Effective Date: May 20, 2018
These terms and conditions (“Terms“) constitute a binding agreement (“Agreement“) between Echo Industries GmbH, a limited liability company established under German law (“Echo Industries“, “Us“, “Our” or “We“) with its product “Payger” (“Payger“) and the person, persons, or entity (“You“, “User“, “Your” or “Yourself“) using the service, website, software or application of Echo Industries (“Payger Software“).
Any use of the Payger Software is deemed as Your acceptance of Our Terms, and all applicable laws and regulations. If You do not agree with this You are prohibited from using or accessing the Payger Software and Your only recourse is to stop using the Payger Software. These Terms may be modified and amended from time to time, so You should check them each time You use the Payger Software. Please read the Section on Key Definitions to see the definitions of any terms that might confuse You.
3. Key Definitions
The following terminology applies to these Terms and any and all other agreements between You and Us:
● “Website” means the internet website Payger.com.
● “Party” refers to either You or Us.
● Each of “Digital Asset“, “coin,” “virtual currency,” “cryptocurrency,” “altcoin,” “crypto,” and “token” refer to Blockchain- based software ledger data entries.
● “Funds” means ONLY Digital Asset and/or NOT Legal/Fiat currencies such as U.S. Dollar ($) or Euro (€).
● Each of “Payger Account” and “Payger ID” means a user account accessible via the Payger Services where cryptocurrencies may be stored in a Payger Wallet by the user. The “Payger Account” contains the Payger Wallet, settings section and Account setup section.
● “External Account” means any cryptocurrency Account or Digital Asset Account:
a. from which You may load Funds into Your Payger Account, and
b. to which You may push Funds from Your Payger Account.
● “Blockchain Wallet” means an alphanumeric character sequence (may be stored for use in a wallet software, stored inside a file or printed on paper) containing the Public Keys and also the secret Private Keys. The Public Key is your “Funds receiving Address” and is not secret. The Private Key is the secret of the User and is the one and the only reference to the enrolment of the Users Funds inside the Blockchain. The Private Key is also used for Authorisation of sending Funds to another Public Key (Address).
● “Blockchain Explorer” means a software enabling the user to read and analyze the transactions written inside the blocks of a public ledger blockchain.
● “Blockchain” means a decentralized public ledger which runs on geographically distributed computers connected “peer to peer”. The public ledger consists of consecutive data blocks signed by hashes. Each block contains the hash (SHA 256) of its predecessor, making it impossible to alter any of the generated block afterwards.
● “BitShares Decentralized Exchange” means a “Digital Asset” exchange which runs as a distributed application “Exchange” on geographically distributed computers connected “Peer to peer” using the “BitShares Blockchain”. The BitShares blockchain provides a high-performance decentralized exchange, with all the features You would expect in a trading platform. Decentralization gives the BitShares Blockchain robustness against failure. In a decentralized system, any attack or failure impacts only a single user and their funds. More info at www.bitshareshub.io
● “Payger Services” or “Our Services” means providing and maintaining of the Software running at Payger.com. Operating the Payger User registration process, operating customer service, updating the Payger software for security, developing new Software Features (such as new Digital Assets) keeping the Payger Software competitive and secure.
● “Payger Wallet” means a registered Payger User owns a Payger Wallet to store his/her Digital Assets. Compared to an “Blockchain Wallet“, the Public Address is represented by a User Name which is standard on BitShares. The Private Key is stored inside a encrypted Vault and is only accessible by the Payger User. For security reasons Payger registers a random User Name on the BitShares Blockchain and links the “Blockchain Wallet” to the “Payger-ID”.
● “Pair Info” means the digital assets involved with your actions. E.g. you exchange BTC to BTS , BTC:BTS is your pair info.
● “Payger User” means a registered Person or Company which has passed the registration process successfully at payger.com and has a confirmed, working Payger account.
● “Payger Merchant” means a registered Company (Merchant) which has passed the registration process successfully at payger.com and has a confirmed, working Payger account. He passed the additional merchant verification process.
● “Payger Dashboard” means the Payger starting page at payger.com after successful login of a previously successful registered Payger User. Ongoing from the Dashboard, all further actions such as “Deposit”, “Transfer”, Withdraw”, Exchange” of Digital Assets and managing the User Account may be performed.
● “UI” means “User Interface” The User Interface enables the Payger User to interact with the Payger Software and to perform operations on his digital Assets within his/her Payger Wallet.
● “Merchant” means A merchant buys and sells goods made by others.
● “Basic Tier” means Lowest operational service level of a Payger User / Merchant.
● “Payger Merchant Dashboard” means the Payger starting page at payger.com after successful login of a previously successful registered Payger Merchants. Ongoing from the Dashboard, all further actions such as “Deposit”, “Transfer”, Withdraw”, Exchange”, “Merchant Services” of Digital Assets and managing the Merchant Account may be performed.
