SPLITIT LTD (Company) Objectives The Risk, Audit and Governance Committee (Committee) has been established by the board of directors (Board) of the Company pursuant to article 47 of the Company’s articles of association. The Committee’s primary objective is, in
Last Updated: August 2020
INSTALLMENT TERMS & CONDITIONS
We are a retailer of goods or services that you are seeking to purchase (“us“, “our” or “we“). This agreement is between us and the cardholder who is making the purchase (“Buyer”, “you“, “your”).
You have indicated that you want to make a purchase from us and to pay for this purchase in installments, using a payment card that has been issued to you by your issuing bank. This transaction is powered by technology provided by our third-party service provider Splitit USA Ltd, (“Splitit”). The purchase is governed by our normal terms of business, including but not limited to our Return Policy, these Installment Terms & Conditions (“Agreement”), and a separate Truth in Lending Act Disclosure we provide to you, which is incorporated into this Agreement by reference. This Agreement is solely between you and us and will remain in effect until all amounts due under the Agreement are paid in full or otherwise cancelled or refunded. You never enter into an agreement with Splitit.
How it Works. By selecting the “Splitit” payment option at the checkout page and accepting this Agreement, you authorize us to charge the eligible card you select at checkout (or later provide to us) over time in the number of payments that you have selected at checkout (we call these payments “Installments“). Neither we nor Splitit impose any interest or additional charges to you for selecting this payment option. The payment date and amount of each Installment we will take will be shown on the website before you complete your purchase and emailed to you immediately after you complete your purchase. We will charge your card for your first Installment (your “Down Payment”) when your order is completed (we might take it later if shipment is later – but, in any event, we never take the Down Payment more than 28 days after you placed your order). Each subsequent Installment is charged monthly, on the dates shown in the Truth in Lending Disclosures, until the entire amount due under this Agreement is paid.
If you elect to use a credit card to make payments, we may also obtain a pre-authorization against your credit card for the Total Sale Price at the time of purchase. A pre-authorization means that a portion of your available credit line on your credit card, up to the amount of the Total Sale Price, will be blocked in order to ensure you have sufficient available credit to make future payments. To ensure we retain a valid pre-authorization against your credit card for the goods or services we have supplied you with, we will renew the pre-authorization every 21 days using the credit card details provided at the time of purchase (or a subsequent credit card you provide) by submitting a pre-authorization for the amount you owe us at the time we submit each pre-authorization. This means that the amount of each pre-authorization will be reduced by the amount of Installments paid over time. We will let you know 7 days before we intend to renew our pre-authorization.
Your credit card issuer is likely to reduce your available credit by the amount we have pre-authorized on your credit card so that you will not be able to use that amount of your credit line while our pre-authorization remains in place. Even if your credit card issuer does not do so, you should still ensure you have enough available credit to cover the full amount you owe us under this Agreement for your purchase (not including any sum you have already paid to us) at all times.
If any pre-authorization we seek to make against your credit card fails, we will contact you by email to let you know. We will also keep attempting to get approval for the pre-authorization by submitting a request once a day for the following 7 days. You can provide us with a different valid and acceptable credit card to use instead to take pre-authorizations and payments from. We will then submit any payment pre-authorizations and subsequent settlement requests against this alternate credit card instead. If we are not able to renew a pre-authorization for the sums you owe under this Agreement by your next Installment due date, and you do not make an Installment payment by the due date (subject to any applicable grace period), we may submit a payment request against the last pre-authorization we held against your credit card for the full purchase price less the amount of any Installments you have already paid.
If you provide a debit card to make Installment payments under this Agreement, a temporary pre-authorization hold may be placed against your debit card for the Total Sale Price at the time of purchase, but we will only charge your debit card for your first payment at this time. The remaining amount of the pre-authorization hold (the Total Sale Price minus your first payment), if applicable, will be removed from your debit card in approximately 5-7 days after the date of your purchase, but processing times may vary depending on your bank. We will not renew the pre-authorization hold on your debit card. We will continue to charge your debit card for the amount of each subsequent Installment on a monthly basis, on each Installment due date, until the entire amount due under this Agreement is paid. In the event that there are insufficient funds available on the debit card, we will notify you. If any payment attempt is unsuccessful or returned to us unpaid, we may retry the payment attempt up to two additional times, unless prohibited by law.
