Terms and Conditions
The terms and conditions contained hereinafter (“Terms of Use”) shall apply to all users of the website https://mfpay.in and any other linked pages, products,software(s).
API keys,features, content or application services(including but connection therewith, API without keys, limitation offered from features, to any time content or mobile application to time application services services) by MODE FASHIONS INDIA PRIVATE LIMITED (“MFPay or “we” or “our” or “us” (collecively, “website”). Any person logging into or using the website (even if that said person is not availing of any services offered by the website (“Services) (hereinafter referred to as a “User”, “Seller”, “You” or Client”) is assumed to have read the “Terms of Use” (which includes the Privacy Policy, separately displayed or provided on the website) and unconditionally accepted the terms and conditions clearly set out herein. These ‘Terms of Use’ form a binding and enforceable agreement between the User and MFPay.
These terms or conditions may not change in any manner the terms or conditions of any other written agreement you may have with MFPay for other services.
Before agreeing to “Terms of Use” please read them carefully.
If you do not agree to these “Terms of Use” (including any referenced policies or guidelines), please immediately stop the usage of website.
You may accept the “Terms of Use” by: Clicking to accept or agree to the “Terms of Use, where this option is made available to you by MFPay in the user interface for any particular service; or Accessing, testing or actually using the Service.
In which case, you understand and agree that MFPay will treat your use of the Services as acceptance of the “Terms of Use” from that point onwards.
This Agreement explains the terms prevailing the utilization of the services offered to you on the Open platform, consisting of website’s content, updates, releases,( broadly Known as“Services”).
It is inclusive of reference.
Privacy policy defined on the website or provided otherwise
Other “Terms & Conditions”, which the third parties have included
Any extra terms provided to you for the Services, consisiting of product offerings, ordering online, payment options, etc.
Scope:These terms apply to different services offered by the Open, which includes taking assistance of opening online current account through partner banks, operations of the customer’s Open account, handling any relevant payment transactions reporting, and making compliance, use payment of related gateway, book lending keeping, and payroll wealth analytics, management solutions and other banking and finanical services provided by Open and its approved third party services providers, including partner banks.As a part of utilization of these value added services, the customers must comply with the ‘terms & conditions’ in accordance with the terms of use of the service providers or the partner banks, which will inadvertently alert the customer when ordering or utilizing such services.
Definitions
For the purpose of these Terms as well as for legal validation, the subsequent words and phrases shall hold the meaning designated to them under this Article.
2.1 Services
“Services” stands for any service offered by Open or Service Providers/ Banking partners to Users.
2.2 User
“User” can be any person who gets on the Open platform to uitilize the website’s services /or transacts on this website. “User” term shall also mean any person who is given authorization to avail of the services with the permission of the user with limited or full rights login.
2.3 Nodal Account
Bank account maintained by Open as neccesitated by the RBI guidelines
2.4 Payee Account
This refers to any person to whom payment is made, using the Services (The term includes a user who avails the services to receive payment)
2.5 Payer
This refers to any person who makes a payment, using the Services ( The term includes a user who uses to the Services to make payment)
2.6 Products This
refers to any services or products which are purchased / offered for sale by a User to third parties on a regular basis, utilizing the Services
2.7 Service
Provider This refers to a bank, association, company, partnership or any such facility provider whose facilities or services are availed of in the provision of these Services to Users by the means of Open Platform 2.6 Transaction This refers to a payment instruction that ends in a successful transfer of money (a) from a User to Payee; or (b) from Payer to a User.
2.8 Escrow Account
This refers to all acounts and/or Sub-accounts of the escrow accounts of the escrow account opened by the customer with the partner bank for utlizing the online Escrow Facility and for allowing the customers to maintain online Escrow Accounts.
2.9 Open Business Account
A business account created by an Open customer for handling any kind of online payment transactions, powered by ICICI Bank Ltd (thereinafter referred to as the ‘Bank’), opened afresh through Open platform or by connecting an existing User Bank account through the Open platform. The terms governning the current account and various related banking facilities shall be as detailed in www.icicibank.com
2.9 Open Collection Account
This is a virtual account created upon registration. This shall act as the collection account for payment gateway as well as for other collection transactions. The account limit is set upto INR 50,000 prior to the creation of a new business account or connecting an existing account. Nonetheless, a business account is esential to withdraw the money. Unless a business account is activated, withdrawal is not possible. In case of failure to activitate/connect a business account to the Open account, such collected amount shall be refunded back to the source. The payment transaction related to the collection settlement through Nodal Account is subject to the Settlements Act 2007, and Open shall be an intermediary providing technology solutions for smooth and effective settlement flow.
