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🛣️ Giving you the freedom to hold your money in a global wallet in US dollars requires some ground rules to ensure that we are Ontop of the important details. We are committed to making your path as simple and transparent as possible.
These Ontop Worker Wallet Terms of Service (“Terms”) form the basis of the legally binding contract between you and us in relation to your use of the Ontop Worker Wallet.
🧐 PLEASE READ THESE TERMS CAREFULLY BEFORE USING THE ONTOP WORKER WALLET. THESE TERMS ARE NON-NEGOTIABLE.
1. Let’s Begin! Overview of the Ontop Worker Wallet 🪂🏋️💵
Having the ability to get paid by companies around the world and sending that money to your other accounts in a safe and secure way is something that we at Ontop care a lot about. By giving you freedom and flexibility by having your own space to receive your payments and to make transactions on our Platform in a simple and transparent way, we aspire to someday become the bank for the future of work. And that is what the Ontop Worker Wallet is all about!
2. Who or What is That? 🙋 Key Definitions
👉 “Worker Wallet User”, “you” and “your”, within the context of these Terms, means Workers that use the Worker Wallet.
🏋️💵“Ontop Worker Wallet” or “Worker Wallet” means the electronic or digital wallet account available to Workers from within the Ontop Platform that allows you to receive compensation payments from Clients and make electronic transactions to your own personal account(s) or to third-party accounts.
Any capitalized terms that are not defined by these Terms will have the meanings ascribed to them in the B2C T&Cs.
3. An Ontop Wallet for Workers
You may have access to the Worker Wallet on the Ontop Platform. The Ontop Worker Wallet is currently not generally available to FTEs hired under the EOR model, but only in limited countries. We reserve the right to determine which Workers will be enabled for the Worker Wallet, at our sole discretion.
4. Ontop as Payment Agent 💸🕴
As mentioned in Section 7 of the B2C Terms, we may act as your Payment Agent by receiving Client payments to you on the Ontop Platform on your behalf. Our role as Payment Agent extends to funds transferred to the Worker Wallet, which can allow you to receive or transfer funds out of your Worker Wallet.
Pursuant to Section 4.1, when you are being hired by a Client through the Ontop Platform, we will act as your Payment Agent and receive from the respective Clients all payments due to you. All funds related to such payments will be credited to your Worker Wallet.
When we are contracting with you directly on behalf of a Client, all of your amounts receivable will be paid by us in our capacity as Payment Agent and credited directly to your Worker Wallet.
You acknowledge and agree that we fulfill our obligation as a payment agent and/or contracting party upon crediting Contractor compensation or its equivalent in United States Dollars to the Worker Wallet balance.
When you are hired as an FTE, your salary will be paid according to local labor laws and exchange regulations. Generally, you will receive your salary in local currency in your local bank account. Exceptions may apply from country to country but they will always comply with local laws and regulations. You acknowledge and agree that we fulfill our payment obligation as employer upon crediting of your salary at the local bank account of your choosing. If you are based in a country that allows for FTEs to have a Worker Wallet, we may allow you to transfer part of your compensation to the Worker Wallet, but subject to express authorization from you and compliance with local labor laws.
5. Worker Wallet Usage, Conditions, Limits and Restrictions 🏋️💵
Through the Worker Wallet, you will be able to: (i) have access to information on the balance of amounts receivable under the terms of your contract(s) with Client(s), held in your Worker Wallet in US Dollars (currently the only supported currency); (ii) hold your funds in the Worker Wallet; and (ii) request to transfer funds in your Worker Wallet to your personal or third-party accounts via the various available payment methods. Transfers to third parties will be subject to additional screening, as necessary.
The Worker Wallet will allow you to view the details of a given transaction in a pop-up or downloadable transaction summary (in .pdf format). This summary will include details on the payment method selected and may include information on the estimated time of transfer, applicable fees and/or foreign exchange rates, among other information. Such estimates are provided for your reference and mere convenience only and are subject to change. Up to the conclusion of a given transaction, different times and rates may apply. The transaction summary should not be considered a tax invoice.
All transactions available through the Worker Wallet will be processed by licensed and registered money service businesses (including, but not limited to JP Morgan), a bank, trust company, or similar financial institutions that are regulated, supervised, and subject to periodic examination by a state or Federal agency (a “Regulated Institution”). Regulated Institution retail fees and rates will be charged to the Worker, as applicable, at the time of execution of the relevant transaction. Regulated Institutions usually report transactions periodically to the competent financial authority in your jurisdiction (e.g. central banks). As such, Worker Wallet transactions may be subject to reporting and other additional obligations before the competent financial authority in your jurisdiction. Please contact your accountant and/or tax advisor for additional information on any requirements you have to fulfill.