When you use our services, you may have to pay other taxes or costs that are not imposed by us (such as internet charges, fees imposed by the issuing bank of your credit or debit card, or charges imposed by customs in your country). IN PARTICULAR, PLEASE NOTE, AS PAYMENTS ARE BEING CHARGED TO YOUR CARD, YOU MAY BE CHARGED INTEREST AND FEES OR OTHER CHARGES IMPOSED BY YOUR CARD ISSUER UNDER THEIR AGREEMENT WITH YOU. THIS COULD INCLUDE LATE PAYMENT FEES, OVERDRAFT FEES, PERIODIC INTEREST, OR OVER-THE-LIMIT FEES. YOU ARE SOLELY RESPONSIBLE FOR THESE FEES.
Right to Stop Payment; Changing your Payment Method: You have a right to stop payment on your selected credit or debit card by calling us at 1 (844) 775-4848, writing to us by email at email@example.com, or by providing a new eligible card in the Splitit Platform. You must tell us in time for us to receive your request at least 3 business days before your next Installment due date. If you call, we may require you to confirm your request in writing within 14 days after your call. If your credit or debit card is replaced, cancelled, no longer valid, or you wish to use a different card, you must log on to the Splitit Platform and provide an eligible card at least 3 business days before your next Installment due date. We may not be able to process your request if we do not receive it in time. When you provide a new debit or credit card, one or more pre-authorizations may be placed on your card for the Total Sale Price less the amount of any Installments that have already posted to your account, as described above. If you do not have sufficient available credit or available funds on the new card to process the pre-authorization, we may not accept the card.
It is your responsibility to ensure that, until the last Installment is paid, the credit or debit card you present for payment at the time of purchase, or anytime thereafter, remains valid, is not cancelled, and has sufficient available balance or available credit to pay all Installments and to accept pre-authorizations that may be made under this Agreement.
PAYMENT AUTHORIZATION: BY ACCEPTING THIS AGREEMENT, YOU AUTHORIZE US OR OUR SERVICE PROVIDER TO (1) PRE-AUTHORIZE YOUR SELECTED CARD FOR UP TO THE TOTAL SALE PRICE AS DESCRIBED ABOVE; (2) CHARGE YOUR SELECTED CARD FOR THE AMOUNT OF YOUR DOWN PAYMENT ON OR AFTER THE DATE OF THIS AGREEMENT; (3) CHARGE YOUR SELECTED CARD IN THE AMOUNT OF EACH INSTALLMENT ON EACH INSTALLMENT DUE DATE AS DESCRIBED IN YOUR TRUTH IN LENDING DISCLOSURES; (4) CHARGE YOUR SELECTED CARD FOR THE TOTAL SALE PRICE LESS ANY INSTALLMENTS YOU HAVE ALREADY PAID (A) IN AN EVENT OF DEFAULT (SUBJECT TO ANY NOTICE AND CURE RIGHTS YOU MAY HAVE BY LAW) OR (B) IF YOU CANCEL THIS AGREEMENT AFTER THE TIME PERMITTED BY THIS AGREEMENT; AND (5) CHARGE YOUR SELECTED CARD AS NECESSARY TO CORRECT ANY ERRORS. THIS PAYMENT AUTHORIZATION WILL REMAIN IN FULL FORCE AND EFFECT UNTIL ALL INSTALLMENTS ARE PAID IN FULL OR WE RECEIVE NOTICE THAT YOU REVOKE THIS AUTHORIZATION.
Handling card payments. We use a third-party technology platform provided by Splitit to keep a record of payments you owe us under this Agreement and we use their platform to submit the pre-authorisation requests and card payment requests at the times we have agreed. We use this technology platform to monitor when and how much you have to pay and to send notifications to you. You will see some of these letters say they are “powered by Splitit”. This should help you identify what payments we are contacting you about.
