User Agreement - MonsterPay
User Agreement
This Agreement was last modified on January 28, 2013.

This User Agreement ("Agreement") is a contract between you and MonsterPay Holdings Ltd ("we", "our" or "us" as appropriate). This Agreement describes your and our rights and responsibilities when you use the MonsterPay payment service or any related products and services that we offer (collectively the "Services").

For additional information about the Services, please also consult the MonsterPay Help Centre.

The following policies and procedures (collectively referred to below as “the policies”) (showing the date on which they were updated) are incorporated into this Agreement and provide additional terms and conditions related to specific Services we offer. In order to review the whole of this Agreement you should also review each of these policies:

Unacceptable Use Policy
Privacy Policy
Fees Policy
Anti-Spam Policy
Referral Programme Policy
Withdrawal Procedures
Verification Procedures
Chargeback Procedures

As MonsterPay's business is constantly evolving and we are adding additional features and benefits from time to time, it is necessary for us to amend the Agreement and the policies to reflect these changes. We may amend this Agreement and the policies at any time by posting the amended terms on our website. Except as stated below, all amended terms shall be effective 30 days after they are initially posted on our website. Upcoming changes will be posted on the Policy Updates page, accessible by the "Policy Updates" link on the Account Overview page once you have logged in.

Unless otherwise specified, all references to a "bank" in this Agreement include, without being limited to, banks, building societies and credit unions, and all references to a "card" include, without being limited to, credit cards, debit cards, Visa, MasterCard, American Express, Diner’s Club, Discover and JCB branded debit cards and Maestro, Switch and Solo cards.

1. Eligibility. In order to use the Services, you must register for a MonsterPay Personal or Business account. Users may only hold one Personal account and/or one Business account. Our Services are only available to individuals or businesses who/that can enter into legally binding contracts under applicable law. Without limiting the foregoing, our Services are not available to minors (under 18), persons who are suspended from our Services, or to persons who present an unacceptable level of credit risk. In order to receive credit card funded payments or use the Services to conduct business or for business purposes, you must register for a MonsterPay Business account.

2. The Legal Relationship between You and MonsterPay

2.1. Issue of Electronic Money (e-money). The Services are an e-money payment service rather than a banking or escrow service, and we do not act as trustees with respect to balances that you choose to keep in your account. We act only as an issuer of electronic money (stored value). You are not required to maintain a balance in your account in order to use the Services to make payments although a balance will be created whenever you use the Services to make a payment funded from your bank or card. If you have a balance in your account, you will not receive interest or other earnings on this balance because we are prohibited by law from paying interest on an e-money balance.

2.2. Use of the Services. By sending payments through the Services or electing to add funds to your account, you authorise us to obtain funds on your behalf from your chosen funding source, to issue e-money and to transfer the e-money to the recipient that you designate or to your account balance in accordance with your instructions and subject to the terms of this Agreement. By registering for the Services, you agree to purchase and redeem e-money from us which will enable you to make and receive payments from senders who choose to use the Services, and you agree to pay the fees shown in the Fee Schedule, as amended from time to time, in accordance with this Agreement. By accepting an e-money payment, you agree that you are responsible for refunding the payment if the payer's initial e-money purchase transaction is subjected to a chargeback. If a chargeback occurs on a payment made to your account, you hereby authorise us to debit your account balance to refund the payment. If there are insufficient funds in your account to refund the chargeback, you hereby authorise us to debit the bank accounts that you have registered in respect of the Services or to charge your primary card to the value of the chargeback. The receipt of funds in your account, unless charged back, shall discharge the sender from their payment obligation to you, up to the amount of the funds transferred by the sender. If you receive a notice that a payment has been sent to you but you have not registered for the Services, you will have no claim to those funds unless and until you register for the Services and indicate your acceptance of the payment. In the event of a refund we will only refund a portion of the fee charged, in accordance with our Fee Schedule.

When using SID to process your payment, the SID software will navigate you directly to the once off payment page and populate the seller’s bank account details and the value of the transaction into the appropriate fields.  As with all other internet banking transactions, you will be in control of processing the payment. Once you have done so and a payment receipt is generated by your bank, the SID software will transmit the bank’s reference number for the payment transaction to the seller so that the seller is informed of your payment as soon as your payment has been processed. Apart from the above information, SID does not access, intercept or store any other information relating to your internet bank account. When you use SID to process your payment, you authorise us to carry out the above steps and to have access to and to transmit the information that we have referred to above.

