Terms and Conditions for Chipp
Effective Date: December 28, 2024
Last Updated: March 12, 2025
1. Introduction
Welcome to Chipp (“Chipp,” “we,” “us,” or “our”). Chipp provides a digital platform operated by Chipp LLC that facilitates peer-to-peer transactions, such as splitting and settling expenses, primarily through integrated third-party payment processors (e.g., Stripe) and financial account verifiers (e.g., Plaid).
By creating an account, accessing, or using Chipp’s website, mobile application, or any related services (collectively, the “Services”), you (“you” or “User”) agree to these Terms & Conditions (“Terms”), our Privacy Policy (which is incorporated by reference), and all applicable laws and regulations. If you do not agree to these Terms, you must immediately discontinue use of our Services.
2. Governing Law & Legal Compliance
Governing Law. These Terms are governed by and construed in accordance with the laws of the State of Washington and applicable U.S. federal law, without regard to its conflict of law provisions.
Regulatory Compliance. Chipp and/or its third-party payment processors may be required to register as Money Services Businesses (MSBs) or obtain money transmitter licenses in one or more U.S. states. By using Chipp, you acknowledge and agree that Chipp, Stripe, and/or other partners may collect additional information from you to comply with such regulatory requirements.
International Use. Users located outside the U.S. who choose to use Chipp do so at their own risk. You are responsible for compliance with any local laws applicable to your use of the Services.
3. Eligibility & Account Registration
3.1 Who Can Use Chipp
To use Chipp, you must:
- Be at least 18 years old and capable of forming a legally binding contract.
- Provide accurate, complete, and up-to-date information when registering your account.
- Maintain only one account per person and keep your login credentials confidential.
3.2 Identity Verification & Regulatory Checks (KYC/AML)
KYC/AML Requirements. By using Chipp, you agree to provide any information and documentation required for identity verification, anti-money laundering (AML), counter-terrorism financing, or other compliance checks. This may include government-issued IDs, proof of address, and other documentation as requested.
Right to Suspend. Chipp reserves the right to delay, freeze, or terminate your account if you fail or refuse to provide required verification information or if we suspect illegal or fraudulent activity.
Use of Plaid. Chipp partners with Plaid for secure bank account linking and verification. By using our Services, you authorize Plaid to access your financial information to verify your accounts.
4. Payment Processing & Transactions
4.1 Third-Party Processors (Stripe)
Stripe Terms. Chipp does not process payments directly; all funds movement is handled by Stripe. By using the Services, you agree to Stripe’s Terms of Service and authorize Stripe to process your transactions.
Funds Not FDIC-Insured. Any funds held temporarily in your Chipp balance or by Stripe are not FDIC-insured unless explicitly stated by Stripe. Chipp itself is not a bank and does not offer FDIC-insured accounts.
4.2 Sending & Receiving Payments
Finality of Payments. All payments made through Chipp are generally final and non-reversible, unless permitted by Stripe’s policies or the policies of your financial institution.
Dispute Handling. Users must handle disputes directly through Stripe or their card-issuing bank. Chipp has no control over bank or card-issuer processes, including any refunds, chargebacks, or reversals.
Transaction Review. Chipp reserves the right to delay or block any transaction suspected of fraud, unauthorized activity, or regulatory non-compliance.
4.3 Withdrawals & Payouts
Processing Times. Withdrawals to linked bank accounts may require 1–5 business days for processing, depending on Stripe’s timelines and your financial institution.
Instant Payout Fees. Any instant payout feature may incur additional fees, subject to Stripe’s policies.
Holds & Reviews. Chipp may hold or delay payouts for security, AML/KYC checks, or regulatory compliance reasons.
5. Fraud Prevention & Account Security
5.1 Monitoring & Suspicious Activity
Chipp actively monitors transactions for indicators of fraud, scams, or unauthorized activity. We reserve the right to freeze, delay, or reverse any transaction flagged as suspicious.
Engaging in fraudulent activity may result in account suspension, forfeiture of funds, and possible legal action.
5.2 Chargebacks & Payment Reversals
User Responsibility. You assume full responsibility for any chargebacks, disputes, or reversals initiated by your financial institution.
Reimbursement. You must reimburse Chipp for any amounts Chipp is held liable for, including related fees and costs, arising from chargebacks or disputes.
Multiple Chargebacks. Multiple or repeated chargebacks may lead to account termination and reporting to relevant fraud prevention databases.
5.3 Prohibited Activities
Users may not:
- Engage in circular transactions (e.g., depositing and immediately withdrawing).
- Use Chipp for money laundering, scams, illegal activities, or in violation of economic sanctions (e.g., OFAC).
- Provide false, inaccurate, or misleading information.
- Exploit Chipp’s payment system, bonuses, or referral programs.
Violating these rules may result in account suspension, permanent closure, forfeiture of funds, and/or legal action.
6. Representations & Warranties
By using Chipp, you represent and warrant that:
- You will not use the Services for any unlawful or prohibited purpose.
- You are not located in a jurisdiction subject to U.S. sanctions or on any list of prohibited or restricted parties.
- You have the authority to enter into these Terms and that your use of Chipp will not violate any applicable law or regulation.
7. No Fiduciary Relationship; No Financial Advice
No Fiduciary Duty. Chipp is a technology platform, not a fiduciary, trustee, or escrow agent.
