Disclaimer: 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.
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.
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”).
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