Payment Policy & Procedure

Last update: 30 June, 2022

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1. PURPOSE

The purpose of this Payment Policy & Procedure (hereinafter – the "Payment Policy") is to establish operational processes and procedures for Bank transfer and Card payment on the Platform to minimize risk and provide the greatest value, and availability of high quality services to each coinsoftworks.com Overseas Ltd (hereinafter – "coinsoftworks.com") User. Legally, coinsoftworks.com delivers its services.

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2. DEFINITIONS

1. Account: refers to a User account registered on the Platform.

2. The Agreement on the Storage of the Cardholder's Credentials (hereinafter "ASCC") is a contract between coinsoftworks.com and the User. ASCC authorizes coinsoftworks.com and its payment service provider to store the User's name, surname, card expiration date, and PAN number (collectively referred to as "the Credentials on File (COF)") and/or to conduct transactions initiated by the User using COF.

3. Bank: refers to any financial institution that accepts payments made by coinsoftworks.com Users on its behalf.

4. Bank transfer: refers to the electronic transmission of User Funds from one bank or financial institution to another.

5. Banking Day: refers to the portion of a day during which the Bank is exposed to the public and performs the majority of its banking functions.

6. Cardholder: refers to any User who pays with a Payment card on the Platform.

7. Cryptocurrency refers to peer-to-peer, decentralized digital representations of value (e.g. bitcoins, ethers, etc.).

8. The term "Deposit" refers to the transmission of a specific sum of money to the User's Account via a Payment card or Bank transfer.

9. Fiat currency: refers to government-issued currency that is designated as legal tender in its country of issuance by decree, regulation, or law.

10. Funds: refers to a certain quantity of money (Fiat currency and Cryptocurrency) that has been transmitted to the User's Account and accumulated there.

11. Online bank transfer: refers to a technical connectivity service that enables Users to finance their Accounts with a valid bank account by submitting an electronic transfer request to their bank for the transfer of selected funds to coinsoftworks.com.

12. Order: refers to an individual application to the Terms of Service.

13. Payment card, Card, Debit card, Credit card: refers to a Visa, Visa Electron, MasterCard, or Maestro payment card used by the User as a payment method on the Platform.

14. Rules of International Payment Systems: refers to any rule, instruction, recommendation, etc., of MasterCard and/or Visa that regulates the order of processing transactions, the technical requirements for processing transactions, and other provisions regarding the acceptance of a Payment card.

15. User: refers to a person or entity that uses the Services, accepts the Terms of Service, and holds an Account.

16. Withdrawal: refers to the process of removing User Funds from his/her Account (to the User's bank account) per the User's instructions.

17. 3-D Secure: XML-based protocol intended to provide an additional layer of security for online payment card transactions.

18. All other terms and definitions in the Payment Policy correspond to those in the Terms of Service.
     

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3. AGREEMENT ON THE STORAGE OF THE CARDHOLDER’S CREDENTIALS (ASCC)

For coinsoftworks.com to be able to provide appropriate services, it must obtain prior permission from the User, with the User's explicit consent, to store the User's credentials in order to enable COF transactions by entering into an open-ended agreement on the storage of the User's credentials when capturing a credential for the first time.

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Note that if the User refuses to accept the specified terms, he or she will be unable to Deposit or withdraw fiat currencies via card.

The User may approve or reject the specified terms during the registration procedure and prior to each transaction.

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An online cancellation procedure for the specified terms is readily available and is linked to the elimination of payment cards: the User should click on the red cross icon in the card manager after logging in to coinsoftworks.com.

 

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4. PAYMENT METHOD

For Users' convenience, coinsoftworks.com provides a variety of Deposit Account payment options, including bank transfer and card payment. Please note that verified Users can withdraw funds via Bank transfer.

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Available Currencies for trade:

• USD (United States dollar);

• EUR (Euro);

• GBP (Pound sterling);

• CAD (Canadian Dollar)

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Please be advised that if the User's local currency differs from USD, EUR, GBP, or RUB, it will be automatically converted into the deposit currency of choice. The exchange rate and any other transaction-related fees are calculated and deducted by the card issuer. That only applies to cards.

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4.1. BANK TRANSFER

4.1.1. International bank transfer

International bank transfer is processed via SWIFT (available for USD, EUR, GBP)

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- Payment procedure

To initiate Deposit for an international bank transfer, the User must obtain an electronic document containing payment information from the Platform. The document must be printed and submitted to the User's bank for payment processing. If the User wishes to make a Deposit via international bank transfer payment through online banking, the User must obtain coinsoftworks.com's bank information and use it.

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To initiate a Withdrawal via international bank transfer, the User must complete out the Platform's electronic form. After effective acceptance of the User's information provided in the electronic form, the Withdrawal and Deposit will be processed within the timeframe specified below.

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- Timeline and Amount limits:

Timeline, Amount Limits and Commissions for Deposit with regard to every Currency could be found on the configure page;

Timeline, Amount Limits and Commissions for Withdrawal with regard to every Currency could be found on the configure page.

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4.1.2 Domestic bank transfer

(a) USD domestic bank transfer is processed via ACH transfer or domestic wire

Processed by the ACH or domestic transmission network, and only available to Users with US bank accounts. The user will only be able to use ACH or domestic transfer if the payment was made in USD.

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- Payment procedure

To initiate Deposit via instant transfer or domestic wire, the User must obtain an electronic document containing payment information from the Platform. The document must be printed and submitted to the User's bank for payment processing. If the User wishes to make a Deposit via instant transfer or domestic wire using online banking, the User must obtain coinsoftworks.com's bank information and use it.

