Merchant Tools (Invoice creation) Terms of Use

This Merchant Tools (Invoice creation) Terms of Use shall be considered as a part of the Terms and Conditions applicable to the use of Transcrypt services available at the website Transrcrypt reserve the right to reject the opening of Merchant Account for any user for any reason upon registration. Once your Merchant Account is approved these Terms of Use applies to you automatically.

 1. Additional definitions Transcrypt uses within the Merchant Tools services:

Best Bid rate – the best rate available for settlement of the Invoice by Shopper within the stipulated amount of time after the creation of the Invoice.
Invoice – a result of payment request based on the amount you want to collect in your settlement currency (EUR, USD, GBP) or in any of the supported cryptocurrencies. Merchant Account – an account opened within the Merchant Tools where the creation of Invoice is available.
Merchant Tool – is a service of creating an Invoice between the merchant account and Shopper through the Exchange services provided by TRANSCRYPT OÜ.
Shopper – your customer to who the Invoice is addressed.

2. Invoice Generation and Competitive Exchange Rate Guarantee for Your Shopper

In order to accept a cryptocurrency payment, you need to create a payment request (“Invoice”), based on the amount you want to collect in your settlement currency (EUR, USD, GBP) or in any of the supported cryptocurrencies. Transcrypt's hosted Invoice user interface must be displayed to the Shopper during checkout. When Transcrypt processes payments, we use Transcrypt’s Best Bid rate. We put our best efforts to guarantee the exchange rate for the Shopper as long as the Shopper settles the Invoice within the proper time frame displayed at each Invoice issued within the Merchant Tools after the Invoice is created. Invoices for Shoppers will be generated using information that is provided by you. It is your sole responsibility to customize the Invoices and prepare them with accurate and complete information on which Invoices to Shoppers are based, including, without limitation, the identity of, and contact information, Shoppers’ information who are being invoiced, the transactions for which you are invoicing Shoppers, and the payable amount. It is solely your obligation to inform us if any errors or discrepancies occur in any Invoices.

3. Invoice Execution

When the Invoice is settled by the Shopper in full it will be considered and marked as “PAID” within the system, which means that the corresponding transaction has reached the required number of block confirmations, and the payment has been credited to your Merchant Account ledger. The number of block confirmations required for a transaction depends on several factors, including the blockchain being used and our internal analysis of risk. We use the best industrial practices of risk mitigation techniques to detect fraudulent payments, such as payments that are at risk of never receiving the required number of block confirmations. However, we do not guaranty that these measures may or will completely eliminate the risk associated with unconfirmed payments.

4. Supported Cryptocurrencies for the Invoice

Transcrypt at its own discretion from time to time may add new cryptocurrencies available for the creation of the Invoice. Additional cryptocurrencies on the invoice will be on an opt-out basis, such that they will be enabled by default unless you instruct Transcrypt in writing to disable them by sending the respective request to [email protected] with the headline: “Merchant Tools disable cryptocurrency”. Transcrypt retains its right at any time to remove any of the cryptocurrencies from the availability to use for the Invoice settlement.

5. Merchants warranties and representations

By signing for the Merchant Tools services you represent and warrant that: (a) you will provide complete and accurate information for the Invoice generated within the Merchant Tools and you understand that it is your sole responsibility to notice and request a correction in respect to your issued Invoices through the Merchant Tools; (b) in case of any disputes arising out if the Invoice execution between you and the Shopper you will timely resolve any disputes in connection therewith; and (c) you have received all necessary consents from any and all Shoppers to whom you utilize the Merchant Tools services including those: (i) to receive the respective Invoices electronically; (ii) are willing and capable of receiving, reviewing, printing and saving all such Invoices (if needed), (iii) all the materials, disclosures, terms and other content required to create, distribute an Invoice have been consented to your disclosure for the use of Merchant Tools services, (iv) Shoppers have agreed to applicable Merchant Tools (Invoice creation) Terms of Use prior to settling Invoices.

6. Payment Exceptions

Under certain circumstance out of the Transcrypt control the Invoice may be regarded as underpaid or overpaid, it will result in a “payment exception” label of the Invoice status. If this happens the Shoppers will automatically receive an email from Transcrypt in order to claim the underpayment or overpayment, as described below. If a Shopper requests a refund for a payment exception, Transcrypt will deduct the miner fees from the refunded amount.

6.1 Underpayments

Underpayments occur when a Shopper sends less than the full amount required to label the Invoice as “PAID”. Since the Invoice is not fully paid or complete, the funds do not get applied to Merchant Account. Transcrypt will send an email to the Shopper informing about the partial payment received and requesting to pay the rest amount. Once the rest of the underpaid amounts are settled the Invoice shall be considered as “PAID” and the funds will be credited to the respective Merchant Account. It is sole responsibility of the Shopper to settle the Invoice correctly and in full.