In these Terms, unless otherwise specified, words importing the singular include the plural and vice versa and words importing gender include all genders.
4. Service Offered
Echo Industries provides and maintains a Software running at Payger.com “Payger”. The software at payger.com serves the following purposes for the Payger User:
1. Multi-cryptocurrency wallet for everyday payments
2. Remittance and global money transfer
3. Later with integrated messenger (social payments)
4. Available as web browser UI, and mobile App (iOS, Android)
5. API for third party access (Merchants, POI, etc.)
Echo Industries operates the Payger User registration process, customer service, updates the Payger Software for security, develops new Software Features (such as new Digital Assets) keeping the Payger Software competitive and secure in the future.
The Service Payger offered is for electronic payments. Do NOT use more money with Payger than you could afford to lose! We CANNOT recover funds due to lost Private Key Information. Payger is not an Investment tool for depositing large Asset values You usually have in your Bank Depot (speculation, long term-yield).
Echo Industries has created the Payger Software that enables Users to access, transfer and exchange Digital Assets. This Agreement permits You to use the Payger Software subject to certain conditions, rights and obligations.
You should only use the Payger Software if You are familiar with Digital Assets. Echo Industries highly recommends learning the basics for the Digital Assets that You plan on using with the Payger Software before running the Payger Software.
The Payger Software is licensed to You without charging a base price. This Agreement applies to all contractual relationships between You and Echo Industries, including, but not limited to, any technical support provided to You in relation to the Payger Software.
5. Protecting Your Password
You will choose a username, email address, password, PIN and security question and answer, when registering Your account. You are responsible for maintaining the confidentiality of Your email address, password, security question and answer, PIN and Private Key Information. You are fully responsible for all activities that occur with the use of Your username, email address, password, PIN, security question and answer, or account. Please notify Us immediately of any unauthorized use of Your password or Payger Account or any other breach of security. If You share Your Private Key Information with others We will not be liable for any loss that You may incur as a result of someone else using Your Private Key Information or account, either with or without Your knowledge. You may not allow other Merchants to use Your account. You may not use anyone else’s password at any time.
6. You Own and are Responsible for Your Private Keys
Payger encrypts Your private keys, security question and answer, password and PIN (collectively, “Private Key Information“). The Private Key Information is stored segregated on secure Payger servers. Payger has under no circumstances access and reading abilities of Your Private Key Information. It is very important that You backup Your Private Key Information Yourself. If You lose Your Private Key Information then it will not be possible for Payger to recover it for You and You may permanently lose access to Your Digital Assets.
Your Private Key Information is necessary and is used to execute transactions using the Payger Software in any way. Without it You cannot access Your Funds anymore. Anybody who has access to Your Private Key Information is able to perform transactions and steal Your Funds stored in the Payger Software.
If You do not understand this paragraph then Echo Industries recommends that You learn more about Digital Assets based on Blockchain before using the Payger Software.
IF YOU LOSE ACCESS OF YOUR USERNAME, PASSWORD, SECURITY QUESTION AND ANSWER OR PIN AND YOU HAVE NOT SEPARATELY STORED A BACKUP OF YOUR PRIVATE KEY INFORMATION YOU ACKNOWLEDGE AND AGREE THAT ANY ASSET YOU HAVE ASSOCIATED WITH YOUR PAYGER ACCOUNT WILL BECOME FOREVER INACCESSIBLE.
7. No Control Over Your Blockchain Wallets
Echo Industries is not the creator of, and does not have any control over, any of Your Blockchain Wallets that hold Your Digital Assets that the Payger Software allows You to use. You shall be solely responsible for Your choice of and use of Digital Assets.
All transaction requests are irreversible. The authors of the Payger Software, employees and affiliates of Echo Industries, copyright holders of the Payger Software, and Echo Industries cannot retrieve Your Digital Assets and cannot guarantee transaction confirmation as they do not have control over the Blockchain Wallets connected to Your Payger Account.
8. User Obligations
● Be of age of majority in Your local jurisdiction and have full capacity to contract under applicable law;
● Use legally-obtained Funds that belong to You;
● Not further, perform, undertake, engage in, aid, or abet any unlawful activity through Your relationship with Us or through Your use of Payger;
● Trade only between You and Echo Industries, and NOT to any third party;
● If You are a corporation, governmental organization or other legal entity (collectively “Principal“), have the right, power and authority to enter into this Agreement on behalf of Your Principal and bind Your Principal to these Terms;
● Be responsible for Your own Digital Assets;
● At all times have a sufficient amount of Funds in Your Payger Account. If You have an insufficient amount of Funds in Your Payger Account to complete a transaction or withdraw via Payger, We may cancel the entire transaction/withdraw or may fulfill a partial transaction/withdraw using the amount of Funds currently available in Your Payger Account, less any fees needed to perform the transaction/withdraw;
● Backup/write down Your Private Key Information and keep it private;
● Carefully safeguard Your password, PIN and security question and answer;
● Carefully review the list of supported Digital Assets before engaging in any transactions;
● Ensure that Your device(s) are fully updated and do not contain viruses, malware or otherwise malicious software;
● Ensure that Your use of the Payger Software complies with all applicable laws; and
● Be aware that the Payger Software functions as a digital wallet. The Payger Software does not constitute an account where We or other third parties serve as financial intermediaries or custodians of Your digital assets.
