Card Services Terms

Version 1.1.1, 3rd November 2022

By using the card services (โ€œCard Servicesโ€) provided by Nomod Inc. and its subsidiaries and affiliates (collectively, โ€œNomodโ€, โ€œusโ€ or โ€œweโ€), you agree to be bound by the Terms of Service (โ€œTerms of Serviceโ€), these additional terms and conditions (โ€œCard Services Termsโ€) and all other terms, policies and guidelines applicable to the Services (as defined in the Terms of Service) used. Card Services may only be used for business purposes, and by using the Card Services on behalf of a business, that business accepts these terms. Defined terms will have the same meaning as those found in the Terms of Service, unless otherwise re-defined herein.

๐Ÿ‘‹ 1. Card Services

Nomod offers Card Services that allow you to authorise the purchase of goods and services in-person as well as online. These Card Services facilitate the payout of your Account Balance as described in Section 7 of the Terms of Service. We are not a bank and do not offer banking services. You must open a Nomod Account before accessing the Card Services. The Accounts linked to your Nomod Account are not covered by a compensation scheme. Funds held in your Accounts do not constitute deposits and will not earn interest.

๐Ÿ™Œ 2. Your Authorisation

In connection with the Card Services, you authorise us to act as your agent for the limited purposes of making payments on your behalf. Your authorisation permits us to generate virtual payment cards (โ€œVirtual Cardsโ€) linked to your Card Account to fulfil transactions that you authorise. Your authorisations will remain in full force and effect until you close a Virtual Card or your Nomod Account is closed or terminated. Virtual Cards are not issued to you and are not for consumer use. They are issued to Nomod and are used exclusively by Nomod to make payments on your behalf. You cannot use Virtual Cards in any way beyond their intended purpose.

๐Ÿค 3. Our Role

Upon activating the Card Services, Nomod will create one or more Virtual Cards issued to Nomod, each being denominated in a chosen issuing currency (โ€œIssuing Currencyโ€), load your Card Account linked to the Virtual Card with funds from the available Account Balance in your Payment Account, and use it to fulfil the transactions you authorise. Nomod is the cardholder in this transaction.

๐Ÿ’ณ 4. Transaction Fees

The following fees are applicable when using the Card Services:

Payout Fee1.2%Payouts in currencies other than USD will incur a payout fee
Cross Border Fee1.5% + USD 0.30 / AED 1.00 / EUR 0.40 / GBP 0.30Transactions outside the country recognised as the issuer of a given Issuing Currency will incur a cross border fee
FX Fee1.5%Transactions in currencies other than the Issuing Currency will incur an FX fee
Dispute FeeUSD 15.00Per dispute if not resolved in your favour
Additional Virtual CardsFree up to and including the fifth Virtual Card, after which, USD 2.00 per Virtual CardThe cost incurred to issue more than five Virtual Cards

๐Ÿ’ฑ 5. Conversion to US Dollars

Transactions made in currencies other than USD will ultimately be converted by the Networks or Payment Method Partners that processes the transaction into USD. The Networks may consider transactions occurring in United States of America territories to be an international transaction. Conversion to USD may occur on a date other than the date of the transaction, thus the actual conversion rate may differ from the rate in effect at the time of the transaction. You agree to pay the converted amount plus any applicable conversion charges and Transaction Fees applied by Nomod, the Networks and Payment Method Partners that processes the transaction.

๐Ÿง 6. Payment

Each time a payment is made by Nomod on your behalf, the amount of the transaction will be settled from your Card Account. If Nomod is not able to settle a transaction from your Card Account, your use of the Card Services and/or your Nomod Account may be suspended.

โ›”๏ธ 7. Availability of Card Services

We may restrict your access to Card Services if we need to conduct an investigation or resolve any pending dispute related to your use of the Card Services. We may also restrict access to Card Services as necessary to comply with applicable law or court order, or if requested by any government entity.

๐Ÿ”’ 8. Authorisation Limits

For security and fraud protection, we may apply a limit on the amount you can authorise in a transaction and/or on the total amount you can authorise over a period of time. These limits are subject to increase or decrease at our discretion based on an algorithmic review process and a manual review process. These limits will be communicated to you directly or displayed on the Nomod site.

๐Ÿ™…๐Ÿปโ€โ™€๏ธ 9. Processing Errors

We will attempt to fix processing errors we discover. If the error resulted in your payment of an amount larger than what you authorise we will credit the difference to your Card Account. If the error resulted in your payment of an amount less than what you authorised Nomod will debit the extra funds from your Card Account or your Payment Account. We will only correct transactions that are processed incorrectly if you notify us with a) your name and Nomod Account information, b) a description of the error or transaction and why you believe it is an error or why you need more information and c) the amount of the suspected error. Please notify us of such an error by emailing us at [email protected] as soon as possible. Your failure to notify us of a processing error within sixty (60) days of when it first appears on your electronic transaction history will be deemed a waiver of any right to amounts owed to you.