2.3. No Warranty. The Services are provided to you subject to your statutory rights but are otherwise provided without any warranty and not subject to any condition, express or implied, except as specifically stated in this Agreement. We shall make reasonable efforts to ensure that requests for electronic debits and credits involving cards and bank accounts are processed in a timely manner. We will endeavour to redeem e-money within seven (7) business days of the request for redemption being made, but we make no representations or warranties regarding the amount of time needed to complete processing because our Services are largely dependent upon many factors beyond our control, such as, without being limited to, delays in the banking system or in card networks. Whilst we will do our best to maintain the operation of our Services, we do not guarantee continuous, uninterrupted or secure access to the Services, and operation of our site and mobile systems may be affected by numerous factors beyond our control. We shall not be liable for any delay or failure in the provision of our Services under this Agreement where such failure is due to factors beyond our reasonable control, save that we will use reasonable endeavours to fulfil our obligations hereunder. You acknowledge that your access to the site and mobile systems may be occasionally restricted to allow for repairs, maintenance or the introduction of new facilities or services. We will attempt to restore the site and mobile systems as soon as we reasonably can.

2.4. No Guarantee of Transactions. We have no control over, and make no representations about, the quantity, quality, genuineness, safety or legality of items listed by sellers or the completeness, truth or accuracy of the item listings. We cannot ensure that a seller or buyer will actually complete a transaction. We are not a guarantor of any transaction nor are we an escrow company. Please note that risks of dealing with underage persons or people acting under false pretence do exist and we do not give you any guarantees regarding the identity of the party/ies to transactions that you conclude utilising the Services.

2.5. Limit of Our Liability. We shall only be liable to you for loss or damage caused directly by our breach of a material term of this agreement and our liability in these circumstances is limited as set out in the rest of this paragraph 2.5. We shall not be liable to you for any loss or damage which you may suffer as a result of using the Services including, without limitation, losses resulting from your access to websites other than ours. In no event shall we, our affiliates, subsidiaries, agents, suppliers and/or subcontractors be liable for any direct or indirect loss of profit, goodwill, business or anticipated savings nor for any indirect or consequential loss or damage.

Without detracting from the exclusions of liability stated above, our liability and the liability of our affiliates, subsidiaries, agents, suppliers and subcontractors to you and any third parties in any circumstances is limited to the greater of (a) the amount of fees you pay to us in the 12 months prior to the action giving rise to liability, or (b) the value of the transaction or stored value giving rise to the dispute.

2.6. Indemnification. You agree to indemnify and hold us, our subsidiaries, affiliates, officers, directors and employees harmless from any claim or demand (including legal fees) made or incurred by any third party due to or arising out of your breach of this Agreement or the documents it incorporates by reference, or your breach of any law or the rights of a third party relating to your use of the Services.

2.7. Liability for Violations of the Unacceptable Use Policy. If you engage in the following conduct, MonsterPay may fine you, as explained below:

  • Using the Services to receive payments for any sexually oriented or obscene materials or services;
  • Using the Services to receive payments for wagers, gambling debts or gambling winnings, regardless of the location or type of gambling activity;
  • Using the Services to receive payments for airtime, phone cards or PIN, VoIP, SMS, SMS credits, WiFi access or subscription and any telecommunication products;
  • Using the Services to receive payments for any narcotics, other controlled substances, steroids or prescription;
  • Using the Services to receive payments for jewellery, precious stones, gems, gold, platinum, silver and minerals;
  • Using the Services to receive payments for tobacco or liquor;
  • Using the Services in respect of or in association with money laundering or any activity that constitutes a crime or contravenes any law.

You and MonsterPay agree that the damages that MonsterPay will sustain as a result of the conduct outlined above will be substantial, may include (without limitation) fines and other related expenses from its payment processors and service providers and/or your bank or the issuer of your cards, and may be extremely difficult and impractical to calculate. In the event that you engage in such conduct, then MonsterPay may, at its election, fine you USD25,000 and/or USD50,000 for gambling and/or MonsterPay may take legal action against you to recover losses that are in excess of the amount fined. You acknowledge and agree that USD25,000 and/or USD50,000 is presently a reasonable minimum estimate of MonsterPay’s damages, considering all relevant factors, including (without limitation) the relationship of the fine to the extent of harm to MonsterPay that reasonably could be anticipated. You agree that MonsterPay is entitled to deduct such fines directly from any existing balance in the offending account, or any other MonsterPay account owned by you or, if there are insufficient funds in your account, to debit the bank accounts that you have registered in respect of the Services or to charge your primary card to the value of the fine.

