The purpose of this questionnaire is to answer the most frequent questions regarding Ontops electronic wallet (“Ontop Wallet”).
✔️What is the currency of the Ontop Wallet?
All the balances, statements, and financial information available through the Ontop Wallet are set in United States Dollars.
✔️Can I recharge my wallet?
For now you are not able to top up your Ontop Wallet (you will be able to do so in the future). However, you will be able to receive your paycheck in seconds and send it through any of the available payment methods.
✔️Can I send money from my wallet to another Ontop Wallet?
No, currently that option is not possible. Right now every Ontop Wallet is topped up only from the payment made by his company (the one which you provide your services).
✔️What happens with the money that I keep in my wallet?
Your money is under custody of US Regulated Entities as further described in the ToS. This means that Ontop has relationships with different Regulated Entities within US that are able to fully protect your funds.
✔️Can I withdraw the money from my wallet at any time and by any payment method?
Yes! You will be able to manage your payouts, this means that you handle how much, when and which accounts you want to withdraw the money to.
✔️What is the exchange rate when a Contractor's compensation is paid in a currency other than the United States Dollars?
The terms of the exchange rate are stated in Section 8 clause 8.8. of Ontop Terms of Service (“ToS”). In accordance with said ToS because the exchange rates are constantly changing the use of the Ontop Wallet may imply differences between:
The local currency equivalent in United States Dollars is paid by the Client to Ontop after the invoice has been issued, which is subsequently credited into the Ontop Wallet balance.
The amount received by the Contractor in local currency and/or other monetary value after providing payment instructions to their designated payment method, due to the time period from credit into the Wallet balance and the Contractor’s instructions to transfer the amount.
Ontop shall not be responsible or liable for any exchange rate differences and/or fluctuations caused by the use of the Ontop Wallet for contracts stated in currencies other than United States Dollars.
✔️Are Ontop wallet transactions backed by any regulated institution?
Yes! Section 8 clause 8.3 of Ontops Terms of Service (“ToS”) states that all transactions available through the Ontop Wallet will be processed by licensed and registered money service businesses including but not limited to Stripe Payments Company, a bank, trust company, or similar financial institutions that are regulated, supervised, and subject to periodic examination by a state or Federal agency (a “Regulated Institution”).
This Q&A should in no way be characterized nor considered as legal advice for the purpose of hiring independent contractors, service providers, and/or employees. This Q&A should be considered as an informative summary of Ontop's previous experiences and shall not be interpreted as suggestions and/or advice to its clients and/or third parties. Ontop shall not be responsible or liable for any interpretation of this text by third parties and/or clients. Ontop suggests that a professional opinion must come from each party's own group of lawyers and/or accountants. client expressly accepts and agrees that this Q&A shall not be construed as an opinion or order. Clients shall also hold Ontop harmless from any such claim or dispute in that sense.
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