You may use the
Mastercard® Virtual Card to purchase or lease goods or services everywhere Mastercard® Cards are accepted as long as you do not exceed the available balance of your Account. Some merchants do not allow customers to conduct split transactions where the
Mastercard® Virtual Card is used as partial payment for goods and services and the remainder of the balance is paid with another form of legal tender. If you wish to conduct a split transaction and it is permitted by the merchant, you must tell the merchant to charge only the exact amount of funds available in the Account to the
Mastercard® Virtual Card. You must then arrange to pay the difference using another payment method. Some merchants may require payment for the remaining balance in cash. If you fail to inform the merchant that you would like to complete a split transaction prior to swiping the
Mastercard® Virtual Card, the
Mastercard® Virtual Card is likely to be declined.
All transactions relating to car rentals or hotels are authorized.If you use the 16-digit Card number without presenting the Card (such as for mail order, telephone, or Internet purchase), the legal effect will be the same as if you used the Card itself. For security reasons, we may limit the amount or number of transactions you can make with the
Mastercard® Virtual Card. The
Mastercard® Virtual Card cannot be redeemed for cash. You may not use the
Mastercard® Virtual Card for any illegal online gambling or any other illegal transaction.
Each time you use the
Mastercard® Virtual Card, you authorize us to reduce the value available in the Account by the amount of the transaction and any applicable fees. Nevertheless, if a transaction exceeds the balance of the funds available in the Account, you shall remain fully liable to us for the amount of the transaction and any applicable fees.
You do not have the right to stop payment on any purchase or payment transaction originated by use of the
Mastercard® Virtual Card. If you authorize a transaction and then fail to make a purchase of that item as planned, the approval may result in a hold for that amount of funds for up to sixty (60) days.
Transactions made in foreign currencies. If you make a purchase in a currency other than the currency in which the
Mastercard® Virtual Card was issued, the amount deducted from the available balance of your Account will be converted by
Mastercard® into an amount in the currency of the
Mastercard® Virtual Card. The exchange rate between the transaction currency and the billing currency used for processing international transactions is a rate selected by
Mastercard® from the range of rates available in wholesale currency markets for the applicable central processing date, which may vary from the rate
Mastercard® itself receives or the government-mandated rate in effect for the applicable central processing date.
ReceiptsYou should get a receipt at the time you make a transaction using the
Mastercard® Virtual Card. You agree to retain, verify, and reconcile your transactions and receipts.
Card ReplacementIf you need to replace the
Mastercard® Virtual Card for any reason except at
Mastercard® Virtual Card expiration, you can do through the Payment World website to request a replacement
Mastercard® Virtual Card. You will be required to provide personal information which may include your Account number, 16-digit Card number, full name, transaction history, copies of acceptable documentation, etc.
Card ExpirationThe
Mastercard® Virtual Card will expire no sooner than the date printed on the front of it. You will not be able to use the
Mastercard® Virtual Card after the expiration date; however, a replacement
Mastercard® Virtual Card will be automatically provided to you prior to the expiration of the
Mastercard® Virtual Card. If you need a
Mastercard® Virtual Card replacement for any reason other than the
Mastercard® Virtual Card’s expiration, you may request one at any time by following the procedures in the section labeled “
Mastercard® Virtual Card Replacement.”
Payment World internal TransfersSubject to the terms of this Agreement, your Account includes access to the Internal Transfer Service via Payment World website. This service allows you to send money to or receive money from other Payment World members (“Internal Transfers”).
You will be restricted to a maximum of $500.00 to do an internal transfer to send money until you have activated your
Mastercard® Virtual Card and your Account has been open for a minimum thirty (30)-day period that begins on the calendar day that your first successful deposit is made to your Account.
Your access to internal transfer is determined by Payment World in its sole discretion based on the history of any Payment World accounts you have, deposit amounts and other risk-based factors. Payment World may suspend or terminate your use of such service at any time and without prior notice to you. If you violate the terms of services related to Internal Transfer, such actions may be used as a basis to terminate your Account.