If you use the Services in a manner that violates the Unacceptable Use Policy, including but not limited to the categories described above, your account will be subject to limitation or immediate termination, as stated in the Closing Accounts and Limiting Account Access Policy.

You further understand that, if you use the Services in a manner that violates the Unacceptable Use Policy, including but not limited to the categories described above, MonsterPay may incur substantial liability and/or suffer significant damages, including (without limitation) fines and other related expenses from its payment processors and service providers. By selling goods or services (including access to content) in contravention of the Unacceptable Use Policy or the Restricted Activities section of this User Agreement (currently Section 8.2), you acknowledge liability to MonsterPay for any and all damages suffered by MonsterPay. Without limiting the foregoing, you agree to reimburse MonsterPay for any and all costs, expenses, and fines levied on MonsterPay by its payment processors and/or service providers and/or your bank and/or the issuer of your cards as a result of your activities.

You agree that, if either you or MonsterPay commence litigation or arbitration in connection with this paragraph, the prevailing party is entitled to recover reasonable attorneys’ fees and any other costs incurred in such proceeding in addition to any other relief to which the prevailing party may be entitled.

2.8. Terms and Regulations of Payment Processors, Service Providers, Banks and Issuers of Cards. The Services, apart from being regulated by this User Agreement, shall always be subject to the terms and regulations imposed by MonsterPay’s payment processors and service providers and your bank and the issuers of your cards whose facilities are utilised in order to accept or effect payment by means of the Services. Therefore all fines, penalties or other charges, of whatever nature, imposed by the payment processors and/or service providers and/or banks and/or issuers of cards on MonsterPay in respect of or arising from your use of the Services or your conduct of your MonsterPay account will be debited to your account and you hereby authorise MonsterPay to pay such fines, penalties or charges from any credit balance held in your account or, if there is no such credit balance, to recover the monies directly from you by inter alia debiting the bank accounts that you have registered in respect of the Services or to charge your primary card to the value of the fines, penalties or charges. You further indemnify MonsterPay against any claim that may be made by the payment processors, service providers, your bank or the issuer of your cards in respect of or arising from your use of the Services or your conduct of your MonsterPay account against MonsterPay for any reason whatsoever.

3. Fees

All fees are set forth in the Fees Policy. All fees will be charged in the currency of the payment.

4. Sending Payments

4.1. Sending Limits and Verification. You need to have a verified credit card with us before you can send any payments. Once you confirm an email address and add a credit card, you are limited to a maximum sending limit, determined by us at our sole discretion. From time to time we may determine, at our discretion, that certain transactions will not apply towards the limit. In order to become Verified, you must complete the Card verification procedure. By verifying your card, you authorise us to debit an amount of between 1.01 and 1.99 from the credit card that you registered. You can then re-enter the amount on our website to confirm ownership of the credit card. Your credit card will be considered Verified if and when you correctly enter this amount on our website.

We may determine, at our discretion, that certain accounts may be Verified by completing an alternate Verification process, which we will determine and administer. We will contact accounts eligible for an alternate Verification process.

We reserve the right not to process a transaction or to reverse a transaction where the buyer has not successfully completed the Verification procedure.

Notwithstanding that you may have successfully completed the Verification process, we reserve the right at any time to request additional authentication or other information from you when you send a payment. Only on receipt of the requested information, and subject to the provisions of this Agreement, will you be allowed to complete the payment.

4.2. Default Funding Sources. When you make a payment using your MonsterPay account, we will fund your payment as follows:

  1. If you have money in your MonsterPay account balance ("MonsterPay Balance"), we will debit your MonsterPay Balance to fund your payment.
  2. If you do not have any money in your MonsterPay Balance, or if your MonsterPay Balance is insufficient to fund your entire payment, we will fund your payment (or the remainder of your payment) as follows:
    1. by charging your primary card
    2. by debiting your bank accounts that you have registered and expressly authorised us to debit (available only in some countries)
    to the value of the e-money required to effect the payment.
  3. If you have funds in your MonsterPay Balance but you do not want to use those funds for a specific payment, you must first withdraw those funds before making the payment.

