Terms and Conditions

Additional Terms

Financial partner

In order to use the payment functionality of Quickpenny, you must open a “Dwolla Platform” account provided by Dwolla, Inc. and you must accept the Dwolla Terms of Service and Privacy Policy. Any funds held in or transferred through the Dwolla Account are held or transferred by Dwolla’s financial institution partners as described in the Dwolla Terms of Service. You authorize us to collect and share with Dwolla your personal information including full name, email address and financial information, and you are responsible for the accuracy and completeness of that data. You understand that you will access and manage your Dwolla account through our application, and Dwolla account notifications will be sent by us, not Dwolla. We will provide customer support for your Dwolla account activity, and can be reached at https://www.quickpenny.com, support@quickpenny.com and/or 310-564-6521.

Merchant fees

Transaction Fees

By using the QuickPenny platform for payment transactions, you, the merchant, agree to the following fee structure:

  1. Flat Transaction Fee: A fee of $0.10 (ten cents) will be charged for each transaction conducted through the QuickPenny platform. This fee is applied to each individual transaction, regardless of the transaction size or amount.

  2. Percentage-Based Fee: In addition to the flat transaction fee, a fee equivalent to 0.6% (zero point six percent) of the total transaction amount will be charged. This percentage-based fee is calculated on the total amount of each transaction processed through the QuickPenny platform.

Fee Application

The fees as described above will be automatically deducted from the transaction amount at the time of each transaction. The remaining amount, after deduction of the QuickPenny fees, will be the amount transferred to the merchant's account.

Example of Fee Calculation

For a transaction amount of $100 processed through QuickPenny, the total fees would be calculated as follows:

  • Flat Transaction Fee: $0.10

  • Percentage-Based Fee: $100 x 0.6% = $0.60

  • Total Fees: $0.10 + $0.60 = $0.70

  • Amount Transferred to Merchant: $100 - $0.70 = $99.30

Agreement to Pay Fees

By continuing to use the QuickPenny platform, you acknowledge and agree to these fees. QuickPenny reserves the right to modify, increase, or introduce new fees upon providing reasonable notice to you. Such modifications will be effective immediately upon posting in the updated Terms and Conditions on the QuickPenny platform, or through other communication methods as deemed appropriate by QuickPenny.

No Customer Fees

QuickPenny is committed to providing a value-added service to our users. Therefore, we do not charge any fees to customers for using the QuickPenny platform to make payments. Our goal is to enable customers to enjoy the benefits of secure, convenient, and rewarding payments without the burden of additional costs.

Authorization for Bank Account Debit

Authorization

By registering an account with QuickPenny and linking a bank account for transaction purposes, you, the user, hereby authorize QuickPenny to initiate electronic debit entries to your linked bank account. This authorization permits QuickPenny to debit your account for payments related to transactions made through the QuickPenny platform, including but not limited to purchases at participating merchants, repayment of any borrowed amounts due to ACH returns, and applicable fees or charges as outlined in our terms and conditions.

Transaction Authorization

Each time you initiate a transaction using QuickPenny, including scanning a QR code and confirming a purchase, you are authorizing a single, specific debit transaction from your linked bank account for the amount of the purchase. This authorization confirms your agreement to complete the transaction and for QuickPenny to debit the specified amount from your bank account.

Revocation of Authorization

You may revoke this authorization at any time by removing your bank account information from your QuickPenny account or by contacting QuickPenny customer service directly. Please note that revoking authorization may affect your ability to use QuickPenny services and complete transactions. Any transactions processed before the revocation of authorization will be completed as authorized.

Responsibility for Sufficient Funds

You are responsible for ensuring that your linked bank account has sufficient funds to cover all authorized transactions. In the event of an ACH return due to insufficient funds or any other reason, you agree to repay the borrowed amount along with any associated fees, as detailed in the "ACH Returns and Customer Obligations" section of our terms and conditions.