Returns. You may return the goods to us as set forth in our Return Policy. We may be unable to accept a return of goods if they have been custom made to your specifications.
Cancellation. You have the right to cancel this Agreement and receive a refund of any amount you paid under this Agreement until the latest of the following events: (1) at any time before the goods and services you purchased under this Agreement are delivered to you or rendered, or (2) for three days after you accept this Agreement. To request a cancellation, please contact us by email at firstname.lastname@example.org or call 1 (844) 775-4848. If we have already delivered or shipped the goods to you, we may require you to promptly return the goods to us in the condition in which they were received in order to process your cancellation. You may be unable to cancel this Agreement if the goods have been custom made to your specifications. You may need to provide additional information in connection with any notice of termination or cancellation in order for us to properly identify the Agreement that is being terminated. You can, in any event, cancel this Agreement at any time by informing us by email, but you may not receive a refund and you may be required to pay the entire amount you owe us under this Agreement.
Default. Subject to applicable law, which may require that we notify and/or give you a right to cure your default, we may declare you in default under this Agreement for any of the following reasons: (1) you fail to pay any Installment by the due date, and after any applicable grace period; (2) you violate any promise you make to us in this Agreement which significantly impairs your ability to pay or our ability to collect the amounts due under this Agreement; (3) you file for protection under the United States Bankruptcy Code, or become subject to a proceeding which seeks relief from debt; (4) you have made a false or misleading statement about an important matter in connection with this Agreement; (5) you revoke your consent to electronic communications; or (6) you die or become legally incompetent.
Consequences of Default. If you are in default of this Agreement, we can require you to pay the remaining amount you owe us under this Agreement at once, subject to any right you may have to notice of default and to cure such default. We may seek payment of this amount by charging your credit or debit card pursuant to any pre-authorization you provided us under this Agreement. If we refer this Agreement to an attorney who is not our salaried employee for collection, we may require you to pay our reasonable attorneys’ fees and expenses, to the extent permitted by applicable law.
Assignment. You are hereby notified that, in connection with the services provided by Splitit, we may transfer, sell or assign the Installments, and any associated rights, to Splitit or one of its affiliates without your consent. If we do so, this Agreement will remain in effect and will be binding on and will inure to the benefit of our assign(s). You may not transfer your rights under this Agreement and any attempt to do so will be void.
Governing law; Severability. This Agreement (and our dealing prior to this agreement being made) shall be governed by federal law, and to the extent not pre-empted, the laws of the state in which you purchased the goods and services. If any provision of this Agreement or portion thereof is held to be unenforceable, this determination will not affect the remainder of this Agreement.
Limitation of Liability. You agree that we, Splitit, and our respective service providers, agents, officers, directors, and employees (and the same of our subsidiaries and affiliates and our subsidiaries and affiliates themselves) (collectively, the “Indemnified Parties”) will not be liable for anything we do when following your instructions. In addition, the Indemnified Parties will not be liable if any such Indemnified Party doesn’t follow your instructions if we reasonably believe that your instructions would expose us to potential loss or civil or criminal liability, or conflict with customary banking practices. THE INDEMNIFIED PARTIES WILL NOT BE LIABLE FOR INDIRECT, SPECIAL, OR CONSEQUENTIAL DAMAGES REGARDLESS OF THE FORM OF ACTION AND EVEN IF WE HAVE BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. IF WE FAIL TO STOP PAYMENT ON AN ITEM, OR PAY AN ITEM BEARING AN UNAUTHORIZED SIGNATURE, FORGED SIGNATURE, OR FORGED ENDORSEMENT OR ALTERATION, OUR LIABILITY, IF ANY, WILL BE LIMITED TO THE FACE AMOUNT OF THE ITEM. The foregoing limitation of liability will not apply where expressly prohibited by the laws governing your Account. This Limitation of Liability section will survive termination of this Agreement.