When you send a payment, you will not be able to withdraw the e-money value of the payment or send the e-money to any other recipient unless and until the initial e-money transaction is cancelled or returned by the recipient.

Without limiting any of our other rights, we reserve the right to make funding sources unavailable for any individual payment, based on risk modelling analysis.

4.3. Right of Recipient to Refuse Payment. When you send a payment to a third party using the Services, the recipient is not required to accept the payment, even if the recipient is already registered with us. The recipient is free to return payments or, in some cases, to use the MonsterPay systems to deny payments that you have sent. You acknowledge that we will not be liable for any damages resulting from a recipient's decision not to accept a payment made using the Services.

4.4. Choice of Funding Sources. We reserve the right to limit an account holder's choice of funding sources for any individual payment based on analysis performed through proprietary risk modelling systems. When we decide to limit funding source choices, the account holder will be alerted to the higher-than- normal level of risk associated with the payment. If we determine that there is a higher-than-normal level of risk, this is not an indication that either party in the transaction is acting in a dishonest or fraudulent manner; it is merely an indication that the combination of variables in the transaction has alerted us that the potential for payment repudiation is unacceptable. The account holder may choose to continue with the transaction using the available funding sources (if any), with the understanding that he or she may be accepting an additional level of transactional risk. Thus, the account holder may have fewer avenues available for dispute resolution should the transaction turn out to be unsatisfactory.

4.5. Removal of Expired Credit Cards. We view expired credit cards as an invalid funding source and reserve the right to remove expired credit cards from your account. We will notify you via email that your credit card has been removed from your account because of an invalid expiration date. You may add the card once a valid expiration date is obtained.

4.6. Multiple Currencies. MonsterPay's Multiple Currencies feature allows users to send payments in U.S. Dollars, Euros, Pounds Sterling or South African Rand. Multiple Currencies is currently available for all payments made using the regular Send Money service on the MonsterPay Managed account. You do not need to maintain a balance in the currency in which you would like to send the payment, but may choose the currency at the time of payment. If you are making a payment in a currency in which you already maintain a balance, the funds for the payment will first be withdrawn from the balance you already hold in that currency. Additional funds required for the payment will be withdrawn from the funding source of your choice, subject to the provisions of clause 4.2 above.

In addition, the recipient of your payment does not need to maintain a MonsterPay Balance in the currency in which you are sending the payment. For additional information about receiving Multiple Currencies payments, please see Receiving Payments: Multiple Currencies, below.

Please note that exchange control laws and regulations of certain countries may prevent that country’s currency being converted into another currency or being transferred into an account held outside of that country and these laws and regulations may limit your ability to choose your currency of payment or your currency of withdrawal or your currency of redemption. Both you and we are bound by such laws and regulations.

4.7. Completing Your Membership. You will be asked to complete your membership before you may make any payments. Once you confirm an email address and enter your credit card or bank account verification amount, your membership will be completed and your account will be treated as verified. If you remove the funding source used to establish your membership or the funding source does not provide sufficient funds for any transaction with us, we may require you to complete the membership process again. We, at our discretion, will determine the limit applicable to payments at which you will be required to complete your membership. The limit may, at our discretion, not be applicable to certain transactions.

5. Receiving Payments

5.1. Risk of Reversal of Transactions; Collection of Funds you owe MonsterPay. When you receive a payment through the Service, 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 us for the amount of the reversed transaction plus any fees imposed on us 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 unauthorized bank account. We will seek to recover the funds from you by debiting your MonsterPay Balance and, if there are not sufficient funds in your MonsterPay Balance, we reserve the right to collect your debt to us by any other legal means.

We reserve the right to ask a recipient of a payment for further authentication or other information in order for him or her to accept it. Users who receive more than $15,000.00 USD or equivalent in other currencies in payments during a single month may be required to provide us with additional information.

5.2. Personal Account Receiving Limit. If you have a Personal account, you are limited to receiving no more than the equivalent of $500.00 USD each month, based on the primary currency of your MonsterPay account.