๐Ÿ‘ฉโ€โš–๏ธ 10. Card Services Dispute Resolution Process

If you believe that there is an error, or unauthorised transaction activity is associated with your Card Account, you must contact us immediately. You agree to comply with our process (the โ€œCard Services Dispute Resolution Processโ€) for any payments in relation to any Card Services provided by Nomod. If youโ€™re unable to resolve a transaction related issue directly with a merchant, please notify us via [email protected]. This is our process for resolving such issues (โ€œCard Services Disputesโ€):

a. Open a Card Services Dispute within ninety (90) days of the date of the transaction in question by contacting us at [email protected]. Depending on your claim, we may ask you to wait ten (10) business days from the transaction date to proceed with the Card Services Dispute.

b. Respond to our requests for other information. Nomod may require you to provide receipts, third party evaluations, police reports, or other documents depending on the situation. You must respond to these requests in a timely manner as requested in our correspondence with you.

c. Comply with Nomodโ€™s shipping requests in a timely manner. If youโ€™re filing a Not as Described claim, we may require you, at your expense, to ship the item back to the seller, or to a third party (specified by Nomod) and to provide signature confirmation proof of delivery.

d. Nomod will make a final decision on your Card Services Dispute, in its sole discretion, based on the coverage and eligibility requirements set forth above, any additional information provided during the Card Services Dispute Resolution Process, or any other information Nomod deems relevant and appropriate under the circumstances.

โ†—๏ธ 11. Excessive Card Services Disputes

If we believe you might incur, or you are incurring, an excessive number of Card Services Disputes, we may establish additional conditions governing your Nomod Account, including terminating or suspending the Card Services and/or your Nomod Account.

โ›”๏ธ 12. Restricted Use

You will not act as a payment facilitator or otherwise resell the Card Services to any third party. You will not use the Card Services to handle, process or transmit funds for any third party.

๐Ÿ‘ฎโ€โ™‚๏ธ 13. Unauthorised or Illegal Use

You will only use the Card Services for transactions that are allowed by law. We may decide not to authorise or settle any transaction that you submit to us if we believe that the transaction is in violation of these Card Services Terms or any other agreement with Nomod, or that it exposes you, our customers, our Payment Method Partners, other Nomod users, merchants, or Nomod to harm. Harm includes fraud and other criminal acts. If we suspect that the Card Services have been used for an unauthorised, illegal, or criminal purpose, you give us express authorisation to share information about you, your Nomod Account, and any of your transactions with law enforcement and, as deemed necessary by Nomod, to our Payment Method Partners.

๐Ÿคž 14. Additional Indemnity

In addition to the Terms of Service, you will indemnify, defend, and hold us and our Payment Method Partners (and our respective employees, directors, agents, affiliates and representatives) harmless from and against any and all claims, costs, losses, damages, judgments, tax assessments, penalties, interest, and expenses (including reasonable attorneysโ€™ fees) arising out of any claim, action, audit, investigation, inquiry, or other proceeding instituted by a person or entity that arises out of or relates to any transaction submitted by you through the Card Services.

โœ‹ 15. Withholding & Set Off

In the event any of your Nomod accounts has a negative balance, Nomod reserves the right to withhold refunds or credits to settle the negative balance. You acknowledge that, except as otherwise prohibited by law, Nomod will have the right to apply, charge or set off against your Accounts any indebtedness or other obligations which you or any owner owe us, at any time, without any further notice to or demand on you, whether the indebtedness or other obligations exist at the time the account is opened or arise later. The indebtedness includes, without limitation, all charges incurred on any account you hold with Nomod. You agree that Nomod may set off against the Accounts any claim which we have against you without regard to the source or ownership of the funds in the account and without requirement that the claim be owed to us by all of the account owners. You also agree that, to the extent allowed by law, Nomod may set off any indebtedness or other obligations which you owe us against any other account or property in which you have an ownership interest that is in Nomodโ€™s possession or control.

๐Ÿ‘‰ 16. Additional Representations, Warranties, and Covenants

In addition to the Terms of Service, with each Virtual Card transaction you process through the Card Services, you represent, warrant and covenant to us that: (a) the Virtual Card transaction represents a bona fide sale; (b) the Virtual Card transaction accurately describes the goods and/or services obtained from the merchant; (c) you will fulfil all of your obligations to the merchant and will resolve any dispute or complaint directly with the merchant; (d) you and the Virtual Card transaction comply with all federal, state, and local laws, rules, and regulations applicable to you, including any applicable tax, wage and hour, and tip laws and regulations; (e) except in the ordinary course of business, you are not submitting a transaction that represents a sale to any principal, partner, proprietor, or owner of your entity; and (f) you are not submitting a transaction involving your own merchant.

โŒ 17. Termination of Card Services

Nomod may terminate your use of the Card Services at any time for any reason. Any termination of these terms does not relieve you of obligations to pay Fees or costs accrued prior to the termination, Chargebacks, and any other amounts owed to us as provided in these Card Services Terms or the Terms of Service. If your access to Card Services has been terminated, you may still be permitted to use Nomodโ€™s other products, subject to our discretion.

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