actions we may take include but are not limited to the following:
We may close, suspend or limit your access to your JiveTransact account (such as limiting access to any of your payment methods and/or your ability to send money, make withdrawals or remove financial Information);
We may contact buyers who have purchased goods or services from you, contact your bank or credit card issuer and/or warn other users, law enforcement or impacted third parties of your actions save that in such instance you will be notified first and given reasonable opportunity to provide us with additional detail that you deem relevant to our decision.;
We may update inaccurate information you provided us;
We may refuse to provide the JiveTransact services to you in the future;
We may hold your funds for up to 180 days if reasonably needed to protect against the reasonable risk of liability save that in such instance you will be notified first and given reasonable opportunity to provide us with additional detail that you deem relevant to our decision.;
We may at any point ask for information regarding your business, reason for you sending or receiving the payment; and
We may take legal action against you.
JiveTransact will use reasonable efforts to investigate accounts that are subject to account access limitations and to reach a final decision on said limitations. Should your account be limited, all funds will be held for a period of time until the issue is resolved. However, it may be held for a lesser period which JiveTransact will determine. By following this User Agreement, you can help protect your account from becoming limited.
9.0 Anti-Money Laundering and Counter Terrorist Financing Policy
As a worldwide financial institution, JiveTransact is fully committed to conducting due diligence on our clients and ensuring that all applicable laws and regulations necessary to forestall and prevent money laundering. These include confirming the identity of our sellers and buyers by means of:
Government-issued photo ID
Proof of residential or business address
Business registration information
Any other applicable documentation
Furthermore, we reserve the right to conduct enhanced due diligence on all clients given world-wide approved risk-based policies and as mandated by Sections 3 (6) and (7) of the Anti Money Laundering Act 2011. Please note that JiveTransact reserves the right to refuse a transaction or deny operation on a client or account at any time should suspicion arise that it may be connected to money laundering, criminal activity or any other predicate offence to money laundering. JiveTransact will not enter into any business arrangement with anyone or group suspected of or directly involved in money laundering, or where funds have been sources or ends of an illegal activity.
In the event that JiveTransact receives, during its request for documentation, deceptive documentation, contact details, business description or other false information, JiveTransact will terminate the offending account. JiveTransact is legally bound to report such misdemeanours to the relevant authorities such as the Economic & Financial Crimes Commission (EFCC) and the Special Fraud Unit (SFU), and as such the subject, business and its owners may be the subject of a criminal investigation.
Also, in the event that JiveTransact observes, in respect to any account, the occurrence of certain triggers or red-flags (Indicators) which are indicative of perpetuation of fraud, fraudulent or money laundering activities, JiveTransact will place a lien on such an account and the funds therein contained. JiveTransact is legally bound under Section 6 of the Anti Money Laundering Act 2011, to report same to the Economic & Financial Crimes Commission (EFCC) and the Nigerian Financial Intelligence Unit (NFIU).
*Indicators are observable events that point to the possibility of specific activities occurring*
Finally, JiveTransact reserves the right to:
Withhold suspected fraudulent or money laundering funds in suspected accounts
Order for full scale forensic investigations in respect of said accounts
Upon confirmation of the status of the account, deduct the costs of JiveTransact’s investigations and incidental expenses from the withheld funds in the account.
9.1 JiveTransact Counter-Terrorism Financing Statement (CTF)
As part of the information that is collected during our verification and AML procedures, JiveTransact conducts verification through world-wide databases. At the forefront, they will include compliance with EFCC (Economic & Financial Crimes Commission) requirements, as contained in the Economic and Financial Crimes Commission Act 2004, global sanctions reports and government watch lists and screening processes. At any time, due to a requirement to satisfy any of the above verification methods, a client, business entity or any of the business entity owners or affiliates may be asked a specific document or piece of information to confirm their identity or provide additional information regarding any transaction, operations or even business dealings with certain individuals, institutions and dealings in geographical locations.