5.3. Withdrawals. In order to withdraw money from your MonsterPay account we require you to provide MonsterPay with a number of forms of identification, which information is protected in terms of our Privacy Policy. We require this information to authenticate your identity and to determine how much you may withdraw from your account per month. We may limit withdrawals and require additional information from you depending upon your geographical location, credit rating, and other factors. Generally, in order to withdraw funds from your account, we require you to complete certain authentication procedures, such as, without being limited to, confirming your email address, your bank account and your identity/social security number. Some accounts are subject to a lower withdrawal limit determined by MonsterPay. You may withdraw funds by direct deposit to the bank account you have on file with us. Importantly, if you do not reside in a Withdrawal Country, you may not be able to withdraw funds from your MonsterPay account and should therefore only accept payments if you know you will send payments in equal amounts out of your account. For more details and guidelines about withdrawals, please refer to our Withdrawal Procedures.

6. Dispute Resolution and Chargebacks. Whether you are a buyer or seller, you agree to work actively with the other parties to your transactions to resolve any disputes. We do not act as the agent of either party to any dispute between payers and payees and are not responsible for resolving such disputes. If any chargeback claim occurs (as the result of a dispute or for any other reason), you agree to provide all necessary documentation for the resolution of the claim. If you are a seller, you (a) acknowledge that we do not control the outcome of the chargeback decision reached by the buyer's issuing bank in a card transaction; (b) agree to accept the decision of the issuing bank as final and legally binding; and (c) recognise that you may not receive payment if the issuing bank rules against you in relation to the payment received. To report a potential fraudulent transaction, error or dispute, please contact our Customer Service Department.

We will not seek to hold you liable for any unauthorised use (including fraudulent use) of your account by any person provided that we are satisfied that you have not acted deliberately so as to enable any third person to gain access to your user ID and/or password. We will not be liable for any loss of funds from your account in the event of the unauthorised use of your account by third parties.

7. Redemption of Balances. Through the MonsterPay website, you may provide instructions at any time to redeem all or a portion of your stored value balance or transfer the funds to a third party, in each case subject to the terms and restrictions of this Agreement. There is a limit on the minimum value of e-money that you are able to redeem which is presently at least USD15 (or equivalent). In order to redeem all or a portion of your balance, you must provide us with correct information about a bank account you control in the home country you indicated when you registered with MonsterPay. In order to redeem more than USD100.00 (or equivalent), we require you to complete additional authentication procedures. We require this information to authenticate your identity and may use a third party verification service to assist with this process. Redemptions will be subject to a withdrawal fee set out in the Fee Schedule. Redemption transactions may take up to five (5) business days or longer, if governed by circumstances beyond our control or as is required to review transactions to prevent fraud or money laundering.

Redemptions may also be subject to currency conversion charges if the currency you choose for redemption is different from that recorded in the account balance. Currency conversion charges fluctuate and will be displayed to you at the time of the transaction.

Redemptions will be subject to the exchange control laws and regulations of the country in which the account that you registered with MonsterPay is opened. For more information, please see clause 4.6 above which deals with multiple currencies.

Subject to section 8, e-money held in your account is not subject to any time limitation as to its validity.

Please be aware that your account balance represents an unsecured debt of MonsterPay to you, is at risk in the event of MonsterPay’s insolvency and is not covered by any compensation scheme or any other public or private insurance scheme.

8. Your Information and Restricted Activities

8.1. Definition. "Your Information" is defined as any information you provide to us or other users in the registration, payment process, or other features of our Services. You authorise us, although we are not obliged, directly or through third parties, to make any inquiries we consider necessary to validate your registration. This may include verifying the information you provide against third party databases. However, we cannot and do not make any representation relating to any user's identity or the performance of their commercial transactions with you.

8.2. Prohibited and Restricted Activities. You undertake that Your Information, including your payments and receipt of payments through our Services, shall not: (a) be false, inaccurate or misleading; (b) be fraudulent or involve the sale of counterfeit or stolen items; (c) involve providing to yourself a cash advance from your card (or helping others to do so); (d) violate MonsterPay's Unacceptable Use Policy; (e) infringe any third party's copyright, patent, trade mark, trade secret or other property rights or rights of publicity or privacy; (f) breach any law, statute, contract or regulation (including, but not limited to, those governing financial services, consumer protection, unfair competition, antidiscrimination, or false advertising); (g) be defamatory, threatening or harassing; (h) be obscene or contain child pornography; (i) contain any viruses, Trojan horses, worms, cancelbots, "easter eggs" or other computer programming routines that may damage, interfere with, surreptitiously intercept or expropriate any system, data or other personal information; and (j) create liability for us or cause us to lose (in whole or in part) the services of our Internet Service Providers or other suppliers. If you use, or attempt to use, the Services for purposes other than sending and receiving legitimate payments and managing your account, including but not limited to tampering, hacking, modifying or otherwise corrupting the security or functionality of the Services, your account will be terminated and you will be liable for damages and other penalties, including criminal prosecution where applicable.