By using the Internal Transfer feature, you agree that you will not post, transmit, distribute, or disseminate through any material that: (a) is false, misleading, unlawful, obscene, indecent, lewd, pornographic, defamatory, libelous, threatening, harassing, hateful, abusive, or inflammatory; (b) encourages conduct that would be considered a criminal offense or gives rise to civil liability or violates these terms and the Agreement; or (c); in our sole judgment, is objectionable, restricts or inhibits any person or entity from using or enjoying any portion of Internal Transfer, or which may expose Payment World, the Bank, its affiliates or its customers to harm reputational risk or liability of any nature.
Using the Internal Transfer ServiceTo send an Internal Transfer(s), login to Payment World Website and select ”Internal Transfer” and enter the intended recipient’s email address, mobile phone number, or the recipient’s account number (14 Digits) and the Transfer dollar amount you would like to send. Internal Transfers will be applied to the Account associated with the recipient’s email address, mobile phone number, or Username entered by the sender.
Approved Transfers are automatically debited from the sender’s Account and typically deposited to the recipient’s Account within seconds. Internal Transfers will be monitored and may be held, delayed, or blocked if, in Payment World’s sole discretion, completing the transfer could result in fraud or another form of financial harm. Payment World may require additional information to complete an Internal Transfer.
You must make sure the recipient’s email address; mobile phone number or Account Number is entered accurately to ensure the Internal Transfer is sent to the correct recipient. The obligation to pay the Internal Transfer will not be excused by an error in the information entered.
Please note: The email address, mobile phone number or Account Number entered during the Internal Transfer will display in your transaction history and on your statement for your reference. A reference field is also available to add a personalized message to the recipient. These messages will be visible in your online transaction history but will not be included on your monthly statement.
Internal Transfer LimitsInternal Transfers may be initiated at any time as long as the transfer request does not exceed the available balance in your Account. Payment World may refuse to process any transaction that exceeds any of the limits described below. If your Internal Transfer is denied because your Account balance is not sufficient, you are responsible for making alternate payment arrangements with the intended recipient. These are the limits associated with Internal Transfer(s):
Transaction Type Frequency and/or Dollar Limits* Internal Transfer(s) Send up to a maximum of $10,000.00 per calendar month
Receive up to a maximum of $10,000.00 per calendar month
*All Internal Transfer limits are subject to temporary reductions to protect the security of member Accounts and/or the Internal Transfer Service. Certain members may be eligible for higher transfer limits based on Account history at our discretion.
We may change these limits with notice to you. You can contact our customer service by emailing support@paymentworld.io
Canceling Internal Transfers: Prior to sending an Internal Transfer, the sender will be prompted to confirm the transaction. Once the Internal Transfer is sent, it cannot be canceled. It is the sender’s responsibility to ensure the information is accurate prior to confirming the Internal Transfer request.
An Internal Transfer cannot be canceled if sent to another Payment World member once the transfer is complete.
Liability for Internal TransfersYou are liable for any Internal Transfer sent from your Account except in the case where the Internal Transfer was unauthorized, or the Internal Transfer was not properly executed according to your instructions. This means you are liable for any transaction made using Internals Transfer, even if you are unsatisfied with an exchange of goods or services.
If you receive an Internal Transfer and we later determine in our sole discretion that the Internal Transfer was invalid for any reason, (for example, the Internal Transfer was not authorized by the sender) you hereby authorize us to debit your Account for the amount of the invalid Internal Transfer. In the event that a negative balance is created in your Account as a result of debiting your Account for the invalid Internal Transfer, you hereby authorize us to move funds from any optional Payment World other accounts you own in an amount equal to or less than the Internal Transfer.
If you believe your Account has been compromised or that an Internal Transfer from your Account was completed without your permission, please contact paymentworld.io/contact-us immediately. Please see Section II ELECTRONIC FUNDS TRANSFER DISCLOSURE AND SPECIAL TERMS AND CONDITIONS below, where your liability for unauthorized transfers from the Account is explained.
In case of questions related to Internals Transfer Service, please call our customer service at 1 (888) 363-1895.
Electronic Funds Transfer ServicesThe following terms are used to describe Electronic Funds Transfer (“EFT”) services. “Automated credits” or “direct deposits” are deposits made to your Account by electronic means. “Automated debits” and “automated payments” indicate payments authorized by you to be made from your Account by electronic means. “Online Transfers” are the movement of funds between your Payment World Account and optional Payment World Accounts by using our website.
When you accept direct deposits or authorize automatic payments/debits or transfers to or from your Account, you agree to these terms and conditions.