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To initiate a Withdrawal via instant transfer or domestic wire, the User must complete out the Platform's electronic form. After effective acceptance of the User's information provided in the electronic form, the Withdrawal and Deposit will be processed within the timeframe specified below.

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- Timeline and Amount limits:

• Timeline, Amount Limits and Commissions for Deposit via instant transfer or domestic wire could be found on the configure page;

• Timeline, Amount Limits and Commissions for Withdrawal via instant transfer or domestic wire could be found on the configure page;

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(b) EUR domestic bank transfer is processed via SEPA

(available only for account holders in EU banks).

SEPA bank transmission is available in the SEPA member states. Here you can find information regarding the SEPA member states. The user will only be able to utilize SEPA bank transfer if the payment was made in EUR.

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- Payment procedure

To initiate Deposit for a SEPA bank transfer, the User must obtain an electronic document containing payment information from the Platform. The document must be printed and submitted to the User's bank for payment processing. If the User wishes to make a Deposit via SEPA via online banking, the User must obtain coinsoftworks.com's bank information and use it.

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To initiate a Withdrawal via SEPA bank transfer, the User must complete out the Platform's electronic form. After effective acceptance of the User's information provided in the electronic form, the Withdrawal and Deposit will be processed within the timeframe specified below.

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- Timeline and Amount limits

• Timeline, Amount Limits and Commissions for Deposit via SEPA could be found on the configure page;

• Timeline, Amount Limits and Commissions for Withdrawal via SEPA could be found on the configure page;

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(c) Faster payments

(available only for account holders in the United Kingdom’s banks).

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User will be able to use Faster Payments only if the payment has been done in GBP.

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- Payment procedure

To initiate Deposit for bank transfer via Faster Payments, the User must obtain an electronic document containing payment details from the Platform. The document must be printed and submitted to the User's bank for payment processing. If the User wishes to make a Deposit via Faster Payments via online banking, the User must obtain coinsoftworks.com's bank information and use it.

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To initiate a Faster Payments Withdrawal, the User must complete out the electronic form on the Platform. After effective acceptance of the User's information provided in the electronic form, the Withdrawal and Deposit will be processed within the timeframe specified below.

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- Timeline and Amount limits

• Timeline, Amount Limits and Commissions for Deposit via Faster Payments could be found on the configure page;

• Timeline, Amount Limits and Commissions for Withdrawal via Faster Payments could be found on the configure page;

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4.2. Card payment

- Warnings and Restrictions

For the User to make a payment, coinsoftworks.com will only accept the Payment Card on which he or she is listed as the Cardholder.

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The website coinsoftworks.com WILL ONLY ACCEPT VERIFIED CREDIT CARDS.

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The User may use multiple Payment Cards, so long as they have been verified.

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coinsoftworks.com warns that only 3-D Secure Payment cards can be used for payment purposes.

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NOTE: You can contact your bank to determine if your card supports 3-D Secure protocol.

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- Timeline and Amount limits

Regarding coinsoftworks.com's internal policies and rules, as well as the Rules of the International Payment System, the User must make payments in accordance with the following Deadlines, Limits, and Fees.

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5. PAYMENT PROCESSING TIMELINE

In accordance with coinsoftworks.com's internal regulations and requirements, as well as the Rules of International Payment Systems, the payment processing time is dependent on the direction, payment method, and currency selected.

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coinsoftworks.com reserves the right, at its unilateral discretion, to modify the processing timeframe outlined above.

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Banks/financial institutions that initiate and process the Bank transfer and Card payment can, according to their internal policies and procedures, extend the above processing time.

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6. PAYMENT INVESTIGATION

In the event that the User discovers that a Deposit or Withdrawal has failed (i.e., no Account Deposit/Funds Withdrawal occurred within the processing timeframe specified above and no notification on processing timeframe extension was obtained), the User may initiate an investigation by notifying coinsoftworks.com of the payment issues. The User must adhere to the notification procedure outlined in the Terms of Service.

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coinsoftworks.com will investigate the User's claim and inform the User of the outcome. The duration of an investigation will be determined on a case-by-case basis.

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coinsoftworks.com reserves the right to suspend the User's Account and restrict the User's Funds in accordance with the Terms of Service, including for investigation purposes, resulting in the Funds being inaccessible for a period of time.

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NOTE: All expenses incurred during the investigation procedure are the sole responsibility of the User.

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7. PAYMENT DEPOSIT/WITHDRAWAL CHARGES

The amount of the Deposit/Withdrawal will be subject to bank/financial institution fees, which will vary based on the selected payment method. This fee will be displayed on the Platform when selecting a payment method, and it will be charged automatically during payment transaction processing.

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8. SECURITY

coinsoftworks.com has implemented technical and organizational security for transaction capabilities that provides dependable protection against unauthorized access and provides the User with the most secure means of conducting transactions over the Internet.

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9. RESPONSIBILITY

coinsoftworks.com is responsible for the Transaction, including the services or other facilities that are the subject of the Transaction, as well as related customer service, dispute resolution, and execution of the Transaction, as well as such services, including customer support and related services, that are not provided by the Payment Service Provider and the Bank.

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10. MODIFICATIONS

The amount limits and processing timeline, as well as other terms and conditions of this Payment Policy, are subject to change by coinsoftworks.com, and coinsoftworks.com will provide notice of any such changes. The changes will become effective once coinsoftworks.com has provided notification.

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If the User does not agree with the revised Payment Policy, he or she must stop using coinsoftworks.com's services. If the User continues to use the Services after the effective date of the modifications, his/her use of the Services will be subject to the modified Payment Policy.