Apace User Agreement
Effective date: January 1, 2022
PLEASE READ THE TERMS OF THIS USER AGREEMENT ("Agreement") CAREFULLY. BY ACCESSING THE APACE WEBSITE OR USING APACE SERVICES, YOU AGREE TO BE BOUND BY THIS AGREEMENT: 1). IF YOU DO NOT AGREE WITH THESE TERMS, PLEASE DO NOT ACCESS THE APACE WEBSITE OR USE THE APACE SERVICE. THE HEADINGS CONTAINED IN THIS AGREEMENT ARE FOR REFERENCE PURPOSES ONLY. YOU SHOULD PRINT A COPY OF THIS AGREEMENT FOR YOUR RECORDS.
STOP AND READ! — ARBITRATION AND CLASS ACTION WAIVER
THESE TERMS HAVE AN ARBITRATION PROVISION AND CLASS ACTION WAIVER IN SECTION 14 THAT REQUIRE THE USE OF ARBITRATION ON AN INDIVIDUAL BASIS TO RESOLVE DISPUTES, RATHER THAN JURY OR COURT TRIALS OR CLASS ACTIONS. CAREFULLY REVIEW THESE SECTIONS BEFORE YOU AGREE TO THESE TERMS OR ACCESS THE APACE WEBSITE OR USE THE APACE SERVICE.
This Agreement also governs your use of this site ("Website"), your use of the Apace Service as described below, and your access to your Apace Account information and service through the Website (together, the "Apace Services" or "Services"). Unless otherwise specified, this Agreement applies to you regardless of where you are residing internationally. Using the Apace Services means that you have accepted all of the terms and conditions contained in this Agreement and the agreements on the Legal Agreements. You should read all of these terms carefully before creating an Apace Account or using the Apace Services.
1. The Agreement
1.1 The Parties to this Agreement.
For all states not expressly listed below, this Agreement describes the terms between Apace ("we", "us" or "our") and you ("you", "your", "User", "Apace User") for the financing provided by Apace, the creditor, to you for the goods and/or services you purchased from the retail or online merchants that offer Apace as a payment method (“Apace Merchant”). Through this Agreement, Apace has extended you financing and the right to defer payment for the goods and/or services you have purchased. You agree to pay us pursuant to the terms of this Agreement.
1.2 Changes to this Agreement.
Apace may unilaterally decide to amend this Agreement from time to time, including your credit limit, provided, however, that such amendments will not impose additional obligations on you concerning actions you had taken before the change became effective unless you specifically agree to such changes. You accept and agree to the amendments to this Agreement by continuing to use Apace services.
1.3 Your Eligibility.
To be eligible to use the Services, you must be at least 18 years old and a resident of the United States or Nigeria. You represent and warrant that you are eligible to use the Services.
2. What is Apace?
2.1 The Apace Service.
Apace is a payment processing platform designed to allow Users to finance and buy products from merchants today and pay for them later, through a down payment followed by installment payments (“Order”). To start using Apace, you need to open an Apace Account.
2.2 Your Promise to Pay.
Before completing any transaction on your behalf through any Apace Services, Apace will secure your promise to pay for each Order by disclosing all terms and conditions applicable to that Order and securing your affirmative consent to those terms for that Order, including your promise to pay the amount of the goods and services financed by the Apace Merchant or Apace(“Promise to Pay”). By accepting this Agreement and confirming the financing of any purchases through the Apace Merchant or Apace, you give us the right to collect any unpaid portions of the financed purchase. All additional User fees incurred from account reactivation and rescheduled payments are solely for the purpose of: (i) keeping your Apace Account active; and (ii) you volunteering to reschedule a payment, neither fee is required as part of your Promise to Pay. Apace does not charge fees for account reactivation and rescheduling payments where prohibited by law.