Eligibility
Use of the service is avialble only to persons who can form legally binding contracts under Indian Contract Act 1872. Persons who are incompetent to contract within the meaning of the Indian Contract Act, 1872. Persons who are incompetent to contract within the meaning of the Indian contract act, 2872 including minors, un-discharged insolvents etc. are not eligible to use the service. You represent and warrant that you are at least 18 years old and all informatino you submit is true, accurate and complete while registering the account on service. If you are a minor i.e. shall not register as a user of the service and shall not transact on or use it. (Not Changed)
Registration
To make use of the services, it is essential for User to register with Open and the Service providers, which includes the partnered banks for current account. User must provide Open/Bank with relevant documents as deemednecessary for standing in compliance with the KYC norms of partner banks as per RBI guidelines. On registration, it is taken into account ‘User’ has provided accurate and complete information, if it comes to know otherwise, Open and Bank will have the right to reject User’s registeration and terminate his right to the utilization or access of the Website and/or Services. If a User registers with Open, a User account is created with a user name, password and other User related information. User shall be solely responsible for anything and everything that takes place through this User account. User will be charged an applicable fee based on services utilized and the plans opted for. Open holds the right to change its fee policy related to such paid registrations. Fee changes, if any, will be posted on the application and the new fee schedule shall come into force the instant it is posted.
Settlement of payment amounts
The Amount collected through the Open collection account will be made available to the User net of approved, applicable fees and charges due to Open. Further, it is understood that the intimation of completion of service to the end user is the point at which the User gives the instruction to withdraw the money to his designated account through the Open platform. In line with RBI guidelines, Open shall settle the available balance, net of applicable fees to the User designated account, within 2 days of such intimidation. The business account’s other receipts and payments will be based on as per the banking settlement timelines the Bank adheres to. The transaction status will be intimated and will be based on the information received from the bank through APIs
Access
You will be solely responsible for upholding the confidentiality of your account and password and restricting and preventing unauthorized access to your account. You agree and acknowledge that you accept the responsibility for all activities that take place under your account or password. You can access and bring up to date account details on the Service. You shall also make sure that the account details provided are correct, accurate and complete at all times. Open has the right to reject the access to the service, terminate accounts, remove or edit any point of time without any notice to you. Open will venture to ensure that access to and availability of the service remains continuous and error-free. Nevertheless, access to application may at times be suspended or restricted to allow for repairs, maintenance, or for the opening or introducing of new facilities and services.
Obligations and Rights
User
The User shall not:
(i) carry out any activity, which is banned, illegal or immoral,
(ii) Use the Services in any manner or in furtherance of any activity, which constitutes a violation of any law or regulation or which may cause Open to be subject to investigation, prosecution or legal action, including trading in contraband items or providing services or activities online prohibited by applicable laws.
User shall act in compliance with all laws, rules and regulations and shall at all times comply with the guidelines set by Visa/Master Card/ acquiring banks/ Service Providers.
User shall not sell, provide, exchange, or otherwise disclose to third parties or use themselves (other than for the purpose of completing a Transaction, or as specifically required by law) any personal information about any third party, including the account details and mobile number, without obtaining the prior written consent of such third party.
User shall take all precautions as may be feasible or as may be directed by Open to ensure that there is no breach of security and that the integrity of the link between their systems/ site, the Website and the payment mechanism is maintained at all times. In the event of any loss being caused as a result of the link being breached or as a consequence of the link being improper or being in violation of the provisions of this clause, the loss shall be to the account of the User and the User shall indemnify and keep indemnified Open and the Service Providers from any loss as may be caused in this regard. User shall bear and be responsible for the payment of all relevant taxes (including any applicable withholding taxes) as may be due.
A User shall use the information regarding a Payee/ Payer (including name, address, e-mail address, telephone numbers and other data) conveyed to him whist using the Services, only for the purpose of completing the Transaction for which it was furnished, and not to sell or otherwise furnish such information to others unless he has an independent source of such information or obtains the express consent of such Payee/ Payer.
A User shall inform Open of any change in his email address, mobile number, address, ownership or legal status or his cessation of business in writing 30 working days in advance of such change.
User agrees and undertakes that availing any third party Services on Open shall be at the sole discretion of the User and post agreeing to their terms and conditions and shall not hold Open responsible for any damages for shortage of service or quality of service.
