1. About Us
Korapay (“we”, “us” or “our”) is an online cross-border payment solution that leverages cutting edge technology to lower the cost of remittance, while increasing the speed of individual and business payments into and within Africa.
We are an independent contractor for all purposes, providing this website and our services on an independent service provider basis. We do not have control or assume the liability or legality for the products or services that are paid for with our service. We do not guarantee any user’s identity and cannot ensure that a buyer or seller will complete a transaction.
2. The Agreement
4. Age Restriction
Our website and services are not directed to children under 18. We do not knowingly transact or provide any services to children under 18.
5. Disputes & Reversal
If you believe that an unauthorized or otherwise problematic transaction has taken place, you agree to notify us immediately, to enable us to take action to help prevent financial loss.
All claims against us related to payments should be made within 45 (forty-five) days after the date of such payment. It will be taken that you waive all claims against us, to the fullest extent of the law after the said period of time.
If you enter into a transaction with a third party and have a dispute over the goods or services you purchased, we have no liability for such goods or services. Our only involvement with regard to such transaction is as a payment gateway.
We may intervene in disputes between users and merchants concerning payments but have no obligation to do so.
Your transaction ID and/or transaction details will be required to resolve all disputes.
6. Acceptable Use Policy
You are independently responsible for complying with all applicable laws related to your use of our website and services. However, by accessing or using Korapay, you agree to comply with the terms and conditions of our Acceptable Use Policy which you can read on our Acceptable Use Policy page.
7. How we handle your Funds
You authorise and instruct Korapay to hold, receive, and disburse funds on your behalf when such funds from settle from our partner networks. By accepting this Agreement, you further authorise Korapay on how your transaction settlement funds should be disbursed to you as Payouts and the timing of such Payouts.
You agree that you are not entitled to any interest or other compensation associated with the settlement funds held by Korapay pending settlement and Payout to your Bank Account.
Settlement funds will be held in a deposit account at Korapay pending Payouts to you in accordance with the terms of this contract. We may periodically make available to you information about pending settlements yet to be received from our partner payment networks.
Your authorisations will remain valid and be of full effect until your Korapay Account is closed or terminated.
8. Security and Fraud Controls
Korapay is responsible for protecting the security of Payment Data in our possession and will maintain commercially reasonable administrative, technical, and physical procedures to protect all the personal information regarding you and your customers that is stored in our servers from unauthorised access and accidental loss or modification. Although, we cannot guarantee that unauthorised third parties will never be able to defeat those measures or use such personal information for improper purposes. We will however take all reasonable and commercially achievable measures to address any security breach as soon as we become aware.
You agree to use other procedures and controls provided by us and other measures that are appropriate for your business to reduce the risk of fraud.
In the event that you suspect any fraudulent activity, you agree to notify Korapay immediately and quit the transaction. In addition, where we suspect that there have been frequent fraudulent transactions on your account, we reserve the right to cancel our service to you and/or your account.
9. Notification of Errors
You agree to notify us immediately any error is detected while reconciling transactions that have occurred using Korapay. We will investigate and rectify the errors where verified. In the event that we notice any errors, we will also investigate and rectify such errors.
Where we owe you money as a result of such errors, we will refund the amounts owed to you by a bank transfer to your Bank Account.
If a transaction is erroneously processed through our platform, report to us immediately. We will investigate any such reports and attempt to rectify the errors by crediting or debiting your Bank Account as appropriate.
Failure to notify us within 45 (forty-five) days of the occurrence of an error will be deemed a waiver of your rights to amounts that are owed to you due to an error.
You may be assessed Chargebacks for (i) customer disputes; (ii) unauthorised or improperly authorised transactions; (iii) transactions that do not comply with the terms of this Agreement or are allegedly unlawful or suspicious; or (iv) any reversals for any reason by our processor, or the acquiring or issuing banks. Where a Chargeback occurs, you are immediately liable for all claims, expenses, fines and liability we incur arising out of that Chargeback and agree that we may recover these amounts by debiting your Bank Account. Where these amounts are not recoverable through your Bank Account, you agree to pay all such amounts through any other means
In our sole discretion, we may place a Reserve on a portion of your Payouts by holding for a certain period such portion where we believe there is a high level of risk associated with your business. If we take such steps, we will provide you with the terms of the Reserve which may include the percentage of your Payouts to be held back, period of time and any other such restrictions that Korapay may deem necessary. Where such terms are changed, we will notify you. You agree that you will remain liable for all obligations related to your transactions even after the release of any Reserve. In addition, we may require you to keep your Bank Account available for any open settlements, Chargebacks and other adjustments.
