Braavo Card Terms of Use

Last Modified: November 23, 2020

These terms, adapted from Stripe’s Commercial Card Program Agreement — United States , govern the use of virtual debit cards administered by Braavo and Stripe (each, a “Braavo Card”). As used in these terms, “we”, “us” and “our” refer to Braavo Capital, Inc. (“Braavo”). As applicable, “you”, “your” and “Authorized Users” refers to Braavo clients who have been authorized to use Braavo Cards to make business purchases. Authorized Users must comply with these terms.

Definitions.Stripe, Inc.“Stripe” is the Braavo Card program manager and is responsible for servicing Cards on Braavo’s behalf.“Account”means a Braavo Card Account.“Account Statement”means a report detailing Card Transactions, and amounts owed or credited to your Account. “Charge” means the payment for a Card Transaction using a Card over the Card Network. “Card Transaction” means a request initiated by you to make a payment with a Card to a merchant for the purchase of goods and services. “Card Network” means the payment card network operated by Visa or Mastercard. “Data” used without a modifier means all Personal Data, Account Data and Program Data. “Personal Data” means information that identifies a specific living person (not a company, legal entity, or machine) and is transmitted to or accessible through the Program. “Issuer” means the Card Network principal issuing member(s) that issues virtual cards to Braavo for use by its Authorized Users, currently Regions Bank, an Alabama FDIC-insured state bank.

Beta Offering. We may provide you access to services identified as “beta” or pre-release services. You understand that these services are still in development, may contain bugs or errors, may be feature incomplete, may materially change prior to a full commercial launch, or may never be released commercially. We provide beta services AS IS, and without warranty of any kind, and your use of, or reliance on beta services is at your own risk.

Reporting Errors or Disputing Charges. If you believe a Charge was made in error or was unauthorized (a “Disputed Charge”), or if you believe the Account Statement contains any errors, please contact us at You must report any Disputed Charge or error no more than 30 days after the Disputed Charge posts to your Account. We will not process any Disputed Charges reported more than 30 days after the Disputed Charge or error posted to your Account. Notices for Disputed Charges must specify details about the Card Transaction, and an explanation of your belief that the Disputed Charge was made in error or was unauthorized. We will review the information you submit in a commercially reasonable manner. The Account is commercial in nature and, thus, the Electronic Funds Transfer Act (EFTA), Regulation E, and other Card-related consumer protection laws do not apply to Disputed Charges. To avoid fees or other penalties, you should pay the Disputed Charge while we work with Stripe to determine the validity of the dispute. In the event the dispute is deemed valid, we will credit the Disputed Charge amount back to your Account.

Card Usage Terms. Authorized Users may only use the Braavo Card for bona fide business purchases, for valid and lawful purposes, and must not use Cards for personal, family or household purposes, or for cash advances or withdrawals. In some cases, the Braavo Card may only be used for specific transaction or vendor types as specified in a Braavo Purchase Order or Activation Order signed by You. We may cancel, revoke, repossess or restrict the use of any or all Braavo Cards at any time. We may decline to authorize or reverse Charges, and we may suspend Braavo Cards, for any reason including violation of these terms, suspected fraud, or creditworthiness issues. We are not responsible for losses resulting from declined or reversed Charges. We are not responsible and will have no liability if a merchant refuses to honor a Braavo Card or accept a Card Transaction.

Declined Card Transactions and Holds. We reserve the right to decline Card Transactions with prohibited merchants. When an Authorized User uses a Braavo Card (or Card number) to initiate a Card Transaction at a merchant where the final Charge is unknown at the time of authorization, a hold may be placed on the available funds in the Card Account for an amount equal to or in excess of the final Card Transaction amount. The funds subject to the hold will not be available to Authorized User for any other purpose until the hold is released.

Card Security. Authorized Users are responsible for securing Braavo Card numbers and security features (including the CVV and PIN).

