Accuracy of Information: While we strive to ensure the accuracy and timeliness of the information provided on our website, Lapay makes no warranties or representations regarding the completeness, accuracy, reliability, or availability of the information. The content on our website is provided for general informational purposes only and should not be considered as financial, legal, or professional advice. Lapay disclaims any liability for errors or omissions in the information presented on our website.
Third-Party Links: Our website may contain links to third-party websites or resources that are not owned or controlled by Lapay. We do not endorse or assume any responsibility for the content, privacy policies, or practices of these third-party websites. When you access these links, you do so at your own risk, and Lapay disclaims any liability for any damages or losses incurred from using these third-party websites.
Financial Risk: Engaging in financial transactions involves inherent risks. Lapay does not guarantee the performance, success, or profitability of any investment or financial transaction made using our services. Customers are solely responsible for assessing and managing their financial risks. Lapay disclaims any liability for any financial losses or damages incurred as a result of using our services. It is important to carefully read and understand these disclaimers before using Lapay's services. By accessing and using our website, you agree to be bound by these disclaimers and accept any associated risks. If you have any questions or concerns, please contact us using the provided contact information.
1. Lapay Payment Services Company Terms Last updated: 8 June 2023 Definitions 1.1. "Lapay," "we," "us," or "our" refers to Lapay UK Ltd, trading as Lapay, an authorized payment institution. 1.2. "Customer," "you," or "your" refers to any individual or entity using the Lapay payment services. 1.3. "Services" refers to the payment services provided by Lapay, including but not limited to account creation, fund transfers, currency exchange, and any other related services.
2. Eligibility and Compliance 2.1. By using our services, you represent and warrant that you are at least 18 years old and have the legal capacity to enter into a binding agreement. 2.2. You agree to comply with all applicable laws and regulations, including but not limited to anti-money laundering (AML) and know your customer (KYC) requirements. 2.3. We reserve the right to request additional information and documentation to verify your identity and comply with regulatory obligations.
3. Account Registration 3.1. To use our services, you must create an account on the Lapay platform. You agree to provide accurate, complete, and up-to-date information during the registration process. 3.2. You are responsible for maintaining the confidentiality of your account credentials, including your username and password. You agree to notify us immediately of any unauthorized use or suspected security breaches. 3.3. Lapay reserves the right to suspend or terminate your account if we suspect fraudulent activity, violation of these Terms and Conditions, or any illegal or unauthorized use of our services.
4. Relationship to Lapay Services Agreement In addition to these Lapay Terms, you must have a Lapay Services Agreement in place with Lapay for the use of our technology services and API functionality. Lapay will not charge separate fees for the provision of the Lapay payment services; fees payable for the services provided by Lapay will be determined under the Lapay Services Agreement.
4.1 Terms and Conditions By accessing or using the Lapay payment services, you expressly agree to comply with and be bound by these Lapay Terms, the Lapay Services Agreement, and any updates or modifications to these documents made by Lapay from time to time. Any capitalized terms used in these Lapay Terms but not defined herein have the meanings assigned to them in the Lapay Services Agreement. You represent and warrant that all information provided to Lapay directly or through your use of the services is accurate, complete, and authorized.
4.2 Incorporation of Lapay Services Agreement These Lapay Terms are Financial Services Terms under the Lapay Services Agreement. By referencing the Lapay Services Agreement, these Lapay Terms incorporate the terms of the Lapay Services Agreement, including any terms incorporated within it. However, for the purposes of the Lapay payment services, references to "Lapay" in the Lapay Services Agreement should be read as references to Lapay, references to the "Agreement" in the Lapay Services Agreement should include these Lapay Terms, and the incorporated terms will be limited to the Lapay payment services. All other aspects of the services will remain governed by the Lapay Services Agreement between you and Lapay.
4.3 Inconsistency If there is any conflict between the Lapay Services Agreement and these Lapay Terms, these Lapay Terms will prevail regarding the Lapay payment services. Furthermore, if there is any conflict between applicable Services Terms and these Lapay Terms regarding the Lapay payment services, the applicable Services Terms will prevail.
5. Lapay Payment Services 5.1 Use of Lapay Payment Services By using the Lapay API or accessing your Lapay account, you can utilize the Lapay payment services to send instructions to Lapay for fund transfers, currency exchange, and other related services.
5.2 Payment Transactions
5.2.1. Lapay facilitates payment transactions for our clients. We do not guarantee the availability or success of any payment transaction.
5.2.2 You are responsible for ensuring the accuracy of the payment details provided, including recipient information and transaction amounts.
5.2.3. Lapay may impose transaction limits, fees, and currency conversion charges. These will be clearly communicated to you before confirming a transaction.
5.2.4. You acknowledge and agree that payment transactions may be subject to delays or interruptions due to factors beyond our control, including technical issues or regulatory requirements.
5.3. Currency Conversion
5.3.1. Lapay provides currency conversion services. Currency exchange rates may fluctuate and are subject to market conditions.