To secure your performance of this Agreement, you grant Korapay a legal claim to the funds held in the Reserve as a lien or security interest for amounts payable by you.
You may terminate this Agreement by closing your Korapay Account.
We may suspend your Korapay Account and your access to Korapay services and any funds, or terminate this Agreement, if;
- you do not comply with any of the provisions of this Agreement;
- we are required to do so by a Law;
- we are directed by the issuing financial institution; or
- where a suspicious or fraudulent transaction occurs
WE TRY TO KEEP KORAPAY AVAILABLE AT ALL TIMES, BUG-FREE AND SAFE, HOWEVER, YOU USE IT AT YOUR OWN RISK.
OUR WEBSITE AND SERVICES ARE PROVIDED “AS IS” WITHOUT ANY EXPRESS, IMPLIED AND/OR STATUTORY WARRANTIES (INCLUDING, BUT NOT LIMITED TO, ANY IMPLIED OR STATUTORY WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR USE OR PURPOSE, TITLE, AND NON-INFRINGEMENT OF INTELLECTUAL PROPERTY RIGHTS). WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, KORAPAY MAKES NO WARRANTY THAT OUR WEBSITE AND SERVICES WILL MEET YOUR REQUIREMENTS OR THAT OUR WEBSITE WILL BE UNINTERRUPTED, TIMELY, SECURE, OR ERROR FREE. NO ADVICE OR INFORMATION, WHETHER ORAL OR WRITTEN, OBTAINED BY YOU THROUGH OUR WEBSITE OR FROM KORAPAY, ITS PARENTS, SUBSIDIARIES, OR OTHER AFFILIATED COMPANIES, OR ITS OR THEIR SUPPLIERS (OR THE RESPECTIVE OFFICERS, DIRECTORS, EMPLOYEES, OR AGENTS OF ANY SUCH ENTITIES) (COLLECTIVELY, "KORAPAY PARTIES") SHALL CREATE ANY WARRANTY.
14. Limitation of Liability
IN NO EVENT WILL ANY OF THE KORAPAY PARTIES BE LIABLE FOR (A) ANY INDIRECT, SPECIAL, CONSEQUENTIAL, PUNITIVE, OR EXEMPLARY DAMAGES OR (B) ANY DAMAGES WHATSOEVER IN EXCESS OF THE AMOUNT OF THE TRANSACTION OR TWENTY THOUSAND UNITED STATES DOLLARS (US$20,000.00) DOLLARS, WHICHEVER IS LESSER (INCLUDING, WITHOUT LIMITATION, THOSE RESULTING FROM LOSS OF REVENUES, LOST PROFITS, LOSS OF GOODWILL, LOSS OF USE, BUSINESS INTERRUPTION, OR OTHER INTANGIBLE LOSSES), ARISING OUT OF OR IN CONNECTION WITH KORAPAY’S WEBSITE OR SERVICES (INCLUDING, WITHOUT LIMITATION, USE, INABILITY TO USE, OR THE RESULTS OF USE OF KORAPAY’S WEBSITES OR SERVICES), WHETHER SUCH DAMAGES ARE BASED ON WARRANTY, CONTRACT, TORT, STATUTE, OR ANY OTHER LEGAL THEORY.
Some jurisdictions do not allow the exclusion of certain warranties or the limitation or exclusion of liability for certain damages. Accordingly, some of the above disclaimers and limitations of liability may not apply to you. To the extent that any Korapay Party may not, as a matter of applicable law, disclaim any implied warranty or limit its liabilities, the scope and duration of such warranty and the extent of the Korapay’s Party's liability shall be the minimum permitted under such applicable law.
16. Updates, Modifications & Amendments
17. Applicable Law
18. Legal Disputes
20. Contact Information