We are Radweb Ltd t/a InventoryBase, incorporated in the UK under company number 6057546. These are our terms and conditions specifically relating to our Payments service. They explain what we do, how we do it and your obligations under our terms.
By using the Payments service, you indicate that you accept these terms and conditions, and the referenced policies, and that you agree to abide by them.
T&Cs last modified: July 7th, 2019.
1. Summary
InventoryBase Payments (hereafter referred to as IBP) operates a platform with the ability to produce invoices for services rendered, such as property services/visits and the delivery of property reports.
Services
Services are provided by Suppliers directly to Buyers, who determine the deliverables, price and all other requirements.
Funds
IBP is not a bank and only collects money paid via invoices produced by IBP for the purpose of passing that money on to the Supplier. We strongly recommend that all users do not hold dormant balances on the platform. No user is permitted to hold a dormant balance on the platform for more than 30 days. IBP reserves the right to apply Admin Fees or write downs to dormant balances until they are withdrawn or become zeroed. Funds held by IBP on the platform are not insured nor covered by any Financial Services Compensation Scheme or any other government agency. IBP hold the funds in a separate client account specific to each and every individual or company.
Payments
IBP acts as an Agent of Payment between the Buyer and Supplier. IBP agrees to make such funds available to the Supplier balance within 24 hours of a successful payment, subject to fraud and AML procedures. Suppliers will then receive those funds automatically subject to the setting up of a valid withdrawal account, and in no less than 7 days from the cleared payment date.
IBP takes its obligations to prevent fraud and money laundering seriously and reserves the right to delay / withhold payments to Suppliers if fraud or money laundering is suspected.
Rights
IBP claims no rights for the content produced or shared by the paltform. Any rights to the content purchased via IBP should be clarified between Buyer and Seller.
Contacting
For purposes of payment completion, IBP will only email a payment receipt with a copy of the invoice to Buyers that enter a valid email address. If the Supplier is on a White Label account, this will be branded with the Supplier’s company logo and information. Email addresses entered for the purpose of paying invoices will not be added to any marketing communications.
In every interesting and important e-mail communication sent to you, we provide you the opportunity to discontinue receiving future communications (i.e. unsubscribe). Simply follow the unsubscribe process or directions provided in these emails. For the orderly operation of the platform, users cannot opt-out from essential emails such as when receiving an invoice or when a buyer requests a refund.
2. User accounts
To access the full InventoryBase site, users have to register for an account, provide accurate and complete information, and keep their account information updated.
Each account must be a personal account, but users may trade as a sole trader, company or any other legal entity (whether incorporated or unincorporated). Users cannot register for more than one account. The information that Users supply in the public profile of their account must comply with InventoryBase profile policies.
Users are solely responsible for any activity that occurs on their account, unless it is a result of actions beyond their control (such as hacking or if someone steals their password when they have taken reasonable steps to keep it secure). Users may never use another person’s user account or registration information for the website.
You confirm that you are not economically barred/limited under sanctions rules of any country worldwide. If your circumstances change to be included in such lists, please cease using IBP immediately.
IBP will be strictly limited to use by companies located within the United Kingdom at this time.
3. Legal Obligations
You promise that:
- you are able to pay for the services if you are a Buyer and perform the services if you are a Supplier;
- you are not in breach of any applicable laws, rules or regulations or obligations to any other person;
- you have made and will make all required legal and tax filings. If relevant, you will file all necessary legal documentation relating to your self-employment required by any governmental body, and pay all applicable taxes including without limitation PAYE or other income tax and national insurance;
- you shall not (and shall not permit) any third party to either take any action or upload, download, post, submit or otherwise distribute or facilitate distribution of any content, Workstream, or bid on or through the services IBW provide, including without limitation any user content, that infringes any patent, trademark, trade secret, copyright or other right of any other person or entity or violates any law or contractual duty.
4. Payments
Funds are released as described in arrears in 7 day intervals.
InventoryBase will not mediate any Disputes or be liable to either the Buyer or Supplier’s loss of business as a result of using the platform. Users must sort all disputes out between themselves.
Payments by Buyers are routinely checked by InventoryBase for fraud prevention purposes, before any payments are released to the Supplier. InventoryBase aim to process these payments and credit funds to the Supplier’s Payments account within 7 (seven) working days, however InventoryBase reserve the right to take up to fourteen (14) working days.
To withdraw funds from their IBP Account a User needs to supply Business and Ownership information along with Bank Details and Identification. An authorised withdrawal account must be a bank account under the contact or company name as registered on the Account’s profile.