Open:
Open shall act in accordance with all requirements regarding protection of customer funds as set out by the RBI through its banking partnership agreements. Nonetheless, it makes clear that all business account funds are the sole responsbility of the Bank and shall adhere to related guidelines of the Bank and RBI.
Funds on the account do not expire. However, there is no interest paid on these funds. The funds in the Open collection account are owned by the account holder, subject to applicable Bank charges.
Open holds the right to conduct inspections, audits and/or impose additional conditions or restrictions in relation to the customer or the use of customer’s payment account, which includes establishing a reasonable reserve amount to cover potential chargebacks and related fees and sanctions as well as limiting the right of the customer to claim monies from the payment account when required.
For onboarding third party service providers, Open shall exercise all necessary cautions and checks. Nevertheless, the User agrees and acknowledges that the specific transation risks shall be governed by the terms and conditions between the User and the Service Provider.
Open shall be directly responsible for Services
Open shall be responsible for Services directly provided to the User and the terms of this agreement shall govern the service delivery and completion. Open does not offer any banking services regulated by the Reserve Bank of India
Fees In consideration of services rendered by Open to the User, the User shall pay to Open a fee as specified in the scheduled intimated and accepted from time to time.
Open shall deduct its transaction fees plus service tax per successful transaction and make available the remaining balance of the Transaction Amount to User for payments or for transfer to the business account. All other taxes, duties or charges shall be borne and paid by User, unless otherwise agreed between the Parties. Open reserves the right to alter / modify / change the discount / commission rate at its discretion. Open also reserves the right to forthwith revise the transaction fee payable in the event of any revision in the rates charges by the acquiring banks or card associations or guidelines issued by the RBI from time to time.
It is hereby agreed and acknowledged by the Parties that the transaction fees charged by Open in respect of a Transaction that has been confirmed shall not be returned irrespective of or the repaid by Transaction disputed. (Not changed)
Specific Terms
User shall be fully responsible for any miscommunication or incorrect User/third party/ other information that may be provided to Open at the time of enabling the Services for the User. Open/ Service Provider reserve the right to impose limits on the number of Transactions which may be charged on an individual credit card or other account during any time period, and reserve the right to refuse to make payments in respect of Transactions exceeding such limit. Open/ Service Provider also reserve the right to refuse to make payments in respect of Transactions by Users with a prior history of questionable charges.
Security
Subject to the provisions stated herein and as specified by Open from time to time, the User will not hold Open liable in case of any improper/ fraudulent/unauthorized/ duplicate/erroneous use of his mobile and/or the web based access. Open will also not be liable for any consequences connected with the use/ misuse of User’s mobile/ e mail account by any third party. If any third parties gain access to the Services, the User will be responsible and shall indemnify Open against any liability, costs or damages arising out of such misuse / use by third parties based upon or relating to such access and use, or otherwise.
The User shall be fully liable for: (a) any unauthorised use of his mobile/ email account; and/or (b) all authorised Transactions on his mobile/email account. (Not Changed)
Refunds/ Chargebacks
Any amount collected through the payment gateway with a confirmed charge bank from the Service Provider shall be refunded to the source from where the Payer made the transation. The User shall pay the money to Open if the amount has already been settled to the User’s account prior to chargeback.
(a)Any payments by a User/ Payer using the Services, which is returned by the acquiring bank for any reason whatsoever.
(b)Any charge/debit arising out of any alleged hacking breach of security or encryption that may be utilized by Service Provider/ Open/ Payee from time to time.
(c)Any Transaction that is unsuccessful.
Termination
In case of any violation of these Terms of use or in the event that any other user or third party reports violation of any of its rights on account of your use of the Services, Open has the right, to suspend or terminate your acess to the service with or without notice to you, and to exercise any other remedy available under the law.
Open reserves the right to indefinitely suspend or block access to your membership on the Application and/or refuse to provide you access to the Application in the event of following issues: If you engage in or are suspected of engaging in any illegal, fraudulent or abusive activity; or
If you provide any information that is untrue, inaccurate, not current or incomplete in any respect or we have reasonable grounds to suspect that such information is untrue, inaccurate, accordance with the Terms of Use.