No Financial Advice. Chipp does not provide banking, brokerage, or financial advisory services. Your use of the Services is entirely at your own risk, and you should consult with professional advisors before making financial decisions.
8. Liability & Disclaimers
8.1 Chipp Is NOT Responsible for Third Parties
Third-Party Services. Chipp relies on third-party processors (e.g., Stripe) and verification services (e.g., Plaid). We are not responsible for any delays, failures, or errors caused by these entities.
User Disputes. Any disputes related to the transfer of funds, including chargebacks, must be addressed with the relevant payment processor or financial institution.
8.2 Disclaimer of Warranties
As-Is Basis. The Services are provided on an “as is” and “as available” basis without warranties of any kind, whether express, implied, or statutory, including but not limited to warranties of merchantability, fitness for a particular purpose, title, or non-infringement.
No Guarantee of Success. Chipp does not guarantee that payments or transactions will always be timely, successful, free from errors, or immune to fraud.
8.3 Limitation of Liability
No Indirect Damages. To the fullest extent permitted by law, Chipp (including its officers, directors, employees, and agents) shall not be liable for any indirect, incidental, consequential, or punitive damages arising out of or related to your use of the Services.
Cap on Liability. In no event shall Chipp’s total liability for any claim arising out of or relating to these Terms exceed the total fees paid by you to Chipp in the six (6) months preceding the event giving rise to liability (or, if no fees were paid, then one hundred U.S. dollars ($100)).
9. Indemnification
You agree to indemnify, defend, and hold harmless Chipp, its officers, directors, employees, affiliates, and agents from and against any and all claims, losses, liabilities, damages, costs, and expenses (including reasonable attorneys’ fees) arising out of or related to:
- Your breach or alleged breach of these Terms.
- Your violation of any law or regulation, or the rights of any third party.
- Any claim that your use of the Services caused harm or injury to another person or entity.
- Any chargebacks, reversals, or disputes involving your account or transactions.
10. Account Freezing, Suspension, & Termination
10.1 Chipp’s Right to Suspend or Refuse Service
Chipp reserves the right, at its sole discretion, to freeze, suspend, restrict, or permanently close any account and/or refuse service for any reason, including but not limited to suspected fraud, violation of these Terms, failure to comply with AML/KYC requirements, or misrepresentation.
10.2 No Refund Policy; Payments Are Final
No Guaranteed Refunds. Payments processed via Chipp are considered final. Refunds are not guaranteed unless required by law or by the policies of the payment processor or financial institution.
Dispute Resolution. Users must resolve transaction disputes directly with their bank or Stripe. Chipp has no authority or control to issue refunds independently.
11. Dispute Resolution & Arbitration
11.1 Binding Arbitration
Agreement to Arbitrate. You agree that any dispute, claim, or controversy arising out of or relating to these Terms or your use of the Services shall be settled by binding arbitration administered by the American Arbitration Association (AAA) in accordance with its Commercial Arbitration Rules.
Arbitration Location & Governing Law. The arbitration shall take place in Seattle, Washington, or via remote proceedings, and shall be governed by the laws of Washington and applicable federal law.
Costs & Fees. Each party shall bear its own arbitration fees and costs unless otherwise required by the AAA’s rules or applicable law.
Small Claims Exception. Either party may seek relief in small claims court for disputes or claims within the scope of that court’s jurisdiction.
11.2 Class Action Waiver
You agree to arbitrate or litigate any dispute on an individual basis. Class or representative actions are not permitted, and you expressly waive your ability to participate in a class or representative proceeding against Chipp.
12. E-Sign Consent & Electronic Communications
You consent to receive all communications from Chipp electronically (e.g., via email, in-app notices). Your electronic consent to these Terms is legally binding, equivalent to a physical signature.
13. Intellectual Property
All trademarks, logos, trade names, service marks, and other intellectual property displayed through the Services (“Chipp IP”) remain the exclusive property of Chipp LLC. Subject to your compliance with these Terms, Chipp grants you a non-exclusive, non-transferable, and revocable license to use the Services for personal, lawful purposes. You may not reproduce, distribute, modify, or otherwise exploit Chipp IP without our express written consent.
14. Updates to These Terms
Chipp reserves the right to update or modify these Terms at any time. We will notify you of significant changes via email or a prominent notice within the app. Your continued use of the Services after the effective date of any such changes constitutes your acceptance of the revised Terms.
15. Survival & Severability
Survival. The provisions of these Terms relating to limitation of liability, indemnification, dispute resolution, and any other clauses that by their nature should survive, shall survive the termination of your account or these Terms.
Severability. If any provision of these Terms is determined to be invalid or unenforceable, the remaining provisions shall continue in full force and effect.
16. Beta or Evolving Service Disclaimer
From time to time, Chipp may introduce beta features or modify existing functionality. These beta features may contain bugs, may be incomplete, or may change upon commercial release. You agree that Chipp has no liability for any harm or losses arising from the use of beta or evolving features.
17. Contact Information
If you have any questions about these Terms or need to reach us for any reason, please contact us at: contact@chipp.it
By using Chipp’s Services, you acknowledge that you have read, understood, and agree to be bound by these Terms & Conditions and our Privacy Policy.