IBP process transactions upon successful payment of an invoice and will release funds to the Supplier once a payment has been successfully verified. Once IBP has processed payments according to the timescales above to transfer to your designated bank account, they are then subject to timescales imposed by the banking clearing system (BACS in the UK).
For security reasons, IBP reserves the right to request additional information from Buyers and Suppliers, including original documents, and to verify documents with issuing institutions.
Therefore, we reserve the right to request the following proofs of identity:
a copy of a recent utility bill showing your name and address (less than 3 months old);
For credit/debit card users (one of the following):
- a copy of the front and back of the card used. For Security Compliance we recommend that you blank out the central 8 digits of the card number digits, and the last three digits from the number on the back;
- Credit or Debit Card Bank Statement of the card used on your InventoryBase Payments account (less than 3 months old).
- for Security Compliance you must blank out the central 8 digits of the card number digits;
IBP hold the funds in a separate client account. InventoryBase is not a bank and only holds funds for the purposes of settling the provision of services and specific invoices of Suppliers. We strongly recommend that all users do not hold balances on the platform. Funds held by IBP on the platform are not insured nor covered by any Financial Services Compensation Scheme or any other government agency. Users will not receive interest or other earnings on the funds in their Escrow Account or InventoryBase Payment Account. InventoryBase will endeavour to ensure that the funds in the Escrow Account or InventoryBase Payment Account are available to the User in accordance with these Terms and Conditions but do not guarantee that they will be available to the User in circumstances which are unforeseen or beyond our control.
If IBP has to return funds to the Buyer due to the Buyer (contrary to these Terms and Conditions) filing a dispute or requesting a payment be reversed through its credit card provider, bank or Paypal then IBP will be entitled to recover any such amount from the Supplier’s IBP Account (and if insufficient monies are in the Supplier’s Account), credit card or other previously made payment method if available. If IBP is unable to recover the amount returned to the Buyer from the Supplier in full then the Supplier agrees to pay to InventoryBase any outstanding sums within 72 hours of InventoryBase making a request.
To prevent funds being held indefinitely in the Escrow Account, InventoryBase will notify the Supplier in the event of funds being held in an Escrow Account for a payment that;
- i) does not have an open Dispute; and
- ii) has not had any activity in the inspection history for a period of seven (7) days or longer.
Activity is defined as any action logged to the inspection history such as: a message posted, an amendment is made, a payment has been received, etc.
IBP uses a third-party service provider called Stripe to process payments by Buyers and to transfer funds to Suppliers. These third-party payment service providers are regulated and authorised to provide payment services in the countries where they operate. InventoryBase may share your personal or transactional information with third-party payment service providers when it is necessary in order to process payments.
5. InventoryBase fees
Using the InventoryBase Payments service will incur the following fees
| Payment method | Service Fee |
| All Payment Methods | 3% + £0.25 |
- Fees are deducted from the total payment of an invoice when added to a Supplier’s account balance.
- The minimum Service Fee per transaction is £1.20 (excl. VAT).
- Suppliers can opt to adjust their fee to cover the Buyer’s share of the fee, or increase the Buyer’s fee to reduce their own fee
We may make changes to our service fees from time to time. These changes will be communicated and reflected in updated terms issued by us, which will apply to any transactions which take place after the updated fees come into force.
All Users are provided with a live statement showing their net effective payments and fees in their ‘Transactions’ section under ‘Settings’ on the Website.
BACs Transfer: – If your bank is located in the United Kingdom, your cleared funds will be paid directly to your local bank account every 14 days.
Bank transfer reversal fees – If your bank transfer gets reversed due to incorrect banking information, wrong bank account type or foreign currency bank account settings limitation, you will be charged a reversal fee of £2.
If Supplier decides to raise a dispute as per section 7, they are required to pay a non-refundable fee equal to 10% of the invoice or refund amount, subject to a minimum charge of £5 per dispute.
Bank transfer investigation fee – Please note that if there is a delay in payment from the banking institution, a formal investigation can be initiated with the bank to determine transaction issues. There is a 25 GBP fee that is issued which must be applied by the customer in order to initiate this process.
Chargeback or RFI (Request for Information) fee – A chargeback is a disputed card transaction filed by a Buyer with their card issuer when they dispute a payment or when their card is being used without their authorisation.
