Terms & Conditions

Wallet Terms of Use

TERMS UPDATED ON September 10, 2019

This is a binding Agreement between Vesto LLC (“Vesto” or “We”) and the person, persons, or entity (“You” or “Your”) using the service, Software, or application (“Software”).

This Vesto Web Site and related mobile app (collectively, the "Site") is an online information service through which you can apply for certain types of accounts from bank name that issues Vesto-branded and Card Association-branded cards to Cardholders through the platform and other financial services provided by bank name, and is available subject to your compliance with the terms and conditions set forth below. Nothing in this Site shall be construed as creating any warranty or other obligation on the part of Vesto (Vesto, LLC)

Rights and Obligations

Vesto provides the Software solely on the terms and conditions set forth in this Agreement and on the condition that You accept and comply with them. By using the Software You (a) accept this Agreement and agree that You are legally bound by its terms; and (b) represent and warrant that: (i) You are of legal age to enter into a binding agreement; and (ii) if You are a corporation, governmental organization or other legal entity, You have the right, power and authority to enter into this Agreement on behalf of the corporation, governmental organization or other legal entity and bind them to these terms.

This Software functions as a free, open source, and multi-signature digital wallet. The Software does not constitute an account where We or other third parties serve as financial intermediaries or custodians of Your cryptocurrencies(s).

While the Software has undergone beta testing and continues to be improved by feedback from the open-source user and developer community, We cannot guarantee there will not be bugs in the Software. You acknowledge that Your use of this Software is at Your own discretion and in compliance with all applicable laws. You are responsible for safekeeping Your passwords, private key pairs, PINs, and any other codes You use to access the Software. IF YOU LOSE ACCESS TO YOUR WALLET OR YOUR ENCRYPTED PRIVATE KEYS AND YOU HAVE NOT SEPARATELY STORED A BACKUP OF YOUR WALLET AND CORRESPONDING PASSWORD, YOU ACKNOWLEDGE AND AGREE THAT ANY CRYPTOCURRENCY YOU HAVE ASSOCIATED WITH THAT WALLET WILL BECOME INACCESSIBLE. All transaction requests are irreversible. The authors of the Software, employees and affiliates of Vesto, copyright holders, and Vesto LLC cannot retrieve Your private keys or passwords if You lose or forget them and cannot guarantee transaction confirmation as they do not have control over the network.

Disclaimer

THE SOFTWARE IS PROVIDED "AS IS"WITHOUT WARRANTY OF ANY KIND, EXPRESS OR IMPLIED, INCLUDING BUT NOT LIMITED TO THE WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE AND NON-INFRINGEMENT. IN NO EVENT SHALL THE AUTHORS OF THE SOFTWARE, EMPLOYEES AND AFFILIATES OF Vesto, COPYRIGHT HOLDERS, OR Vesto LLC BE LIABLE FOR ANY CLAIM, DAMAGES OR OTHER LIABILITY, WHETHER IN AN ACTION OF CONTRACT, TORT OR OTHERWISE, ARISING FROM, OUT OF OR IN CONNECTION WITH THE SOFTWARE OR THE USE OR OTHER DEALINGS IN THE SOFTWARE. IN NO EVENT WILL VESTO OR ITS AFFILIATES, OR ANY OF ITS OR THEIR RESPECTIVE SERVICE PROVIDERS, BE LIABLE TO YOU OR ANY THIRD PARTY FOR ANY USE, INTERRUPTION, DELAY OR INABILITY TO USE THE SOFTWARE, LOST REVENUES OR PROFITS, DELAYS, INTERRUPTION OR LOSS OF SERVICES, BUSINESS OR GOODWILL, LOSS OR CORRUPTION OF DATA, LOSS RESULTING FROM SYSTEM OR SYSTEM SERVICE FAILURE, MALFUNCTION OR SHUTDOWN, FAILURE TO ACCURATELY TRANSFER, READ OR TRANSMIT INFORMATION, FAILURE TO UPDATE OR PROVIDE CORRECT INFORMATION, SYSTEM INCOMPATIBILITY OR PROVISION OF INCORRECT COMPATIBILITY INFORMATION OR BREACHES IN SYSTEM SECURITY, OR FOR ANY CONSEQUENTIAL, INCIDENTAL, INDIRECT, EXEMPLARY, SPECIAL OR PUNITIVE DAMAGES, WHETHER ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT, BREACH OF CONTRACT, TORT (INCLUDING NEGLIGENCE) OR OTHERWISE, REGARDLESS OF WHETHER SUCH DAMAGES WERE FORESEEABLE AND WHETHER OR NOT WE WERE ADVISED OF THE POSSIBILITY OF SUCH DAMAGES.

Intellectual Property

We retain all right, title, and interest in and to the Content and all of Vesto’s brands, logos, and trademarks, including, but not limited to, Vesto LLC, Vesto, Vesto – Secure Crypto Wallet, Vesto Wallet, Vesto App, Vesto Prepaid Card, and variations of the wording of the aforementioned brands, logos, and trademarks.

Choice of Law

This Agreement, and its application and interpretation, shall be governed exclusively by the laws of the State of California, without regard to its conflict of law rules. You consent to the exclusive jurisdiction of the federal and state courts located in or near McClellan, California for any dispute arising under this Agreement.

Severability

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 paragraphs of the Agreement shall remain in full force and effect.

Binding Agreement

The terms and provisions of this Agreement are binding upon Your heirs, successors, assigns, and other representatives. This Agreement may be executed in counterparts, each of which shall be considered to be an original, but both of which constitute the same Agreement. You assume any and all risks associated with the use of the Software. We reserve the right to modify this Agreement from time to time.

