GoEscrow

1.    Introduction

This is our terms of use for the GoEscrow Payment Protection Platform in Australia.

1.1    Distribution

This document is for public release via web site.

1.2    Document Owner and Contact Details

Please use the following for all communications regarding this document:

www: https://goescrow.com.au/tsandcs/
Email [email protected]
Title: Compliance Manager
Address: P.O. Box 141,
Kenmore.  QLD.
Australia.    4069

1.3    Document Change Log

Document versions:

Version Date Change Description
1.0 21st November 2024 Initial Release
1.2 29th November 2024 Compliance Revision
1.3 19th December 2024 Update to URL for PDF copy
2.0 1st March 2025 Section 2.1 through 2.29 of version 1.3 replaced entirely with section 2 through 23.

 

1.4    Related documents

In addition to this Terms Of Use we also publish our Financial Services Guide which you may read here:  https://goescrow.com.au/fsg/ and our Product Disclosure Statement which you may read here:  https://goescrow.com.au/pds/.

2.    Definitions

Business Day – Any weekday (Monday to Friday) excluding public holidays in NSW, between 9:00 AM and 5:00 PM.

Dispute Management – is the process and terms for settlement of a transaction where The Payer has not, cannot or will not authorise settlement or The Payee has not, cannot or will not authorise a Transaction Cancellation request or either user wishes to pause and lock a transaction.

Escrow and Escrow Service – Escrow is a financial arrangement where a third party (The Company) temporarily holds and manages funds on behalf of two transacting parties until predefined conditions of an agreement are met.  The Escrow Service ensures security for both parties by safeguarding the funds until The Payer authorises settlement to The Payee or a dispute resolution process determines the appropriate action.  The Company acts as a neutral intermediary, mitigating risks associated with payment defaults, fraud, or non-fulfillment of agreements.

Escrow Bank Account – is the AUD$ bank account operated by The Company’s bank in the name of The Payer that receives and holds deposits for a transaction with a payee.

Escrow Management Fee – is the fee, inclusive of GST, charged by The Company to manage the escrow transaction.  This fee is variable and is disclosed during transaction establishment to the paying party.  A receipted invoice for the fee is provided on Funding or partial Funding of a transaction.

Funding – Funding is Transaction Funding is the process of The Payer depositing money into their Escrow Bank Account for a Transaction.

GoEscrow ID – is the unique identifier within The Site used to tokenise The Users ABN or individual name, email address and mobile phone.  An email can only be associated with one GoEscrow ID.  A mobile number can only be associated with one GoEscrow ID.

Settlement Bank Account – The Payee’s personal or business bank account into which Settlements occur.

Settlement and Settlement Amount – The process of The Company remitting the funds held in The Escrow Bank Account to the Payee or back to the Payer in the event of cancellation or as the result of a Dispute Management process.  The Settlement Amount is the Transaction Amount minus any Escrow Management Fee and is also referred to as The Item Price in other company documents, promotional material and The Site.

The Company – is GoEscrow Pty Ltd ACN 650 709 354 who are Australian Financial Services Representative No. 001312536 of Airpay Financial Technologies Pty Ltd who hold Australian Financial Services Licence (AFSL No. 526194).  They can be contacted at [email protected].  The Company offers general financial advice and can assist in obtaining non-cash payment products, including deposit and payment solutions.

The Company Bank Account – The bank accounts used by The Company for operational purposes.

The Item and The Item Price – The Item is the products and services The Payee provides to The Payer and The Item Price is the amount The Payer wishes The Payee to receive at settlement for The Item.  The Item Price is The Settlement Amount and is also referred to as The Escrow Amount in other company documents, promotional material and The Site.

The Parties – refers to The Company, The Payer and The Payee.

The Payee – The entity or individual providing products and services to the Payer who receives payment via escrow when settlement is authorised by The Payer.  The Payee is also referred to as the Funds Receiver, The Seller, The Service Supplier or The Product Supplier in other company documents, promotional material and The Site.

The Payer – The entity or individual receiving products and services from the Payee who sends payment via escrow to The Payee when they authorise settlement.  The Payer is also referred to as the Funds Sender, The Buyer, The Service Receiver or The Product Receiver in other company documents, promotional material and The Site.

