By using the Stripe Bitcoin API you agree to be bound by both the Acceptable Use Policy (“AUP”) and this Bitcoin Payment Policy Addendum (“BPPA”). If there is a conflict between the terms of this Addendum and the AUP relating to your use of the Bitcoin API, the terms of this Addendum will control. Unless otherwise indicated in this Addendum, the term “Service” shall include the Bitcoin API and associated services delivered by Stripe under or in connection with this Addendum.
The Stripe Bitcoin Application Programming Interface allows us to accept Bitcoin (BTC) payments using the Stripe Services (“Bitcoin API”). Using the Bitcoin API, we allow you to pay for a product or service, or make a donation, with Bitcoin. The Bitcoin API allows us to convert Bitcoin payment into the designated fiat currency via Coinbase and have those funds transferred into our Bank Account. The Bitcoin API is a technology layer that connects us to a reputable US-based Bitcoin exchange provided by Coinbase, Inc. (“Coinbase”), leveraging the financial services of Silicon Valley Bank (“SVB”). Please read this Addendum carefully as it governs your use of the Bitcoin API.
a. Processing Charges
With a credit card, a given merchant collects a card number from a given customer. That card number may be used multiple times, but each time, the customer’s bank may choose to decline the charge. Simply collecting the card number does not guarantee access to any particular amount of funds.
With Bitcoin, no saved number exists which might then be used in an attempt to charge multiple times or at a later date. Instead, the process is inverted, by advising the customer of the amount required and providing a method to accept that amount—a place where the funds may be “pushed.”
When you select the option to pay with Bitcoin:
- Arca Noae specifies the amount to be collected, in USD. The amount of bitcoin (BTC) needed to convert to your specified USD amount is calculated at the time of selecting that payment method.
- We create what is called a Bitcoin Receiver—a wrapper around a Bitcoin address that provides a virtual location to which you may “push” your payment.
- Once you have pushed enough bitcoin into the receiver, our system creates a charge using this receiver (in much the same way as one would use a card token if accepting credit card payments). Because the funds are already in the receiver when the charge is created, there is no concept of a “decline” the way there would be in credit cards. The funds have already been pushed as bitcoin, so creating a charge from the BitcoinReceiver cannot fail.
b. Refunds and Returns/Claims and Reversals
For the purposes of the Bitcoin API only, “Claim” means a challenge to a specific charge which you may file with us; and “Reversal” means we reverse the settlement of funds from a transaction processed using the Bitcoin API because (i) the settlement funds were sent to us in error or (ii) you did not have authorization to send the payment. A Claim may be caused should you dispute a charge due to a perceived failure on our part to deliver goods or services as described or if a charge is unauthorized or improperly authorized by you.
When a Claim or Reversal is made, we are immediately liable to Stripe for the full amount of charge plus any associated Fees, fines, expenses or penalties.
We may contest any Claim by formally notifying Stripe and providing the information requested by them as may be necessary to investigate or help resolve the Claim. You hereby grant us permission to share records or other information required with the Coinbase or SVB to help resolve any disputes. Failure to provide any such reasonable information shall result in the immediate forfeiture of your Claim.
Should you request a refund from us, we reserve the right to refund in USD and not in Bitcoin. You must provide a suitable account for accepting USD (a bank or PayPal account).
By accepting these terms, you represent and warrant that you have read and agree to the UAP prior to accepting and agreeing to this Addendum and agree to be bound by the terms therein as well as those described in this Addendum.
YOU UNDERSTAND AND AGREE THAT NO ADDITIONAL REPRESENTATIONS OR WARRANTIES ARE PROVIDED BY ARCA NOAE UNDER THIS ADDENDUM. YOU FURTHER UNDERSTAND, ACKNOWLEDGE, AND AGREE THAT IN NO EVENT SHALL ARCA NOAE (INCLUDING ANY EMPLOYEES, OFFICERS, DIRECTORS, OR CONTRACTORS THEREOF) BE LIABLE TO YOU UNDER THIS ADDENDUM, INCLUDING BUT NOT LIMITED TO (a) LOST PROFITS, LOSS OF DATA, OR ANY INDIRECT, PUNITIVE, INCIDENTAL, SPECIAL, CONSEQUENTIAL, OR EXEMPLARY DAMAGES ARISING OUT OF, IN CONNECTION WITH, OR RELATING TO THIS AGREEMENT OR THE SERVICES, INCLUDING WITHOUT LIMITATION THE USE OF, INABILITY TO USE, OR UNAVAILABILITY OF THE SERVICE (PAYMENT GATEWAY); (b) ANY DAMAGE, LOSS OR INJURY RESULTING FROM HACKING, TAMPERING, OR OTHER UNAUTHORIZED ACCESS OR USE OF THE SERVICE OR YOUR ARCA NOAE ACCOUNT OR THE INFORMATION CONTAINED THEREIN, OR YOUR FAILURE TO USE OR IMPLEMENT SECURITY CONTROLS THAT ARE APPROPRIATE FOR YOUR BUSINESS; OR (c) ANY DIRECT DAMAGES ARISING FROM YOUR USE OF THE BITCOIN API.
THIS LIMITATION OF LIABILITY SECTION APPLIES REGARDLESS OF THE LEGAL THEORY ON WHICH THE CLAIM IS BASED, INCLUDING WITHOUT LIMITATION CONTRACT, TORT (INCLUDING NEGLIGENCE), STRICT LIABILITY, OR ANY OTHER BASIS. THE LIMITATIONS APPLY EVEN IF ARCA NOAE, STRIPE, COINBASE, OR SVB HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGE.
THE PROVISIONS OF THIS SECTION SHALL APPLY TO THE FULLEST EXTENT PERMITTED BY LAW IN THE APPLICABLE JURISDICTION.