ACH Terms of Use

GENERAL. Submission of a transaction for processing by Business to Vesto shall be considered acceptance of all the provisions of this Agreement. Business acknowledges that it is primarily liable to Vesto for any credit entries and electronic vouchers originated and for any debit entries returned.

2. PROCEDURES.

(a) Business shall prepare and submit all electronic entries to Vesto in accordance with the terms, conditions and specifications set forth herein as the same may be modified or amended from time to time by Vesto. Business shall not cancel or amend any entry after its submission to Vesto other than as permitted by Vesto in Vesto’s sole discretion.

(b) Vesto may transmit the electronic voucher, debit and/or credit entries by electronic communication or by such means Vesto, in its sole discretion, deems appropriate to convey entries. Each entry or file shall be delivered to Vesto not later than twenty-four (24) hours prior to the daily ACH receiving deadline as established by Vesto from time to time. Files must be received no later than 5PM Eastern in order to be processed Effective for the next business day. Vesto shall not be liable for delays or failures to act caused by legal constraints of any kind, interruption of communication or transmission facilities, errors in transmission, equipment failures, suspension in payments by another financial institution, fire, war, emergency conditions, or any other causes beyond the reasonable control of Vesto. In addition, Vesto shall incur no liability from failing to transmit or delay in transmitting any entry or file if Vesto reasonably believes that such entry or file would result in Vesto violating any federal risk control program or any rule or regulation of any U.S. governmental regulatory authority.

(c) All banking information and entries transmitted via an unsecured electronic network must be either encrypted using a commercially reasonable security technology that, at a minimum, is equivalent to 128-bit RC4 encryption technology, or transmitted via a secure session utilizing a commercially reasonable security technology that provides a level of security that, at a minimum, is equivalent to 128-bit RC4 encryption technology. Business is strictly responsible for (i) establishing, maintaining and updating commercially reasonable security measures to maintain the confidentiality of Customers’ account numbers, routing numbers, non-public personally identifiable information, and sales information and (ii) maintaining processes and procedures to protect against unauthorized transactions and network infections and to verify the identity of routing numbers and receivers. Business shall not disclose the information, processes and procedures described in the preceding sentence unless authorized by law or in writing by its Customer or Vesto, as appropriate, and if the same is, or Business reasonably believes or suspects that it was, lost, stolen or accessed by a party without authority to do so, Business shall promptly notify Vesto and provide such details regarding the loss, theft or unauthorized access as Vesto shall request. All information regarding Business or its Customers provided to Vesto or collected by Process shall be and remain the sole property of Vesto. Business warrants that no individual will be allowed to initiate entries in the absence of proper supervision and safeguards, and agrees to take reasonable steps to maintain a commercially reasonable fraud detection system and the confidentiality of security procedures and any passwords, codes, security devices and related instructions provided by Vesto in connection with the security procedures agreed upon by Business and Vesto. If Business suspects that any such information or instructions are accessed by unauthorized persons, Business will promptly notify the Vesto. The occurrence of unauthorized access will not affect any transfers made in good faith by Vesto prior to receipt of notification and within a reasonable time period to prevent unauthorized transfers.