Changes to Bank Account Information

It is your responsibility to keep your bank account information up to date in your QuickPenny account. You must notify QuickPenny immediately if you change your bank account details to ensure that all debits are correctly processed and to avoid transaction failures.

ACH Returns and Customer Obligations

Definition of ACH Return

An ACH return occurs when a payment made through the Automated Clearing House (ACH) network is returned by the bank for reasons such as insufficient funds, a closed account, or incorrect account information. When a payment is returned, the transaction is reversed, and the funds are not successfully transferred to the intended recipient.

Customer Responsibility for ACH Returns

In the event of an ACH return related to a payment made to QuickPenny, the customer acknowledges and agrees that the amount of the returned payment is considered borrowed funds from QuickPenny to the customer. The customer is fully responsible for repaying the borrowed amount to QuickPenny within a specified period from the date of notification of the ACH return.

Repayment of Borrowed Funds and Interest

The customer must repay the borrowed amount in full, including an annual percentage rate (APR) of 19% on the borrowed amount, calculated from the date of notification of the ACH return until the borrowed amount is paid in full. The repayment must be made by a payment method accepted by QuickPenny.

Penalty Fee for ACH Returns

In addition to the borrowed amount and interest, the customer agrees to pay a penalty fee of $5 for each ACH return. This fee is to cover administrative and processing costs incurred by QuickPenny due to the ACH return.

Notification of ACH Return

QuickPenny will notify the customer of an ACH return via the contact information provided by the customer. It is the customer's responsibility to ensure that their contact information is current and accurate.

Fees, Charges, and Collection

The customer agrees to pay any fees or charges incurred by QuickPenny as a result of the ACH return, including the penalty fee and interest on the borrowed amount. If the customer fails to repay the borrowed amount, interest, and any associated fees within the specified period, QuickPenny reserves the right to undertake collection efforts, either directly or through a third-party collection agency, conducted in accordance with applicable laws and regulations.

Amendment of Terms

QuickPenny reserves the right to amend the terms related to ACH returns and customer obligations at any time. Any amendments will be communicated to the customer in accordance with the procedures outlined in the Terms and Conditions.

Billing Disputes

Notification of Dispute

If you believe your QuickPenny account has been charged in error, you must contact us within 60 days of the transaction in question. Provide your name, QuickPenny account number, and a detailed description of the discrepancy. Failure to notify us within this timeframe may result in the waiver of any right to contest the charge.

Investigation and Resolution

Upon receipt of a dispute notification, QuickPenny will investigate the matter promptly. We will correct any errors found on our part and adjust your account accordingly. We will inform you of the outcome of the investigation within 30 days. If no error is found, we will provide a detailed explanation of our findings. You have the right to request documentation supporting our conclusion.

Default and Collection

Account Default

An account is considered in default if the user fails to repay any borrowed amount, including ACH return amounts and associated fees, within the specified repayment period. Default may also occur if the user violates any terms of the QuickPenny agreement.

Consequences of Default

In the event of default, QuickPenny may take action to recover the owed amount, including but not limited to:

  • Applying late fees as described in the agreement.

  • Reporting the default to credit reporting agencies.

  • Initiating collection efforts, either directly or through third-party collection agencies.

All collection activities will be conducted in a manner that complies with applicable laws and regulations.

Collection Practices

QuickPenny is committed to fair and respectful collection practices. We will provide clear communication regarding the amount owed, the basis of the debt, and the steps you can take to resolve the default. If collection efforts are unsuccessful, QuickPenny may pursue legal action to recover the owed amount. Legal costs and fees associated with such actions may be charged to the user, as permitted by law.

Payment Arrangements

If you are experiencing financial difficulties, we encourage you to contact us to discuss potential payment arrangements. We are committed to working with our users to find reasonable solutions to financial challenges.

Rewards Program

Overview

QuickPenny partners with a variety of merchants to offer rewards to our users. These rewards are designed to enhance your shopping experience and provide added value when you use QuickPenny for your purchases. The specific rates and expiration dates of rewards are set by individual merchants and may vary.

Earning Rewards

Users earn rewards by making qualifying purchases with participating merchants using QuickPenny. The rate of rewards and any specific conditions for eligibility will be determined and provided by the merchant.

Redemption of Rewards

Rewards earned through QuickPenny are automatically applied to the user's next purchase with the participating merchant. This seamless redemption process ensures that users benefit directly and immediately from the rewards they have earned. Users do not need to take any additional action to redeem their rewards; the discount or benefit will be automatically applied during the payment process of their subsequent purchase.

Expiration of Rewards

Rewards may have expiration dates, which are set by the issuing merchants. It is the responsibility of the user to utilize their rewards on their next purchase before the expiration date. QuickPenny is not responsible for reminding users of pending expiration dates or for rewards that expire unused.

Merchant Business Closure

If a merchant participating in the QuickPenny rewards program goes out of business or ceases to accept QuickPenny, QuickPenny cannot guarantee the redemption of unused rewards. Users acknowledge that the availability and redemption of rewards are contingent upon the ongoing operation of the issuing merchant. QuickPenny shall not be held responsible for any unredeemed rewards due to a merchant's closure.

Limitation of Liability

QuickPenny facilitates the offering and redemption of rewards between merchants and users. However, QuickPenny is not responsible for the issuance, redemption conditions, or expiration of rewards. Users should direct any inquiries or disputes related to rewards, including their redemption or value, to the issuing merchant.

Modification of Rewards Program

QuickPenny reserves the right to modify, suspend, or terminate the rewards program at any time. Any significant changes to the program will be communicated to users in accordance with QuickPenny's standard communication policies.

Security Interest in Purchased Goods

Secured Loans for Durable Goods

When you, the user, utilize QuickPenny to facilitate a loan for the purchase of durable goods, you hereby grant QuickPenny a security interest in the purchased goods as collateral for the loan. This security interest is contingent upon the goods being considered "durable goods" and their eligibility to be secured under applicable state law.

Definition of Durable Good

For the purposes of this agreement, a "durable good" is defined as a good that is designed for prolonged use and has a substantial lifespan, typically exceeding three years. Durable goods include, but are not limited to, appliances, furniture, electronic equipment, and other items that retain their value over time and do not immediately consume or depreciate. The determination of whether a good is considered "durable" for the purposes of securing a loan will be made in accordance with applicable state law.

Grant of Security Interest

By completing a transaction for a durable good with a loan facilitated by QuickPenny, you explicitly agree to grant QuickPenny a secured interest in the purchased good. This interest serves as security for the repayment of the loan. QuickPenny's security interest is enforceable in the event of default, in accordance with the terms outlined in the "Default and Collection" section of our terms and conditions.

Perfection of Security Interest

QuickPenny will take necessary legal steps to perfect this security interest, as required under applicable state law, to ensure its enforceability. This may include filing a financing statement or taking other actions necessary to perfect and prioritize QuickPenny's interest in the collateral.

User's Obligations

You are responsible for maintaining the purchased durable good in its original condition, reasonable wear and tear excepted, and for not encumbering or disposing of the good in a manner that would affect QuickPenny's secured interest. Failure to comply with these obligations may result in action taken by QuickPenny to protect its security interest, including but not limited to repossession of the durable good in accordance with applicable laws.

About QuickPenny

Your QuickPenny Account is accessible exclusively through the QuickPenny-Enabled Services within the QuickPenny client's application. In instances where your QuickPenny Account allows for the storage of a value of funds associated with your account (referred to as a “QuickPenny Balance”), such funds are maintained by our Financial Institution Partners in one or more pooled accounts. BE ADVISED THAT FUNDS HELD IN THESE ACCOUNTS MAY NOT BE COVERED BY SHARE INSURANCE FROM THE NATIONAL CREDIT UNION SHARE INSURANCE FUND AND DO NOT QUALIFY FOR INSURANCE UNDER THE FEDERAL DEPOSIT INSURANCE CORPORATION. IN THE CASE OF A PARTNER FINANCIAL INSTITUTION ENTERING RECEIVERSHIP, THERE IS A RISK OF LOSS OF VALUE.

