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Product Terms - Rapyd Disburse (HK) (“HK Disburse Product Terms”)

  1. Part of the Rapyd Merchant Agreement. These HK Disburse Product Terms: (a) apply to our provision of the Rapyd Disburse Service to you and are in addition to and supplement the General Terms; and (b)  form part of this Agreement.
  2. Description of Disburse Services. Once you have activated our Account and passed our compliance checks, you may instruct us to make a Payout by providing the details of the Beneficiary as prompted in the Portal. We will only process Payouts in a Supported Currency. 
  3. Making a Payout. When you submit a request to make a Payout in accordance with this Agreement, including these HK Disburse Product Terms, you are submitting Payment Instructions, consenting to us making the Payout, and authorising us to make the Payout in accordance with Applicable Laws.
  4. Date of receipt of Payout Instructions. We will deem a Payout to be received by us once you click “Confirm” (or similar prompt) in the Portal, except that where the request is received on a day which is not a Business Day, we may treat your request as having been received on the next Business Day.
  5. Cancellations. Once confirmed, you may not cancel a request to make a Payout.
  6. Details to be set out in the Payout request. Each request to make a Payout must confirm:
    1. the amount and currency of the money you wish to send for each Payout;
    2. the details of each Beneficiary, including: 
      1. their full name and address; 
      2. their bank account details; and 
      3. such other details that we request from you.
  7. Correct Payout details. You must ensure that all the Beneficiary and payment details you enter when making a Payout request are correct and complete. You are solely responsible for providing us with accurate information. We are not liable for any Payout errors caused by you providing incorrect payout details. We will seek reimbursement from you for any charges we incur as a result of you providing us with incorrect payout details. 
  8. Incorrect Payout details. If you give us incorrect payout details we will make reasonable efforts to recover the funds. We may charge a reasonable Fee, reflective of our efforts, for doing this. If we are unable to recover the funds, and if you give us a written request for details, we will ask the payee’s account provider to give us details of the payee and if we receive any details, we will pass these to you provided this is allowed by Applicable Laws.
  9. Unique Transaction number. Each Payout request is given a unique Transaction number which you can find in the Portal. You must quote this Transaction number when communicating with us about a particular Payout. 
  10. Right to refuse Payout. We may refuse to execute your Payout, if:
    1. the Beneficiary and/or payment details you provide when requesting to make a Payout are incorrect and cannot be executed;
    2. the Beneficiary fails to pass our compliance checks;
    3. you do not have sufficient funds in your Rapyd Wallet;
    4. you exceed any applicable limits; 
    5. we have reasonable grounds to believe the Payment is unauthorised or fraudulent, or that there has been a breach of security affecting the Payout; or
    6. it is unlawful or we suspect that it is.

In these circumstances, we will notify you, stating wherever possible the reasons for our refusal, and the procedure for rectifying any payment detail errors that led to the refusal,  but we may charge you a Fee to cover our reasonable costs for doing this. We are not obliged to notify you of our refusal to execute the proposed Transaction where we believe that such a notification would be unlawful.

We may also refuse any Payout at any time for reasons we deem appropriate. However,  upon request, we will (at our discretion) provide the reasons for the refusal and steps for resolution of the problem.

  1. Time for delivery of proceeds of Payout. If your request to make a Payout is compliant with these HK Disburse Product Terms, and subject to our right to refuse to make the Payout, we will credit the amount of the Payout to the Beneficiary’s payment service provider’s account.

The timing of Payouts may depend upon the currency, Payment Method, and Beneficiary account.

