Effective as of: May 28, 2021
Description of Service
The Payment Service enables you to make or receive a payment to or from another person or entity that uses Wave services (a "Wave User") in accordance with this Agreement. You may make a payment to another Wave User (you would be a "Payer") by a credit or debit card acceptable to us (a “Card Payment”) or an electronic payment from your bank account (a “Bank Payment”; collectively “Card Payments” and “Bank Payments” are referred to as “Payments”). You may also receive Payments from Wave Users (you would be a "Payee"). Wave acts solely as a third party payment facilitator and processor to Payers and Payees. The Payment Service is protected by copyright, trademark and other intellectual property laws. Wave is not a party to any agreement between a Payer and Payee and any disputes you have with a Payer or Payee are solely between you and the other Wave User.
Payments may only be made in U.S. dollars and you may not use the Payment Service as Payer or Payee in any manner that violates any applicable law or this Agreement. You may not provide access to the Payment Service to any third party. You will provide accurate and complete information regarding your Payments, and agree that all information you provide, including information about a debit or credit card or bank account, is complete, accurate and true.
We will not initiate a Payment on behalf of a Payer until the Payee has agreed to accept the Payment through the Payment Service. The Payer is responsible for correctly identifying the Payee. If the Payer provides incorrect information about a Payee, we are not responsible for the recovery of any funds sent to an incorrect Payee.
Bank Payments and Card Payments
In order to make a Bank Payment the Payer must provide us with information regarding a valid U.S. bank account that is owned by the Payer or that the Payer has the authority to manage and authorize us to debit that account in order to make the Bank Payment. You must provide verifiable bank account information and there must be sufficient available funds to cover the amount of the Bank Payment. By authorizing a Bank Payment, Payer authorizes Wave to electronically debit your bank account for the amount of the Bank Payment.
In order to make a Card Payment, the Payer must provide us with a valid credit or debit card number and other information necessary to implement a payment with that card. The card must be in the name of the Payer or the person making the payment on behalf of the Payer. You must have sufficient funds available through the use of the card to cover the amount of the Card Payment. When you authorize a Card Payment, you authorize us to initiate a payment to the designated Payee through the card.
By instructing us to make a Payment, you authorize us to follow the Payment instructions that you provide to us through the Payment Service and authorize and instruct us to send emails or text messages to the Payee concerning the Payment. You also authorize us to credit your account with any payments that are returned or that are sent to you as Payee on behalf of another Wave User. Once you initiate a Payment, we cannot assure you that we can stop or cancel the Payment, though if you contact us, we will make a reasonable effort to do so if the Payment has not yet been transmitted.
In order to receive a Payment as a Payee, you must also provide us with information regarding a valid U.S bank account into which Payments will be electronically deposited. We must be able to verify the bank account information. By providing us with your bank account information, you authorize us to electronically transfer Payments to that bank account.
Once a Payer initiates a Payment to you, you cannot stop or cancel the Payment. We may return a Payment if we are unable to confirm that you are the intended recipient of the Payment, if we reasonably believe that completing the Payment would violate applicable laws or regulations or that the Payment was fraudulent or unauthorized, or that the information that you or the Payer provided to us was inaccurate.
Payment Date; Initiation of Payment
The Payment Date is the date a Payer authorizes a Payment.
For Payers, on the Payment Date, we will charge the Card Payment or for Bank Payments, debit the designated bank account for the payment amount. You are responsible for ensuring that you have adequate available credit for Card Payments or that the funds are available in your bank account for Bank Payments. You are solely responsible for any fees (including late, overdraft, return or over limit fees) charged by your card issuer, your bank or the Payee. You give Wave the right to resubmit any returned or invalid payments you have authorized and to re-originate the Payment. When you schedule a payment, you should allow sufficient time for the Payee to receive the Payment by its due date, which will be 2-3 business days after the Payee has accepted the Payment.