6.2 Overpayments

Overpayments occur when an Invoice receives excess funds. In such cases, the Invoice passes through the state of being labeled as “PAID” and is marked as an overpayment. Once the Invoice is labeled as “PAID” the amount of funds indicated in the respective Invoice will be credited to Merchant Account . The excess funds will not be credited to Merchant Account and remain within the Transcrypt intermediary account. Transcrypt will send an email to the Shopper allowing the Shopper to request a refund for these excess funds.

6.3 Orphan Payments

“Orphan payments” occur when a transaction is received after the expiration of the Best Bid rate window indicate at each Invoice. Any payments sent to the expired invoice will show up in Transcrypt’s system labeled as an “Orphan Payment”. Orphan payments also occur when a Shopper sends cryptocurrency to one of Transcrypt wallet addresses without a connection to an Invoice.

6.4 Unsupported Payments

Unless explicitly stated within our website or in our Terms and Conditions, we do not support or process payments for unsupported coins, tokens, or blockchain forks, collectively known as “Unsupported Payments” or "UP". Shoppers should not pay a Transcrypt Invoice with UP or send UP to a Transcrypt address. If Shopper transmits UP, the Shopper may lose any perceived value in the UP. It is sole responsibility of the Shopper to check from time to time the available supported options of settlemt of the payments within the Transcrypt our website or Terms and Conditions. Transcrypt accepts no responsibility whatsoever with respect to UP and Shoppers will not be able to recover UP from Transcrypt.

6.5 Unclaimed Property

If a Payment Exception occurs, Transcrypt will try to locate you or the Shopper within the information provided by you or Shopper during the registration or shown in the Invoice, but if Transcrypt is unable to contact you or the Shopper and/or has no records of you or the Shopper's use of the Acceptance Services for more than one (1) calendar year, applicable law may require Transcrypt to report these funds as “unclaimed property” to the applicable jurisdiction. Transcrypt reserves the right to deduct a dormancy fee or other administrative charges from such “unclaimed property”, as permitted by applicable law.

6.6 Delayed Settlement

If we are prescribed by applicable law or requested by court order or at the request applicable by law enforcement to conduct an investigation or resolve any pending dispute related to the Merchant Account, we may delay credit of the Invoice funds to your Merchant Account or restrict access to such funds. In the case of a delayed settlement, we will strive to promptly inform you, unless prohibited by court order or respective request by law enforcement. We will not be liable to you for any damages or harm caused as a result of such delayed settlement or restricted access. Unless required dully required otherwise by the applicable law, we are committed not to delay or restrict settlement unnecessarily, and if partial delay or restriction is possible, we will only partially delay or restrict to the best availability prescribed by applicable law. Once the reasons for delayed settlement or restricted access to credited funds can be reasonably proven to have been resolved, Transcrypt will pay the full amount of such funds to your Merchant account without undue delay.

6.7 Account Information

You will have access to Merchant Account information detailing your ledger, transaction and settlement history through your Account dashboard or via Transcrypt’s API. Should you identify an error, you must notify us within thirty (30) calendar days of the ledger entry posting.

7. Refund requests from the Shoppers

Transcrypt may facilitate cryptocurrency refunds to Shoppers on your behalf. You on your own decide to issue a partial refund or refund the full amount of the Invoice. You on your own may also decide whether to issue the refund denominated in the invoice currency or in the cryptocurrency used to settle the Invoice. Transcrypt bare no responsibility for the refunds requested by Shopper or initiated by you, Transcrypt only processes the respective requests and has no obligations to investigate or influence over any decisions of the refunds between Shopper and Merchant Account. If you do not have enough funds in your Merchant Account to cover pending refund requests, we may require you to make a bank deposit to an account specified by us.

7.1 Disclosure of Merchant Refund Policy

Merchant bare its sole responsibility to introduce and familiarize your Shoppers with any refund policy you stick to, Transcrypt is not responsible for Merchant refund policies and is not authorized to accept any claims or mitigate any controversies that may arise out of Merchant’s refund policy. We recommend that Merchants refund the amount of the initial purchase in the currency in which the item was priced. We suggest Merchants provide a clear refund policy to their customers (Shoppers), please make sure that you have checked your local legislative requirements on refund policy if you are uncertain in regards to your refund policy please consider contacting a qualified legal professional.

8. Shopper Complaints

Transcrypt is not designed to receive any complaints from the Shoppers in the name of the Merchnat, however, if we receive a complaint from a Shopper, we will send it to you for further resolution, please contact the complainant directly. Note that we reserve the right without any previous notice to terminate Merchant accounts that receive excessive number of complaints.