Should a situation arise where the nature of the business, geographical specific regulations or account activity fall in the scope of non-compliance in any applicable law or regulation, JiveTransact will inform the client, business unit or any of the business owners or affiliates of the event and occurrence. For such instances, pre-verification and enhanced due diligence will be required prior to regaining active account status. In cases, where compliance is not achieved pursuing remediation measures, JiveTransact will see fit to terminate the account and will report the event and surroundings to the applicable law enforcement and regulatory authorities.
10.0 Additional Terms
JiveTransact's failure to enforce any provision of these terms is not an allowance of such provisions. It is JiveTransact's right to act with respect to subsequent or similar breaches and enforce such provisions.
This Agreement is governed by and interpreted under the laws of the Federal Republic of Nigeria as such laws are applied to agreements entered into and to be performed entirely within the Federal Republic of Nigeria.
The parties hereto agree that this agreement is drafted and executed in the English language. In the event that any indemnification applies in this Agreement then The indemnified party shall notify the indemnifying party of any such loss or claim and expense as soon as it first arises to give the indemnifying party opportunity to mitigate its own potential exposure which will include giving the indemnifying party sole right to conduct and/or settle (on terms approved by the indemnified party, such approval not to be unreasonably withheld or delayed) all negotiations and/or the claim, all costs incurred or recovered in such negotiations or claim being for the indemnifying party’s account and the indemnified party shall take all reasonable steps to prevent further loss or to mitigate loss or damage already occurred, but the indemnified party shall not, without the consent of the indemnifying party, take any steps to compromise or settle the claim.
Account Limitation: An account status in which a User has limited or no access to the Services pending an investigation. This status can be either temporary or permanent depending on the individual circumstances.
Attestation: A form certifying a person's identity by signature or oath in an official capacity.
Bank Deposit Code: A Bank Deposit Code is created once a member completes a bank deposit. Bank Deposit Codes are issued to all bank accounts outside of United States and Canada. This code is required when the member visits their bank and must be included in the "Details" or "Reference" area of the bank transfer. No information other than the Bank Deposit Code should be entered in the "Details" or "Reference" area of the bank transaction. A missing Bank Deposit Code may cause delays in completing the transaction.
BIC: Bank Identification Code.
Business Tools: A set of functions available to account holders, including Instant Payment Notifications, "Buy/Subscribe Now" buttons and numerous email associations.
"Buy Now" Button: A button a seller can integrate into their website allowing their customers to sign up for a JiveTransact account or make an instant payment.
Chargeback: A function a JiveTransact member may initiate through their credit card issuer to reverse a credit card payment. This action will result in an account suspension as we are charged for every chargeback initiated by a member.
CVC: See CVV.
CVV: Credit Card Verification Value; A 3 - 4 digit code on either the front or back of your credit card. This code is an extra layer of security necessary for "Card-Not-Present" transactions.
CSV: Comma-Separated Values; A file format necessary for data import and/or export to and from JiveTransact.
DBA: oing Business As; A statement permitting a Seller to operate a JiveTransact account under a company name.
Deposit: A function with which a JiveTransact member can deposit money into their account by bank transfer, bank wire, money order, certified check or cashier's check.
Due Diligence: Time and effort all members are expected to spend on researching the reliability, credibility and ethics of individuals and/or businesses with which they plan on doing business. Members should contact these people or companies to establish a rapport and/or read blogs, reviews, brochures and other material and use their best judgment before doing business with them.
E-Commerce: A general business category encompassing most internet-based financial and commercial services.
EFT: Electronic Funds Transfer; bank transfers and bank wires.
Email Validation: Before a member can login to their JiveTransact account, they must click the link in the validation email.
NUBAN: Nigerian Uniform Bank Account Number
IPN: Instant Payment Notification.
Mass Pay: A "Send Money" feature that can be used to pay several people or a large group at one time. This is a fast and effective tool for members who make weekly pay-outs such as commissions or referral payments.
Member: An JiveTransact customer with an active JiveTransact account.