Arbitration Agreement. We are always interested in resolving disputes, claims, or controversies (“Claim”) amicably and efficiently, and most customer concerns can be resolved quickly and to the customer’s satisfaction by contacting us by email at email@example.com or by mail at Splitit USA, 16 East 34th Street, New York, NY 10036. If such efforts prove unsuccessful, you and we agree that all disputes shall be resolved by binding arbitration on an individual basis. A party who intends to seek arbitration must first send to the other, by certified mail, a written Notice of Dispute (“Notice”). The Notice must (a) describe the nature and basis of the Claim and (b) set forth the specific relief sought. If you do not resolve the Claim with us or the Indemnified Party within 60 calendar days after the Notice is received, you, we or the Indemnified Party, as applicable, may commence an arbitration proceeding, as set forth in this section. Arbitration will be conducted by a neutral arbitrator in accordance with the AAA rules and procedures, including the AAA’s Consumer Arbitration Rules (collectively, the “AAA Rules”), as modified by this Arbitration Agreement. The arbitrator must also follow the provisions of this Agreement as a court would. IF ANY PARTY COMMENCES ARBITRATION WITH RESPECT TO A CLAIM, NEITHER YOU, WE, OR THE INDEMNIFIED PARTY WILL HAVE THE RIGHT TO LITIGATE THAT CLAIM IN COURT OR HAVE A JURY TRIAL ON THAT CLAIM, OR TO ENGAGE IN PRE-ARBITRATION DISCOVERY, EXCEPT AS PROVIDED FOR IN THE APPLICABLE AAA RULES. FURTHER, YOU WILL NOT HAVE THE RIGHT TO PARTICIPATE AS A REPRESENTATIVE OR MEMBER OF ANY CLASS OF CLAIMANTS PERTAINING TO THAT CLAIM, AND YOU WILL HAVE ONLY THOSE RIGHTS THAT ARE AVAILABLE IN AN INDIVIDUAL ARBITRATION. THE ARBITRATOR’S DECISION SHALL BE FINAL AND BINDING ON ALL PARTIES, EXCEPT AS PROVIDED IN THE FEDERAL ARBITRATION ACT (the “FAA”). Notwithstanding the foregoing, you and we retain the right to pursue in small claims court (or an equivalent state court) any dispute that is within that court’s jurisdiction, so long as the disputes remain in such court and advance only an individual claim for relief. If either you or we fail to submit to binding arbitration of an arbitrable dispute following lawful demand, the party so failing shall bear all costs and expenses incurred by the other in compelling arbitration.
THIS ARBITRATION AGREEMENT DOES NOT APPLY TO YOU IF, AS OF THE DATE OF THIS AGREEMENT, YOU ARE A COVERED BORROWER UNDER THE FEDERAL MILITARY LENDING ACT. IF YOU WOULD LIKE MORE INFORMATION ABOUT WHETHER YOU ARE COVERED BY THE MILITARY LENDING ACT, IN WHICH CASE THIS ARBITRATION PROVISION DOES NOT APPLY TO YOU, PLEASE CONTACT US AT 1 (844) 775-4848.
Prohibition of Class and Representative Actions and Non-Individualized Relief. YOU AGREE THAT YOU MAY BRING CLAIMS AGAINST US OR INDEMNIFIED PARTY ONLY ON AN INDIVIDUAL BASIS AND NOT AS A PLAINTIFF OR CLASS MEMBER IN ANY PURPORTED CLASS OR REPRESENTATIVE ACTION OR PROCEEDING. UNLESS BOTH YOU AND THE INDEMNIFIED PARTY AGREE OTHERWISE, THE ARBITRATOR MAY NOT CONSOLIDATE OR JOIN MORE THAN ONE PERSON’S OR PARTY’S CLAIMS AND MAY NOT OTHERWISE PRESIDE OVER ANY FORM OF A CONSOLIDATED, REPRESENTATIVE, OR CLASS PROCEEDING. ALSO, THE ARBITRATOR MAY AWARD RELIEF (INCLUDING MONETARY, INJUNCTIVE, AND DECLARATORY RELIEF) ONLY IN FAVOR OF THE INDIVIDUAL PARTY SEEKING RELIEF AND ONLY TO THE EXTENT NECESSARY TO PROVIDE RELIEF NECESSITATED BY THAT PARTY’S INDIVIDUAL CLAIM(S), EXCEPT THAT YOU MAY PURSUE A CLAIM FOR AND THE ARBITRATOR MAY AWARD PUBLIC INJUNCTIVE RELIEF UNDER APPLICABLE LAW TO THE EXTENT REQUIRED FOR THE ENFORCEABILITY OF THIS PROVISION.