You shall not:
● Deposit Digital Assets into addresses for Digital Assets that are not supported by the Payger Software;
● Use the Payger Software in a manner likely to interfere with other Payger Software users or servers (e.g. excessive API calls or network spam); or
● Use the Payger Software in a manner contrary to the laws of the European Union, Germany or Your local laws.
9. You Warrant that You are not from a Prohibited Jurisdiction/ and not listed on a Blacklist:
It is prohibited to use or access Payger from the following jurisdictions:
● New York;
● Balkans, Belarus, Burma, Cote D’Ivoire (Ivory Coast), Cuba, Democratic Republic of Congo, Iran, Iraq, Lebanon, Liberia, Libya, North Korea, Sudan, Syria, Somalia, and Zimbabwe; or
● Any country to which the United States and Germany has embargoed goods or services;
It is prohibited to use or access Payger, if
Transactions from Users in these jurisdictions and/or on one of the abovementioned lists are prohibited, and Echo Industries may close any accounts in these jurisdictions or of persons on these lists at Our sole discretion. By accessing the Payger Software, You represent and warrant that You are not physically located in these prohibited jurisdictions or listed on one of these lists.
10. Deposits of Assets
Payger does not support any deposit of fiat currencies like Euro (€), U. S. Dollar ($) and others as Payger is a Wallet for “Digital Assets” / “Crypto Currencies” only. We are using partner bridges like www.blocktrades.us to facilitate the exchange and deposit Digital Assets to Payger wallets.
11. Your Transactions are NOT Private
When You choose to use the Payger Service, You are using a service of Echo Industries. We collect all relevant information and comply with all law enforcement requests and all legal requests.
All transactions and exchanges with Digital Assets are performed on public Blockchain´s and should be considered public transactions. Due to the nature of Blockchain technology all transactions to and from Payger are public visible via Blockchain Explorer. The Blockchain Explorer reveals basic information like time, sender, receiver, amount, currency of the involved wallet addresses. To protect Your privacy against financial espionage and bad actors We do not register Your Payger ID at any Blockchain and use random generate wallet addresses instead. E.g. You are a merchant with the Payger username “pariscafe” your blockchain wallet address could be “payger-1234567890” or a similar hash.
12. Exchange Rates and Confirmations
Payger Users can exchange Digital Assets at the BitShares Decentralized Exchange. The estimated exchange rate provided by the Payger Software for potential exchanges are based on the particular pair of Digital Assets, the stated amount of the proposed exchange, and that particular point in time. The exchange rate We can offer is highly volatile and can change quickly. The exchange rate that You receive is calculated at the time Your intended transaction has sufficiently been confirmed into a Blockchain such that the Payger Software considers the transaction irreversible, not when We first see the transaction.
Changes in the amount of the proposed exchange can radically effect the exchange rate.
● If You send in an amount that is smaller than the normal transaction fees imposed by the relevant Blockchain´s, then You will not receive a pay out.
● If You send in a much larger trade than the proposed trade, You may receive a worse rate of return.
● If You send in a trade that exceeds the maximum recommended amount, then We may not have enough of the desired Digital Asset to immediately complete the trade, in which case We reserve the right to process Your trade at a later time at the applicable exchange rates of that time or refund the Funds You sent.
13. Transfers / Make Payments
The only authentic record of Digital Assets transactions made with Payger is the applicable Blockchain. The Payger Software provides functionality that allows You to send Digital Asset transfer instructions.
Echo Industries does not guarantee that transactions You perform using the Payger Software will be stored in any Blockchain. You must ensure that Your transactions are compliant with all applicable rules of the respective software for the respective Digital Asset of Your intended transaction (especially with smart contract systems like Ethereum). There may be transaction fees (e.g. mining fees) associated with Digital Asset transactions that are required by the system You engage with. Echo Industries shall not be responsible for any losses You incur due to transaction fees or losses that occur due to incorrectly set transaction fees (i.e. too low or high).
For payments to other Payger Users, You must provide Us with their Payger ID, e-mail, phone number or wallet address unless You have already transferred Funds with Payger to these Payger Users. In the latter case, You can select them from Your list of Payger contacts. You must provide Us with the amount and (if applicable) the currency/Digital Asset/virtual currency of the desired transfer. We will provide You with a summary of the transfer order and ask You to confirm the transfer by entering Your PIN and clicking on the “Send” button.
14. Receive Payments
If other Payger users transfer money to You, these Funds are immediately displayed in Your Payger Wallet overview.