Other relevant terms and conditions described elsewhere in the Agreement also apply as long as they are consistent with Regulation E or Section II.
Your Liability for Unauthorized TransfersContact us at once if you believe your
Mastercard® Virtual Card, or Account number has been stolen. Telephoning is the best way to minimize your possible losses. If your
Mastercard® Virtual Card or Account number has been lost or stolen, or that someone has transferred or may transfer money from your Account without your permission, contact us immediatly.
Also, if you become aware of and/or your statement shows transactions that you did not make, notify us at once following the procedures stated in the section labeled “Information About Your Right to Dispute Errors. If you do not notify us within sixty (60) days after you become aware of the transaction(s) and/or the statement was made available to you, you may not get back any of the value you lost after the sixty (60) days if we can prove that we could have stopped someone from taking value if you had notified us in time. If a good reason (such as a long trip or a hospital stay) kept you from telling us, we will extend the time periods. If your
Mastercard® Virtual Card, or Account number has been lost or stolen, we will close your
Mastercard® Virtual Card and/or Payment World Account to keep losses down and send you a replacement
Mastercard® Virtual Card and/or Account number.
Our Liability for Failure to Complete Transactions
If we do not properly complete a transaction from your Account or
Mastercard® Virtual Card on time or in the correct amount according to our Agreement with you; we will be liable for your losses or damages. However, there are some exceptions. We will not be liable, for instance:
- If through no fault of ours, you do not have enough funds available in your Account to complete the transaction - If a merchant refuses to accept your
Mastercard® Virtual Card or Account number - If an electronic terminal where you are making a transaction does not operate properly, and you knew about the problem when you initiated the transaction - If access to your
Mastercard® Virtual Card or Account has been blocked after you reported your
Mastercard® Virtual Card or Account number lost or stolen - If there is a hold or your funds are subject to a legal or administrative process or other encumbrance restricting their use - If we have reason to believe the requested transaction is unauthorized - If circumstances beyond our control (such as fire, flood, power failure, strike, labor dispute, critical service provider failure, computer breakdown, telephone line disruption, government or regulatory action, or a natural disaster) prevent the completion of the transaction, despite reasonable precautions that we have taken; or Any other exception stated in our Agreement with you
ConfidentialityWe may disclose information to third parties about your Account,
Mastercard® Virtual Card or the transactions you make:
Where it is necessary for completing transactions.
In order to verify the existence and condition of your Account or
Mastercard® Virtual Card for a third party, such as a merchant.
In order to comply with a government agency, court order, or other legal or administrative reporting requirements.
If you consent by giving us your written permission.
To our employees, auditors, affiliates, service providers, or attorneys as needed.
As noted in the Payment World Privacy Policy and Privacy Notice(s); or
As otherwise as necessary to fulfill our obligations under this agreement. Information About Your Right to Dispute Errors
In case of errors or questions about your electronic transactions, email us at support@paymentworld.io as soon as you can, if you think your statement or receipt is wrong or if you need more information about a transaction listed in the statement or receipt. We must hear from you no later than sixty (60) days after we sent the FIRST statement on which the problem or error appeared.
Tell us your name, Account number and/or 16-digit Card number. Describe the error or the transfer you are unsure about and explain as clearly as you can why you believe it is an error or why you need more information. Tell us the dollar amount of the suspected error. If you provide this information orally, we may require that you send your complaint or question in writing within ten (10) business days.
We will determine whether an error occurred within ten (10) business days after we hear from you and will correct any error promptly. If we need more time, however, we may take up to forty-five (45) days to investigate your complaint or question. If we decide to do this, we will credit your Account within ten (10) business days for the amount you think is in error, so that you will have use of the money during the time it takes to complete the investigation. If we ask you to put your complaint or question in writing and you do not provide it within ten (10) business days, we may not credit your Account.
For errors involving new Accounts; transactions with a merchant’s POS terminal, whether in-person, online, by telephone, mail, or otherwise; or foreign-initiated transactions, we may take up to ninety (90) days to investigate your complaint or question. For new Accounts, we may take up to twenty (20) business days to credit your Account for the amount you think is in error.
We will tell you the results within three (3) business days after completing the investigation. If we decide that there was no error, we will send you a written explanation. Copies of the documentation used in the investigation may be obtained by contacting us at the phone number or address shown at the beginning of this section.
