Terms & Conditions
These Terms & Conditions (“Terms”) govern your use of payken.io and the Payken platform (together, the “Services”), operated by Payken, Inc., a Wyoming corporation with its principal place of business in Missouri (“Payken,” “we,” “us”). Appendix A, which governs payment, settlement, reversal, hold, reserve, setoff, and related funds-flow matters, is incorporated into and made part of these Terms. Please read them carefully.
1. Acceptance of Terms
By creating an account or using the Services, you agree to these Terms, to Appendix A, and to our Privacy Policy. If you use the Services on behalf of a business or organization, you represent that you have authority to bind that entity, and “you” refers to it.
2. The Services
Payken provides blockchain payment infrastructure: we verify the identity of transaction parties, record transactions onchain, and settle them through a proprietary smart contract that uses NFTs for tamper-evident record keeping, with funds that settle when the configured terms are met. Payken is a technology platform; except where expressly stated, payment processing is performed by regulated payment partners. Funds are held in a smart contract and recorded to your account, separate from Payken’s operating funds and not used as working capital. Payken holds that value as a limited-purpose intermediary, not as a bank, trustee, escrow agent, or fiduciary. Your Payken account is not a bank account, a deposit account, or an investment account.
3. Eligibility and Accounts
- You must be at least 21 years old, or such greater age as the law of the jurisdiction in which you reside or transact requires, and able to form a binding contract.
- You must complete identity verification and provide accurate, current information, and keep it updated.
- You are responsible for safeguarding your credentials and for all activity under your account. Notify us immediately of unauthorized use.
- We may decline, suspend, or close accounts where required for legal, compliance, or security reasons.
4. Payments and Settlement
- Smart-contract settlement. Transactions settle according to the terms configured when the transaction is created (for example, delivery confirmation or event completion). Once conditions are met, settlement executes automatically and the onchain record is final. Settlement remains conditional, and may be delayed, held, reversed, or recouped, as provided in Appendix A.
- Onchain records. Blockchain records are permanent and cannot be reversed or altered, by you or by Payken. This describes the blockchain record only. It does not affect any refund, chargeback, or error-resolution rights you may have with your card issuer, bank, or payment provider. Review transaction details carefully before confirming.
- Withdrawals. You may withdraw settled funds to supported destinations (such as a linked bank account, PayPal, Venmo, or Cash App). Third-party processing times and terms apply.
- Refunds and disputes. Refunds follow the rules configured in the applicable smart contract. Where no automated rule applies, contact the counterparty first; we may assist based on the onchain record. Payment-channel disputes, chargebacks, and reversals are governed by Appendix A.
- Taxes. You are responsible for any taxes arising from your use of the Services.
5. Acceptable Use
You agree not to use the Services to:
- violate any law or regulation, including AML, sanctions, and consumer-protection laws;
- sell prohibited, counterfeit, or fraudulent goods, services, or tickets;
- misrepresent your identity or circumvent identity verification;
- interfere with, probe, or disrupt the Services or their security;
- infringe the intellectual-property or privacy rights of others.
6. Fees
Applicable fees are disclosed transparently before you confirm a transaction. We may change fees prospectively with notice through the Services. Third parties (banks, card networks, payment apps) may charge their own fees.
7. Intellectual Property
The Services, including our smart contracts, software, design, and branding, are owned by Payken or its licensors and protected by law. We grant you a limited, non-exclusive, non-transferable license to use the Services as intended. You retain ownership of content you submit, and grant us a license to use it as needed to operate the Services.
8. Disclaimers
The Services are provided “as is” and “as available.” To the fullest extent permitted by law, we disclaim all warranties, express or implied, including merchantability, fitness for a particular purpose, and non-infringement. We do not guarantee that the Services will be uninterrupted or error-free, and we are not responsible for the goods, services, or conduct of transaction counterparties.
9. Limitation of liability
To the fullest extent permitted by law, Payken will not be liable for indirect, incidental, special, consequential, or punitive damages, or for lost profits, revenue, or data. Our aggregate liability arising out of the Services will not exceed the greater of one hundred US dollars (US$100) or the fees you paid to Payken in the six (6) months before the claim arose. The foregoing exclusion and cap do not apply to liability arising from Payken’s gross negligence or willful misconduct. Some jurisdictions do not allow certain limitations, so parts of this section may not apply to you.