You can request payments from someone else who is not using Payger (“Prospective Payger User”) yet by providing the e-mail address of the Prospective Payger User or mobile phone number. You must specify the amount and, if applicable, the [currency/Digital Asset/virtual currency] of the requested amount. We will send a notification by e-mail about Your payment request to the respective Prospective Payger User. The Prospective Payger User must register a Payger Account to transfer the requested amount. The amount You have requested will not appear in Your Payger Wallet overview until the Prospective Payger User has registered as a Payger User and confirmed the transfer. You can reverse the receivable at any time before the Prospective Payger User makes the transfer. In Your transaction history, You can see whether the Prospective Payger User instructed the transfer of the requested amount.
Payger does not support any withdraw of fiat currencies like Euro (€), U. S. Dollar ($) and others as Payger is a Wallet for “Digital Assets” / “Crypto Currencies” only. You may withdraw Digital Assets to a regulated Exchange to get fiat currencies like Euro (€), U. S. Dollar ($) paid out to your Bank account. We are using partner bridges like www.blocktrades.us to facilitate the exchange and withdraw Digital Assets to other blockchain wallets.
16. Withdraw Time Schedule
The withdraw time schedule depends on the receiving blockchain wallet and their blockchain characteristics. Some blockchain have confirmation times from a few seconds, others from up to 10 minutes and more.
● Amount of Fees. You agree to pay Echo Industries the fees for exchanges / withdraws completed via Our Services (“Fees“) as made available via the Fees and Pair Info (“Fee Schedule“) which We may change from time to time. Changes to the Fee Schedule are effective as of the effective date indicated in the posting of the revised Fee Schedule to Our Services, and will apply prospectively to any exchanges / withdraws that take place following the effective date of such revised Fee Schedule.
● Third-Party Fees. In addition to the Fees, Your External Account may impose fees in connection with Your use of Your designated External Accounts via the Payger Services. Any fees imposed by Your External Account providers will not be reflected on the transaction overviews containing information regarding applicable Fees. You are solely responsible for paying any fees imposed by any External Account provider.
● Payment of Fees. You authorize Us, or Our designated payment processor, to charge or deduct Your Funds stored in Your Payger Account for any applicable Fees owed in connection with exchanges / withdraws You complete via the Payger Services. So You pay the Fees only from your Digital Funds in case of exchange or withdraw.
18. Communication / Notices
You agree and consent to electronic receipt of all communications that We provide in connection with the Payger Services. We will provide communications to You by emailing them to You at the primary email address listed in Your Payger Account profile or by sending a SMS to the phone number listed in Your account profile or by In-App Push Notification (“User Contact Information“). All Our communication is secured by HTTPS.
You will be notified at the following occurrences if You have opted in before the occurrence in Your Payger Account. You may select each single of the following notifications to be sent per email and/or SMS and/or In-App Push Notification.
● App updates
● Password change
● Email change
● Phone number change
It is Your responsibility to keep Your User Contact Information on file up to date with Payger so that Payger can communicate with You electronically. You understand and agree that if Payger sends You an electronic communication but You do not receive it because Your User Contact Information on file is incorrect, out of date, blocked by Your service provider, or You are otherwise unable to receive electronic communications, it will be deemed that You have received this communication. Please note that if You use a spam filter that blocks or re-routes emails from senders not listed in Your email address book, You must add Payger to Your email address book so that You will be able to receive the communications We send to You. You can update Your email address, mobile phone number or street address at any time by logging into Your Payger Account.
If Your email address or mobile phone number becomes invalid such that electronic communications sent to You by Payger are returned, Echo Industries may deem Your account to be inactive, and You may not be able to complete any transaction via Our Services until We receive a valid, working email address or mobile phone number from You.
19. Digital Asset Exchange
You can exchange Digital Assets in Payger to other Digital Assets by using the exchange function on the Payger Dashboard (“Digital Asset Exchange“).
The Digital Asset which You are able to purchase and store in Your Payger Wallet are limited to those set out on the Payger Dashboard and are subject to change from time to time without Us being required to provide You with notice.
You will be informed, on the Payger Dashboard, prior to sending Your request to enter into the Digital Assets Exchange of the following information:
● the amount of Digital Asset You will use to purchase the amount of Digital Asset in Your required cryptocurrency;
● the amount and cryptocurrency of the Digital Asset You wish to purchase; and
● the exchange rate of the Digital Asset Exchange.
In order to submit the request to enter into the Digital Asset Exchange, You will need to confirm the details which have been entered by hitting the “Exchange” button on the relevant part of the Payger Dashboard.
By entering into these Terms, You accept sole responsibility for entering into the Digital Asset Exchange. Echo Industries will not be responsible for any losses You incur as a result of Your use of the Digital Assets Exchange function.