MLM: Multi-Level Marketing.
Password: An alpha-numeric code each JiveTransact member will create to log into their account.
Payment Processing: A general business category including third-party electronic payment solutions.
Proxy Server: In computer networks, a proxy server is a server (a computer system or an application program) that services the requests of its clients by forwarding requests to other servers. Members who try to access their JiveTransact account through a proxy server will be denied access. They must contact their Internet Service Provider to disable their proxy server.
Transaction/Reference Number: A 15 digit alpha-numeric code assigned to every transaction. The member can find their reference number by clicking on the status of the transaction in their JiveTransact account.
Regulated: This applies to business types that carry extra risk resulting in a higher possibility of chargebacks. Also applies to an account status in which a User's access to the Services are limited.
Screen Shot: Our security code provides a way of authenticating that the data was sent by JiveTransact. You create your security code and it is immediately encrypted so only you know the code you entered. Your security code will not change unless you enter a new code to be encrypted. You can make this change at any time by going to IPN Setup.
Security Code: Our security code provides a way of authenticating that the data was sent by JiveTransact. You create your security code and it is immediately encrypted so only you know the code you entered. Your security code will not change unless you enter a new code to be encrypted. You can make this change at any time by going to IPN Setup.
Send Money: A function that enables a member to send funds to another member using only their email. If the receiver does not have a JiveTransact account, they will be invited by email to create one.
"Subscribe Now" Button: A function a seller can integrate into their website which allows their customers to sign up for a paid subscription through us.
Transaction PIN: A numeric code a member creates opening an JiveTransact account. Much like a debit/credit card PIN, a member will not be able to complete a transaction without entering this PIN correctly. Members may also have to answer two security questions when creating their PIN and will have to answer those questions correctly to reset it. The answers to the security questions are case-sensitive.
User: A person who uses our services; same as "Member". Generally, this term refers to someone who "uses" computers and the Internet.
Verification: Account verification identifies the member as part of a Know Your Customer (KYC) policy. Verification is important for the JiveTransact network as it enhances security and helps to protect our members against fraud.
Withdraw: A function in which an JiveTransact member can transfer funds out of their JiveTransact account by bank transfer, bank wire or check.
The Merchant hereby agrees that all details provided on his JiveTransact account are up-to-date and shall be regularly updated as soon as it is clear that those details are no longer valid.
It shall be the merchant’s responsibility to ensure that only authorised transactions are performed by his/her customers/clients on the channels provided.
In the incident of chargebacks resulting from fraudulent or unauthorised card usage, the Merchant hereby agree to take responsibility, and grants JiveTransact the authority to effect such chargeback on his or her account as due.
Where the funds are no longer available in the Merchant’s JiveTransact account, the Merchant shall fund the account or ensure availability of such funds within 48 hours of notification via details provided on the Merchant’s account. This shall include email, SMS or other official communication.
All charge backs incurred by JiveTransact on behalf of the Merchant shall be transferred to the merchant in the incidences of card fraud, unauthorised card transactions and other unethical card usage.
The merchant agrees to exempt JiveTransact of all losses or gains that may arise from exchange rate conversions on chargebacks.
Where it is found that the merchant promotes, encourages, incites or stimulates the inappropriate use of the services provided by JiveTransact, The Company reserves the right to suspend, block, ban or limit the services rendered to such account.
A merchant shall provide as at when requested, details of customers who use JiveTransact via his/her platform, website or app.WhileJiveTransact shall ensure that adequate security measures are provided in processing transactions on behalf of the customer, this shall not constitute an exemption for the merchant from ensuring that adequate security measures and protocols are provided in ensuring the integrity of transactions performed through his/her platform.
The merchant understands that JiveTransact’s services are provided in goodwill and agrees to ensure fair usage of the services provided by JiveTransact and will not engage in unethical/unfair usage of the said services. This shall include but not limited to spamming, fraudulent activities, scamming, and other practices which may put the image or reputation of JiveTransact or its partners into disrepute.