IV. Peer to Peer Service
1. Description Of Service
The peer-to-peer Service (“P2P”) allows you to transmit funds or receive funds for P2P personal, non-commercial purposes.
2. Sending Cash
Once you have registered for Cash App and have an Eligible Transaction Account you will be able to initiate funds transfers. As a party initiating a transfer (“Sender”), you will transfer funds to your selected recipient (“Recipient”) by designating the Recipient and the transfer amount to us (collectively “Payment Instructions”). Your Payment Instructions authorize us (1) to move funds from your Eligible Transaction Account and to your designated Recipient (a “Payment”). By submitting a Payment Instruction, you are also authorizing us to move money to your Eligible Transaction Account for Payments that are canceled or otherwise returned (a “Credit”).You understand and agree that when you initiate a Payment Instruction from an Eligible Transaction Account using the Service, the processing of the Payment Instruction will begin, and funds will leave your Eligible Transaction Account, as early as the day of the initiation of such Payment Instruction. However, we will only begin to process the requested transfer of funds to the Recipient once the Recipient has provided all required information, and you hereby authorize and direct us to retain such funds until the earlier of such time as the Recipient has provided all required information or fifteen (15) days.You agree that we shall incur no liability if we are unable to complete any transaction because of:
(i) insufficient funds in the Eligible Transaction Account;
(ii) malfunction of the Service due to circumstances beyond our control or due to circumstances that you were already aware of at the time you initiated your Payment Instruction;
(iii) inaccurate or insufficient Payment Instructions; or
(iv) failure of the Recipient to claim the Payment.
3. Requesting Cash
You may also initiate a P2P request for funds to be transferred to you by designating the amount of funds requested and your selected Sender (a “Cash Request”). If the Sender approves your Cash Request, your Cash Request will become the Sender’s Payment Instructions and be processed as described in these Cash Terms.