2.3 Your Account.
To become a User of the Apace Services, you must create an Apace User Account (aka “Apace Account” or “your Account”). By opening an Apace Account and accepting the terms as outlined in this Agreement, you attest that you are establishing your Account to enable yourself to finance the purchase of goods and services from Apace Merchants.
2.4 Account Security and First Time Activation.
Apace does not charge to activate an account for the first time.
Apace identifies User Accounts by the mobile phone number linked to the User Account. We use 2-factor authentication to secure your Account. The first factor is a Personal Identification Number or PIN. This number is created by you and can be changed at any time in your Account Profile. The second factor we use is a One Time Password ("OTP") sent via Short Message Service ("SMS") text to your mobile phone number or email address. The OTP proves that you have possession of your mobile phone number and the device you are using with Apace Services. Apace uses device identification techniques and algorithms to remove the need for the OTP when we recognize a previously identified and approved device.
To create a User Account, we require that you provide us with your mobile phone number and prove that you have possession of that device by entering an OTP. We then ask you to create a PIN and identify yourself. User identification properties that we ask for include, but are not limited to, first and last name, address, and date of birth.
BY PROVIDING YOUR MOBILE PHONE NUMBER TO US, YOU PROVIDE YOUR PRIOR EXPRESS CONSENT FOR US AND OUR SERVICE PROVIDERS TO SEND Apace OTP TEXTS TO YOUR NUMBER USING AN AUTODIALER.
2.5 Apace’s Role in the Order
Apace is not engaged in the sale of any goods or services financed by Apace. Apace does not have control of, or liability for, the products or services financed through the Apace Services. We provide a service that allows you to finance your purchase from Apace Merchants. If you have a dispute with an Apace Merchant, Apace provides a dispute resolution service in the Apace Account dashboard to aid in your dispute process.
2.6 Canceling Transactions
a. All requests for Orders and Services through Apace are subject to approval by Apace, at our discretion. We may choose not to approve an Order or provide financing for a product to you, or may cancel an approved Order before the goods or services are delivered or supplied, if: (i) we reasonably consider this necessary in order to: (A) protect the integrity of our systems or the products; (B) prevent fraud; (C) limit the risk of money laundering or terrorism financing; or (D) otherwise protect us against legal, regulatory or non-payment risk; (ii) you do not pass our verifications or checks; (iii) we suspect, or are aware, that you have breached this Agreement in a material respect (including by failing to make any payment due under this Agreement on the payment due date); or (iv) we otherwise reasonably consider the Order or request for financing to be suspicious.
If we cancel an approved Order or request for financing: (i) we will apply a full refund of any amounts you have paid to us to your bank account or card used for payment, and will cancel any future payments related to that Order; and (ii) you will have no obligation to make any further payments to us, and will not have any other ongoing relationship with us, with respect to that Order. Further, should we cancel an approved Order or request for financing, the Merchant will not be obliged to deliver the goods for that Order, unless required to do so by law. If you wish to proceed with the purchase from the Merchant, the Merchant may accept an alternative payment method in its discretion, or if required to do so by law.
2.7 Automatic Payments
By agreeing to these terms and conditions, you authorize Apace to make preauthorized electronic fund transfers from your designated account or payment device.
a. Payment Schedule. Once we approve the financing for your Order, you will receive an email from us with confirmation of receipt of your Order and a Payment Schedule. This Payment Schedule email is your written confirmation that you have agreed to make regularly-scheduled electronic payments. You agree to make payment(s) in accordance with the Payment Schedule. You may make early payments through your Apace Account without any penalty or added fee; otherwise, Apace will automatically process payments in accordance with the due dates stated on the Payment Schedule. You authorize Apace to process such payments using the Payment Method details provided by you. If an Automatic Payment fails on any of the dates specified in your Payment Schedule, Apace reserves the right to re-attempt to process the payment at a later time(s) or date(s). (a) An ‘Automatic Payment’ is a payment, through the Payment Method you have chosen, that we will automatically process and collect. This 'Payment Method' can be a bank account or payment card. This Payment Method can be charged on a one-time or regular basis in agreed upon amounts as outlined in your Payment Schedule. You will have the option to select a preferred Payment Method when your Apace Account is being created. You can update or change your preferred Payment Method at any time via your Apace Account.