The request to enter into a Digital Asset Exchange will be accepted when We confirm to You that the Digital Asset Exchange has been entered into, on the Payger Dashboard.
The amount of Digital Asset You can exchange is limited to the BitShares Decentralized Exchange. Please refer to the Fees Section for more information on the BitShares Dezentralized Exchange. It is Your responsibility to stay informed of any changes to the limits and fees applied to any exchanges at the BitShares Decentralized Exchange.
20. Limited Intellectual Property License
You agree and acknowledge that We own all right, title and interest to and in the Payger Software, the Payger Services, the associated software, technology tools and content, the Payger website, the content displayed on the website, and other materials produced by and related to Payger (collectively, the “Payger IP“). You are only permitted to use the Payger Services and the Payger IP to accept and receive payments, according to these Terms. When You accept the Terms, We grant You a personal, limited, revocable and non-transferable license to use the Payger IP, without the right to any Payger IP or any portion thereof, or use the Payger IP as a component of or a base for products or services prepared for commercial sale, sublicense, lease, access or distribution.
You are not permitted to re-distribute the Payger Software, modify any code, translate, reverse engineer, decompile, disassemble or otherwise create derivative works from the Payger Software or documentation or use any Payger Software content, including images and text, as part of any other software or project of any kind.
You must obtain Echo Industries written permission before acting contrary to copyright law or the terms of this clause.
“Payger” with the Payger logo, and any other product or service names, logos or slogans that may appear on Our Services are trademarks of Echo Industries, in the European Union and may not be copied, imitated or used, in whole or in part, without Our prior written permission. You may not use any trademark, product or service name of Echo Industries without Our prior written permission, including without limitation any meta tags or other “hidden text” utilizing any trademark, product or service name of Payger. In addition, the look and feel of Our Services, including all page headers, custom graphics, button icons and scripts, is the service mark, trademark and/or trade dress of Payward and may not be copied, imitated or used, in whole or in part, without Our prior written permission. All other trademarks, registered trademarks, product names and company names or logos mentioned through Our Services are the property of their respective owners. Reference to any products, services, processes or other information, by name, trademark, manufacturer, supplier or otherwise does not constitute or imply endorsement, sponsorship or recommendation by us.
22. Third Party Integrations
The Payger Software integrates with third party services that You may choose to use, for example, Shapeshift and/or Blocktrades. If You do use third party services through Payger then they will be clearly marked and there may be other terms or privacy policies that apply. Although the Payger Software makes it easy to engage with integrated third parties, Echo Industries shall not be responsible for any consequences resulting from Your use of third party integrated services.
Exchange rates, balances, transactions and other Blockchain information may be read from, or relayed to third party servers. We cannot guarantee the privacy of Your Internet connection.
We expressly disclaim any liability for the third party services and are not responsible for the performance of the third party services or third party services providers.
23. Security Measures
We have implemented security measures designed to secure Your information from accidental loss and from unauthorized access, use, alteration or disclosure. However, We cannot guarantee that unauthorized persons will never gain access to Your information, and You acknowledge that You provide Your information at Your own risk, except as otherwise provided by applicable law.
24. Third Party Libraries
The Payger Software contains libraries developed by third parties. Echo Industries may provide third party libraries to You as part of the Payger Software solution but shall not be considered to be the owner or licensor of such third party libraries. Please refer to and respect the relevant third party licenses.
25. Submitted Feedback & Ideas
If You choose to provide feedback on the features or functions of the Payger Software (“Submitted Feedback”) then You shall be deemed to have given permission to Echo Industries to incorporate Your Submitted Feedback into the Payger Software. Echo Industries shall be free to make use of Your Submitted Feedback without royalty or obligation of any kind.
26. Specifically Disclaimed Risks
Using Digital Asset-related software necessarily entails many risks. Echo Industries specifically disclaims and shall have no liability to You for all risks that do not have its reason in the Payger Software, including, but not limited to, the following risks:
a. User Operating system failures (mobile or desktop);
b. Interactions between Your hardware, software and the Payger Software;
c. Cloud backup software (e.g. certain Android distributions) may upload Your private files/information to third party services;
d. Malware, viruses or other malicious software on Your device that is able to take control of or interfere with the Payger Software;
e. Communication delays between Your Payger Software and a node or relay service for a Digital Asset (and vice versa);
f. Failure to achieve a certain market value/price for a Digital Asset, whether through a third party service or any other kind of transaction (i.e. due to delays); and
g. Theft of Digital Assets.
27. Closing Your Account
If Your Payger Account is closed, You agree
a. To continue to be bound by these Terms, as required by Section 55,
b. To withdraw Your Funds from Your Payger Account,
c. To immediately stop using the Payger Services,
d. That the license provided under these Terms shall end,
e. That We reserve the right (but have no obligation) to delete all of Your information after 10 years as required by financial directives and GDPR directive and account data stored on Our servers, and
f. That We shall not be liable to You or any third party for termination of access to the Payger Services or for deletion of Your information or account data.
