Terms of Service

By accessing or using the MagnetPay platform, APIs, dashboard, SDKs, documentation, or any related services (collectively, the "Services"), you agree to be bound by these Terms of Service ("Terms"). If you are using the Services on behalf of an organization, you represent and warrant that you have the authority to bind that organization to these Terms. If you do not agree to these Terms, you may not access or use the Services.

These Terms constitute a legally binding agreement between you ("Merchant," "you," or "your") and MagnetPay Technologies, Inc. ("MagnetPay," "we," "us," or "our"). We may update these Terms from time to time, and will notify you of material changes at least 30 days before they take effect. Continued use of the Services after the effective date constitutes acceptance of the updated Terms.

Platform Overview

MagnetPay provides payment infrastructure services including, but not limited to: payment processing (card, bank transfer, UPI, and local payment methods), payout disbursement, virtual and physical card issuing, cryptocurrency payment gateway, subscription billing, multi-currency settlement, and intelligent provider routing.

Provider Network

MagnetPay operates as an abstraction layer across multiple payment providers and financial institutions. Transaction routing, provider selection, and failover decisions are made automatically by our systems based on factors including currency, geography, cost optimization, and provider health. MagnetPay does not guarantee the use of any specific provider for any given transaction.

Sandbox Environment

MagnetPay provides a sandbox environment for development and testing. Sandbox transactions are simulated and do not involve real funds. Test API keys are clearly prefixed (vk_test_) to prevent accidental production usage. Sandbox environments may have different rate limits and feature availability than production.

Registration

To use the Services, you must create an account and provide accurate, complete, and current information. You must be at least 18 years old and have the legal capacity to enter into a binding agreement. Business accounts must provide valid business registration details and authorized representative information.

Security

You are responsible for maintaining the confidentiality of your API keys, secrets, and account credentials. You must notify MagnetPay immediately of any unauthorized access or security breach. MagnetPay is not liable for losses resulting from unauthorized use of your credentials. We strongly recommend enabling two-factor authentication and rotating API keys periodically.

KYC and Verification

You agree to complete our know-your-customer (KYC) verification process and provide all requested documentation. MagnetPay reserves the right to restrict or suspend services pending completion of verification. Additional verification may be required based on transaction volume, risk assessment, or regulatory requirements.

License

Subject to these Terms, MagnetPay grants you a limited, non-exclusive, non-transferable, revocable license to access and use the MagnetPay APIs, SDKs, and documentation solely for the purpose of integrating with the Services. This license does not include the right to sublicense, modify, reverse engineer, or create derivative works of our proprietary technology.

Rate Limits

API access is subject to rate limits as specified in the documentation. Default rate limits are 1,000 requests per minute for standard accounts and 10,000 requests per minute for enterprise accounts. Exceeding rate limits may result in temporary throttling (HTTP 429). Persistent abuse may lead to account suspension.

Idempotency

All mutating API requests should include an idempotency key (X-MagnetPay-Idempotency header). MagnetPay guarantees that requests with the same idempotency key will be processed at most once within a 24-hour window. Failure to use idempotency keys may result in duplicate transactions for which MagnetPay is not responsible.

Versioning

The MagnetPay API is versioned. We will maintain support for each major API version for a minimum of 12 months after the release of a successor version. Deprecated versions will return warning headers before being discontinued. It is your responsibility to migrate to supported API versions within the announced timeframes.

Transaction Fees

Fees are charged per transaction as specified in your pricing agreement or the standard pricing schedule available on our website. Fees vary by payment method, currency, and provider. MagnetPay reserves the right to update standard pricing with 30 days advance notice. Custom pricing agreements take precedence over standard rates.

Settlement

Funds from completed transactions are settled to your designated bank account or wallet according to your settlement schedule (typically T+1 for domestic transactions and T+3 for international transactions). Settlement timing may vary based on provider, currency, and risk review requirements.

Refunds and Chargebacks

When a refund is processed, the original transaction fee is not returned. Chargeback fees apply as specified in your pricing agreement. You are responsible for the chargeback amount and associated fees. Excessive chargeback rates (above 1% of transactions) may result in additional monitoring fees or service restrictions.

Invoicing

MagnetPay provides monthly invoices detailing all fees, charges, and settlements. Invoices are available through the dashboard and sent via email. Disputes must be raised within 30 days of invoice issuance. Undisputed amounts are due upon receipt.

Data Controller and Processor

For transactions processed through the Services, you are the data controller and MagnetPay acts as a data processor. MagnetPay processes personal data solely on your behalf and in accordance with your instructions, as described in our Data Processing Agreement (DPA), which is incorporated into these Terms by reference.

Compliance

Both parties agree to comply with applicable data protection regulations, including the General Data Protection Regulation (GDPR), California Consumer Privacy Act (CCPA), and equivalent regulations in applicable jurisdictions. MagnetPay maintains PCI DSS compliance for all card data handling.

Data Ownership

You retain ownership of your transaction data. MagnetPay may use aggregated, anonymized data for service improvement, benchmarking, and analytics purposes. Such aggregated data will not identify you or your customers.