b. Authorization. Subject to the other terms of this Agreement, you hereby expressly consent to, authorize and instruct Apace to process and collect Automatic Payment amounts using any Payment Method on file, beginning with your preferred Payment Method for the amounts and on those scheduled dates set out in your Payment Schedule. You acknowledge that you are giving us the ability to collect or reverse variable payment amounts from or to this bank account or payment device, in accordance with your Payment Schedule and the terms of this Agreement. You authorize us to satisfy any monetary liability you owe us by:
Processing and collecting the payment using any of your preferred Payment Methods on file with us at a later time(s) or date(s);
Processing and collecting the payment using any other Payment Method which you have provided details of;
Offsetting the payment amount against any amounts we may owe to you; or
Any other legal means.
c. Sufficient Funds Required. You are responsible for ensuring that you have sufficient funds in your bank account or payment card available to make Automatic Payments on the dates specified in your Payment Schedule. You are liable for any fees or charges imposed by your Payment Method, except to the extent that such fees or charges arise as a result of our error or system failure. If you cannot make a payment or know that you have insufficient funds, you must provide us reasonable notice of 3 business days to change the payment method or payment date.
d. Error Correction. If we make an error, you must notify us within 60 days of receiving your statement from us. If we are timely notified, we will correct the error and reimburse you any fees or charges imposed as a result of our error or system failure. To file a claim, email ……@useapace.com Please provide us with a copy of the relevant records so we can locate your account and identify the issue.
e. ACH Payments. You understand that payment authorizations on your bank account is to remain in full force and effect until Apace has received written notification from you of its termination at least 3 business days prior to the payment date. To revoke your payment authorization, you must contact …….@useapace.com at least 3 business days prior to the scheduled payment date. This only applies to ACH payments.
2.8 Account Deactivation and Reactivation
If you have outstanding amounts owed to us for an Order that have not been paid according to your Payment Schedule, as adjusted for any payments rescheduled that we agreed to, and that payment failure continues for more than 2 days after the date the payment was due, then we have the right to deactivate your Apace Account. Upon deactivation, you will still have access to your Apace Account; however, you will not be able to make additional purchases using Apace’s Services until you have reactivated your Apace Account. After deactivation, you are still required to make payment for each Order according to your Payment Schedule and this Agreement. You can reactivate your Apace Account by voluntarily paying us: (i) any past due payments owed to us for each Order according to your Payment Schedule, as adjusted; and (ii) any outstanding Account Reactivation Fees. We will attempt to process Failed Payments and collect any related Account Reactivation Fees by using the payment methods you have provided us. If we successfully process all existing Failed Payments and Account Reactivation Fees, your Apace Account will then be returned to an active status. Where prohibited by law, Apace does not charge fees for account reactivation and rescheduling payments.
2.9 Authorization to Credit Your Account
In some cases, such as a refund or a service credit, Apace may be required to submit a payment to your bank account or card on file. You grant Apace the right to perform these payments to your account(s) on file with us.
3. Using Apace
You can use Apace to pay for purchases of goods and services from Apace Merchants by using Apace functionality on Apace Merchant sites and interfaces. Payment mechanisms for your down payment and installment payments may include but are not limited to, bank accounts, credit cards, and debit cards. If a bank account is used as your selected payment method, you are requesting an electronic transfer from your bank account. For these transactions, Apace will make electronic transfers from your bank account in the amount you specify. You agree that you grant authorization to Apace to make the transfers from any of your bank account(s), debit card(s) and/or credit card(s) to fulfill your down payment, or a missed or failed payment. You give Apace the right to resubmit any transaction you authorized that is returned for insufficient or uncollected funds or any other reason.