English Language ControlsAny translation of this Agreement is provided for your convenience. The meaning of the terms, conditions, and representations herein are subject to definitions and interpretations in the English language. Any translation provided may not accurately represent the information in the original English.
Customer ServiceFor customer service assistance or additional information regarding your Account, please contact:
[BUSINESS_NAME][DOMAIN[/contact-us
support@paymentworld.io Member Service agents are available to answer your calls: Monday through Friday, 9 a.m. to 6 p.m. EST (holidays excluded)
Telephone Monitoring/RecordingFrom time to time we may monitor and/or record telephone calls between you and us to assure the quality of our member service team or as required by applicable law.
No Warranty Regarding Goods or Services as ApplicableWe are not responsible for the quality, safety, legality, or any other aspect of any goods or services you purchase using your Account.
ArbitrationAny claim, dispute or controversy (“Claim”) arising out of or relating in any way to i) this Agreement; ii) the Account; iii) your acquisition of the Account; iv) your use of the Account; v) the number of available funds in the Account; vi) advertisements, promotions, or oral or written statements related to the Account, as well as goods or services purchased with the Account; vii) the benefits and services related to the Account; or viii) transactions made using the Account, no matter how described, pleaded or styled, shall be FINALLY and EXCLUSIVELY resolved by binding individual arbitration conducted by the American Arbitration Association (“AAA”) under its Consumer Arbitration Rules. This arbitration agreement is made pursuant to a transaction involving interstate commerce and shall be governed by the Federal Arbitration Act (9 U.S.C. 1-16).
We will pay the initial filing fee to commence arbitration and any arbitration hearing that you attend shall take place in the federal judicial district of your residence.
ARBITRATION OF YOUR CLAIM IS MANDATORY AND BINDING. NEITHER PARTY WILL HAVE THE RIGHT TO LITIGATE THAT CLAIM THROUGH A COURT. IN ARBITRATION, NEITHER PARTY WILL HAVE THE RIGHT TO A JURY TRIAL OR TO ENGAGE IN DISCOVERY, EXCEPT AS PROVIDED FOR IN THE AAA CODE OF PROCEDURE.
For a copy of the procedures, to file a Claim or for other information about this organization, contact it at: AAA, 335 Madison Avenue, New York, NY 10017, or at www.adr.org.
All determinations as to the scope, interpretation, enforceability, and validity of this Agreement shall be made final exclusively by the arbitrator, which award shall be binding and final. Judgment on the arbitration award may be entered in any court having jurisdiction.
NO CLASS ACTION, OR OTHER REPRESENTATIVE ACTION OR PRIVATE ATTORNEY GENERAL ACTION OR JOINDER OR CONSOLIDATION OF ANY CLAIM WITH A CLAIM OF ANOTHER PERSON OR CLASS OF CLAIMANTS SHALL BE ALLOWABLE.
This arbitration provision shall survive: i) the termination of the Agreement; ii) the bankruptcy of any party; iii) any transfer, sale or assignment of your Deposit Account, or any amounts owed on your Deposit Account, to any other person or entity; or iv) closing of the Deposit Account. If any portion of this arbitration provision is deemed invalid or unenforceable, the remaining portions shall remain in force.
IF YOU DO NOT AGREE TO THE TERMS OF THIS ARBITRATION AGREEMENT, DO NOT ACTIVATE OR USE THE CARD OR ACCOUNT. CONTACT US TO CLOSE THE ACCOUNT AND REQUEST A REFUND, IF APPLICABLE.
Savings DisclosuresThe Payment World Account is not an interest-bearing account. No interest will be paid.
Minimum Balance Requirements – A initial deposit of $50.00 is required to open an Account. You may deposit any amount you wish when opening the Account, however, the Account will remain in a new account status until thirty (30) days after the Account has received a posted deposit. See Section IV.13. labeled “Limits and Funds Availability” for additional details.
Transaction LimitationsMinimum and maximum withdrawal limitations apply. See the section labeled “Transaction Limitations” for full information regarding these limits.
AvailabilityThe length of the delay in the availability of funds varies depending on the type of deposit.
Business DaysThe length of the delay in the availability of funds is counted in business days from the day your deposit is applied to your Account. For purposes of these disclosures, our business days are Monday through Friday. Federal holidays are not included. Deposits received by midnight EST Time will be considered current-day deposits. Any deposits received after that time will be processed the following business day.