Restricted Businesses

You may not use the Services for activities that are illegal, fraudulent, or in violation of applicable laws. Prohibited business categories include, but are not limited to: illegal gambling, money laundering, terrorist financing, sale of controlled substances, unlicensed money transmission, Ponzi or pyramid schemes, counterfeit goods, and any activity that violates sanctions regulations.

Technical Restrictions

You may not: (a) attempt to gain unauthorized access to MagnetPay systems or infrastructure; (b) use the Services to perform load testing, penetration testing, or vulnerability scanning without prior written approval; (c) interfere with the integrity or performance of the Services; (d) circumvent rate limits, security controls, or other technical restrictions; (e) scrape, crawl, or harvest data from the Services.

Misrepresentation

You may not misrepresent your identity, business nature, or the nature of transactions processed through the Services. All merchant category codes, business descriptions, and transaction descriptors must accurately reflect your actual business activities.

Service Availability

MagnetPay targets 99.9% uptime for the Services but does not guarantee uninterrupted availability. Planned maintenance will be communicated in advance. MagnetPay is not liable for service disruptions caused by force majeure events, third-party provider outages, or circumstances beyond our reasonable control.

Limitation

TO THE MAXIMUM EXTENT PERMITTED BY LAW, MAGNETPAY'S TOTAL LIABILITY FOR ANY CLAIMS ARISING FROM OR RELATED TO THESE TERMS OR THE SERVICES SHALL NOT EXCEED THE TOTAL FEES PAID BY YOU TO MAGNETPAY DURING THE TWELVE (12) MONTHS PRECEDING THE CLAIM. MAGNETPAY SHALL NOT BE LIABLE FOR ANY INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL, OR PUNITIVE DAMAGES, INCLUDING LOST PROFITS, LOST DATA, OR BUSINESS INTERRUPTION.

Disclaimer

THE SERVICES ARE PROVIDED "AS IS" AND "AS AVAILABLE" WITHOUT WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED, INCLUDING, BUT NOT LIMITED TO, WARRANTIES OF MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE, OR NON-INFRINGEMENT. MAGNETPAY DOES NOT WARRANT THAT THE SERVICES WILL MEET YOUR REQUIREMENTS OR THAT OPERATION WILL BE ERROR-FREE.

You agree to indemnify, defend, and hold harmless MagnetPay, its officers, directors, employees, agents, and affiliates from and against any claims, damages, losses, liabilities, costs, and expenses (including reasonable attorneys' fees) arising from or related to: (a) your use of the Services; (b) your violation of these Terms; (c) your violation of any applicable law or regulation; (d) your infringement of any third-party rights; (e) transactions processed through your account; or (f) any dispute between you and your customers.

By You

You may terminate your account at any time by providing 30 days written notice. Upon termination, all outstanding balances will be settled according to the standard settlement schedule. Pending payouts and card funding obligations will be processed. API keys will be revoked immediately upon termination.

By MagnetPay

MagnetPay may suspend or terminate your account immediately if: (a) you violate these Terms; (b) we detect fraudulent activity; (c) required by law or regulatory order; (d) your chargeback rate exceeds acceptable thresholds; (e) you fail to complete required KYC verification. For terminations not related to violation or fraud, MagnetPay will provide 30 days notice.

Post-Termination

Upon termination: (a) your API access will be revoked; (b) outstanding settlements will be processed; (c) data will be retained as required by law and then deleted per our Privacy Policy; (d) provisions that by their nature should survive termination will remain in effect, including Sections 5, 6, 7, 8, 9, and 11.

Governing Law

These Terms are governed by and construed in accordance with the laws of the State of Delaware, United States, without regard to its conflict of laws provisions.

Arbitration

Any dispute arising from or relating to these Terms shall be resolved through binding arbitration administered by the American Arbitration Association (AAA) under its Commercial Arbitration Rules. Arbitration shall take place in San Francisco, California. The arbitrator's decision shall be final and binding and may be entered as a judgment in any court of competent jurisdiction.

Exceptions

Notwithstanding the arbitration provision, either party may seek injunctive or equitable relief in a court of competent jurisdiction for the protection of intellectual property rights or to prevent irreparable harm.

Class Action Waiver

You agree to resolve disputes individually and waive any right to participate in a class action, class-wide arbitration, or any other representative proceeding.

Entire Agreement

These Terms, together with our Privacy Policy and any applicable DPA or pricing agreement, constitute the entire agreement between you and MagnetPay regarding the Services. These Terms supersede all prior agreements and understandings, whether written or oral.

Severability

If any provision of these Terms is found to be unenforceable or invalid, that provision shall be modified to the minimum extent necessary to make it enforceable, and the remaining provisions shall remain in full force and effect.

Assignment

You may not assign or transfer these Terms or your rights under them without MagnetPay's prior written consent. MagnetPay may assign these Terms in connection with a merger, acquisition, or sale of all or substantially all of its assets.

No Waiver

Failure by MagnetPay to enforce any provision of these Terms shall not constitute a waiver of that provision or the right to enforce it at a later time.

For questions about these Terms of Service, contact us at: