idPay payment system
The idPay payment system consists of two payment options that sellers can activate on their profile to offer to buyers. They are:
1. idPay Credit Card – Not Available yet
2. idPay EFT – Available to all sellers
2. idPay Paypal – Available to all sellers
2. idPay Moneybookers – Available to all sellers
investment diamonds reserves the right to remove any of these two payment options from a sellers profile if it is deemed appropriate to do so, in investment diamonds’ sole discretion.
Acceptance of idPay Payments
If you choose to accept payments via idPay (investment diamonds’ online credit card payment or EFT system) you agree to the following:
By signing up for the idPay Credit Card service or idPay EFT service, you appoint investment diamonds as your agent to process payments on your behalf in accordance with your instructions, subject to the terms and restrictions of this Agreement. investment diamonds will at all times hold your funds separate from its corporate funds, will not use your funds for its operating expenses or any other corporate purposes, and will not voluntarily make funds available to its creditors in the event of bankruptcy or for any other purpose. You acknowledge that:
(i) investment diamonds is not a bank and the Service is a payment processing service rather than a banking service; and
(ii) investment diamonds is not acting as a trustee, fiduciary or escrow with respect to your funds, but is acting only as an agent and custodian;
(iii) accepting idPay credit card payments, there is a flat payment-processing fee of 5% payable on all payments conducted through idPay;
(iv) investment diamonds reserves the right to recoup any bank charges from either the buyer or seller when cash deposits are made for idPay EFT transactions. investment diamonds will first attempt to recover the bank charges from the seller and if unsuccessful, the charges will be allocated to the buyers account;
(v) any funds received into a seller's account will first be offset against any fees incurred by the seller (example: success fees, enhanced fees etc) and therefore the amount to be paid out, when a payout request is made, could be less then the actual amount received.
Making Payments via idPay
If you wish to make a payment via idPay (investment diamonds’ online credit card payment or EFT system) you agree to the following:
You acknowledge that the seller has appointed investment diamonds as an agent to collect money from buyers on the seller’s behalf and that once payment has been made by the buyer, investment diamonds will pass these funds over to the seller. Users will have no claim against investment diamonds for payments made to sellers through the idPay payment system and hereby expressly indemnifies investment diamonds against any claims that might arise from using the idPay payment system.
You acknowledge that once payment has been made through the idPay system that investment diamonds cannot guarantee that the funds can be recovered or returned in a case where a seller is fraudulent. In such an event, the buyer will have to deal directly with the seller in order to recover any monies lost as a result of non-fulfillment of any sale transaction.
You acknowledge that:
(i) investment diamonds is not a bank and the Service is a payment processing service rather than a banking service, and
(ii) investment diamonds is not acting as a trustee, fiduciary or escrow with respect to your funds, but is acting only as an agent and custodian on behalf of the seller.
Risk of Reversal of idPay Credit Card and idPay EFT Transactions
When you receive a payment through the idPay Credit Card service, you have a choice of accepting it or rejecting it. If you choose to accept it you are not protected against a subsequent reversal of the transaction. In the event that the sender's transaction is reversed for any reason you will owe investment diamonds for the amount of the reversed transaction plus any fees imposed on investment diamonds as a result of the reversal. Examples of such a reversal include, but are not limited to, a credit card reversal by the sender of the payment and a reversal of the transaction because the sender of the payment was using a stolen credit card or unauthorised bank account.
In the unlikely event that a idPay EFT transaction is reversed by a bank for whatever reason, you will owe investment diamonds for the amount of the reversed transaction plus any fees imposed on investment diamonds as a result of the reversal.
investment diamonds will seek to recover the funds from you by debiting your investment diamonds account balance and, if there are not sufficient funds in your investment diamonds account, investment diamonds reserves the right to collect your debt to investment diamonds by any other legal means.
Prohibited Transactions
You agree that you will not use idPay to accept payment for illegal products or services, including but not limited to materials that infringe the intellectual property rights of third parties. You will not use the idPay service, the investment diamonds website or any of the services offered therein for any unlawful or fraudulent activity. If investment diamonds has reason to believe that you may be engaging in or have engaged in fraudulent, unlawful, or improper activity, including without limitation any violation of any terms and conditions of this Agreement, your access to the idPay service may be suspended or terminated. You will cooperate fully with investment diamonds to investigate any suspected unlawful, fraudulent or improper activity. You also agree not to use your investment diamonds account to sell securities, business opportunities, franchises, multi-level marketing, or for the pre-order of goods. You agree not to impersonate a investment diamonds User or a investment diamonds representative, or to request that a investment diamonds customer provide you with their password or other information to access their account.
Payment Limits
Payments of between R1 (One Rand) and R10 000 (Ten Thousand Rand) will be accepted through the idPay Credit Card payment system. These limits may however change at the discretion of investment diamonds.
There are no payment limits when making use of idPay EFT.
Payout Requests
In order to withdraw funds that investment diamonds is holding in custody for you, you are required to make a payout request from the idPay Payout Request page in the My investment diamonds Selling area of the investment diamonds website. The funds will then be transferred electronically to your designated bank account (South African banks only). Users have 1 (one) free payout in a calendar month for amounts below R3,000.00. Thereafter a R5.00 idPay transfer fee will be charged for any payout amount under R3,000.00. For amounts over R3,000.00 no idPay transfer fee will be charged. If a user has used their 1 (one) free payout and requests another payout below R3,000.00, the R5.00 idPay transfer fee will be charged. If a user has R5.00 in their account, the system will not process the payment if a idPay transfer fee is applicable. A user can also not request less than R5.00 as a payout.