MILITARY LENDING ACT NOTICE: Federal law provides important protections to members of the Armed Forces and their dependents relating to extensions of consumer credit. In general, the cost of consumer credit to a member of the Armed Forces and his or her dependent may not exceed an annual percentage rate of 36 percent. This rate must include, as applicable to the credit transaction or account: the costs associated with credit insurance premiums; fees for ancillary products sold in connection with the credit transaction; any applicable fee charged (other than certain application fees for specified credit transactions or accounts); and any participation fee charged (other than certain participation fees for a credit card account). To receive this information and a description of your payment obligation orally, please call 1 (844) 775-4848.
NOTICE: ANY HOLDER OF THIS CONSUMER CREDIT CONTRACT IS SUBJECT TO ALL CLAIMS AND DEFENSES WHICH THE DEBTOR COULD ASSERT AGAINST THE SELLER OF GOODS OR SERVICES OBTAINED PURSUANT HERETO OR WITH THE PROCEEDS HEREOF. RECOVERY HEREUNDER BY THE DEBTOR SHALL NOT EXCEED AMOUNTS PAID BY THE DEBTOR HEREUNDER.
We and Splitit may share information about our transactions and experiences with you and other affiliated companies. We may share information about our transactions and experiences with third parties in connection with providing this service to you including creditors and fraud detection services.
However, except as permitted by law, neither we nor Splitit may share information which was obtained from credit applications, consumer reports, and any third parties with companies affiliated with us if you instruct us not to share this information. If you do not want us to share this information, you must notify us in writing or by email at: firstname.lastname@example.org. If you email us a notification, you must include your name, address, account number and the last four digits of your card number used in this transaction so such request can be honored. Do not include your full card details in this email. We may report information about this Agreement to credit rating agencies.
Communications. We will send you an email following the completion of your purchase with details of how you can access information on your payments in a secure, password protected Splitit Platform. Some of the communications between you and us or any of our affiliates, agents, assigns and service providers, may be monitored and recorded. You consent to this monitoring and recording. You agree that we and our service providers may from time to time make calls and/or send text messages to you at any telephone number associated with your account, including wireless telephone numbers that could result in charges to you. The manner in which these calls or text messages are made to you may include, but is not limited to, the use of pre-recorded/artificial voice messages and/or automatic telephone dialing system. Consent may be revoked at any time and by any reasonable means. You further agree that we or our service providers may send e-mails to you at any e-mail address you provide us or use other electronic means of communication to the extent permitted by law. You are responsible for obtaining and maintaining all telecommunications, mobile, broadband, computer, hardware, software, equipment and services needed to access information about this Agreement or your payment method; view, save and/or print your account documents online; receive any messages or documents you have consented to receive electronically pursuant to the Electronic Communications Disclosures and Consent, which is incorporated herein by reference; and for paying all related charges. We are not required to act on any instruction or message from you provided by fax, SMS/text, telephone voice mail, message service or answering machine. Whenever this Agreement or applicable law requires or allows you to give us written notice, we will not consider SMS/text or fax to be written notice. You must notify us promptly of any changes to your e-mail address, phone number, mailing address, or other contact information by using the Splitit Portal or by emailing us at email@example.com.
Who to contact about this Agreement. Occasionally, you may require additional assistance in connection with this Agreement (for example, replacing payment method, number of outstanding Installments, etc.). Splitit operates a Splitit Platform (www.splitit.com) and an email address (firstname.lastname@example.org) and contact number (1-844-775-4848) for support that you can use to resolve issues like this associated with the technology platform we use. However, we clarify that we hired Splitit to provide certain services and you do not have any agreement with them. They cannot agree to any alternative arrangements with you over payment other than as set out above to set up for you to use a different card. In addition, they do not have information regarding your relationship with your card issuer and accordingly cannot handle questions related to that arrangement. If you owe us money and want to discuss that, please contact our customer services department on our website.
State-Specific Disclosures. If you are a resident of any of the following states or jurisdictions, the following provisions for your state will apply, and will supersede any conflicting provisions set forth in this Agreement:
District of Columbia: We certify that the information contained in the Agreement complies with the District of Columbia Municipal Regulations, Title 16, Chapter 1, if applicable.
Florida: Florida documentary stamp tax required by law has been paid or will be paid directly by us to the Department of Revenue.
Hawaii: This contract is covered by Hawaii’s credit sale law, and you have the rights of a buyer under that law. You also may have rights under other state and federal laws.
Maryland: This Agreement will be governed by the laws of the State of Maryland. This Agreement shall be subject to the Credit Grantor Closed End Credit Provisions (Subtitle 10) of the Commercial Law Article of the Maryland Code.
Arizona, Delaware, Maine, Minnesota, Nebraska, Ohio, Oklahoma, and Wyoming. No provisions in this Agreement providing for the payment of attorneys’ fees, court costs or collection costs by you shall apply.
New Hampshire: If you prevail in any action involving this Agreement, we will pay your reasonable attorney’s fees. If you successfully assert a partial defense or set-off, recoupment or counter-claim, the court may limit the fees we can recover.
New Jersey: (1) The section headings of the Agreement are a table of contents and not contract terms. (2) You agree to pay reasonable attorney’s fees incurred by us in collecting any amount due and payable under this Agreement, in an amount not to exceed 20% of the first $500 owed and 10% of any amount owed in excess of $500, at the time this Agreement is referred to an attorney for collection who is not our salaried employee. (3) Provisions of this Agreement that refer to acts or practices that apply as permitted by, or except as prohibited by, applicable law are applicable to New Jersey residents only to the extent that such acts or practices are permitted by New Jersey or Federal law.
Ohio: Ohio laws against discrimination require that all creditors make credit equally available to all creditworthy customers and that credit reporting agencies maintain separate credit histories on each individual upon request. The Ohio Civil Rights Commission administers compliance with this law.
Pennsylvania: You agree that reasonable attorney’s fees and costs will be awarded to the prevailing party in any action on this Agreement, regardless of whether the action is instituted by us or you.
Virginia: The service charge does not exceed 0% per annum, computed monthly.
Wisconsin: No provision of a marital property agreement, a unilateral statement under Wis. Stat. Ann. §766.59 or a court decree under §786.70 adversely affects our interest unless we, prior to the time the credit is granted, are furnished a copy of the agreement, statement or decree or have actual knowledge of the adverse provision when the obligation to us is incurred.
ENTIRE AGREEMENT. Oral agreements or oral commitments to loan money, extend credit, or to forbear from enforcing repayment of a debt may not be enforceable under applicable law. To protect you (as the buyer) and us (as the seller) from misunderstanding or disappointment, you and we acknowledge and agree that this written Agreement is a final expression of the agreement between you and us, and this Agreement may not be contradicted by evidence of prior, contemporaneous, or subsequent oral agreements of the parties. The terms of this Agreement may not be changed except in a writing signed by you and us. No change shall release any party from liability unless otherwise expressly stated in writing.
IMPORTANT: You acknowledge that you had a reasonable opportunity to examine these Installments Terms and Conditions; and that a legible and complete copy was delivered to you.
NOTICE TO BORROWER: (1) DO NOT APPROVE THIS AGREEMENT BEFORE YOU READ IT. (2) DO NOT APPROVE THIS AGREEMENT IF IT CONTAINS ANY BLANK SPACES. (3) YOU ARE ENTITLED TO AN EXACT COPY OF ANY AGREEMENT YOU SIGN. KEEP IT TO PROTECT YOUR LEGAL RIGHTS. (2) YOU HAVE THE RIGHT AT ANY TIME TO PAY IN ADVANCE THE REMAINING INSTALLMENTS DUE UNDER THIS AGREEMENT WITHOUT PENALTY.