Same Day AvailabilityFunds received from preauthorized electronic payments or other preauthorized electronic payments will be available on the day the deposit is applied to your Account. ACH Credits received from an external bank account will be applied to the Account when we have verified the external account and received payment on collected funds. Once the funds are applied to the Account, they will have same-day availability.
Longer AvailabilityElectronic transfers depositing into the Account initiated through the Website may take up to five (5) business days from the date of the initial request but will post on the payment date of the deposit once the money has reached Payment World.
Payment World Online & Mobile Application Terms and Conditions.Please read the following terms and conditions very carefully. If you do not agree with the following terms and conditions, do not download or install this software. By downloading, installing or using this software or any portion thereof, you agree to the following terms and conditions.
Use of the Payment World ApplicationThis agreement (“Terms”) is entered into between you and [BUSINESS_NAME]., (“Payment World”), the bank managing the Payment World Individual Deposit Account. Subject to the provisions of these Terms, you are hereby granted the non-transferable right to use this Web Mobile software (“Payment World Web Mobile Access & future Application”) solely for personal, non-commercial purposes.
You may not use the Payment World Mobile Application in any manner that may impair, overburden, damage, disable or otherwise compromise (i) [BUSINESS_NAME].’s services; (ii) any other party’s use and enjoyment of [BUSINESS_NAME].’s services; or (iii) the services and products of any third parties including, without limitation, any device through which you access the Payment World Mobile Application (the “Authorized Device”). You agree to comply with all local laws and regulations governing the downloading, installation and/or use of the Payment World Mobile Application, including, without limitation, any usage rules set forth in the online application store terms of service.
From time to time, Payment World may automatically check the version of Payment World Mobile Application installed on the Authorized Device and, if applicable, provide updates for the Payment World Mobile Application (“Updates”). Updates may contain, without limitation, bug fixes, patches, enhanced functionality, plug-ins and new versions of the Payment World Mobile Application. By installing the Payment World Mobile Application, you authorize the automatic download and installation of Updates and agree to download and install Updates manually if necessary. Your use of the Payment World Mobile Application and Updates will be governed by these Terms (as amended by any terms and conditions that may be provided with Updates).
[BUSINESS_NAME]. reserves the right to temporarily disable or permanently discontinue any and all functionality of the Payment World Mobile Application at any time without notice and with no liability to you.
For the avoidance of doubt, agreement to these Terms is solely between [BUSINESS_NAME]. and you. If you need to contact [BUSINESS_NAME] about the Payment World Mobile Application, you may do so by emailing support@paymentworld.io.
Privacy PolicyAs a condition of using the Payment World Mobile Application, you acknowledge that additional agreements may be in place that governs your relationship with [BUSINESS_NAME]., including but not limited to the Payment World Individual Deposit Account Agreement, Payment World Privacy Policy, the Payment World User Agreement, Payment World Consumer Privacy Notice(s), and the Electronic Communication Agreement, each of which is hereby incorporated by reference. You acknowledge and agree that these agreements may be updated from time to time, without prior notice. Any such change(s) will be effective as soon as [BUSINESS_NAME]. posts a revised version of the applicable agreement. In the event of an otherwise irreconcilable conflict between these Terms and other agreements, these Terms will govern, solely with regard to the conflicting provisions and solely to the extent of such conflict.
[BUSINESS_NAME]. may track and archive certain information regarding your use of the Payment World Mobile Application (“Use Information”). Use Information may be stored and processed in the United States or any other country in which [BUSINESS_NAME]. or its agents maintain facilities. By using the Payment World Mobile Application, you consent to the collection of your Use Information and to any transfer of your Use Information outside of your country.