10. Indemnification
You agree to indemnify and hold Payken harmless from claims, damages, and expenses (including reasonable legal fees) arising from your use of the Services, your content, or your violation of these Terms or applicable law.
11. Termination
You may close your account at any time. We may suspend or terminate access where you breach these Terms, where required by law, or to protect the Services and their users. Sections that by their nature should survive (including 4, 7–10, and 12, and Appendix A) survive termination. Onchain records persist after termination by design.
12. Governing law and disputes
These Terms are governed by the laws of the State of Wyoming, without regard to conflict-of-law rules.
12.1 Informal resolution. Before either party initiates arbitration or court proceedings, that party must send a written notice describing the dispute and the relief requested to the other party. Notice to Payken is sent to info@payken.io. If the parties do not resolve the dispute within forty-five (45) days after notice, either party may pursue arbitration or other relief as permitted by these Terms.
12.2 Agreement to arbitrate. Except as expressly provided below, any dispute, claim, or controversy arising out of or relating to the Services or these Terms will be resolved by binding arbitration administered by the American Arbitration Association (AAA) under its Commercial Arbitration Rules. The arbitration shall be conducted in Denver, Colorado, applying Wyoming law, before a single neutral arbitrator appointed in accordance with the applicable rules.
12.3 Class action waiver. TO THE MAXIMUM EXTENT PERMITTED BY LAW, YOU AND PAYKEN AGREE THAT EACH MAY BRING CLAIMS ONLY IN AN INDIVIDUAL CAPACITY AND NOT AS A PLAINTIFF OR CLASS MEMBER IN ANY PURPORTED CLASS, COLLECTIVE, REPRESENTATIVE, OR PRIVATE ATTORNEY GENERAL PROCEEDING. By accepting these Terms, you specifically waive any right to litigate arbitrable claims in a court of law and waive any right to trial by jury.
12.4 Small claims; injunctive relief; arbitration enforcement. Either party may bring an individual action in small claims court if the claim qualifies. Either party may also seek temporary, preliminary, or other equitable relief in the state or federal courts located in Denver, Colorado for actual or threatened misuse of the Services, fraud, circumvention of controls, unauthorized use of payment credentials, misuse of intellectual property, or enforcement of the arbitration agreement, including petitions to compel arbitration or confirm, modify, or vacate an award.
12.5 Consumer-law savings clause. Nothing in this Section limits any non-waivable rights you may have under applicable consumer protection law.
12.6 Mass arbitration procedures. If twenty-five (25) or more similar arbitration demands are asserted against Payken by or on behalf of different claimants and such claims are coordinated or brought by the same or coordinated counsel, the parties agree that the claims will be administered in batches of ten (10) cases at a time, with the first batch serving as bellwether cases. No additional batches may proceed until the first batch is completed and the parties engage in good-faith mediation regarding the remaining claims. Stayed claims will remain tolled to the extent provided by applicable law or AAA rules. The arbitration provider may apply any applicable supplementary mass-arbitration procedures, and Payken will not be required to pay fees for stayed cases beyond what the applicable rules require. To the extent any applicable law requires the payment of arbitration fees within a specified period as a condition of maintaining the right to compel arbitration, Payken will comply with such requirements notwithstanding any stay or deferral described in this Section.
12.7 Opt-out. You may opt out of Sections 12.2 through 12.6 by sending an email to info@payken.io within thirty (30) days after first accepting these Terms, stating your name, account email, and a clear statement that you wish to opt out of arbitration. If you opt out, neither party will be bound by the arbitration provisions of this Section, but all other provisions of these Terms will remain in effect.
13. Changes to these terms
We may update these Terms from time to time. Material changes will be notified through the Services or by email before they take effect; continued use after the effective date constitutes acceptance.
14. Contact
Questions about these Terms: info@payken.io. Written notices to Payken must be sent to info@payken.io and, if required by Payken, to Payken, Inc., 4625 Lindell Blvd, St. Louis, MO 63108, by nationally recognized overnight courier or certified mail, return receipt requested.