Users will have a UI (user interface) where the banking details will be pre-populated with the last banking details entered. If not previously requested the banking details on file will be used, otherwise it will be left blank. The requester needs to make sure the banking details reflected are correct. investment diamonds will not be held responsible for incorrect banking details received for transfers.
The maximum payout amount allowed will be limited to the balance in a users account and the UI will not allow you to request more. Between the times the request is made and the actual payout, the system will take into consideration any fees charged to your account and decrease the payout amount accordingly (if necessary). Before the payout is affected, you can make changes to your initial payout request. If a new request is made, it will replace the previous unprocessed request. If a request is made after the payout, the system will limit it to the available balance again, taking into consideration the payout made already.
Please note - investment diamonds reserves the right, from time to time, to request identity and address confirmation documentation before a payout request is processed.
No Surcharges
Under Visa, MasterCard, Diners and American Express regulations, merchants may not charge a fee to the buyer for accepting credit card payments (often called a "surcharge"). You agree that you will not impose a surcharge or any other fee for accepting idPay Credit Card or idPay EFT as a payment method.
Processing
investment diamonds shall make reasonable efforts to ensure that requests for electronic debits and credits involving bank accounts and credit cards are processed in a timely manner. However, a number of factors, several of which are outside of our control, will contribute to when the funds are received. We make no representations or warranties regarding the amount of time needed to complete processing, such as delays in the banking system or the mail service, nor shall we be liable for any actual or consequential damages arising from any claim of delay.
Closing and Restricting Accounts
investment diamonds, at its sole discretion, reserves the right to close an account at any time for any reason, including but not limited to a violation of this Agreement, upon notice to the User and payment to the User of any unrestricted funds held in custody. investment diamonds, at its sole discretion, also reserves the right to periodically retrieve and review a business and / or consumer credit report for any account, and reserves the right to close an account based on information obtained during this credit review process.
Termination
investment diamonds, in its sole discretion, reserves the right to terminate this Agreement, access to its website, or access to the Service for any reason and at any time upon notice to you and payment to you of any unrestricted funds held in custody for you.
Security Features
investment diamonds strongly suggests that you use a web browser with 128-bit encryption. However, regardless of whether you use a web browser with security features, investment diamonds is unable to guarantee that data transmitted is secure and/or will not be intercepted by third parties.
It is the responsibility of the user to ensure that his password is strong enough and that it is not shared with anyone. Investment diamonds recommends that a password consist of at least 1 (one) special character and 7 (seven) alphanumeric characters and that it be changed every month.
Electronic Fund Transfer Rights and Error Resolution
It is very important that you contact us immediately if you believe your username and password has been compromised, or if someone has transferred or may transfer money from your account without your permission. It is also very important to ensure that your banking details are correct as investment diamonds will not be held responsible for making payouts to incorrect bank accounts when submitting your payout request.
You acknowledge that it is your responsibility to safeguard your password and that you indemnify investment diamonds against any claims whatsoever resulting from, but not limited to, unauthorized access to your account, unauthorized changes to banking details or payout requests to other bank accounts.
You can inspect your transaction history at any time by logging in to your account on the investment diamonds website. If your transaction history shows electronic funds transfers that you did not make or authorise, notify us at once.
You need to contact our offices by telephone if your account has been compromised as emails could be delayed for various reasons.
Miscellaneous Disclaimers
investment diamonds reserves the right to hold funds beyond the normal distribution periods for transactions it deems suspicious or for accounts conducting high transaction volumes to ensure integrity of the funds.
investment diamonds shall not be responsible for payments made to unintended Recipients or for payments made in incorrect amounts due to the input of incorrect information by Senders.
investment diamonds shall not be responsible for any fraud, deception or misrepresentations by Users, whether or not the User is Verified.
investment diamonds shall not be obligated to pay a User for any Payments for which investment diamonds has not been fully paid by the Sender's credit card issuer or bank, as applicable.
investment diamonds will not have any liability in connection with any unauthorised interception or use of data relating to you or the investment diamonds service; any inability by you to use or access the service or the investment diamonds website for any reason; any actions or transactions by an individual that uses your user name and password with your consent or knowledge; or any cause over which investment diamonds. does not have direct control, including problems attributable to computer hardware or software (including computer viruses), telephone or other communications, or Internet service providers.
In no event shall investment diamonds be liable (i) for damages caused other than by intentional misconduct or (ii) for any indirect, special, incidental, consequential or punitive damages whatsoever (including, but not limited to, damages for lost profits, disclosure of confidential information, or loss of privacy), arising out of or in any way related to your use of or inability to use the Service or the investment diamonds website, even if investment diamonds has been advised of the possibility of such damages. In no event shall investment diamonds be liable for any act or omission of any third party (such as, for example, any provider of telecommunications services, internet access or computer equipment or software) or any circumstances beyond our control (such as, for example, a fire, flood, or other natural disaster, war, riot, strike, act of civil or military authority, equipment failure, computer virus, or failure or interruption of electrical, telecommunications or other utility services).
investment diamonds reserves the right to require Users who receive payments through idPay and operate with high reversal rates or otherwise present a relatively high risk of losses to choose between closure of their investment diamonds account or entering into an additional agreement addressing such risks, which may include higher fees.