The Payment Protection Platform and The Platform – The Company’s digital escrow, cashless payment software and technologies used to manage payments between The Users where payment is held in escrow pending settlement.  The User interacts with The Platform via The Site.

The Policies – are documents that define The Companies operating rules, ideas, procedures and plans.

The Referrer – An entity or individual introducing The User to The Company.

The Requester – The Party initiating a dispute under the Dispute Management process.

The Site – The Company’s website, mobile and web applications, and other digital platforms used for transactions with The Payment Protection Platform and public communications.

The User – Refers to the registered account holder accessing The Platform to act as either The Payer or The Payee in a transaction.  The User is identified by their GoEscrow ID.

The Users – Refers to both The Payer and The Payee in a transaction.

Terms of Use and The Terms – This agreement governing all escrow transactions.

Transaction and Transaction Amount – A payment process tracked under a unique Transaction ID within the escrow Payment Protection Platform.  Transaction Amount is the Transaction total and equals The Settlement Amount and The Escrow Management Fee.

Capitalised terms shall have the same meaning as the Non-Capitalised terms.

3.    Interpretations

Unless otherwise stated:

  • Agreement: A reference to an agreement includes any modifications or replacements.
  • Business Day: If a due date falls on a non-Business Day, it will be moved to the next Business Day.
  • Currency: All monetary amounts are in Australian dollars (AUD).
  • Headings: headings are for convenience only and do not affect interpretation.
  • Includes: Terms like “include,” “includes,” and “including” mean “without limitation.”
  • Corresponding Meanings: Defined words also apply to their grammatical variations.
  • Joint and Several: Obligations apply jointly and severally when involving multiple parties.
  • Law: References to laws include amendments or replacements.
  • Person: A “person” includes their legal successors.
  • Construction: No interpretation rule disadvantages the drafting party.

4.    General

GoEscrow Pty Ltd (ACN 650 709 354) (GoEscrow) operates an escrow payment protection platform in Australia.

GoEscrow is authorised by the Australian Securities and Investments Commission as Australian Financial Services Representative No. 001312536 of authorising licensee Airpay Financial Technologies Pty Ltd of Australian Financial Services Licence (AFSL) No. 526194 who are contactable by [email protected] to provide the following financial services (Services) to retail and wholesale clients:

  1. provide general financial product advice for the following classes of financial products:
    1. deposit and payment products limited to non-cash payment products;
  2. deal in a financial product by:
    1. issuing, applying for, acquiring, varying or disposing of deposit and payment products limited to non-cash payment products; and
    2. applying for, acquiring, varying or disposing of a financial product on behalf of another person in respect of the following classes of products:
      1. deposit and payment products limited to non-cash payment products;

We act on our own behalf when we provide financial services to you.

5.    Duration

This agreement is valid from the date of execution until The User terminates it in writing or by The User closing their account in The Platform.  The agreement remains effective until all pending transactions are settled, or two months after notice is given or account closure, whichever is later.  On termination or the closure of an account all records are retained by the Company for compliance and regulatory purposes.

6.    Appointment

The User appoints the Company to manage the transaction and hold in escrow the Settlement Amount on behalf of The Users in accordance with this Agreement.

7.    Terms of Use

By using the Company’s Payment Protection Platform, The User agrees to follow The Terms.  The Escrow Service is used through The Site and banking payment gateways.  By selecting to use The Platform, The User confirms their acceptance of these terms and agrees to be legally bound by them.

7.1    Escrow Service Limits

The Platform can only be used for lawful transactions and only registered parties may use the Escrow Service.  Applicable State and Federal laws may apply.   Prohibited activities include transactions involving:

  • Illegal drugs, goods and services
  • Counterfeit and intellectual property violating goods
  • Pharmaceuticals, gambling, and other restricted items and prohibited goods
  • Restricted financial activities
  • Sanctioned individuals or entities.

The Company, at its sole discretion, may refuse any transaction that appears unauthorised, unlawful, or in violation of law rule or regulations.

7.2    Third-Party Financial Restrictions

The Company is not responsible for transaction failures due to financial institution operations or policies.

7.3    Other Limits

The Company may post operating rules on the Site and change such rules from time to time.

7.4    Modifications to Terms of Use

The Company reserves the right to update or modify these Terms of Use at any time.  Changes will be communicated via The Site, and continued use of the Escrow Service constitutes acceptance of the revised terms.

8.    General Conditions

The User warrants that all information provided to The Company is true, accurate, and complete.

The User warrants that they are least eighteen years old and an Australian Resident or Australian Student or Work Rights Visa Holder or a regulated Australian entity eligible for an Australian Business Number (ABN).

Money held in the Escrow Bank Account does not earn interest for The User.

Settlements will only be made to the designated Settlement Bank Accounts unless an enforceable arbitration agreement presents or Australian court or statutory body directs otherwise.

The Company may establish and enforce operational rules that The User must adhere to when using the Payment Protection Platform.

The User agrees to indemnify the Company against any losses resulting from unauthorised or unlawful use of the Escrow Service.

A partially or fully funded transaction remains open for up to 36 months until settlement or dispute resolution occurs.  If The User does not respond to communication attempts, the Company may classify the transaction as abandoned.  If The Users both abandon the transaction, then the full or partially funded Settlement Amount will be transferred to the NSW Government’s Trustee and Guardian under the Unclaimed Money Act 1995 No 75, and The User will have no further claim to the escrow funds.

8.1    Digital Identification and Tracking

The Platform logs interactions.

The Platform will to tokenise The Users ABN or individual name, email address and mobile number to create and issue a GoEscrow ID which is the account digital identifier.  Where The User provides their ABN or identity information, they consent to their information being checked with the document issuer or official records holder via third party systems for the purpose of confirmation.

The Platform may record your device metadata, often referred to as device fingerprinting, for the purposes of law enforcement, fraud detection and audit.  The device fingerprinting may record your browser type, IP address, operating system type, hardware profile, screen size and resolution, software user-agent, system language and country, device orientation, installed fonts and web plugins and system time zone.  This information is combined to create a ‘device hash’ and we call this a Device Fingerprint ID.  If a new Device Fingerprint ID is used for transaction settlement authorisation The Company may at its discretion delay settlement for additional compliance and regulatory checks.

8.2    Source Of Funds and Source Of Wealth Disclosure

The Company is required to understand users which may at times include collecting and verifying source of funds and source of wealth information.  This is a licensing requirement and also ensures we are complying with Australian Anti-Money Laundering & Counter Terrorism Act 2006 legislation.  If requested The User agrees to complete any source of funds or source of wealth questionnaire and provide any requested supporting documents within fourteen day.

9.    The Users Obligations

The User acknowledges:

  • That if they have created or accepted escrow transaction type “Anytime Escrow” that a fully funded transaction will settle to The Payee when The Payer authorises settlement on The Platform after regulatory checks and operational processes have occurred unless Dispute Management has changed the transaction status to “IN DISPUTE”.
  • That if they have created or accepted escrow transaction type “Timed Escrow” that a fully funded transaction will settle to The Payee at the nominated date/time after regulatory checks and operational processes allow unless Dispute Management changes the transaction status to “IN DISPUTE”.
  • That if they have created or accepted escrow transaction type “Contract Escrow” and agreed to the required settlement trigger(s) that a fully funded transaction will settle as soon the agreed triggers trip after regulatory checks and operational processes allow unless Dispute Management has changed the transaction status to “IN DISPUTE”.
  • That if they have created or accepted escrow transaction type “ASAP Escrow” that a fully funded transaction will settle to The Payee on funding after regulatory checks and operational processes allows unless Dispute Management has changed the transaction status to “IN DISPUTE”.

The User understands that The Payer deposits money into The Payers Escrow Bank Account for management by The Company on behalf of The Parties.

The User understands that if The Payer deposits money directly into The Payees personal or business bank account that The Company is not responsible for holding or managing those funds in escrow.  For clarity if money is not deposited into The Escrow Bank Account, then The Company is not managing funds in escrow.

The User understands that if The Payer does not partially or fully fund a transaction within XXXTBAXXX days of transaction creation then The Company will close the transaction and change the transaction status to “UNFUNDED”.

The User acknowledges that the Company is not responsible for the supply, delivery, or warranty of The Item(s).

The User must keep passwords secure and must not disclose 2FA messages sent from The Platform to third parties.  If a third party is able to use a 2FA code sent to the email or mobile number held by The Platform as belonging to The User it will be held that the second factor authorisation was made by The User.

If The User receives an unexpected change of password, email or mobile phone notification from The Company, then The User must inform The Company immediately.

10.    The Companies Obligations

The Company is obligated to perform only the duties described in this agreement.  The Company shall not be liable for any error in judgement, for any act taken or not taken, or for any mistake of fact or law, except for gross negligence or wilful misconduct (subject to the limitations in this agreement).  The Company may rely upon any notice, demand, request, letter, certificate, agreement, or any other document which purports to have been transmitted or signed by or on behalf of The User indicated as the sender or signatory thereof and shall have no duty to make any inquiry or investigation.

The Company will email The User when a “Transaction Status” or “Payment Status” changes for a transaction they are party to.  Where a Referrer has introduced The User to The Company for a Transaction then communications may be sent to The Referrer for routing to The User.

A receipted invoice will be provided for Escrow Management Fees where a charge is levied to The User.  Where a Referrer has introduced The User to The Company for a Transaction then the receipted invoice may be sent to The Referrer for routing to The User.

11.    Cancelling a Transaction

Either User may request cancellation of a transaction and The Platform will set the transaction status to “CANCEL REQUESTED” and prompt the other party.  If the opposite party agrees, the fully or partially funded Transaction Amount minus any fees is settled back to The Payers Settlement Bank Account.  If the cancellation request is rejected by the other party the transaction status will revert to “ACTIVE”.  A Dispute Management request can be made.

12.    Dispute Management

If The Payer does not authorise settlement, or the Payee rejects a Transaction establishment or Cancellation request, or a split settlement is agreed by The Users or a pause on a Timed Escrow is desired then a Dispute Management process should be initiated.  The process is:

  1. Report a dispute to The Company to suspend all activity on the transaction here: https://goescrow.com.au/disputedesk/
  2. Within 24 business hours of being notified, The Company will change the transaction status to “IN DISPUTE”. No further activity can take place once this happens, but activity may continue until the status update is applied.
  3. The Company will hold the escrow funds but will not decide who is right. The involved parties must resolve the issue themselves, use an arbitrator, or take legal action.
  4. If a dispute is raised for a Timed Escrow transaction less than 24 business hours before settlement, and the settlement goes through, the Company is not responsible for any issues or damages.
  5. A transaction remains in dispute until The Requester informs the Company. If The Requestor requests a cancellation, partial settlement or Timed Escrow date/time change, the Company will email the other party for approval.  One of five outcomes may occur:
    1. If the other party agrees, funds will be settled after necessary checks or transaction date/time changed.
    2. If the other party does not respond within 14 days, the Company will consider them unresponsive and settle funds after necessary checks or apply new settlement date/time.
    3. If the other party responds but does not explicitly agree or disagree within 14 days, the Company will consider them unresponsive and settle funds after necessary checks or apply new settlement date/time.
    4. If the other party rejects the request, funds will only be settled if both parties agree, through an arbitration decision, or if an Australian court or regulatory body instructs the Company to do so.
    5. If the dispute remains unresolved for 36 months, the funds will be transferred to the NSW Trustee under the Unclaimed Money Act 1995, and all claims to the escrow funds will be forfeited.

Additional information:

  1. The Company may require instructions from the parties to be by email, in writing or in writing and signed by a Justice of the Peace or Commissioner for Declarations.
  2. If the Company is unsure of its responsibilities, receives conflicting instructions, or if a dispute arises, it may:
    1. Seek legal advice and follow the recommendations provided.
    2. Hold the funds until the involved parties reach an agreement, arbitration results are available, or a court decision is made.
    3. Transfer the funds to an Australian court or regulatory body for resolution.
    4. The Company may resign as the escrow service provider at any time. If no replacement provider is assigned within 14 days, the Company will transfer all funds to an Australian court or regulatory body.  If a new provider is appointed, the Company will transfer the escrow funds minus its fees and will have no further responsibility for the transaction.

13.    Privacy & Compliance

The Company follows the Privacy Act 1988 (Cth) and adheres to the Australian Privacy Principles (APPs).  The full policy is available here: https://goescrow.com.au/privacy-policy/

The Company is committed to effective and efficient customer complaints management and strives to manage customer complaints in an accountable, transparent, timely and fair manner that is compatible with all customer rights, reasonable customer expectations, our Terms Of Use, Privacy Policy, AML-CTF Program and other legal and regulatory responsibilities.  The Company complaint handling policy is available here:  https://goescrow.com.au/complainthandling/

14.    Governing Law

This agreement is governed by the laws of New South Wales, Australia.  Any disputes must be resolved in NSW courts.

15.    General

The Agreement can only be changed if both The Company and The User agree in writing.

Rights in the Agreement can only be waived in writing.  Delays in enforcing rights do not mean those rights are lost.

Neither the Company nor The User can transfer their rights or obligations without written permission from the other party.

If any part of the Agreement is found to be invalid or unenforceable, the rest of the Agreement will still apply.

Notices or communications under this Agreement must be in writing and sent via the Site or email.  Notices are considered delivered:

  • Five business days after being posted within Australia.
  • Ten business days if posted internationally.
  • On the date of hand delivery during a business day.
  • On the email timestamp unless a delivery failure notification is received. Emails after 5:00 PM (recipient’s local time) are considered received on the next business day.

16.    Disclaimers

The User understands that using The Escrow Service is at their own risk.  The service is provided “as is” and “as available.”

The Company does not guarantee that transactions, services, The Platform or the Site will always meet The User’s needs or work without interruption, delays, or errors.

The Company does not provide any guarantees or warranties, including fitness for a particular purpose, merchantability, or protection against infringement.  The Company is not responsible for any promises made by other Users or Referrers.  Any advice or information from the Company does not create a warranty unless explicitly stated in this agreement.

The User agrees that the Company does not endorse third-party websites, nor is it responsible for their accuracy, legal compliance, or any criminal activity they may facilitate.

The Company is not liable for actions or failures of third parties, including financial institutions, payment processors, internet providers, delivery services, or technical failures.  The Company is also not responsible for disruptions caused by natural disasters, wars, strikes, cyber-attacks, or other uncontrollable events.

17.    Limitation Of Liability

To the extent allowed by law, The Company and its affiliates are not responsible for any losses or damages—whether direct, indirect, accidental, special, or consequential—that arise from The User using or being unable to use The Site, The Platform or The Escrow Service.

18.    Termination

The Company can suspend or stop The User’s access to The Escrow Service at any time without warning.  If possible, the Company will try to notify The User in advance by email, but it is not required to do so.

If the Company needs to take legal action to resolve a dispute between The Parties, The User agrees to cover any reasonable costs, including legal fees.

19.    Non-Transferability

The User cannot transfer or give this Agreement to anyone else.  They also cannot sell or hand over their right to use The Escrow Service without written approval from The Company.  The Company can transfer this Agreement by notifying The User.  Any transfer that does not follow these rules is not valid.

20.    Modifications

The Company can update this Agreement at any time without prior notice.  However, any changes will not affect transactions that have already been agreed upon by the involved parties.

21.    Notices

The Company will send notices to The User via email or by posting them on The Site.

The User can contact The Company by using the customer contact form on The Site or the email addresses provided by The Company on The Site.

22.    Indemnification

The User agrees to indemnify the Company and its affiliates from any claims, costs, or damages, including legal fees, that arise from using the Escrow Services or breaking the Agreement.  This includes issues like failing to pay The Company Fees, charge backs, or reversed bank transactions.

23.    Miscellaneous

If there is a disagreement about this Agreement, The User agrees to follow the processes outlined in the Agreement and The Policies as published on The Site.  Any disagreements will be handled according to the Governing Law sections and The Policies.

This Agreement is the complete and final agreement between the Company and The User, replacing any previous discussions, contracts, or advertisements on the same topic.

If different documents have conflicting terms, this Agreement takes priority first, followed by the “Product Disclosure Statement”, and the “Financial Services Guide”, then the rules on The Site, and finally the general Company Instructions.

If The Company does not immediately enforce a right under this Agreement, it does not mean the Company has given up that right unless it is confirmed in writing.

If any part of this Agreement is found to be illegal or unenforceable, the rest of the Agreement will still apply as long as it does not cause a serious issue for any party.

The Company can transfer this Agreement to any affiliated company or successor.  The Company can also assign certain rights and responsibilities to independent contractors or other third parties.

When The User uses The Platform, it confirms agreement to the latest Terms of Use, meaning they have read, understood, and accepted the updated rules.

 

 

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Download:  https://goescrow.com.au/wp-content/uploads/GoEscrow-Terms-Of-Use-v2.1.pdf