An RFI is a Request for Information the bank raises asking IBW for additional information regarding a particular transaction, which may be in dispute or unauthorised. The Buyer’s bank charges IBW a fee in both of these instances and as a result, we are passing these fees to Suppliers whose Buyer filed a Chargeback or RFI with their bank for a particular Workstream/payment.
The Fee per Chargeback is £15.00. IBW will make reasonable effort to respond to RFIs with proof of the Transaction and any required information but cannot guarantee that the case will be settled in favour of the Supplier.
In case of chargebacks, if the buyer’s credit card company decides in the Supplier’s favor, the Supplier will be refunded the money to their IBW User account. If the decision is in favor of the Buyer, the transaction will be cancelled, the buyer will receive a full refund, and the Fee amount will be deducted from the Supplier’s IBW User account.
Fast Track Fee – Once your Supplier application is submitted and/or your Account/ID documents uploaded, you have the option of paying a fee of £10 in order to have your application and documents reviewed within 24 hours (1 working day). The Fast Track Fee will provide you the Fast Track service for as long as IBW provides such service or similar.
Inactive User accounts
IBP is not a bank and only holds funds for the purposes of settling payments and specific invoices of Suppliers. We strongly recommend that all users do not hold dormant balances on the platform.
No user is permitted to hold a dormant balance on the platform for more than 30 days. If a user has held dormant funds in their IBP Account for a period of sixty (60) days or more then InventoryBase reserves the right to charge a monthly administration fee of £5 (excl. VAT) for holding those funds on behalf of the User. This fee will be automatically collected each month from the funds in the User’s InventoryBase Payments Account starting from the sixty first (61st) calendar day. The collection of this fee will end when either i) funds held are less than 60 days old, ii) the balance is cleared.
Currency Conversion
If you require a transaction within the IBP site which involves a currency conversion, it will be completed at a foreign exchange rate determined by an official institution, which is adjusted on a regular base. Exchange rates fluctuations are not under InventoryBase’s control.
A Currency Conversion Fee of 2.5% will be applied every time InvenntoryBase performs a currency conversion. When a currency conversion is available by IBP, you will be shown the exchange rate that will be applied to the transaction before you proceed with authorising the payment transaction. By accepting this transaction, you also agree to the exchange rate currency conversion terms.
6. Privacy Policy
By proceeding to use the IBP Payments service, users consent that IBP may process the personal data (including sensitive personal data) that IBP collects from them in accordance with the InventoryBase Privacy Policy and the terms of the EU General Data Protection Regulation.
InventoryBase may use your personal data to gather feedback regarding your experience you may have with our platform. This helps our business grow by assembling useful information from our end-users. IBP is not a party to any Service Contract between Buyer and Supplier. Any Service Contract between a Buyer and Supplier shall be in accordance with such Supplier’s privacy policy and the terms of the EU General Data Protection Regulation 2016/679.
7. Governing Law
These terms and conditions and any dispute or claim arising out of or in connection with them or their subject matter or formation (including non-contractual disputes or claims) shall be governed by and construed in accordance with the law of England and Wales. The courts of England and Wales shall have non-exclusive jurisdiction to settle any dispute or claim that arises out of or in connection with these terms and conditions or their subject matter or formation (including non-contractual disputes or claims).
8. Related Policies
The following policies are part of these terms and conditions and should be read carefully:
9. Definitions
In these terms and conditions:
‘Billing’ is the total invoices paid during the month;
‘Buyer’ means a person buying services from a Supplier on IBW;
‘Commencement of the Workstream’ means the purchase of a Workstream by the Buyer;
‘Content’ means such things as data, text, photographs, videos, audio clips, comments, graphics, user content and interactive features generated, provided, or otherwise made accessible on or through IBW;
‘Dispute’ means a dispute raised in relation to a rejected Invoice;
‘Escrow Account’ means the virtual account where money is deposited upon successful payment of an invoice and is only released in accordance with these terms and conditions;
‘Invoice’ means a bill/payment for a completed service which is raised by the Supplier in the InventoryBase dashboard;
‘IBP Account’ means a User’s InventoryBase persona, profile, settings, activities, invoices, transactions and funds balance available for you to withdraw;
‘Supplier’ means a person selling services to a Buyer via InventoryBase;
‘User’ means any registered person who uses IBW;
‘User Content’ means all content uploaded, submitted, distributed, or posted to the services by Users, including without limitation, reports, invoices and communication via the Dashboard. User Content does not include any materials or deliverables, or intellectual property therein arising from a service, which shall be assigned to the Buyer on successful payment for the invoice. User Content is the sole responsibility of the person who originated it.