These Terms apply only for as long as You use the Payger Services. Once You cease using the Payger Services, these Terms no longer apply, subject to Section (Survival). You may close Your Payger Account at any time. You will still be obligated to Us for any fees incurred, if applicable, before the closure and We will remit to You Funds not yet paid to You and associated with pre-closure sales. If Your account balance is below Our documented minimum transfer amount, You may be responsible for any applicable transactions fees that may be incurred in the Funds transfer.
We may terminate Your account, at Our sole discretion at any time without any notice period, upon notice to You via email communication. We may also suspend Your access to the Payger Services if We suspect that You have failed to comply with these Terms, pose an unacceptable fraud risk to us, or if You provide any false, incomplete, inaccurate or misleading information. We will not be liable to You for any losses that You incur in connection with Our closure or suspension of Your account. Additionally, if Your Merchant account does not have a paid transaction for more than twelve consecutive months, Payger reserves the right to suspend Your account, disabling processing capabilities.
We may update or change these Terms from time to time by posting the amended Terms on Our website. Such updates or changes shall be effective upon the lapse of a period of 30 days after We have notified You of the changes (“Notice Period“). If You do not agree to the amended Terms, You must close Your Payger Account of this Agreement and discontinue Your use of the Payger Services. If You continue to use the Payger Services after the lapse of the Notice Period, Your continued use shall be deemed as an acceptance of the amended Terms and as an agreement to be bound by them.
In order to use the Payger Services, You must open a Payger Account. When You open a Payger Account, We will ask You for contact information such as Your name, phone number, email address, date of birth, country of residence, home address, street, zip code, country, passport copy, proof of address. For Merchants accounts We need additional information relating to the ultimate beneficial owner or the most senior individual from Your organization. We will also ask You for information on Your business, including Your business’s legal name or Doing Business as “DBA” physical address of the business, and Your organization’s website. The information that You provide at the time of account opening must be accurate and complete and You must inform Us within ten business (10) days of any changes to such information. We may require additional information from You (including any person signing below or otherwise agreeing to the Terms on behalf of the Merchant) to help verify Your identity and assess Your business risk, such as Your date of incorporation, tax identification number, or government-issued identification. We may also obtain information about You from third parties, such as credit bureaus and identity verification services. We have the right to reject Your account registration or to later close Your Payger Account, if You do not provide Us with accurate, complete, and satisfactory information.
b. Merchant Tiers.
Payger imposes daily transaction processing limits on Merchants. When You register for a Payger Account, You will be required to select the limit (“Tier“) that will apply to Your Payger Account, and to provide Us with the documentation necessary to qualify for that Tier.
A description of the Tiers, as well as a list of the documentation required to qualify for each, is available on the help Section of Our Website.
For certain industries, We may ask for additional verification documents. Your Payger Account will not be activated until We have reviewed the documentation that You provide, in accordance with applicable law. If You wish to change to a Tier with a higher limit, You must provide Us with the additional required documentation. We will not approve Your request to change Tiers and permit You a greater processing volume unless and until We have reviewed Your documentation to Our satisfaction. Please also refer to Section [2.a)] (Daily Transaction Volume Limits) of the Additional Terms for Merchants.
32. Verification of Your Identity
We will comply with all applicable KYC/AML requirements, which require Us to verify its Users and Merchant identities, maintain records of currency transactions for up to ten years as required by German law and report certain transactions. In the event that a Merchant account is closed by Us or at the request of the Merchant, even without completing the onboarding process or performing a transaction, records must be held as prescribed by law.
33. Suspension or Closure of Wallets/User-Accounts by Us
We may, in Our sole and unrestricted discretion and without liability to You or any third party, refuse to open an account or suspend use of Your account or one or more services if We have reason to believe that
i) Third parties attempt to use Your Payger Account without Your consent,
ii) The security of Your account is compromised; or
iii) We are legally obliged to do so.
If You have any remaining Funds in Your Payger Account that have been blocked or cancelled, You may recover the balance unless this is prohibited by law or court order or We have determined that these Funds were fraudulently obtained. It is at Our sole discretion how such balance will be delivered to You after We have opted for a refund. We reserve the right to request additional identification information from You before granting such a refund or transfer request. And We reserve the right to delay or prohibit such repayment or transfer if We believe that fraudulent or illegal acts have occurred. If You are unable to log into Your account, You must contact support to make a withdrawal.
If You use Payger to commit a crime or otherwise use Your account in violation of this Agreement, We may close Your account. When Your account is closed, We may require You to undergo further identity checks and fraud prevention measures to access the Funds in that closed account.
34. Closing of Account by User
You may terminate this Agreement at any time by closing Your account and not using Our services anymore. Upon termination of this Agreement or Your Account, You will continue to be responsible for all payment transactions initiated during the existence of the Account. Accounts must not be closed with the aim of preventing investigations. Closing of Wallets / User Accounts is free of charge for the User.
