Terms of Service

1. Terms

By using the services of the Aurupay ibc (hereinafter referred as "company"), you (hereinafter referred as "user", alternatively as “merchant”) are agreeing to be bound by these Terms of Service and agree that you are responsible for the agreement. If the user disagrees with any of these terms, he is prohibited from using the services offered by the company. The materials contained in this website are protected by copyright and trade mark law.

2. Limitations

The company will do everything possible to ensure the functionality of its services, but cannot guarantee their functionality. Therefore, the company guarantees the functionality of its services of 99% in annual average.

The company is not accountable for any financial loss caused by a falling gold price.

The company is not accountable for any damages caused by its payment systems due these are managed by third parties. The same applies to partners which are offering their services to the company which are required for running the services of the company.

The company is not accountable for any damages which occurred on users side or on the way between website and user. Furthermore is the company not accountable for any damages which occurred on merchants side or on the way between website and merchant.

The company is not accountable for losses caused by illegitimate transactions, due every user and merchant is responsible for the secrecy of his password and integrity of the hardware he is using.

3. Updates and Revisions

The services offered by the company and information of the website may change from time to time. When these changes affect the users in a major way, they will be notified beforehand.

4. Fees and Surcharges

Some services offered by the company are chargeable which are described in the “Fees”-Table. The company will do anything not to change them, but in an event where adjustments are unavoidable, the users and merchants will be notified beforehand. Fees that may be charged by third party payment systems are not included in the described fees.

Some payment systems do not accept foreign companies, so the company relies on users trading gold with such payment systems. That’s why the company gives every user the opportunity to set a surcharge when selling gold. This surcharge varies between 0-5% and depends on the liquidity of the market, which is mainly determined by the payment system in question. The algorithms of the company will always prefer the cheapest offers, but some exotic payment systems might cause a higher gold price since the market making is done by other users for profit. Gold sold by the company never includes a surcharge.

5. Physical Gold and Digital Gold

The Company's services are focused on gold-backed payment solutions. However, the gold that is bought, sold and sent back and forth is digital but can be converted into physical gold through delivery. As long as the gold is digital, it is backed as follows:

  • 30% in physical gold with daily adjustments (except weekends and holidays)
  • 10% in dividend paying ETF (Exchange Traded Funds) to cover physical gold storage costs with weekly adjustments
  • 60% in money, evenly weighted in the currencies: Euro(EUR), US-Dollar(USD) and Renminbi(CNY) with daily adjustments (except weekends and holidays)

This kind of backing guarantees liquid trading, a sufficient level of security and cost-effectiveness.

6. Gold Delivery

The minimum amount for a delivery of Gold is 1 gram and cannot be broken down into units of less than 1 gram. After a user has requests for a gold delivery, the company commits to send it out within 72 hours and publish a tracking-Id in the user-area. After a parcel is posted, responsibility for shipping passes to the logistics company.

7. Transactions and Payments

Once a transaction or payment has been made, it is technically impossible to reverse, refund or undo this operation. Any user who sends someone a gram must trust the recipient.

8. Deposits and Escrow

Each deposit combines a seller and a buyer and uses an escrow system, that works as follows:

  • After a deposit is initiated, the algorithm chooses the cheapest offer from a seller, plus a fee that goes into escrow
  • If the buyer has not paid or the seller has not confirmed receipt of payment, this deposit will be subject to an investigation process after 7 days
  • Both sides must send proof of their transaction, these proofs must be high resolution photos, screenshots are not accepted
    • If the buyer does not send proof, the seller gets his gold refunded after 21 days
  • After the examination is done, one user receives the gold, the other could be permanently banned for attempted fraud

This ensures smooth and secure payment processing between two parties who do not need to trust each other.

9. Restricted Content and Services

Users and merchants are prohibited from using the company's services for the following types of content or services:

  • Billing or utilizing of sexual underage content
  • Billing or utilizing of sexual and/or cruelty animal content
  • Billing of terrorist related education or financing terrorism

Users and merchants involved in such activities will be banned indefinitely.

10. Trustworthiness, Privacy and Neutrality

The company does not own or maintain any social-network-accounts or any other website except this one. So the user should not trust any information or claims by any third party websites or social-media-accounts. Same goes to emails or other types of messages asking users for their account credentials.

As a matter of principle, the company will not pass on or confirm any information or claims, in particular about users of its services. The only exception to this rule is the process of selling gold, as the buyer needs to know where to send the money. The following data is collected but automatically deleted after a certain period of time:

  • IP-Addresses will be deleted after 24 hours
  • Cookies will be deleted after 30 minutes
  • Transactions will be deleted after 180 days
  • Messages will be deleted after 180 days
  • User-accounts without login and a combined balance of 0.0 gram, will be deleted after 365 days

In the event of a user's permanent ban due to fraudulent activity, his data (including payment details) will be stored indefinitely to prevent him from creating a new user account.

The company does not differentiate between religious or political views of its users, so the services of the company are open to everyone who is able to do business in an honest manner.

11. Terms of Service Modifications

The company may revise these terms of service for its services and will notify its users beforehand. By using this website, the user agrees to be bound by the current version of these Terms of Use.

12. Governing Law

Any claim related to the services of the company shall be governed by the laws of the Republic of Seychelles without regards to its conflict of law provisions.