Ontop Worker Wallet 🏋️💵

Ontop Worker Wallet - Terms of Service

Last updated: May 20, 2024

🛣️ 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. Access to the Worker Wallet

You may have access to the Worker Wallet on the Ontop Platform. The Ontop Worker Wallet is currently not generally available to Employees 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 💸🕴

4.1. Acceptance of Ontop as your Payment Agent. As mentioned in Section 7  of the B2C T&Cs, you authorize us to 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 your Worker Wallet, which can allow you to receive in or transfer funds out of your Worker Wallet.some text

4.1.1. You Sign; Client-Contractor Relationship with Ontop acting as a Payment Agent. 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. 

4.1.2. Ontop Signs; Ontop-Contractor Relationship. 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. 

4.1.3. Credit to Worker Wallet Constitutes Performance. You acknowledge and agree that we fulfill our obligation as a Payment Agent and contracting party upon crediting Contractor compensation or its equivalent in United States Dollars to the Worker Wallet balance.

4.1.4. EOR; Ontop-Employee Relationship. When you are hired as an Employee, 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 Employees 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 🏋️💵

5.1 Wallet Balance and Payment Methods

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.

5.2 Confirmation of Wallet Transactions

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.

5.3 Wallet Transactions through Regulated Institutions

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.

5.4 Requests for Worker Wallet Transfers

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.

5.5 Accounting for Individual Balances

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.

5.6 Tax Withholdings

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.

5.7 Wallet Currency and Exchange Rates

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.

5.8 Subscription Plans

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.

5.9 Payment Agent Compliance

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.

5.10 Payment Information Representations

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 🏋️💵 🫰

6.1 No Wallet Maintenance Fee

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.

6.2 Wallet Inactivity Fees

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. Security Responsibilities of Your Ontop Wallet Account.

7.1. Responsibility of Account Security.  As set forth in Section 4.1.4 - Worker Account Security and Responsibilities of our general B2C Terms of Service, you are solely responsible and are required to take proactive steps to maintain the security and confidentiality of your Ontop Wallet account. These responsibilities include but are not limited to, the following practices:

  • Install and maintain up-to-date antivirus software on all devices used to access Ontop services.
  • Avoid the use of unsafe networks and public Wi-Fi when performing transactions or accessing Ontop services.
  • Protect your login credentials, devices, and any associated wallets, including Ontop Wallet, ensuring they are not easily accessible to others.
  • Regularly update your password at least every six months, using a mix of symbols, letters, and numbers and ensuring that passwords are longer than six characters.
  • Avoid using dictionary words, common names, consecutive character strings, simple keyboard patterns, and generic passwords in your password creation.
  • Enable Ontop’s dynamic token authentication or use two-factor authentication codes received via SMS or WhatsApp to enhance the security of your account.

In addition, Each Ontop account (including the Ontop Platform, Ontop Wallet, Ontop Wallet Account, Ontop Card, and Ontop Card Account) is personal and non-transferable. Sharing of accounts is strictly forbidden and may result in termination of access. You must keep your passwords and other authentication methods secure and confidential. You must report any unauthorized use, suspected security issues or compromises, or notice unusual activity in your Ontop Wallet immediately to our customer support at cx@getontop.com  or the Ontop Contact Center to allow us to take swift action to secure your account. Per Section 4.1.4 of our B2C Terms of Service, Ontop is not liable for losses, including those from your Ontop Wallet and Card, resulting from non-compliance with these security requirements.

7.1.1. Limitation of Ontop’s Liability on Account Security. Ontop is committed to maintaining the security of the Ontop Platform, Payroll Services, and Financial Services, including the Ontop Wallet, Ontop Card, and Card Account. Despite our efforts to provide a secure environment, we are not liable for losses or damages, including the loss of funds, resulting from unauthorized access or transactions due to your failure to secure your account credentials or devices. It is your responsibility to safeguard your passwords, devices, and any other means of accessing your account to protect against unauthorized access. Liability for unauthorized transactions is governed by the provisions of the Electronic Fund Transfer Act (EFTA) and its implementing Regulation E. You must report any unauthorized transactions or security breaches within two business days to limit your liability to $50, as specified in Regulation E (12 CFR Part 1005, Section 6). Failure to report unauthorized transactions within 60 days of receiving your transaction statement may result in greater liability. Ontop will only be liable for losses resulting directly from our misconduct or gross negligence in maintaining the security of our services. We are not liable for losses where the unauthorized transaction or access results from any action or inaction on your part that violates our security guidelines or your obligations under these Terms of Service.

7.2. Prohibited Activities. Any activities that violate federal information protection laws, such as hacking, phishing, and spamming, are strictly prohibited. Violators may be prosecuted and could face serious legal consequences under Title 18, U.S. Code, including fines and imprisonment.

7.3. Your Security Responsibilities and Acknowledgments.some text

7.3.1.Proactive Security Measures: You acknowledge that Ontop employs proactive security measures to safeguard the integrity of the Ontop Platform, including but not limited to robust authentication methods, secure communication protocols, and continuous monitoring of transactions. These measures are designed to protect against unauthorized access and fraudulent activities.

7.3.2. Security Compliance: You acknowledge and agree that you will adhere to all security requirements and recommendations outlined in these Terms, as well as any additional guidance provided by Ontop, to protect your access credentials from phishing or other fraudulent schemes. This adherence is essential for safeguarding your account and the integrity of your transactions.

7.3.3. Reporting Unauthorized Transactions: You acknowledge and agree to immediately follow the steps outlined in Section 7.1.1 of these Terms in the event of any unauthorized transfer or suspicion thereof. This includes promptly notifying Ontop within the timeframe specified to ensure limited liability as per the Electronic Fund Transfer Act (EFTA) and Regulation E. Failure to report unauthorized transactions in a timely manner may increase your liability for any resulting losses.

7.3.4. Notifications of Transactions: You acknowledge that Ontop will provide notifications and/or receipts for each electronic transfer you initiate. These notifications may be delivered through various channels, including email, SMS, WhatsApp, and mobile notifications. It is your responsibility to ensure that Ontop has up-to-date contact information to receive these notifications promptly. 

7.4. Ontop’s Rights. Ontop reserves the right to terminate access to our services, delete any content posted without notice, and take necessary legal actions if we believe that you have violated these Terms, engaged in illegal activities, or acted inconsistently with our security requirements. Ontop must not be liable for any resultant damages to you or any third party. If Ontop exercises its rights, we will notify you and transfer any available funds in your Ontop Wallet to your registered personal bank account. If no bank account is registered, we will contact you to provide a bank account within five (5) business days.

8. 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.