35. Camera Data
Your camera will only be used for reading QR codes. Camera images will never leave Your device.
36. Physical Location
Your physical location will never be communicated to us, unless You provide prior specific consent.
37. Public Blockchain Transactions
Your Blockchain transactions may be relayed through servers (“nodes”) and will be publicly visible due to the public nature of distributed ledger systems.
38. Mobile Payger Services
To the extent that You access the Payger Services from a mobile device, the standard charges, data rates and other charges of Your mobile operator may apply. In addition, downloading, installing or using certain mobile applications may be prohibited or restricted by Your mobile operator, and not all services are compatible with all mobile operators or devices. If You use mobile services, You agree that We may communicate with You via SMS, MMS, push notification and/or other electronic means via Your mobile device and that We may receive certain information about Your use of the services. In the event that You change or deactivate Your mobile phone number, You agree to update Your account information immediately to ensure that Your messages are not sent to people who may have Your old mobile phone number.
39. Aggregate Usage Statistics
We may collect Payger usage information in order to improve function or UI, but will only use this information in an aggregated, anonymized fashion, and never in association with Your name, email, or other personally identifying information (“Personally Identifying Information“).
40. Optional Extra PII (“Personally Identifying Information”)
Used for KYC/AML.
41. Confidentiality of User Information
Your personally identifying information will be kept strictly confidential and never provided to third parties (other than in an aggregated, anonymized report such as number of users per month). All Payger staff are bound by confidentiality agreements.
In case of Governmental requests regarding money laundering and terrorism financing, We share the necessary information to support the investigation of the authorities.
42. Support Requests
If You contact support then as part of the support request We may incidentally collect Your personally identifying information but We will endeavor to keep that information secure and confidential.
43. Fair Use Policy
Our mission is to save You as much money as possible. Certain of Our Services are costly to Us because of third party fees. For these Payger Services We offer a monthly free usage limit, after which We charge a small, fair fee to cover Our costs.
You agree that You will not:
● Use Our Services in any manner that could interfere with, disrupt, negatively affect or inhibit other users from fully enjoying Our Services, or that could damage, disable, overburden or impair the functioning of Our Services in any manner;
● Use Our Services to pay for, support or otherwise engage in any illegal gambling activities; fraud; money-laundering; or terrorist activities; or other illegal activities;
● Use any robot, spider, crawler, scraper or other automated means or interface not provided by Us to access Our Services or to extract data;
● Use or attempt to use another user’s account without authorization;
● Attempt to circumvent any content filtering techniques We employ, or attempt to access any service or area of Our Services that You are not authorized to access;
● Develop any third party applications that interact with Our Services without Our prior written consent;
● Provide false, inaccurate, or misleading information; or
● Encourage or induce any third party to engage in any of the activities prohibited under this Section.
44. Disclaimer / No Warranty
The Payger Software is provided to You at no cost, “as-is” and without any warranty whatsoever, to the maximum extent permissible by law. Without limiting the generality of the foregoing, Echo Industries does not warrant that the Payger Software is fit for Your purpose, even if You have previously provided notice of Your intended purpose, and does not warrant that the Payger Software will operate in a bug-free manner.
45. User Liability
● Except where You have acted fraudulently, You will not be liable for any losses exceeding 500 Euro incurred in respect of a transaction which was not authorised by You which occurs after You have notified us, without undue delay, on becoming aware of the loss, theft, misappropriation or unauthorised use of the Payger Account which relates to those losses. You can notify Us via Our support channels and directly via email at email@example.com.
● You are responsible for all liabilities, financial or otherwise, incurred by Echo Industries or a Payger User, or a third party caused by or arising out of Your breach of these Terms, Your use of the Payger Services, and any use of Your Payger Account. You agree to reimburse Echo Industries or a third party for any and all such liability, to the extent not prohibited by applicable law.
● You remain liable under these Terms in respect of all charges and other amounts incurred through the use of the Payger Services at any time, irrespective of termination, suspension or closure.
● You alone are responsible for understanding and complying with any and all laws, rules and regulations of Your specific jurisdiction that may be applicable to You in connection with Your use of the Payger Services, including but not limited to, those related to export or import activity, taxes or foreign currency transactions. You are liable to the state and other subjects for fulfilment of all tax obligations independently. Echo Industries shall not be responsible for the execution of tax obligations, or calculation and transfer of taxes applied You.
● You agree to defend, reimburse or compensate Us (known in legal terms to “indemnify”) and hold Echo Industries, Our third party providers, Our employees or agents who are authorised to act on Our behalf harmless from any claim or demand (including legal fees) made or incurred by any third party due to or arising out of Your breach of these Terms, breach of any law and/or use of the Payger Services.