Proprietary RightsYou hereby acknowledge that [BUSINESS_NAME]. owns all rights, titles, and interests in and to the Payment World Mobile Application and to any and all proprietary and confidential information contained therein (“Payment World Information”). The Payment World Mobile Application and Payment World Information are protected by applicable intellectual property and other laws, including patent law, copyright law, trade secret law, trademark law, unfair competition law, and any and all other proprietary rights, and any and all applications, renewals, extensions and restorations thereof, now or hereafter in force and effect worldwide. You agree that you will not (and will not allow any third party to) (i) modify, adapt, translate, prepare derivative works from, decompile, reverse engineer or disassemble the Payment World Mobile Application or otherwise attempt to derive source code from the Payment World Mobile Application; (ii) copy, distribute, transfer, sell or license the Payment World Mobile Application; (iii) transfer the Payment World Mobile Application to, or use the Payment World Mobile Application on, a device other than the Authorized Device; (iv) take any action to circumvent, compromise or defeat any security measures implemented in the Payment World Mobile Application; (v) use the Payment World Mobile Application to access, copy, transfer, retransmit or transcode Content (as defined below) or any other content in violation of any law or third party rights; (vi) remove, obscure, or alter [BUSINESS_NAME].’s (or any third party’s) copyright notices, trademarks, or other proprietary rights notices affixed to or contained within or accessed through the Payment World Mobile Application.
Content made available through the Payment World Mobile Application (“Content”) is protected by applicable intellectual property rights and is the property of [BUSINESS_NAME]., its third party licensors and partners (as applicable), and other entities that provide such content to [BUSINESS_NAME]. You may not (or enable others to) copy, distribute, display, modify, or otherwise use the Content except as it is provided to you through the Payment World Mobile Application hereunder. [BUSINESS_NAME]. and its licensors make no representations or warranties regarding the accuracy or completeness of the Content.
Export Restrictions[BUSINESS_NAME]. does not represent that the Payment World Mobile Application is appropriate or available for use in any geographical location. Any entity choosing to use the Payment World Mobile Application is solely responsible for compliance with all applicable laws. The Payment World Mobile Application is subject to U.S. export controls and may not be downloaded, exported, or re-exported: (i) into (or to a national or resident of) Burma, Cuba, Iran, North Korea, Sudan, Syria, Libya, or any other country with respect to which the United States maintains trade sanctions prohibiting the shipment of goods; or (ii) to anyone on or acting on behalf of an entity on the U.S. Treasury Department’s list of Specially Designated Nationals and Blocked Persons or the U.S. Commerce Department’s Denied person List or Entities List or included in General Order 3 (15 C.F.R. Part 736, Supplement 1), which prohibits exports to Marrow General Trading, affiliated entities, and persons, and specified persons involved in the manufacture or sale of Improvised Explosive Devices (together referred to as “U.S. Prohibited Party Lists”). By downloading and/or using the Payment World Mobile Application, you represent and warrant that you are not (a) located in or a national or resident of any country noted above that is subject to U.S. trade sanctions, or (b) on any U.S. Prohibited Party List or acting on behalf of any person or entity on any such list.
TerminationYou may terminate acceptance of these Terms at any time by permanently deleting the Payment World Mobile Application in its entirety from the Authorized Device, whereupon (and without notice from [BUSINESS_NAME].) any rights granted to you herein will automatically terminate. If you fail to comply with any provision of these Terms, any rights granted to you herein will automatically terminate. In the event of such termination, you must immediately delete the Payment World Mobile Application from the Authorized Device.
IndemnityYou agree to hold harmless and indemnify [BUSINESS_NAME]. and its subsidiaries, affiliates, officers, agents, and employees (and their subsidiaries, affiliates, officers, agents, and employees) from and against any claim, suit or action arising from or in any way related to your use of the Payment World Mobile Application or your violation of these Terms, including any liability or expense arising from all claims, losses, damages, suits, judgments, litigation costs and attorneys’ fees, of every kind and nature. In such a case, [BUSINESS_NAME]. will provide you with written notice of such claim, suit, or action.
Entire Agreement; Revisions to Terms.[BUSINESS_NAME]. may, from time to time, modify these Terms. Such modifications shall be effective as soon as the modified version of the “Payment World Mobile Application Terms of Use” is posted in the online application store or any other authorized Payment World Mobile Application distribution location. You can determine when these Terms were last revised by referring to the “LAST UPDATED” legend at the top of then-current version of the “Payment World Mobile Application Terms of Use” in the online application store or any other authorized Payment World Mobile Application distribution location. Your use of the Payment World Mobile Application following such changes constitutes your acceptance of the revised version of the “Payment World Mobile Application Terms of Use” in the online application store or any other authorized Payment World Mobile Application distribution location.
Updated October 21, 2024
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