  1. Timing of Payout. If you ask us to make a Payout to a Beneficiary, we will make the Payout as soon as reasonably practicable and, in any event, generally within one (1) Business Day after we receive your instructions. We do not have any control over the amount of time it may take for a Beneficiary’s bank or payment provider to credit funds to the Beneficiary.
  2. Sufficient funds. To execute the Payout order, you must pay us sufficient funds to execute the Transaction (including any Fees).  You may pay us via your Virtual Account services or by other means acceptable to us.  We may without notice, deduct or set off the Payout amount and applicable Fees against any funds collected for you through Rapyd Collect and your Virtual Account services (as applicable). 
  3. Foreign exchange. If the funds held in your Rapyd Wallet are not in a Supported Currency, you authorise us to convert such currency into the Payout currency (in which case, our Foreign Exchange Rates may apply). 
  4. Unauthorised or incorrect Transactions. You must check your Rapyd Account  regularly. We rely on you to check the Transactions history of your Rapyd Account regularly and to contact us immediately if you notice any irregularities, such as  any unauthorised or incorrectly initiated or executed Transactions or Transactions that have not been executed or were executed late or certain charges and interest you are liable to pay as a result of such Transactions or if you have any other questions or concerns. If you do not notify us without undue delay, and unless otherwise specified in any relevant Region Specific Terms: (a) if you are a UK micro enterprise within thirteen (13) months of the Payout; or (b) if you are any other type of customer within sixty (60) days of the Payout, of, we will not be able to correct the matter or refund the funds to you. If you fail to notify us of such events within the relevant deadline, you waive any rights you may have had to claim against us or our Network Partners for the Payment in question. If we are responsible for a processing error, we will rectify the error.
  5. Unauthorised Payment, Refunds and liability. We will refund you where money belonging to you has been paid to someone else without your authorisation. However, this is subject to the provisions of clause 15 (Unauthorised or Incorrect Transactions) above. In addition, there may be circumstances in which we will not be obliged to refund you, or where the amount we have to refund is less than the full amount of the Payment. The following rules will apply in deciding whether you are entitled to a refund (and if so, for how much):
    1. if you or your authorised users have acted fraudulently, you will have no right to a refund in any circumstances;
    2. if you or your Authorised Users have intentionally or with gross negligence compromised the security of the Services or your Rapyd Account, or failed to keep the details you use to access the Portal secure, you will be liable for all Losses arising up to the time you notify us of the loss, theft or misuse of your details. There may be special circumstances where you will not be liable (or not fully liable), even if you have acted intentionally or with gross negligence. If this is the case, we will tell you; and one or more of the following will apply
    3. Unless one of the rules above applies, if the unauthorised Payment was caused by the loss, theft or misuse of the details used by you or your Authorised Users to access the Portal, your Rapyd Account or the Services, you may be liable for certain losses as set out in Applicable Laws unless you notified us of the loss, theft or misuse of your details before such losses occurred;
  6. Where a Payment has not been made, or has been made incorrectly or late. Subject to the provisions of clause 16 (Unauthorised or incorrect Transactions), we will refund you where you have made a Payout request and we could not execute it, or we sent it to the wrong account. However, we will not be obliged to refund you, if:
    1. we processed the Payment on time and in accordance with your request;
    2. we can show that the Beneficiary’s account provider received the correct Payment on time;
    3. we or a Network Partner have reasonable grounds to delay processing your request under Applicable Law; or
    4. it was not possible for us to process your request, due to circumstances beyond our reasonable control as set out in clause 23 ( Force Majeure) of the General Terms.
  7. Returning funds to your Rapyd Wallet. If a Payout is unsuccessful, incomplete or refunded and the funds revert back to us, you authorise us to credit the funds back to your Rapyd Wallet. If that is the case, fees may be charged by our Network Partners and Third-Party Providers and you agree to pay any such fees.
  8. Card Payouts. If you make a Card Payout, you must provide accurate and complete Beneficiary payment information including their card number and account details as well as any other information that either we or the Card Schemes require. You are liable for any losses, damages, liabilities or expenses that we incur as a result of or in connection with your providing inaccurate, incomplete, or fraudulent information or your violation of any terms of this Agreement. You acknowledge that it may be necessary to obtain the Beneficiary’s consent including in relation to their receiving funds or the storing of their personal information. We are not responsible for any Transactions that fail due to a lack of Beneficiary consent or any other issue relating to the Beneficiary.