Indemnity
User shall keep Open indemnified from and against any and all liability (including but not limited to liabilities, judgments, damages, losses, claims, costs and expenses,) or any other loss that may occur, arising from or relating to any claim, suit or proceeding brought against Open by another User/ Service Provider/ third party for reasons including, but not limited
(i) a breach, non-performance, non-compliance or inadequate performance by the User of any of the terms, conditions, representations, obligations or warranties made by him;
(ii) any acts, errors, misrepresentations, willful misconduct or negligence of the User, or his employees, subcontractors and agents in performance of their obligations under these Terms.
Service Provider may prescribe from time to time with regard to the Services. All Transactions effected by or through this Website, shall constitute legally binding and valid transactions when done in adherence to and in compliance with the terms and conditions prescribed by Open or Seller/ Service Provider.
Confidentiality
User agrees not to disclose or attempt to use or personally benefit from any non-public information that he may learn on the Website or through the Services. This obligation shall continue until such time as the non-public information has become publicly known through no action of your own. If you are compelled by order of a court or other governmental or legal body (or have notice that such an order is being sought) to divulge any such non-public information, you agree to promptly and diligently notify Open and cooperate fully with Open in protecting such information to the extent possible under applicable law.
Open may access, preserve and disclose any of your information if required to do so by law, or if we believe in good faith that it is reasonably necessary to
(i) respond to claims asserted against Open or to comply with legal process,
(ii) for fraud prevention, risk product development and assessment, investigation, customer support, de-bugging purposes,
(iii) protect the rights, property or safety of Open, its Users or members of the public.
Limitation of Liability
User fully acknowledges and agrees that, to the maximum extent permitted by law, the complete risk arising out of your access to and use of the website and services remains with you. Neither Open nor any other party involved in providing or delivering the website or services will be liable for any incidental, special, exemplary or consequential damages, including lost profits, loss of data or loss of goodwill, service interruption, computer damage or system failure or the cost of substitute services, or in connection with these terms, as a result of your use of the website or services, whether based on warranty, contract, tort (including negligence), product liability or any other legal theory, and whether or not open has been informed of the possibility of such damage, even if a limited remedy set forth herein is found to have failed of its essential purpose.
General Terms
If required by law, Open may change any fee or charge or institue new fees or charges. The User agrees to pay all fees and charges so imposed provided there is an intimation of the fees prior to the charge. Open shall not make any refunds of any amounts other than as agreed by these Terms.
Open holds the right to vary any of the Terms contained herein by posting the revised terms on Open’s website without notice to the User.
The User hereby accepts that he may, from time to time, receive from Open or its associates, communications such as service announcements, advertisements or administrative communications.
User information provided to Open shall be accurate, current and complete.
User shall be wholly responsible for the accuracy and correctness of all information provided by him. Open shall not be liable for any loss or costs incurred by any party due to any incorrect or mistaken information provided by User.
Open shall not be liable for any direct, indirect, punitive, incidental, exemplary, special or consequential damages or any loss of profit, business, revenue, goodwill or anticipated savings or any damages whatsoever arising out of or in any way connected with the use of the Website by User or otherwise.
Open or Service Provider shall in no event be liable to a User or any third party for any loss or damage whatsoever or howsoever caused arising directly or indirectly in connection with the Website and Services.
In no event shall Open or a Service Provider be liable to a User or any other third party for any applicable taxes and government levies.
Any link on the Open Website to a third party site is not an endorsement of that Website. The use or browsing by a User of any other Website shall be subject to the terms and conditions in each such Website.
Open does not endorse any advertiser or merchant linked to its Website. It shall be User’s responsibility to check and verify all information provided bythe merchants/ advertisers before arriving at a conclusion to purchase any Product.
Open shall not be responsible for any unauthorized access to the User’s data or any unauthorized transmissions sent through the Open Services.
User shall not (be it online or otherwise): portray or describe himself/herself as agent or representative of Open or make any representations to any customer or any third party or give any warranties, which may require Open or Service Provider to undertake to or be liable for, be it directly or indirectly, any obligation and/or responsibility to customer or any third party Open shall not be responsible for any violatation of these Terms due to any force-majeure event such as act of god, fire, lightning, explosion, flood, inclement weather conditions, power failures, failure in any communication systems, equipment breakdown, strikes, lock-out or any other cause beyond the control of Open.
If any part of these Terms is determined to be invalid or unenforceable pursuant to applicable law including, but not limited to, the warranty disclaimers and liability limitations set forth herein, then the invalid or unenforceable provision will be deemed superseded by a valid, enforceable provision that most closely matches the intent of the original provision and the remainder of the Terms shall continue in effect.