Spending Limits. Braavo may establish a maximum aggregate daily amount available (“Spending Limit”), and where desired, any limitation on the use of a Card (including but not limited to: MCC codes; merchant limitations; time-bound limits; geographic limits (“Card Limits”). Braavo may also establish limitations on the types of merchants with whom Authorized Users may enter into Card Transactions, or other authorization controls as the Braavo and Stripe platforms permit. We may establish and adjust the Spending Limit or Card Limit for your Braavo Card at our sole discretion at any time. Charges in excess of a Spending Limit will be declined. We may restrict the maximum amount of any particular Charge and the number of Charges allowed for your Braavo Card.

International Charges. We may prevent Cards from functioning outside the United States. In the event that a Braavo Card is used to make international Charges, Issuer will convert into U.S. Dollar the Charges made in a currency other than U.S. Dollar. We will select exchange rates from a range of exchange rates available on the date the Charges are cleared over the applicable Card Network; therefore, the exchange rate of the Charge may vary from the exchange rate at the time of the Card Transaction.

Cross-border and Foreign Exchange Fees.  A cross-border fee is applied where the Authorized User makes a purchase in a country other than the United States.  The cross-border fee for Braavo Card is 1.00% of the Card Transaction amount plus $0.30 per cross-border Card Transaction.  A foreign exchange fee is applied where the presentment currency (the currency paid by the Authorized User) is different than the settlement currency.  This calculation is made on the Card Transaction amount as converted into the settlement currency.  The foreign exchange fee for Braavo Card is 1.00% of the Card Transaction amount per Card Transaction for each Card Transaction requiring a currency conversion.

Card Account Holds. We may decline Card Transactions with prohibited merchants or place a hold on available funds in the Braavo Card Account for certain Card Transactions, or both. When a hold is placed on a Card Account, the funds subject to the hold will not be available to you until the hold is released.

Compliance with Law. You must engage with Braavo Card in a lawful manner, and must obey all laws. As applicable, this may include compliance with domestic and international laws related to the use or provision of financial services, notification and consumer protection, unfair competition, privacy, and false advertising, and any other laws relevant to Card Transactions.

Restricted Businesses and Activities. You may not use the Braavo Card to enable any person (including you) to benefit from any activities Stripe has identified as a restricted business or activity (collectively, “Restricted Businesses”). Restricted Businesses include use of the Braavo Card in or for the benefit of a country, organization, entity, or person embargoed or blocked by any government, including those on sanctions lists identified by OFAC.

Data Privacy. Stripe processes, analyzes, and manages relevant Data to: (a) enable Braavo to provide the Braavo Card to you and other users; (b) mitigate fraud, financial loss, or other harm to you, other users, Braavo and Stripe, and (c) analyze, develop and improve its products, systems and tools. Stripe provides Data to third-party service providers, including Issuer, and their respective affiliates, as well as to Stripe’s affiliates, to allow us to provide the Braavo Card to you and other users. Stripe does not provide Personal Data to unaffiliated parties for marketing their products to you. You understand and consent to Stripe’s use of Data for the purposes and in a manner consistent with these terms. Stripe will only use Data and Personal Data as required to provide the Braavo Card to Braavo and Authorized Users, to fulfill their obligations to regulatory authorities, and in accordance with the Stripe Privacy Policy . Protection of Data and Personal Data is very important to Braavo and Stripe. The Stripe Privacy Policy explains how and for what purposes Stripe collects, uses, retains, discloses, and safeguards the Data and Personal Data you provide to Stripe. You agree to review the terms of the Stripe Privacy Policy, which we may update from time to time, and which forms part of these terms.

Account Support. Braavo will provide you with support to resolve general issues relating to your Account and your use of the Braavo Card. This support includes resources and documentation that we make available to you through our website ). If you still have questions after reviewing the documentation, please contact us .

Force Majeure. Neither Braavo nor Stripe will be liable for any delays in processing or other nonperformance caused by telecommunications, utility, failures, or equipment failures; labor strife, riots, war, or terrorist attacks; nonperformance of our vendors or suppliers, fires or acts of nature; or any other event over which the respective party has no reasonable control.

Updates to the Terms . We may prospectively add to, delete, or amend these terms at any time. We reserve the right, subject to law, to deliver to you any notice of changes to existing terms or the addition of new terms by posting an updated version of these terms or by delivering notice of changes to you electronically, and your continued use of the Braavo Card will constitute acceptance of any these amended or new terms.

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