(e) Business shall be responsible for the correctness, both as to content and form, of all entries and information submitted to Vesto. If any information is not readable, out of balance, or unprocessable, it shall be Business’ sole responsibility to correct and resubmit the information to Vesto. Vesto is not responsible detecting any errors in the transmission or content of any entries,including duplicate entries. Business agrees that Vesto may reject any entry submitted by Business and that Vesto shall have no liability to Business for any rejection or for failing to provide notice of any rejection. Vesto shall be under no obligation to notify Business of the rejection of any entry but may, in its sole discretion, do so. In the event that any entries are rejected for any reason, it shall be Business’ responsibility to remake such entries. Should a file be rejected due to an error caused by Vesto, Vesto shall be responsible for remaking the file. In such a case, Business will supply sufficient information to allow Vesto to recreate the entries for up to five (5) business days after midnight of the settlement dateBusiness shall not initiate an electronic voucher, credit and/or debit entry with respect to any Customer until Business has obtained either (i) a signed written agreement from the Customer, in a form reasonably acceptable to Vesto, with a copy thereof given to the Customer, authorizing Business to make prearranged debits from the Customer’s account (the “Customer Authorization”) or, (ii) as required under the Electronic Signatures in Global and National Commerce Act (E-Sign), a Customer Authorization and all electronically executed documents related thereto which are legally binding in the same manner as are hard copy documents executed by hand signatures when (1) the electronic signature is associated with the Customer Authorization and related documents, (2) the Customer consents and intends to be bound by the Customer Authorization and related documents, and (3) the Customer Authorization is delivered in an electronic record capable of retention by the receipt and the time of receipt (i.e., print or otherwise store the electronic record). An electronically executed Customer Authorization and all related electronic documents shall be governed by the provisions of E-sign (as appropriate, a Customer Authorization, whether manually or electronically executed, along with related electronic documents are referred to as the “Authorization”). Business shall retain the original or a copy of the Authorization as prescribed in the Rules and, upon Vesto’s request, shall promptly furnish to Vesto an original or a copy of such Authorization. Should Business wish to change the amount or date of billing of an electronic debit entry in respect of any Customer, it shall first obtain a new Authorization. (f) Vesto shall transmit and process the electronic entries initiated by Business in accordance with the rules of NACHA as are currently in effect and as amended from time to time (the “Rules”) which are found at www.achrulesonline.org. Business agrees to comply with the Rules in addition to the provisions contained in this Agreement and be subject to the terms set forth in Appendix A which are attached hereto and made a part hereof. Business acknowledges that it has access to, or will procure, a copy of the Rules. Business makes, with respect to each transaction, the representations and warranties, and agrees to assume the responsibilities of an “Originator” under the Rules. Business is responsible for ensuring that all returns and re-initiation of debit entries comply with all applicable Rules and law. Business is responsible for maintaining a current version of the Rules and for being aware of all updates and changes to the Rules. In the event that the operation rules of a local or regional automated clearing house, or the arrangements between Vesto and a correspondent bank, are more restrictive than, or are at variance with, the Rules, Business shall comply with such rules. Business acknowledges that entries that violate the laws of the United States, including any sanction laws, shall not be initiated and that it is the Business’ responsibility to ensure that the origination of ACH transactions and retention of related records complies with U.S. law and the Rules. (g) Business shall maintain a demand deposit account (the “Business Deposit Account”) with a bank to which Vesto shall credit amounts received in collection of electronic debit entries and electronic vouchers. All such credits are provisional and Vesto may charge the Business Deposit Account, as well as any other account of Business for the amount of a returned or rejected electronic debit entry or electronic voucher, Business being liable to Vesto for repayment of such items. Business authorizes Vesto to debit the Business Deposit Account on the day, the returned or rejected electronic debit entry or electronic voucher is received by Vesto or thereafter. Business shall at all times maintain a sufficient balance in the Business Deposit Account to cover returned or rejected electronic debit entries or electronic vouchers and any and all fees, costs and charges that are due or reasonably anticipated to be due under this Agreement. Business shall pay to Vesto the amount of any returned or rejected electronic debit entry or electronic voucher which for any reason cannot, in part or in whole, be debited against the Business Deposit Account. Vesto may require Business to maintain a separate account with a balance sufficient to cover returned or rejected electronic entries as further described in Section 14 of this Agreement. Vesto is not obligated to process any electronic credit entry unless, among other things, the Business Deposit Account contains a balance in collected funds sufficient to pay all electronic credit entries and electronic vouchers submitted by Business. If Vesto should elect to process any electronic credit entry for which it has not received final settlement, the amount of such entry, at the option of Vesto, shall therefore become immediately due and payable by Business to Vesto, and Vesto shall have the right to charge the amount thereof to the Business Deposit Account or claim a refund from Business. Business will not close or change the business Deposit Account without prior written notice to Vesto. (h) Business shall not submit to the Vesto ACH credit or debit transactions with SEC codes other than those expressly stated in this Agreement. (i) Vesto reserves the right to audit Business’ compliance with this Agreement, applicable laws, and the Rules. Business agrees to provide all documentation requested by Vesto in connection with any audit. (j) Business understands that Vesto shall be relying upon Business’ compliance with this Agreement in order that Vesto may comply with federal and state laws and regulations in respect of electronic funds transfers.

Merchant Terms of Use

These Merchant Terms of Use ("the Terms") govern your use of the products, services or any other features, technologies or functionalities (the "Services") provided by Vesto LLC (Vesto, we, our, or us) through Vesto’s website, API or through any other means. The terms “you” and “your” refer to the merchant to which we will be providing the Services and the person signing below or otherwise agreeing to the Terms on behalf of the merchant. Please read the Terms carefully; by using the Services, you agree to the Terms and confirm that you accept them.

1. The Services

We are a cryptocurrency payment Vesto. We enable you to accept cryptocurrency as payment for goods or services, and process cryptocurrency payments that you receive from your customer (Purchaser). We are not a crypto exchange, wallet, or a place to purchase or sell cryptocurrencies. Our Services are only available to businesses that sell a product or services or to registered charitable organizations that accept donations. By using the Services, you authorize us to act as your agent so we may receive, hold and disburse funds on your behalf and to take any and all actions that we think are necessary to provide the Services and to comply with applicable law. Payment by Purchaser to Vesto will be considered the same as payment made directly to you and will extinguish the Purchaser's outstanding obligation, to the extent of the payment.

2. Registration

2.1 Generally

In order to use the Services, you must open a Vesto account. When you open an account, we will ask you for contact information such as your name, phone number, email address, and information relating to the ultimate beneficial owner or the most senior individual from the organization. We will also ask you for information on your business, including your business’s legal name or DBA, physical address of the business, and your company'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 birth, 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 Vesto account, if you do not provide us with accurate, complete, and satisfactory information. Vesto is a registered Money Service Business with FinCEN and is a licensed money transmitter in numerous states. As a regulated business, Vesto is required to comply with the Bank Secrecy Act, which requires Vesto to verify merchant identities, maintain records of currency transactions for up to five years (New York merchant’s records are held for seven years) and report certain transactions. In the event that a merchant account is closed by Vesto 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.

Merchant Tiers.Vesto imposes daily transaction processing limits on merchants. When you register for a Vesto account, you will be required to provide us with certain documentation. For certain industries, Vesto may ask for additional verification documents. We will not begin to process payments on your behalf until we have reviewed the documentation that you provide, in accordance with applicable law.

2.2 Guarding your Password

You will choose a password when registering your account. You are responsible for maintaining the confidentiality of your password and account access information. You are fully responsible for all activities that occur with the use of your password or account. Please notify us immediately of any unauthorized use of your password or account or any other breach of security. If you share your password with others we will not be liable for any loss that you may incur as a result of someone else using your password 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.