8.3. Closing Accounts and Limitation of Account Access. At our sole discretion we may close an account at any time where expedient to do so, (including but not limited to where there has been a breach by you of this Agreement) upon notice to you and thereafter we will make payment to you of any unrestricted funds held in your account. We also reserve the right to restrict access to an account and any or all of the account's functions, including but not limited to your ability to send or receive e-money or your ability to withdraw from the account. Such restrictions shall only apply to such portion of your balance as directly relates to your breach or attempted breach of your obligations under this Agreement and the policies.

8.4. Passwords. You may not reveal your account password(s) to anyone else, nor may you use anyone else's password. We are not responsible for losses incurred by you including, without limitation, the use of your account by any person other than you, arising as the result of misuse of passwords.

8.5. Trademarks., MonsterPay, and all related logos, products and services described in this website are either trademarks or registered trademarks of MonsterPay, or its licensors, and (aside from the circumstances described below) may not be copied, imitated or used, in whole or in part, without the prior written permission of MonsterPay. In addition, all page headers, custom graphics, button icons, and scripts are service marks, trademarks, and/or trade dress of MonsterPay and may not be copied, imitated, or used, in whole or in part, without the prior written permission of MonsterPay.

Notwithstanding the above, HTML and logos provided by MonsterPay through its Website Payments features may be used without prior written consent for the purpose of directing web traffic to the Services. These logos may not be altered, modified, or changed in any way, or used in a manner that is disparaging to MonsterPay or the Services. Logos may not be displayed in any manner that implies sponsorship or endorsement by MonsterPay. MonsterPay is a payment service, and no partnership, joint venture, employee-employer, principal-agency or franchiser-franchisee relationship is intended or created by this Agreement.

9. Access and Interference. Our website contains robot exclusion headers and you agree that you will not use any robot, spider, other automatic device, or manual process to monitor or copy our web pages or the content contained herein without our prior express written permission. You agree that you will not use any device, software or routine to bypass our robot exclusion headers, or to interfere or attempt to interfere with the proper working of our site or any activities conducted on our site. You agree that you will not take any action that imposes an unreasonable or disproportionately large burden on our infrastructure. Much of the information on our website is proprietary or is licensed to us by our users or third parties. You agree that you will not copy, reproduce, communicate to the public, alter, modify, create derivative works, publicly display or frame any content (except for Your Information) from our website without our prior express written permission or that of the appropriate third party.

10. Privacy and Security. We view protection of users' privacy as a very important principle. We understand that protecting Your Information is our most important responsibility. We store and process Your Information on computers located in locations that are protected by physical as well as technological security devices. You should only log in to your account on a page which begins with Our current Privacy Policy can be viewed at any time under the “Privacy Policy” link on our website. If you object to your information being transferred or used as described in the Privacy Policy, please do not use our Services.

11. Terminating or Closing Your Account. You may close your account at any time by clicking the Close Account link in your Profile on the MonsterPay website. Upon closure of an account, any pending transactions will be cancelled. Any funds that we are holding in custody for you at the time of closure, less any applicable fees, will be paid to you by electronic funds transfer, assuming all withdrawal related authentication requirements have been fulfilled (for example, you may not use closure of your account as a means of evading withdrawal limits on new Unverified users). You may not use closure of your account as a means of evading investigation - if an investigation is pending at the time you close your account, MonsterPay may continue to hold your funds for up to 180 days to protect MonsterPay against the risk of reversals. If it is later determined that you are entitled to some or all of the funds in dispute, MonsterPay will release those funds to you. You will remain liable for all obligations related to your account even after such account is closed.

If you do not access your account for a period of two years, it will be closed. After closure, we will use the information you provided to us to send you any funds in redemption of e-money in your account. If that information is not correct, and we are unable to complete the payment to you, your funds will be forfeited after 12 months from the date upon which your account was terminated.