Upon our receipt of payment transfer instructions from you through the Ontop Worker Wallet, we will direct a Regulated Institution to transfer funds from your Worker Wallet to your designated bank account and/or preferred payment method.
By acceptance of the B2C T&Cs and these Worker Wallet Terms, you acknowledge, understand, and authorize that your amounts receivable in the Worker Wallet and funds received by us from Clients as payments to be made to you through the Ontop Platform may be combined in the same client money account held by us with JP Morgan. For the avoidance of doubt, we have practices and procedures in place to accurately and precisely account for the amount attributed to each Worker, which we understand to be sufficient to satisfy and comply with Federal Deposit Insurance Corporation requirements to classify as “pass through” deposit insurance coverage for each individual Worker. Notwithstanding the above, we will maintain the funds we receive from Clients separate and distinct from other funds deposited to any other operational account maintained by us with JP Morgan.
Whether under the You Sign or Ontop Signs business models, we are not responsible for any withholding that is made or should be made when paying you through the Worker Wallet. We are also not responsible for any exchange-related requirements from the applicable central bank and/or government authorities. You will indemnify us to the fullest extent for your non-compliance with any tax or foreign exchange-related fines, penalties, or interest, that are imposed on us by any government authority.
All balances, statements and financial information available to you through the Worker Wallet will be stipulated in United States Dollars. In the event that your compensation is set in a currency other than United States Dollars, you represent and warrant that you are aware that your use of the Worker Wallet may imply differences between (i) the local currency equivalent in United States Dollars paid by the Client to us after the invoice has been issued, which is subsequently credited to your Worker Wallet balance and (ii) the amount received by you in local currency and/or other monetary value after providing payment instructions to your designated payment method. These differences may occur due to the time period from credit into the Worker Wallet balance and your instructions to transfer the amount. We will not be responsible or liable for any exchange rate differences and/or fluctuations caused by your use of the Worker Wallet for contracts stated in currencies other than United States Dollars. You acknowledge and agree that all of your payments and transactions through the Worker Wallet are processed by Regulated Institutions and that we are not responsible, nor will you hold us liable, for any discrepancy between the information available to you in the Worker Wallet and the amount effectively received by you upon their transfer request. We are not responsible or liable for foreign exchange obligations applicable to Workers in their respective jurisdictions. You must consult with their tax advisors and/or accountants in order to comply with said obligations.
We may offer you subscription services that are supplementary to the Ontop Worker Wallet and/or Ontop Card (“Subscription Plans”). Subscription Plans are subject to the payment of a subscription fee, in exchange for certain benefits for spending money through the Ontop Card, keeping money in your Worker Wallet or otherwise. You consent that access to your Worker Wallet allows us to make you offers to subscribe to Subscription Plans. The terms of service for specific Subscription Plans will apply, as updated from time to time on our Website. You can opt out or unsubscribe from Subscription Plans at any time.
Solely to protect against money laundering and terrorist financing, fraud, and unauthorized transactions, Ontop and Regulated Institution providers will collect, store and analyze your payment information. For more information on how we use your payment information, please see our Privacy Policy. Regulated Institutions may also collect payment information necessary to process your payments and transactions. Except for payment amount and payment status details stored on our Platform, we do not have access to payment information provided to Regulated Institutions, and such information will be subject to the privacy policy of each Regulated Institution.
By using any payment method and providing payment information to Ontop or to any Regulated Institution, you represent and warrant that you are the owner, or authorized representative of the owner of the bank account or payment method account that you use to send or receive payments, and that you are legally authorized to send or receive payments using such accounts. All payment services, including withdrawal services will be provided by our Regulation Institution providers.
6. Worker Wallet Fees 🏋️💵 🫰
So long as you are an active user of the Worker Wallet, we won’t charge you for your use or maintenance of the Worker Wallet. However, transactions may be subject to applicable fees and/or foreign exchange rates as mentioned in Sections 5.2 and 5.3 above.
Notwithstanding the above, we will charge you an inactivity fee of $ 10 USD or the balance in your Worker Wallet, whichever is less, if your Worker Wallet has no transactions for a period greater than two (2) months (“Wallet Inactivity Fee”).
7. Other Terms Applicable to the Worker Wallet 📄
These Terms are incorporated by reference in our B2C T&Cs. Any matter not regulated under these Terms will be subject to the B2C Terms. In the event of any conflict or discrepancy between these Terms and the B2C T&Cs, these Terms will govern.
If you feel that anything in these Terms is unclear or difficult to understand, please let us know by sending us an email to 📥legal@getontop.com. We are truly concerned about constantly improving your legal experience and welcome your feedback.