3. Your Sales

3.1 Daily Transaction Volume Limits

Vesto imposes daily and annual transaction processing limits on consumers and merchants. When you register for a Vesto account, you will be enabled to transact at the Basic level. At Vesto's discretion, and based on Vesto’s risk assessment of your business/consumer account, transaction capabilities may not be enabled until additional documentation or information regarding you and your business is collected and verified. Requests to increase your processing limit will not be approved unless and until we have reviewed your documentation to our satisfaction and have confirmed the accuracy and authenticity of the information therein.

3.2 Invoices and Records

You must keep all records needed for fulfilling the goods or services sold to the Purchaser and providing any post-sale support to the Purchaser. If the sale of the item requires any government registration of the sale, you are responsible for such registration. Vesto is required to maintain records of all documentation and information collected for your merchant account for the duration that your account is active, and up to 5 years thereafter.

3.3 Customer Verification

Consistent with your local laws and regulations, you are solely responsible for obtaining any information required of those who purchase your goods or services. For instance, if applicable law prohibits a sale to persons under the age of 18 years, you must ensure that a Purchaser is at least 18 years of age. Similarly, if applicable law requires that a Purchaser's identity be verified, you must verify the Purchaser's identity. We will not be responsible for your failure to adequately verify your Purchasers' identities or qualifications.

3.4 Representation and Warranties

Use of the Services is subject to the laws and regulations of the United States regarding the prevention of terrorist financing and anti-money laundering. You agree and acknowledge that your use of the Services would and will comport with such laws and regulations, including, without limitation, the sanctions programs administered by the Office of Foreign Assets Control of the United States Department of the Treasury. Your use of the Services is also subject to the following important restrictions:

  1. You are at least eighteen (18) years old or older and have the right, power and contractual capacity to agree to these Terms.
  2. Your use of the Services will not contravene any applicable international, federal, state or local law or regulation, including applicable tax laws and regulations.
  3. Your use of the Services will not relate to the following prohibited activities:
    1. Sales of narcotics, research chemicals or any controlled substances;
    2. Sales of cash or cash equivalents, including items used for speculation or hedging purposes (such as derivatives), and the sale or trade of cryptocurrencies;
    3. items that infringe or violate any intellectual property rights such as copyrights, trademarks, trade secrets, or patents;
    4. ammunition, firearms, explosives (including fireworks), or weapons regulated under applicable law or as determined by us; or
    5. transactions that show the personal information of third parties in violation of applicable law;
    6. transactions that support pyramid, Ponzi, or other "get rich quick" schemes;
    7. transactions that are related to cloud-mining;
    8. provide credit repair or debt settlement services;
    9. any services which compete with Vesto;
    10. Explicit sexual content;
    11. Sales of Kratom or Nootropics
  4. If your use of the Services relates to one of the following restricted activities, your activities are subject to internal review and you are only allowed to transact when expressly authorized by Vesto in writing:
    1. Engaged in Foreign Exchange, Money Service Business activities (as defined by the Financial Crimes Enforcement Network of the United States Department of the Treasury) or E-wallets;
    2. Engaged in selling cryptocurrency mining hardware;
    3. Providing Currency exchange services;
    4. Transaction that are associated with purchases of annuities or lottery contracts, lay-away systems, banking, offshore banking, transactions to finance, investing, investment related products or
    5. Transactions that involve gambling or any other activity with an entry fee and a prize, including, but not limited to casino games, sports betting, horse or greyhound racing, lottery tickets, other ventures that facilitate gambling, and sweepstakes, unless you have obtained our prior written approval and you and your customers are located exclusively in jurisdictions where such activities are permitted by law.

3.5 Our Right to Reject

We reserve the right to decline to process a sale if we reasonably believe that it violates these Terms or would expose you, other merchants, Purchasers, or other parties to harm. If we reasonably suspect that your Vesto account has been used for an illegal purpose, you authorize us to share information about you, your Vesto account, and your account activity with law enforcement.

3.6 Our Right to Inspect

We may ask for permission to inspect your business location in connection with your use of the Services, or documentation or evidence to support specific transactions. If you refuse our request, we may suspend or terminate your Vesto account.

4. Third Parties

4.1 Your Use of Third-Party Services

In using the Vesto website or the Services, you may be offered services, products and promotions provided by third parties. If you decide to use these third-party services, you do so at your own risk and are solely responsible for reviewing, understanding and complying with the associated terms and conditions. We expressly disclaim any liability for the third-party services and are not responsible for the performance of the third-party services or servicers.

4.2 Security

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.

5. How we Collect, Use and Share Information

In order to provide the Services, we may share information about you and your Vesto account with third parties, including but not limited to your bank and Purchasers.

5.1 Verification of Your Identity

In order to verify the information you submit via the account registration process as detailed in Section 2.1 (Generally) we may request information from various third parties, including credit bureaus and identity verification services. By accepting these Terms you authorize us to retrieve information about you by using third parties and acknowledge we may have to share the information you have previously submitted to do so.

From time to time Vesto may engage third parties in order to assist in different aspects of the provision of our Services to you. You acknowledge and agree that your use of the Services may require we share your information with these third parties who may need to review your eligibility to use the Services according to their own verification procedures.

6. Our Ownership of the Services and the Vesto Website

You agree and acknowledge that we own all right, title and interest to and in the Services, the associated software, technology tools and content, the Vesto website, the content displayed on the website, and other materials produced by and related to Vesto (collectively, the Vesto IP). You are only permitted to use the Services and the Vesto 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 Vesto IP, without the right to sublicense. You shall not rent, lease, sublicense, distribute, transfer, copy, reproduce, download, display, modify or timeshare the Vesto IP or any portion thereof, or use the Vesto IP as a component of or a base for products or services prepared for commercial sale, sublicense, lease, access or distribution. You shall not prepare any derivative work based on the Vesto IP, nor shall you translate, reverse engineer, decompile or disassemble the Vesto IP.

