Rheaply Payment Facilitation Terms
Last updated: November 17, 2023These Payment Facilitation Service Terms (“Payment Terms”) form a part of, and are incorporated into, the Rheaply Terms of Service, and apply to You, if you use Rheaply’s Payment Facilitation Service. Payment Facilitation Service means software services that enable payment processing and related functions for the Rheaply marketplace. Payment Facilitation Services are hereby included in the definition of Services as defined in the Agreement. By accessing or using Rheaply’s Payment Facilitation Service, you agree to these Payment Terms and to the TOS. Any capitalized terms that are used but not defined in these Payment Terms have the meaning set forth in the Agreement.
- Rheaply may provide the Services in partnership with one or more partner financial institutions (each a “Payments Partner”) that enable us to make the Services available to you. Current Payments Partners include Stripe, Inc. (“Stripe”). You understand and acknowledge that Rheaply is not a bank/financial institution or a payment processor, and does not perform the functions of a bank/financial institution or payment processor.
- In connection with any Services offered with a Payments Partner, you Allow Rheaply to provide direct integration with Payment Partner(s) who handle the transfer and processing of payment services. Such payment services may include Automated Clearing House (ACH) transactions from your designated financial account in the amounts authorized by you necessary/authorized by you to pay your designated payees and our fees until the Agreement is terminated. YOU UNDERSTAND THAT WE SOLELY PROVIDE YOUR INFORMATION AND INSTRUCTIONS TO THE PAYMENTS PARTNER ON A PASS-THROUGH BASIS. ONLY THE PAYMENTS PARTNER IS AUTHORIZED TO INITIATE OR EXECUTE PAYMENTS/FINANCIAL TRANSACTIONS, PAYMENTS, AND MONEY TRANSFERS ON YOUR BEHALF AND AT NO TIME WILL WE CONTROL OR HOLD YOUR FUNDS.
- For your use of any Services offered with a Payments Partner, you further authorize us and Payments Partner to (i) obtain information regarding your financial accounts, and (ii) release information regarding your financial account as needed to make a transaction, comply with governmental reporting obligations, legal processes or court orders, or when investigating a loss involving Payments Partner and another financial institution. This information may be obtained at any time while these Payment Terms are in effect, and any such information obtained may be utilized by us and or Payments Partners to provide the Services.
- If you believe an error has been made regarding any payment transaction from your bank account, you MUST notify us of the suspected error as soon as possible, but in any event within sixty (60) days. Neither we nor Payments Partner will be responsible for errors caused by erroneous information provided by you or if a withdrawal cannot be made from your financial accounts for any reason outside of our control or Payments Partner’s control. Examples of scenarios outside of our control and Payments Partner’s control include, without limitation, the following: if there are insufficient funds in your account, if there is a stop payment order on a transaction, if a force majeure ever occurs, if there are any encumbrances on your financial accounts, if you have breached the Agreement or your relationship with Rheaply or Payments Partner has been terminated, if your bank account has closed for any reason. In the event of one or more of the above instances or errors, we may charge you a return fee of the greater of $25.00 or 3.0% of the transaction price on the first occurrence and on each subsequent occurrence (we may increase these fees upon 30 days’ notice to you). The return fee is in addition to any other fee that may be assessed by your bank.
- Funds will be transferred from your financial accounts to Payments Partner and are deposited in an account established and maintained by the Payments Partner for your benefit. You will not receive any interest generated from funds held by a Payments Partner.
- Offset & Remittance of Payment Amounts. Rheaply may offset any balance or amounts due by you for any Services provided under the terms of the Agreement before any amounts are remitted to you or on your behalf. Your account must be in good standing before any amounts reserved for your benefit under these Payment Facilitation Terms will be remitted to you or on your behalf to any third party, including any party under the Sales Tax Service Terms, if you use the Sale Tax Services.
- Stripe Terms. This section governs services provided by Stripe in conjunction with the Services. By accessing and using the Payment Facilitation Services, you agree to the Stripe Connected Account Agreement. The terms of this section are supplement to the Agreement. As such, Stripe and Rheaply’s rights and your obligations under this section are in addition to, and not in lieu of, any rights we have or obligations you owe under the Agreement. Additionally, Stripe may amend, supplement, modify or otherwise its terms and conditions at its sole discretion