Creating Your QuickPenny Account.

QuickPenny Accounts are designed for both Business and Personal Customers, defined in greater detail below. You affirm that the information you provide to create your QuickPenny Account is accurate upon account creation and commit to updating this information to maintain its accuracy. Failure to maintain accurate information may lead to suspension or termination of your QuickPenny Account. You consent to our sharing of your information with our Financial Institution Partners and other third parties as outlined in our Privacy Policy, and you acknowledge your acceptance of Veridian Credit Union’s Financial Privacy Rights Notice.

Business Customers must be legally recognized entities within the United States, including sole proprietorships and non-profit organizations. By establishing a QuickPenny Account as a Business Customer, you assert that the account will not be used primarily for personal, familial, or household endeavors; you are authorized to provide requisite information.

To set up a QuickPenny Account, it is necessary to furnish details such as your business name and the contact information of the individual establishing the account on behalf of the business. For access to enhanced features like a QuickPenny Balance, additional verification information will be requested, including business entity type, valid physical U.S. address, phone number, and tax identification number. Information on beneficial owners of the business may also be required.

For Business Customers owned by individuals under 18, an authorized representative over 18 must create the QuickPenny Account. Businesses owned by minors under 13 are ineligible for a QuickPenny Account.

If you are entering into an agreement as a QuickPenny Platform client, your Business Account is subject to this TOS and the QuickPenny Platform Agreement.

Personal Customers must be at least 18 years old and a U.S. legal resident. The creation of a Personal QuickPenny Account requires your name and email address. For enhanced feature access, including a QuickPenny Balance, further verification details will be required.

Under the USA PATRIOT Act, we are obliged to collect information to verify your identity for new account openings, aiding in the government's efforts against terrorism financing and money laundering.

Using Your QuickPenny Account involves linking at least one U.S. bank or credit union account, authorizing QuickPenny to instruct our Financial Institution Partner to debit or credit your Linked Payment Account as per your instructions. You bear responsibility for adhering to your financial institution's terms regarding your Linked Payment Account, including any applicable fees.

You must maintain the confidentiality of your login information and are responsible for all activities conducted under your account. QuickPenny will not request your login details through any applications.

Your use of the QuickPenny Account and QuickPenny-Enabled Services must comply with all relevant laws and regulations.

Prohibited activities with your QuickPenny Account include illegal or fraudulent acts, transactions benefiting entities under government sanctions, and a list of specified Prohibited Activities. QuickPenny and our Financial Institution Partners reserve the right to suspend or terminate your account for high-risk activities or illegal purposes, sharing your information with regulatory or law enforcement agencies as necessary.

For support, contact the QuickPenny client providing access to your account. For account termination, direct your request to the QuickPenny client managing your account. Instructions for any remaining balance must be provided before closing your account.

Accounts inactive for an extended period may be deemed dormant, with remaining balances potentially turned over to government authorities as abandoned property, following attempts to notify you based on available information.

Prohibited activities

  • Sale or purchase of illegal goods, including but not limited to stolen goods, illegal or controlled substances, and substances that pose a risk to consumer safety;

  • Marijuana-related businesses (including but not limited to manufacturers, dispensaries, and those engaged in the business of marketing, buying, growing, selling, or otherwise promoting medical or recreational marijuana;

  • Illegal services, including but not limited to counterfeit services, illegal gambling, Ponzi or pyramid schemes, and money laundering;

  • Adult entertainment, including but not limited to escort services, encounter clubs, and pornographic products and services;

  • Debt collection, relief, or counseling;

  • Gun sellers and firearm or ammunition sales;

  • Unlicensed or unregistered Money Services Businesses, as that term is defined at 31 C.F.R. 1010.100(ff) and under corresponding state regulations;

  • White label ATM services; and

  • Promotion of hate, violence, harassment, or abuse.