Pilot Terms of Service

RequityX connects two groups: local businesses that offer a referral fee when a member spends with them, and members who earn cash back from that spending. A pilot operator approves participating businesses and administers the program.

During the pilot, membership is by invitation from a participating business, or by direct sign-up where the pilot has opened that path. A business account is reviewed and approved by the pilot operator before it can record visits, invite customers, or look up members — an unapproved business account exists but cannot yet act on the platform. You are responsible for the accuracy of the information you provide and for keeping your account credentials secure.

When a participating business records a visit, a referral fee is calculated as a percentage of the amount spent (the business’s own referral rate — currently no lower than 8%, set by the pilot operator or, within that floor, adjustable by the business itself). A share of that fee (currently 80%) becomes the member’s credit. Cash back accrues to a member’s account and is paid to the bank account the member has linked, on a monthly schedule, once it reaches five dollars; a smaller amount rolls forward, and is paid whatever its size once it has not grown for 90 days. A member may also cash out their available amount themselves, at most once a month, when it is at least one dollar. When a member deletes their account, their available amount is paid to their linked bank account first. During the pilot, payouts are simulated: the amounts are calculated and shown, and no funds move until the pilot operator enables payouts. [Legal counsel: this replaced “credit is not cash, is not redeemable for cash” when the product changed to cash back paid to the member; confirm the payout terms, the minimum, and how cash back should be treated if a member’s account is closed, or if a visit is later disputed or reversed after cash back from it has already been paid out.]

A participating business agrees to accurately record the visits and amounts it enters, and to pay the referral fees it owes. Fees are billed on a periodic basis through our payment processor, Stripe, under the business’s own agreement with Stripe for payment processing. A business may adjust its own referral rate within the floor described above; the pilot operator may adjust a business’s configuration, suspend, or revoke a business’s approval at its discretion, including for inaccurate reporting.

A member may optionally connect a bank account so that purchases at participating businesses are recorded automatically instead of at the counter. This requires enrolling a passkey on the account first. Connecting an account is entirely optional, can be disconnected at any time, and is governed by our Privacy Policy and by our banking data partner’s own terms, which you will be shown before connecting.

You agree not to misuse the platform: no falsifying visits or amounts, no attempting to access another participant’s account or data, no interfering with the platform’s operation. We may suspend or terminate an account for a violation of these terms.

This is a pilot, and the service, its default rates, and these terms may change as it develops. We’ll update the version and effective date above when they do, and where a change meaningfully affects a business’s obligations, ask that business to re-accept before it continues.

[Legal counsel: this section needs your language — standard pilot-program disclaimers (service provided “as is,” no warranty of uninterrupted availability, limitation of liability) and how disputes under these terms are resolved, including governing law and jurisdiction, are not something engineering should draft. Nothing in the current placeholder text should be read as an actual limitation of liability until this section is replaced.]

Questions about these terms: [contact email — e.g. hello@requityx.com, once that address is confirmed and monitored].