3.2 Purchase Size Limits.
We may, at our discretion, impose limits on the amount of money you can use to purchase goods or services through the Apace Services.
3.3 Refused and Refunded Transactions.
When you make a purchase with Apace, the Apace Merchant is not required to accept your payment. You agree that you will not hold Apace liable for any damages resulting from a Apace Merchant’s decision not to accept a payment made through the Apace. Any unclaimed, refunded or denied payment will be returned to the original Payment Method. We will return any unclaimed payment to you within 30 Days of the date you initiated payment.
3.4 Payment Review.
Payment Review is a process by which Apace reviews certain potentially high-risk transactions. If a payment is subject to Payment Review, Apace will place a hold on the payment and provide notice to you and the Merchant. Apace will conduct a review and either clear or cancel the payment. If the payment is cleared, Apace will provide notice to you and the Merchant. Otherwise, Apace will cancel the payment and the funds will be returned to the User.
3.5 Contact Apace
If you have concerns or questions with your account, please contact …@useapace.com. You must also open a Dispute within 60 Days of the date you sent the payment. If you have received a recovery related to such purchase from another source, you are not allowed to additionally receive recovery with Apace.
Unauthorized Transactions: If your problem is an Apace transaction that you did not Authorize, please contact Apace at firstname.lastname@example.org to report the unauthorized transaction.
All Other Transactions: For Apace to help you, you must have an Account in good standing, have purchased the item with Apace, and be on time with all installment payments to date.
3.6 Dispute Management.
Apace encourages Users to communicate with Merchants directly to manage any purchase disputes. Apace Services provides a dispute management system within the User Account portal to enable better communications with Apace Merchants. Apace is not a party to any purchase dispute. Our role in disputes is limited to creating a communications and dispute management portal for User and Merchant Accounts.
3.7 Bank Accounts.
When you log into your bank account to connect your bank account(s) to your Apace Account, Apace will store information related to all accounts connected to this bank connection. Apace reserves the right to initiate payments and withdraw funds from any bank account(s) on file at any time in order to collect all payments, including delinquent payments. Accounts include saving accounts and non-primary checking accounts.
4. Credit Analysis and Reporting.
4.1 Credit Reports.
If you open an Apace Account, you are providing Apace with express authorization to obtain your personal credit report from a credit bureau. We are using this credit report as a supplement to our 'Know Your Customer' processes and to identify any business risks that may exist to Apace in offering financing to you.
4.2 Credit Reporting.
A credit report may be requested in connection with your application to use Apace or in connection with this Agreement. You give us and our agents, successors, and assigns permission to access your credit report in connection with any transaction, or extension of credit, and on an ongoing basis, for the purpose of reviewing this Agreement, taking collection action on this Agreement, or for any other legitimate purposes associated with this Agreement. Upon your request, you will be informed of whether or not a consumer credit report was ordered, and if it was, you will be given the name and address of the consumer reporting agency that furnished the report. As required by law, you are hereby notified that a negative credit report reflecting on your credit record may be submitted to a credit reporting agency if you fail to fulfill the terms of your credit obligations.
4.3 Proprietary Analysis.
Apace uses proprietary analysis tools to evaluate your ability to successfully complete your installment payments with Apace. Apace reserves the right to alter its analysis algorithms at any time and without notice to you.
5. Zero Interest Charges.
5.1 Apace Charges No Interest For Purchases.
We charge no interest to you in connection with using your Apace Account to make purchases with our service. THERE ARE NO FINANCE CHARGES AND NO INTEREST PAYMENTS ASSOCIATED WITH THIS AGREEMENT.
6.1 Account Reactivation Fees.
If you fail to make a scheduled payment according to your Payment Schedule, as adjusted for any rescheduled payments that we agreed to, and that payment failure continues for more than 2 days after the date the payment was due (“Failed Payment”), then we will apply an account reactivation fee up to N10,000.00 (“Account Reactivation Fee”) and deactivate your ability to make any additional purchases using Apace’s Services. Once deactivated, you will still have access to your Account, but you will not be able to make any additional purchases. An Account Reactivation Fee will be applied one time for each account deactivation per order.