You are responsible for determining any and all taxes assessed, incurred, or required to be collected, paid, or withheld for any reason in connection Your use of Our software and services (“Taxes“). You also are solely responsible for collecting, withholding, reporting, and remitting correct Taxes to the appropriate tax authority. We are not obligated to, nor will We determine whether Taxes apply, or calculate, collect, report, or remit any Taxes to any tax authority arising from any transaction.
47. Limitation of Liability
Claims for compensation resulting from breaches of contractual duties by either Party are excluded unless such claims are based on gross negligence or willful misconduct, breach of Cardinal Obligations (as defined below), or personal injury, injury to life or health caused by either Party, its vicarious agents or persons employed by it in the performance of its obligations. If a Party is liable for breach of Cardinal Obligations based on other theories of liability, the claim for compensation of financial damages and damage to property is limited to typically foreseeable losses and excluding liability for production stoppages or lost profit or loss of goodwill. This limitation on liability applies accordingly to claims in tort. The liability under the German Product Liability Act remains unaffected. “Cardinal Obligations” are those obligations which are essential for the orderly implementation of this Agreement in the first place and upon the due observance of which the contractual partner regularly trusts and may regularly trust.
To the extent permitted by applicable law, Echo Industries is not liable, and You agree not to hold it responsible, for any damages or losses (including, but not limited to, loss of money, goodwill, or reputation, profits, or other intangible losses or any special, indirect, or consequential damages) resulting directly or indirectly:
● For the correct execution of a transfer of Digital Assets, if We can prove to You (and where relevant, to any payee’s payment services provider) that the payee’s payment services provider received the payment within the appropriate time period. We will however, upon Your request, make efforts to trace any non-executed or defectively executed payment transactions, notify You of any outcome involving Our search and may charge You for doing so, including passing on to You charges made by third parties for their assistance in the recovery process;
● From non-execution or defective execution in relation to a transaction You have made in accordance with a unique identifier given by You which proves to be incorrect. However, We shall make reasonable efforts to recover Funds involved in that transaction and may charge You for doing so, including passing on to You charges made by third parties for their assistance in the recovery process;
● From delay or failure to perform Our obligations under these Terms (including any delay in payment) by reason of any cause beyond Our reasonable control including but not limited to any action or inaction by You or any third party, any Force Majeure Event (as defined below), Blockchain delay, Blockchain failure, bank delay, postal delay, failure or delay of any fax or electronic transmission, any accident, emergency, act of god or any abnormal or unforeseeable circumstances;
● From consequential or indirect loss (such as loss of profits or opportunity) You may incur as a result of Us failing to perform Our duties under a Payger Transaction; or
● From losses as a result of a requirement imposed on Us by any mandatory law.
● From Your inability to use the Payger Services for whatever reason;
● From Viruses or other malicious software obtained by accessing the Website or any associated site or service;
● From Glitches, hacks, bugs, errors, or inaccuracies of any kind in the Payger Services; the content, actions, or inactions of third parties;
● From a suspension or other action taken with respect to Your Payger Account;
● From Your need to modify practices, content, or behaviour, or Your loss of or inability to do business, as a result of changes to these Terms or Payger’s policies; or
● From Illegal actions and operations of third persons performed using counterfeited and/or illegal documents or illegally received data.
48. Higher Force / Force Majeure
Neither You nor We will be liable for delays in processing or other non-performance caused by force majeure, including, but not limited to, such events as fires, telecommunications, utility, or power failures, equipment failures, labor strife, riots, war, nonperformance of Our vendors or suppliers, acts of god, or other causes over which the respective Party has no reasonable control; provided that the Party has procedures reasonably suited to avoid the effects of such acts (“Force Majeure Event“).
No action or inaction of Echo Industries shall be considered as a waiver of any right or obligation by Echo Industries.
You may not assign Your rights and obligations arising from this Agreement. Echo Industries may assign its rights and obligations arising from this Agreement.
51. Governing Law and Choice of Forum
This Agreement shall be governed by the laws of Germany under exclusion of its conflict of law rules. Any disputes related to this Agreement or the Payger Software shall be heard in the courts of Munich, Germany.
In the event any court shall declare any Section or Sections of this Agreement invalid or void, such declaration shall not invalidate the entire Agreement and all other clauses of this Agreement shall remain in full force and effect.
53. Binding Agreement
The terms and provisions of this Agreement are binding upon Your heirs, successors, assigns, and other representatives.
You assume any and all risks associated with the use of the Payger Software. We reserve the right to modify this Agreement from time to time.
The provisions of Sections 3.4 (Representations and Warranties), 4.2 (Security), 6 (Payger Service), 7 (Advertising), 8.5 (Certain Deferrals), 11 (Indemnification), 12 (No Warranties), 13 (Limitation of Liability), and 14.8 (Governing Law) shall survive the termination of these Terms.
55. Entire Agreement
This is the entire Agreement between the Parties and supersedes any other agreement, representations (or misrepresentations), or understanding, however communicated.