7. Advertising

By using the Services, we may publish your corporate name, URL, artwork, text, logo, and other publicly available information about your business ("Merchant Content") to Vesto's promotional materials and all marketing channels. A third party may use Vesto's publicly-available Merchant Content and tailor the data to create entries for directories or other channels, and the data listed on third party directories or channels will be subject to separate third party terms of use.

You represent and warrant to us that you have the right to provide the Merchant Content to us, and that the use, copying, modification and publication of the Merchant Content by us: (a) will not infringe, violate or misappropriate any third party copyright, patent, trade secret or other proprietary rights, (b) will not infringe any rights of publicity or privacy, and (c) will not be defamatory or obscene or otherwise violate any law.

8. Invoices & Settlement

8.1 Invoice Generation and Exchange Rate Guarantee

Vesto's hosted invoice UI shall be used. To create an invoice for your Purchaser, you may post a request to Vesto to collect a specific amount in your local currency, such as Dollars or Euros, or in any of the supported cryptocurrencies. Vesto will pull the exchange rate, where applicable, and provide the payment instructions to you for you to display to the Purchaser. For more information about how Vesto calculates the exchange rates and factors in market depth, please refer to Vesto.com/exchange-rates. We guarantee the exchange rate to you as long as the Purchaser pays within the proper time window after the invoice is created. Invoice timeout information is clearly displayed on each Vesto invoice. While we guarantee the exchange rate as long as the Purchaser pays within such time window, you agree that you assume the volatility risk of your local currency or the applicable cryptocurrency. For instance, if you ask us to collect $150, and the Purchaser sends the cryptocurrency equivalent within the time window, we guarantee you will receive exactly $150, minus our fee if applicable. We do not, however, guarantee the value of the U.S. dollar.

For any payments that are made using the bitcoin blockchain, an invoice is considered complete by us after the payment has six (6) block confirmations. You have the option to inform your Purchaser earlier about the status of the invoice; please note that Vesto is not liable for settling invoices with a payment that never receives six (6) block confirmations. Vesto employs techniques to detect payments that are at risk of never receiving six (6) bitcoin block confirmations, however these measures do not completely eliminate the risk associated with unconfirmed payments.

8.2 Fees

8.2.1 Merchant Fees

We charge service fees for merchants on our Starter Plan who have processed more than thirty transactions in a month or who have selected our Business or Enterprise plans (“Service Fees”). Merchants paying Service Fees will have these fees offset against their applicable ledger balances.

If you issue a full or partial refund to your customers, the miner fee amount will be deducted from your merchant ledger balance. The deduction will be added as a separate entry in your Vesto ledger after the refund is executed.

8.2.2 Purchaser Fees

Network Costs

Vesto may incur a cost (“Network Cost”) to sweep an incoming cryptocurrency payment. These Network Costs are included in the invoice total and are paid by the Purchaser. The Network Costs are not returned when a refund is executed. Purchaser has the discretion to decide to pay or not pay an invoice after it has been created. Miner Fees

Cryptocurrency transactions may require a miner fee. These miner fees are automatically created by the Purchaser’s wallet and sent to the miner. These miner fees are not Vesto fees. The miner fees paid to the Network are not returned when a refund is executed.

If a Purchaser would like to learn more about the applicable fees, please view our payment fee details. We reserve the right to change our fee structure and pricing. Your continued use of the Services after we notify you of any changes in our fees constitutes your acceptance of such change. Current pricing information is provided on the Vesto website at Vesto.com/pricing.

8.3 Methods of Settlement

We will verify the Purchaser’s payments over the cryptocurrency peer-to-peer payment network and post the balance to your accounting ledger, according to your preference settings. The debits and credits to your accounting ledger are funds temporarily held by Vesto until settlement to your bank account can take place. You can receive a settlement in your local currency, in any of the supported cryptocurrencies, or in a mixture of both. You assume volatility risks of the currency in which you choose to settle. For example, if you choose to settle in bitcoin, then you assume the volatility risk of the bitcoin value. DISCLOSURE: While there are also material risks from accepting various forms of payment (such as cash, other fiat currencies, network card payments, other proprietary electronic payments and alternative virtual currency payments including Litecoin and Dogecoin), Vesto is disclosing the following material risks of virtual currency.

  • Material Risks of Virtual Currency Disclosure Based on 23 NYCCR 200.19:

8.3.1 Settlements in Local Currencies

Direct deposit to a bank account in a local currency is available to merchants located in certain countries. Please refer to Vesto.com/docs/settlement for a list of those countries. If you wish to receive direct deposit settlements, you must provide us with valid bank account information and keep such information current. If you are using the Business or Enterprise plan, we will send a direct deposit to your bank account to clear out your accumulated ledger balance each business day. If you are using the Starter plan, we will settle the accumulated ledger balance on a weekly basis. If you are accepting any portion of your settlement in a supported cryptocurrency, we will settle to your wallet on a daily basis. Minimum settlement amounts apply; please refer to Vesto.com/docs/settlement for information related to minimum settlement amounts and deposit frequency. We will charge you the applicable wire fees, except when settling USD to a bank located in the US or when settling EUR to a bank within the SEPA zone. Settlements might be initiated from a bank account held in the name of Vesto LLC or Stichting Client Funds BMSE, which is a Foundation that is set up to segregate client funds from operational funds.