5.3.2. You acknowledge that the exchange rates provided by Lapay may differ from prevailing market rates due to factors such as spread or fees charged.
5.3.4. The currency conversion will be conducted at the applicable rate at the time of the transaction. You agree to bear any currency conversion fees or charges imposed by Lapay.
5.4Fund Transfer (a) Methods of Fund Transfer: You can transfer funds to and from accounts maintained by Lapay through various methods. These methods may include bank transfers, payment cards, transfers from other Lapay accounts, or any other methods made available by Lapay. When providing information to Lapay for the purpose of fund transfer, such as bank account details, payment card numbers, or other applicable information, you represent and warrant the accuracy of the information and your authorization to access and transmit those funds. You authorize Lapay to initiate debits or credits to your designated accounts accordingly.
(b)Debit and Credit Authorizations: For bank transfers, you authorize Lapay to debit or credit the designated bank accounts without separate notice based on the applicable debit or credit authorization. Lapay may rely on this authorization to perform one or more debits or credits. This authorization remains in effect until all accounts maintained by you with Lapay are closed, except to the extent that applicable debit scheme rules permit revocation.
5.5 Fund Redemption and Transfers You may instruct Lapay to redeem funds from your Lapay accounts and transfer them to third parties or to yourself. Instructions may include details such as the intended recipient, transfer date, and transfer amount. Lapay will use this information to process the requested redemption or transfer.
5.6 Lapay's Obligations Lapay will make reasonable efforts to execute your fund transfer instructions as instructed. However, Lapay reserves the right to pause or terminate transfers or redemptions if there are reasonable grounds to suspect illegal activity, fraud, or compliance risks. Lapay may withhold funds to offset chargeback or fraud losses, comply with legal or compliance obligations, or suspend your use of the Lapay payment services.
5.7 Handling of Funds Funds received by Lapay for the purpose of adding funds to your Lapay accounts or facilitating transfers will be held in pooled accounts at one or more financial partners. Lapay will hold your funds for your benefit, and neither Lapay nor its affiliates will voluntarily make those funds available to creditors in the event of bankruptcy. Additional protections may apply to funds under applicable state's money transmission laws.
5.8 Prohibited Use You may not use the Lapay payment services for illegal activities or engage in restricted business activities determined by Lapay as listed on our website.
5.9Privacy Practices
Lapay will handle and protect your data in accordance with Lapay's privacy policy, which can be found on our website.
6. Intellectual Property 6.1. All intellectual property rights related to the Lapay platform, including but not limited to trademarks, logos, software, and content, are the property of Lapay International Limited or its licensors. 6.2. You are granted a limited, non-exclusive, non-transferable license to use the Lapay platform for the sole purpose of accessing and using our services. You agree not to reproduce, modify, or distribute any part of our platform without our prior written consent..
7. Limitation of Liability 7.1. Lapay shall not be liable for any direct, indirect, incidental, consequential, or punitive damages arising out of or in connection with the use of our services, including but not limited to financial losses, business interruption, or reputational harm.
7.2. Lapay's liability, if any, shall be limited to the amount of fees paid by you for the specific transaction giving rise to the claim.
7.3. Lapay shall not be liable for any losses or damages resulting from factors beyond our reasonable control, including but not limited to force majeure events, system failures, or third-party actions.
8. Personal, Family, or Household Use Unless specified otherwise in applicable Services Terms, the Lapay payment services are not intended for personal, family, or household use. By using the Lapay payment services, you represent and warrant that you are a legal entity or a sole proprietor.
9. Governing Law and Dispute Resolution
9.1. These Terms and Conditions shall be governed by and construed in accordance with the laws of the United Kingdom.
9.2. Any disputes arising out of or in connection with these Terms and Conditions shall be subject to the exclusive jurisdiction of the courts of the United Kingdom.
10. Amendments and Termination
10.1. Lapay reserves the right to modify or update these Terms and Conditions at any time. Changes will be effective upon posting the updated version on our website.
10.2. We may suspend or terminate your access to our services at any time, with or without cause, without prior notice.
11. Severability
11.1. If any provision of these Terms and Conditions is found to be invalid, illegal, or unenforceable, the remaining provisions shall continue in full force and effect to the extent permitted by law. These Lapay Payment Services Company Terms ("Lapay Terms") constitute a legal agreement between Lapay, a payment service company with API license reference number
914920 and registered company number 11408751 ("Lapay," "we," "us," or "our"), and the entity or individual on whose behalf a Lapay account is created ("you" or "your"). The Lapay Terms govern your use of the Lapay payment services and are effective from the date you first access or use our services until termination of these Lapay Terms.
12. Contact Information and Complaints You can contact Lapay via the contact information provided on our website or by mail at Gyleview House, 3 Redheughs Rigg Edinburgh Midlothian EH12 9DQE UNITED KINGDOM. Lapay may communicate with you regarding the Lapay payment services through your Lapay account.
Please read these Lapay Terms carefully. If you have any questions or concerns, contact us using the provided contact information.