6.2 Rescheduling Convenience Fees.
We charge a rescheduling convenience fee of up to N5,000.00 to allow a User to delay the Payment Schedule (up to 2 weeks). We waive this fee once per order, and we limit reschedules to a total of three reschedules per order.
7. Our Communications.
7.1 Notices to You.
You agree and consent to Apace providing you Communications about your Account and the Apace Services electronically. Any electronic Communications will be considered to be received by you within 1 hour after the time we post it to our website or email it to you. Any Communications sent to you by postal mail will be considered to be received by you 3 Business Days after we send it.
7.2 Notices to Apace.
Notices to Apace must be sent by postal mail to: Apace Technology Solutions Limited., Attention: Apace Legal Notices, Plot 8, Providence Street, Lekki Phase 1, Lagos.
7.3 Contacting You.
To contact you more efficiently, we may contact you using calls or text messages to the telephone number(s) you have provided us. We may place such calls or texts to: (i) send you OTP text messages; (ii) provide you notices regarding your Account or Account activity or transactions, (iii) investigate or prevent fraud regarding your Account, (iv) collect a debt owed by you to us; or (v) provide any other informational or transactional message related to your Account. We may share your phone number(s) with service providers with whom we contract to assist us in making these calls and texts to you, but we will not share your phone number(s) with third parties for their own purposes without your consent.
YOUR CONSENT FOR AUTOMATED CALLS AND TEXTS
BY PROVIDING A PHONE NUMBER TO US, YOU PROVIDE YOUR PRIOR EXPRESS CONSENT FOR US AND OUR SERVICE PROVIDERS TO MAKE CALLS AND TEXTS TO YOUR NUMBER USING AN AUTODIALER OR AN ARTIFICIAL OR PRERECORDED VOICE TO CARRY OUT THE PURPOSES WE HAVE IDENTIFIED ABOVE.
To opt-out of automated calls and texts from us, reply STOP to any text from us at any time. You agree to and will then receive a single final text message confirming your opt-out.
We and our service providers will not use autodialed or artificial or prerecorded message calls or texts to contact you for marketing purposes at the telephone number(s) you designate unless we receive your prior express written consent. Standard telephone minute and text charges may apply. You, not us, will be solely responsible for any carrier charges because of calls or texts from us.You warrant and represent that you are either the account holder of any phone numbers you provide to us, or you have the express permission of the account holder to provide such numbers. You also agree that if and before you disconnect or transfer any phone number you provided us, you will send all necessary texts or other communications to us in order to stop future text messages from being sent to that number. We reserve the right, in our sole discretion, to cancel or suspend any or all of our texting program, in whole or in part, for any reason, with or without notice to you. We are not responsible for incomplete, lost, late, or misdirected text messages, including, but not limited to, undelivered texts resulting from any form of filtering by your mobile carrier or service provider, and we cannot guarantee that each user will receive the benefit of the texting program for each text message sent. You may respond with HELP to any text from us at any time if you require assistance with the texting program. Alternatively, you may email us at email@example.com. When emailing or calling for support, please be sure to include your mobile number and a detailed description of your question or support issue.
7.4 Recording Calls.
You understand and agree that Apace may, without further notice or warning and in our discretion, monitor or record telephone conversations you or anyone acting on your behalf has with Apace or its service provider or agents for quality control and training purposes or its protection or recordkeeping purposes. You acknowledge and understand that, while your communications with Apace may be overheard, monitored, or recorded without further notice or warning, not all telephone lines or calls may be recorded by Apace, and Apace does not guarantee that recordings of any particular telephone calls will be retained or retrievable.
8. Your Privacy and Our Privacy Policies.
8.1 Your Privacy.
8.2 Password Security and Keeping Your Data Current.