For Payees, on the Payment Date, we will initiate the Payment. You will not receive the Payment on the Payment Date. We will not transfer the amount of the Payment to you, as Payee, until you accept the Payment. Once you accept the Payment, we will initiate a credit to your bank account for the Payment amount, but those funds may not be received into your bank account for 2-3 business days after you accept the Payment. You are solely responsible for any fees charged by your bank or any other third party in connection with your receipt of the Payment.
We in our sole discretion may impose limits on the dollar amount, number and/or the frequency of Payments you can make or receive using the Payment Service. We may decline any Payment exceeding these limits.
Storing Payment Information
When using the Payment Service to make or receive Payments, you may elect to save your Payment information (card information or bank account information, as applicable) for future Payments.
Identity and Account Verification
You authorize us, directly or through our third party service providers, to make any inquiries and obtain information, including a consumer report on you, from others, including from consumer reporting agencies, that we consider necessary or appropriate to verify your identity and card or bank account information or to prevent the fraudulent use of your card, bank account or your identity. We may also request that you provide additional information to verify your identity or a Payment. If you refuse any of these requests, we may not be able to allow you to use the Payment Service.
For Payers: Our Liability for Failure to Make a Payment; Cancelled Payments
We are not liable for any failure to complete a Payer's Payment on the correct date or in the correct amount, if you provide inaccurate or incorrect information. Any fees associated with a late payment imposed by the merchant to whom you are making a payment are your sole responsibility. We will make reasonable efforts to send you notice that your Payment is not complete, but you are solely responsible for ensuring a payment has been sent, received, and accepted in the correct amount by the Payee. The average process time after the Payee accepts a Payment is usually 2 to 3 business days, but may take longer due to card or banking system delays or other matters outside of our control. We may delay, cancel or reverse a payment if we believe or suspect that a transaction is invalid, fraudulent or violates applicable law, the terms of this Agreement or our policies. You agree to cooperate with us and provide any information that may be reasonably requested by us in our investigation of any cancelled, invalidated or refused payment transactions. You agree and understand that the Payee is not required to accept your payment. You agree that you will not hold us liable for any damages resulting from a Payee's decision not to accept a payment. We will return any cancelled or denied payment to your bank account or your card, as applicable.
Consent to do Business Electronically
You agree and give consent to receive Communications from us electronically. The term “Communications” means any notice, record, agreement, or other type of information that is made available to you or received from you in connection with the Payment Services or other related services. You agree that any such electronic Communications have the same meaning and effect as if we had provided you with paper Communications. Communications are considered received by you within 24 hours of the time they are emailed to you or posted to our website. The decision whether to do business electronically is yours. Your consent to do business electronically and our agreement to do so covers all transactions you conduct through the Service. As applicable, by authorizing a Payment electronically and agreeing to this Agreement, you are confirming to us that you have the means to access, and to print or download, Communications. You further agree that your electronic signature (e-signature) has the same effect as your manual, physical signature. If you later decide that you do not want to receive future Communications electronically, notify us at email@example.com. Because this is an electronic payment service, if you withdraw your consent to receive Communications electronically, we will no longer be able to provide you with the Payment Service.
We may suspend or terminate your right to use the Payment Service for any reason.
Disclaimer of Warranties
The Disclaimer of Warranties in the General Terms are applicable to this Agreement.
Limitation of Liability and Indemnity
The Limitation of Liability and Indemnity provisions in the General Terms are applicable to the Payment Service.
If, for any reason we are deemed liable to you in connection with a Payment or the Payment Service, our liability is limited, in any event, to any fees you paid for services obtained from Wave for the previous three months. You agree that the limitation in this paragraph is reasonable.
You must report any unauthorized or incorrect Payment to us within thirty (30) days of the Payment Date. If you fail to do so, we will have no liability for any losses you may sustain with respect to the Payment.
New York state law governs this Agreement.
We reserve the right to change this Agreement at any time, and the changes will be effective when posted through the Payment Service, on our website or when we notify you by other means. We may also change or discontinue the Payment Service, in whole or in part. Your continued use of the Payment Service indicates your agreement to the changes. We may assign or transfer this Agreement without your consent.