8.3.2 Your Bank Account

You must provide us with written notice at least three (3) business days prior to closing your bank account. If you wish to continue to receive direct deposits, you must provide us with information for a substitute bank account. You are solely liable for all fees and costs associated with your bank account and for all overdrafts. You are also liable to us for any fees that we may incur based on your provision of inaccurate information or instructions. You authorize us to initiate electronic credits to your bank account at any time, as necessary to process your transactions. We will not be liable for any delays in receipt of funds or errors in bank account entries caused by third parties.

8.3.3 Settlements in a Supported Cryptocurrency

Any supported cryptocurrency accepted by Vesto on your behalf must be settled to a cryptocurrency wallet that you provided. Payments in any of the supported cryptocurrencies are sent to your designated wallet address, at least once per calendar day. Vesto is not liable for any losses incurred as a result of improperly reported or designated wallet addresses that you provide.

8.3.4 Refund Reserve

With your explicit consent, Vesto can set a refund reserve. You can use the refund reserve to refund Vesto invoices (e.g., when goods/services are not delivered) or to fund cryptocurrency payout requests. Once the refund reserve is set, Vesto does not settle the refund reserve amount. Pending refunds are deducted from your refund reserve. If no refund reserve is set, pending refunds will be deducted from the settlement amount. Vesto does not own or control the underlying software protocols that govern the operation of cryptocurrencies supported on our platform. In general, the underlying protocols are open source, and anyone can use, copy, modify, and distribute them. Unless explicitly mentioned on our website or in our Terms, we do not support or process payments for unsupported payments, coins, tokens, or blockchain forks, collectively known as Unsupported Payments ("UP"). Vesto assumes absolutely no responsibility whatsoever in respect to UP. Vesto is only liable for the cryptocurrency ledger balance selected in your refund reserve or payout preference.

8.3.5 Settlement Minimum

Vesto settles once the settlement amount is above the settlement minimum. The standard settlement minimums are documented at https://support.Vesto.com/hc/en-us/articles/201890513-What-are-my-options-for-settlement-. Merchants that are on the Starter Plan only receive a settlement once a week if the settlement amount is above the settlement minimum.

8.4 Payment Exceptions

In certain situations when an invoice is not fully paid or overpaid, it will result in a payment exception. You can resolve payment exceptions from the Vesto merchant dashboard.

Vesto incurs miner fees to refund a payment. If the Purchaser requests a refund for a Payment Exception, Vesto will deduct the miner fees from the refund amount.

8.4.1 Underpayments

Underpayments occur when the Purchaser sends less than the full amount required to mark the invoice as fully paid. Since the invoice is not fully paid or complete, the funds do not get applied to the merchant ledger. Vesto will send an email to the Purchaser allowing the Purchaser to request a refund for the partial payment. The Purchaser also has the ability to request a refund of the partial payment directly from the invoice. If you want to accept underpayments, you can enable this in your Vesto merchant dashboard. In this case Vesto will adjust the invoice price to the amount paid, instead of refunding the underpayment.

8.4.2 Overpayments

Overpayments occur when an invoice receives excess funds. In cases such as this, this invoice passes through the state of being paid in full and is marked as an overpayment. Once the invoice is status is "complete", the funds to mark the invoice as fully paid are applied to the merchant ledger. However, the excess funds are not applied. Vesto will send an email to the Purchaser allowing the Purchaser to request a refund for the excess funds. The Purchaser also has the ability to request a refund of the excess funds directly from the invoice.

8.4.3 Orphan Payment

Orphan Payments occur when a transaction is received outside the time window referenced in Section 8.1 (Invoice Generation and Exchange Rate Guarantee). Any payments sent to the expired address will show up in Vesto’s system as an orphan payment. For more information or to resolve orphaned payments, either you or the Purchaser will need to reach out to our support team with the appropriate information.

8.4.4 Unsupported Payments

For an overview of the currently supported cryptocurrencies, please refer to Vesto.com/exchange-rates. Unless explicitly mentioned on our website or in our Terms, we do not support or process payments for UP. Purchasers should not pay any Vesto invoice or send UPs to a Vesto address. If a Purchaser transmits a UP, the Purchaser may lose any perceived value in the UP. Additionally, the Merchant and the Purchaser agree that Vesto assumes no responsibility whatsoever in respect to that UP and the Merchant and the Purchaser will not be able to recover the UP from Vesto. Vesto assumes absolutely no responsibility whatsoever in respect to UPs.

8.4.5 Unclaimed Property

If a payment exception is made and Vesto receives cryptocurrency, and Vesto is unable to contact you or the Purchaser and has no record of you or the Purchaser's use of the Services for several years, applicable law may require Vesto to report these funds as unclaimed property to the applicable jurisdiction. If this occurs, Vesto will try to locate you or the Purchaser using the notification information shown in our records, but if Vesto is unable to locate you or the Purchaser, it may be required to deliver any such funds to the applicable state or jurisdiction as unclaimed property. Vesto reserves the right to deduct a dormancy fee or other administrative charges from such unclaimed funds, as permitted by applicable law.

8.5 Certain Deferrals

If we need to conduct an investigation or resolve any pending dispute related to your Vesto account, we may delay settlement or restrict access to your funds while we do so. Additionally, we may delay settlement or restrict access to your funds if required to do so by law, court order or at the request of law enforcement.

8.6 Account Information

You will have access to account information detailing your ledger and transaction and settlement history through your merchant account. Should you identify an error, you must notify us within thirty (30) calendar days of the ledger entry posting.