12. Remedies and MonsterPay's Right to Collect From You. Without limiting other remedies, we may update inaccurate or incorrect information you provide to us, contact you by means other than electronically, immediately warn our community of your actions, place a hold on funds in your account, limit funding sources and payments, limit access to an account and any or all of the account's functions (including but not limited to the ability to send money or make withdrawals from an account), limit withdrawals, indefinitely suspend or close your account and refuse to provide our Services to you if: (a) you breach this Agreement or the documents it incorporates by reference; (b) we are unable to verify or authenticate any information you provide to us; (c) we believe that your account or activities pose a significant credit or fraud risk to us; (d) we believe that your actions may cause financial loss or legal liability for you, our users or us; or (e) your use of your MonsterPay account is deemed by MonsterPay, Visa, MasterCard, American Express, Diner’s Club Discover or JCB to constitute abuse of the credit card system or a violation of credit card rules, including (without limitation), using the MonsterPay system to test credit card behaviour.

13. Assignment. You may not transfer any rights or obligations you may have under this Agreement without our prior written consent. We reserve the right to transfer our rights and obligations under this Agreement and all incorporated policies without your consent.

14. Legal Compliance. We both shall comply with all applicable laws, statutes, conventions, ordinances, regulations, contracts and applicable licenses regarding respectively your use and our provision of our Services.

15. Notices

15.1. Procedure. Except as expressly stated otherwise, any notices shall be given to us by postal mail to MonsterPay Holdings Ltd, P.O.Box 5803, Rivonia, 2128, South Africa or to our online message centre and to you by the email address or postal address you provide to MonsterPay during the registration process. Notice shall be deemed to be given 4 days after it has been posted or on the day that the email is sent, unless the sending party is aware that the electronic communication was not received.

15.2. Electronic Communications. You agree that this Agreement constitutes "a writing signed by You" under any applicable law or regulation. To the fullest extent permitted by applicable law, this Agreement and any other agreements, notices or other communications regarding your account and/or your use of the Services ("Communications"), may be provided to you electronically and you agree to receive all Communications from MonsterPay in electronic form. Electronic Communications may be posted on the pages within the MonsterPay website and/or delivered to your e-mail address. You may print a copy of any Communications and retain it for your records. All Communications in either electronic or paper format will be considered to be in "writing," and to have been received no later than five (5) business days after posting or dissemination, whether or not you have received or retrieved the Communication. MonsterPay reserves the right but assumes no obligation to provide Communications in paper format.

15.3. Credit Report. You agree that MonsterPay may order and review your credit report with the sole purpose of assessing your fitness to hold a MonsterPay account and/or your ability to use the Services or features thereof.

16. Governing Law and Legal Disputes

16.1. This User Agreement, and the relationship between us, shall be governed by and construed in accordance with the laws of the Isle of Man. Any claim arising out of or relating to this Agreement or the provision of our Services that cannot be resolved by contacting our Customer Service Centre and escalating the claim, shall be settled through the courts of the Isle of Man. You should be aware that financial compensation schemes may not apply to claims made in connection with issuing e-money.

Disputes between you and us regarding our Services may be reported to Customer Service by going to the MonsterPay website.

16.2. The parties shall keep confidential and not use for any collateral or ulterior purpose the subject matter of any arbitration and all information, documents and materials produced for, or arising in relation to, any arbitration including any award arising out of it except in so far as is necessary to implement and enforce any award or otherwise as required by law.

17. General. If any provision of this Agreement is held to be invalid or unenforceable, such provision shall be omitted and the remaining provisions shall be enforced. Headings are for reference purposes only and in no way define, limit, construe or describe the scope or extent of such paragraph. Our failure to act in any way in connection with a breach by you or others of the Agreement shall not be deemed or construed as a waiver of any right, power, privilege, claim or remedy of ours to act in respect of the circumstances in question or operate so as to bar the enforcement of any such right, power, privilege, claim or remedy in relation to any subsequent or similar breaches. Except insofar as this Agreement or the law provides that a third party may in his own right enforce a term of this Agreement, a person who is not a party to this Agreement has no rights to rely upon and may not enforce any term of this Agreement. This Agreement and the policies referred to herein set forth the entire understanding between us with respect to the subject matter of this Agreement.