PAYMENTS TERMS OF SERVICE
Last Modified: August 27, 2024
These Payments Terms of Service (“Payments Terms”) are a binding legal agreement between you and Fairly Inc. and its affiliates (“Fairly”) and govern your access to and use of the Payment Services. These Payments Terms are a supplement to the Fairly Terms of Service, which are incorporated by reference. Capitalized terms used herein that are not otherwise defined herein shall have the meaning provided in the Fairly Terms of Service.
Please read these Payments Terms carefully before you start to use the Payment Services (as defined below). By using or accessing the Payment Services or by clicking to accept these Payments Terms when this option is made available to you, you accept and agree to be bound by these Payments Terms, our Terms of Service, and our Privacy Policy. If you do not agree to these Payment Terms, our Terms of Service, or the Privacy Policy, do not use the Payment Services.
Introduction. Fairly may offer certain payment services (“the Payment Services”) to you and other users (the “Payment Service Users”), including, but not limited to, facilitating collection of Reservation payments from guests through the payment card networks or through Third Party Listing Channels and facilitating payouts to the external bank account that you have added to your profile in the Fairly Platform (“Linked Account”), and your designated caretaker, taxing authorities, and vendors (“Payees”) associated with the Listed Property. To provide the Payment Services, we may incorporate Payment Services that are provided by another party, as described further in these Terms.
Changes to Terms. We may revise and update these Payments Terms from time to time in our sole discretion. All changes are effective immediately when we post them and apply to all access to and use of the Payment Services thereafter. Your continued use of the Payment Services following the posting of the revised Payments Terms means that you accept and agree to the changes.
Custodial Accounts.
Fairly may incorporate Payment Services of regulated banking providers (“the Processing Bank”) to receive deposits and make payments through the Automated Clearing House (“ACH”) or other payment rails pursuant to an agreement between Fairly and the Processing Bank.
Funds received for Reservations will be deposited to a custodial account maintained by the Processing Bank for the benefit of the Payment Service Users (the “Custodial Account”).
Payments to Payees will be facilitated by Fairly sending instructions to the Processing Bank and the Processing Bank initiating the payout from the Custodial Account to the Payees. Payments to Payees will be authorized and approved by you during your use of the Fairly Platform, including when you accept a fee proposal from a caretaker, when you confirm the tax setup for your Listed Property, when you agree to the Fairly fee, and when you enter a vendor bill for payment.
You expressly authorize Fairly to provide the aforementioned instructions to the Processing Bank and acknowledge that Fairly, when using a Custodial Account, is not providing money transmission, money transfer, or payment services.
You acknowledge that neither Fairly nor its Processing Bank have an obligation to discover and shall not be liable to you for errors made by you, including, but not limited to, inputting incorrect bank account details or authorizing incorrect payment amounts.
The NACHA Operating Rules, Guidelines, and Bylaws (“NACHA Rules”) apply to all payments made by ACH. We reserve the right to change the procedures for transactions from time to time as we deem reasonable or necessary to provide the Payment Services to you or to conform to changes in NACHA Rules, Processing Bank requirements, or other events beyond our control that affect how the Payment Services are provided to you.
You are responsible for payment in full to all Payees, even if your allocated balance in the Custodial Account is not sufficient to cover the payment.
Authorization to Debit Linked Accounts
THIS SECTION PROVIDES AUTHORIZATION TO AUTOMATICALLY DEBIT YOUR LINKED ACCOUNTS FOR ALL AMOUNTS YOU OWE UNDER THE AGREEMENT. PLEASE READ IT THOROUGHLY.
In certain uncommon cases, scheduled payouts to Payees might exceed your allocated balance in the Custodial Account. This would create a shortfall in funding availability and an amount owed by you under the agreement.
You authorize Fairly, its Banking Processing Partner, and their assigns to collect any shortfall by immediately debiting funds from your Linked Account. Fairly will make commercially reasonable efforts to provide prior notice to you in this scenario.
If we use the Automated Clearinghouse ("ACH") network, debits will be governed by the rules established by the National Automated Clearinghouse Association ("NACHA") for business-related ACH debits.
To cancel the debit authorization from a Linked Account, you must provide us (30) days advanced written notice and pay all amounts owed under our agreement immediately. Such withdrawal of a debit authorization does not terminate the agreement or your obligation to pay all amounts owed under the agreement. Your Fairly Usage Rights may be terminated or otherwise limited if you withdraw debit authorization.