9. Refunds and Adjustments

9.1 Refund Procedures

Vesto can facilitate cryptocurrency refunds on your behalf. You can decide to issue a partial refund or refund the full amount of the initial purchase. You can also decide whether to issue the refund denominated in your local currency or in a supported cryptocurrency. If you do not have enough funds in your Vesto account to cover the refund, Vesto may require you to deposit a cryptocurrency or fiat to Vesto to cover the refund to the Purchaser. Any required currency conversion during the refund process will be calculated at a spot rate determined by Vesto.

9.1.1 Refund of Payment Exceptions

If a payment exception is not refunded by you within 30 days after the invoice creation date, you will only be able to refund (and not accept) the payment exception and Vesto will lock the applicable cryptocurrency/USD exchange rate exactly 30 days after the date and time of invoice creation.

For any refunds of payment exceptions that occur after the 30-day window, the locked exchange rate is used to determine the amount of cryptocurrency that will be refunded. The cryptocurrency balance is converted to USD on the 30th day. Additionally, because of the cryptocurrency price fluctuations, Vesto will only refund the cryptocurrency amount sent to Vesto or the USD value, whichever is less. Any refunds of payment exceptions that happen prior to this 30-day window will be refunded in the exact amount of cryptocurrency originally received.

9.2 Disclosure of Your Refund Policy

Vesto is not responsible for Merchant refund policies. We do suggest Merchants have a clear refund policy for their customers (including, if applicable, “no refunds are allowed as all sales are final”). For certain industries, a refund policy may not be applicable (e.g. where a service is provided). If refunds are permitted, we recommend you to refund the amount of the initial purchase in the currency in which the item was priced.

9.3 Purchaser Complaints

Purchasers filing complaints with Vesto about a purchase will be forwarded to you for resolution. Vesto reserves the right to terminate accounts which receive excessive complaints.

9.4 Merchant Complaints

Merchants filing complaints regarding our processing service should complaints via email, phone or mail at compliance@Vesto.io, or (415) 289-9835, or 3140 Peacekeeper Way, Suite 101, McClellan, CA 95652, respectively.

SPECIAL NOTICE FOR NEW YORK RESIDENTS

10. Account Termination

10.1 Your Right to Close Your Account

These Terms apply only for as long as you use the Services. Once you cease using the Services, these Terms no longer apply, subject to Section 14.11 (Survival). You may close your Vesto 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 transaction fees that may be incurred in the funds transfer.

10.2 Our Right to Close or Suspend Your Account

We may terminate your account, at our discretion, upon notice to you via email or phone communication. We may also suspend your access to the 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, Vesto reserves the right to suspend your account, disabling processing capabilities.

10.3 Effect of Account Closure

If your Vesto account is closed, you agree: (a) to continue to be bound by these Terms, as required by Section 14.11 (Survival) (b) to immediately stop using the Services, (c) that the license provided under these Terms shall end, (d) that we reserve the right (but have no obligation) to delete all of your information and account data stored on our servers, and (e) that we shall not be liable to you or any third party for termination of access to the Services or for deletion of your information or account data.

11. Indemnification

You agree to indemnify Vesto LLC its affiliated and related entities, and any of its officers, directors, employees and agents from and against any claims, costs, losses, liabilities, damages, expenses and judgments of any and every kind (including, without limitation, costs, expenses, and reasonable attorneys’ fees) arising out of, relating to, or incurred in connection with any claim, complaint, action, audit, investigation, inquiry, or other proceeding instituted by a person or entity that arises or relates to: (a) any actual or alleged breach of your representations, warranties, or obligations set forth in these Terms; (b) your wrongful or improper use of the Services; (c) the products or services sold by you through the Services, including but not limited to any claims for false advertising, product defects, personal injury, death or property damage; or (d) any other party’s access or use of the Services with your account information.

12. No Warranties

WE PROVIDE THE SERVICES ON AN “AS IS” AND “AS AVAILABLE” BASIS, AND YOUR USE OF THE SERVICES IS AT YOUR OWN RISK. TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, WE PROVIDE THE SERVICES WITHOUT WARRANTIES OF ANY KIND, WHETHER EXPRESS OR IMPLIED (INCLUDING, WITHOUT LIMITATION, WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, OR NON-INFRINGEMENT). WITHOUT LIMITING THE FOREGOING, WE DO NOT WARRANT THAT THE SERVICES (AND OUR WEBSITE): WILL OPERATE ERROR-FREE OR THAT DEFECTS OR ERRORS WILL BE CORRECTED; WILL MEET YOUR REQUIREMENTS OR WILL BE AVAILABLE, UNINTERRUPTED OR SECURE AT ANY PARTICULAR TIME OR LOCATION; ARE FREE FROM VIRUSES OR OTHER HARMFUL CONTENT. WE DO NOT ENDORSE, WARRANT, GUARANTEE OR ASSUME RESPONSIBILITY FOR ANY PRODUCT OR SERVICE OFFERED OR ADVERTISED BY A THIRD PARTY THROUGH THE SERVICES OR THROUGH OUR WEBSITE, AND WE WILL NOT BE A PARTY TO NOR MONITOR ANY INTERACTIONS BETWEEN YOU AND THIRD-PARTY PROVIDERS OF PRODUCTS OR SERVICES.

