Merchant Agreements

Merchant Services Agreement

THIS AGREEMENT is made on June 17th, 2022, by and between Byte Federal, Inc. ("Company") and the undersigned merchant ("Merchant").

1. Services

1. Provision of Services: Byte Federal agrees to provide Merchant with the Byteconnect Point Of Sale (POS) and Byteconnect API services, including but not limited to a per-link payment gateway as described herein. Merchant will also have access to the back-end API, the documentation of which will be provided by the Company.
2. Conversion of Cryptocurrency: Byte Federal will handle the conversion of cryptocurrency into USD on behalf of the Merchant. The Merchant has the option to choose between a free of charge conversion via an Intrabank push to a merchant banking account with ByteConnect's partner bank or an ACH/Wire transfer to an external domestic bank account of their choosing.

2. Fees

1. One-time Setup Fee: A one-time setup fee of $500 USD will be charged to establish the account and provision the services. This fee may be waived or altered as specified in a separate agreement or addendum.
2. Monthly Fee: Until the transaction volume crosses $1,000 USD in monthly volume, a monthly maintenance fee of $10 will be charged. This fee will be waived upon crossing the aforementioned threshold unless otherwise specified.
3. Per Transaction Fee: A flat fee of 1.5% will be charged per transaction. This fee will cover:
   1. Conversion of cryptocurrency into USD. The 1.5% will be deducted from the converted USD amount.
   2. The cryptocurrency quote provided to customers will be based on coinmarketcap’s public international spot price for cryptocurrency (fair market value).
   3. ByteConnect affirms that there are no hidden commissions on the spot price. Additionally, internal wallet network fees for liquidating the cryptocurrency will be covered by the Company without any additional charges.

3. Banking & Settlements

1. Frequency: The funds will be settled every 24 hours.
2. Settlement Conversion: The funds can be converted to USD or USDT in Florida, Arkansas, Louisiana and Ohio.
3. Settlement Charges: Settlements outside ByteConnect's partner bank will incur fees as follows:
   1. $1.25 for ACH PUSH to the Merchant's chosen domestic bank.
   2. $36 for wire transfers
   3. $0 for crypto payouts.

These fees may be waived or altered unless otherwise specified.

4. Term & Termination

1. Term: This Agreement shall commence on the date first written above and shall continue in force until terminated by either party with 30 days written notice.
2. Termination for Cause: Either party may terminate this Agreement immediately upon written notice if the other party breaches any material term or condition of this Agreement.

5. Confidentiality

Both parties agree to maintain the confidentiality of all information obtained during the execution of this Agreement, and neither party shall disclose such information without the written consent of the other party.

6. Indemnification

Merchant agrees to indemnify, defend, and hold harmless ByteConnect, its officers, directors, employees, agents, licensors, suppliers, and any third-party information providers from and against all losses, expenses, damages, and costs, including reasonable attorneys' fees, resulting from any violation of this Agreement or any activity related to the Merchant's account.

7. Governing Law

This Agreement shall be governed by and construed in accordance with the laws of the state in which ByteConnect is incorporated, without giving effect to its principles of conflicts of law.

8. Entire Agreement

This Agreement contains the entire agreement between ByteConnect and Merchant and supersedes all prior negotiations, understandings, and agreements between the parties.