13. Limitation of Liability

IN NO EVENT WILL WE BE LIABLE TO YOU OR ANY THIRD PARTY FOR ANY DIRECT, INDIRECT, SPECIAL, INCIDENTAL, CONSEQUENTIAL, EXEMPLARY OR PUNITIVE DAMAGES OR ANY LOSS, THEFT, DISAPPEARANCE, OR DAMAGES FOR LOST PROFITS, LOST REVENUES, LOST DATA OR OTHER INTANGIBLE LOSSES THAT RESULT FROM THE USE OF, INABILITY TO USE, OR UNAVAILABILITY OF THE SERVICES, REGARDLESS OF THE FORM OF ACTION AND WHETHER OR NOT WE KNEW THAT SUCH DAMAGE MAY HAVE BEEN INCURRED. IN NO EVENT WILL WE BE LIABLE TO YOU OR ANY THIRD PARTY FOR ANY DAMAGE, LOSS OR INJURY RESULTING FROM HACKING, TAMPERING, VIRUS TRANSMISSION OR OTHER UNAUTHORIZED ACCESS OR USE OF THE SERVICES, YOUR Vesto ACCOUNT, OR ANY INFORMATION CONTAINED THEREIN. IN NO EVENT WILL OUR LIABILITY FOR ANY DAMAGES ARISING IN CONNECTION WITH THE SERVICES EXCEED THE FEES EARNED BY US IN CONNECTION WITH YOUR USE OF THE SERVICES DURING THE 6 MONTH PERIOD IMMEDIATELY PRECEDING THE EVENT GIVING RISE TO THE CLAIM FOR LIABILITY. THE FOREGOING LIMITATIONS OF LIABILITY SHALL APPLY TO THE FULLEST EXTENT PERMITTED BY LAW IN THE APPLICABLE JURISDICTION.

14. Miscellaneous

14.1 Taxes

You are responsible for determining any and all taxes assessed, incurred, or required to be collected, paid, or withheld for any reason in connection with 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.

If in a given calendar year you receive (i) more than $20,000 in gross amount of payments and (ii) more than 200 payments, Vesto will report annually to the Internal Revenue Service, as required by law, your name, address, employer identification number, the total dollar amount of the payments you receive in a calendar year and the total dollar amount of the payments you receive for each month in a calendar year.

14.2 Privacy Policy

Please see our Privacy Policy for information regarding how we collect and use information. The Privacy Policy is part of these Terms, so please make sure that you read it.

14.3 Right to Preserve and Disclose.

Vesto may preserve all information you provide. Vesto may also disclose information you provide if required to do so by law or in the good faith belief that such preservation or disclosure is reasonably necessary to: (a) complete your transaction; (b) comply with legal process; (c) enforce these Terms of Use; (d) respond to claims that any materials on this Site violate your rights or the rights of third parties; (e) protect the rights, property, or personal safety of Vesto, its users and/or the public; or (f) in the event that all or substantially all of Vestos’ assets are acquired by a third party.

14.4 Assignment

You may not transfer or assign these Terms, or any rights granted by these Terms. You agree and acknowledge that we may assign or transfer these Terms.

14.5 Severability

Should any provision of these Terms be determined to be invalid or unenforceable under any law, rule, or regulation, such determination will not affect the validity or enforceability of any other provision of this Agreement.

14.6Waivers

Our failure to assert any right or provision in these Terms shall not constitute a waiver of such right or provision, and no waiver of any term shall be deemed a further or continuing waiver of such or other term.

14.7 Entire Agreement

This Agreement including the Privacy Policy referenced herein, represent the entire understanding between us and you with respect to the matters discussed. Headings are included for convenience only, and shall not be considered in interpreting these Terms.

14.8 Notices

You agree to accept communications from us in an electronic format, and agree that all terms, conditions, agreements, notices, disclosures or other communications that we provide to you electronically will be considered to be “in writing”.

14.9 Governing Law; Arbitration

This Agreement will be governed by and construed in accordance with the laws of the State of California without reference to conflict of law or choice of law provisions, and applicable federal law (including the Federal Arbitration Act). If a disagreement or dispute in any way involves the Services or these Terms and cannot be resolved between you and us with reasonable effort, the disagreement or dispute shall be resolved exclusively by final and binding administration by the American Arbitration Association ("AAA"), and will be conducted before a single arbiter pursuant to the applicable Rules and Procedures established by the AAA. You agree that the arbitration shall be held in the State of California, or at any other location that is mutually agreed upon by you and us. You agree that the arbiter will apply the laws of the State of California consistent with the Federal Arbitration Act, and will honor and agree to all applicable statutes of limitation. You agree that, unless prohibited by law, there shall be no authority for any claims to be arbitrated on a class or representative basis, and arbitration will only decide a dispute between you and us. Arbitration proceedings must be initiated within one (1) year after the disagreement or dispute arises. If any part of this Arbitration clause is later deemed invalid as a matter of law, then the remaining portions of this section shall remain in effect, except that in no case shall there be a class arbitration.

14.10 Amendment

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 at the time of posting. If you continue to use the Services after we provide notice of such changes, your continued use constitutes an acceptance of the amended Terms and an agreement to be bound by them. If you do not agree to the amended Terms, you must close your Vesto account per the termination section of this agreement and discontinue your use of the Services.

14.11 Force Majeure

Neither you nor we will be liable for delays in processing or other non-performance caused by 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.

14.12 Survival

The provisions of Sections 3.4 (Representations and Warranties), 4.2 (Security), 6 (Our Ownership of the Services and the Vesto Website), 7 (Advertising), 8.5 (Certain Deferrals), 11 (Indemnification), 12 (No Warranties), 13 (Limitation of Liability), and 14.8 (Governing Law; Arbitration) shall survive the termination of these Terms.