March 9, 2023

We hope this serves as a useful summary, but please ensure you read the Terms in full, as this summary does not summarize all of the rights and obligations contained in these Terms, and are not part of the Terms and have no legal effect.

The purpose of this agreement is to lay out the terms of the Employee Retention Credit Receivable Program. By participating in the program, you agree to sell your ERC credit to TransPecos Bank, SSB for which they will advance funds equal to your credit amount to you. Upon your receipt of your ERC credit refund from the IRS, you will repay TransPecos Bank for the funds advanced. Any extra funds will go to dash.fi.

These Employee Retention Credit Receivable Program Terms (the “ERC Terms”) govern Company’s participation in the Employee Retention Credit Receivable Program (the “ERC Program”). 

These ERC Terms form a part of the dash.fi Platform Agreement (the “Platform Agreement”). Capitalized terms not otherwise defined in these ERC Terms have the meanings set forth in the Platform Agreement.

The ERC Program is provided by dash.fi (“dash.fi” or “us” or "we") in connection with one or more financial institutions and is offered at our sole discretion.

We may revise any of the ERC Terms at any time by posting an updated version to our legal page.

To participate in the ERC Program, your dash.fi Account must be continuously in good standing.

If your dash.fi Account is not in good standing for any reason, or we determine in our sole discretion that you are misusing the ERC Program or have otherwise violated our Platform Agreement or any of the terms, agreements, and policies incorporated by reference, you may be ineligible to participate in the ERC Program.

Certain dash.fi Accounts may not be eligible to participate in the ERC Program. We may update or change eligibility criteria, restrictions, and requirements at any time.

In order to be eligible for the ERC Program, you must have applied for and be entitled to receive an Employee Retention Tax Credit (an “ERC”) pursuant to section 3134 of the Internal Revenue Code (“Code”) from the Internal Revenue Service (“IRS”) in accordance with the terms of the CARES Act. 

Participation in the ERC Program requires you to enter into an agreement with TransPecos Banks, SSB, a Texas state banking organization (“TPB”), pursuant to which you will to sell the receivable generated by the ERC (the “ERC Receivable”) to TPB to obtain short-term financing (“ERC Advance”). TPB will purchase the ERC Receivable from you and provide an ERC Advance according to the terms and conditions set forth in your agreement with TPB. In addition, if you participate in the Program, you may also choose to enter into an agreement with dash.fi or it’s affiliate (“Excess Amounts Owner”), pursuant to which you will sell any amounts received from the IRS with respect to the ERC and in excess of the ERC Receivable (including but not limited to any overpayment or interest received) (the “Excess Amounts”) to the Excess Amounts Owner. Dash.fi and its affiliates and the dash.fi website facilitate the ERC Program in connection with TPB. Additional terms and conditions apply as set forth in these ERC Terms.

The only dash.fi fees associated with the ERC Program are the Excess Amounts Owner assignment referenced herein below. Any fees associated with the ERC Program by TPB are listed in the receivable purchase agreement between you and TPB.

To secure the Obligations, you hereby grant to us a security interest in all of your rights and interests in and to the Excess Amounts. "Obligations" means all of your obligations to us, fixed or contingent, arising from time to time under these ERC Terms and any taxes, penalties, or other charges which we are required to pay in connection with this Agreement.

You irrevocably authorize us at any time and from time to time to prepare and file one or more financing statements (and any continuation statements and amendments) describing the Excess Amounts whether or not your signature appears on such financing statements.

You will not create, nor permit to exist, any lien on or security interest in, other than those existing prior to the execution of this Agreement, any of the Excess Amounts, except in favor of us.

The following terms are added to the Payment Authorization for purposes of the ERC Program. To the extent there is a conflict between these Payment Terms and the Payment Authorization, this section controls as to the ERC Program. By using our payment services (“Payment Services”), you agree to be bound by our Platform Agreement, these additional terms and conditions (“Payment Terms”) and all other terms, policies and guidelines applicable to the Services used. If you are using the Payment Services on behalf of a business, that business accepts these terms. Payment Services may only be used for business purposes in the fifty states of the United States of America and the District of Columbia. 

  • Funding Source

dash.fi is the originator and servicer of your ERC Advance in partnership with TPB. At closing, the funds of your ERC Advance will be direct-deposited into your dash.fi Account.

  • Your Authorization

In connection with the Payment Services, you authorize us to act as your agent for the limited purposes of making payments on your behalf to our payment processor partners (“Processor Partners”). Your authorization permits us to generate virtual payment cards (“Special Purpose Virtual Cards”) for every invoice we receive on your behalf from a Processor Partner. Your authorizations will remain in full force and effect until your dash.fi Account is closed or terminated.

Special Purpose Virtual Cards are not issued to you and are not for consumer use. They are issued to dash.fi and are used exclusively by dash.fi to make payments to our Processor Partners on your behalf.

  • Bank Transfer Authorization

You authorize dash.fi to initiate electronic transfers (via the Automated Clearing House of NACHA - The Electronic Payment Association) from your dash.fi Account in order to pay invoices we receive on your behalf from our Processor Partners.

  • Payment

Each time a Processor Partner payment is made by us on your behalf, the amount of the transaction will be settled from your dash.fi Account. If we are not able to settle a transaction with your account, your dash.fi Account may be suspended.

  • Availability of Payment Services

We may restrict your access to Payment Services if we need to conduct an investigation or resolve any pending dispute related to your use of the Payment Services. We may also restrict access to Payment Services as necessary to comply with applicable law or court order, or if requested by any governmental entity.

  • Set Off

You acknowledge that, except as otherwise prohibited by law, we will have the right to charge or set off against your dash.fi Account any indebtedness or other obligations which you or any owner owe us, at any time, without any further notice to or demand on you, whether the indebtedness or other obligations exist at the time the dash.fi Account is opened or arise later. The indebtedness includes, without limitation, all charges incurred on any account you hold with us. You agree that we may set off against the dash.fi Account any claim which we have against you without regard to the source or ownership of the funds on deposit in the dash.fi Account and without requirement that the claim be owed to us by all of the dash.fi Account owners. You also agree that, to the extent allowed by law, we may set off any indebtedness or other obligations which you owe us under these ERC Terms or the Platform Agreement against any other account or property in which you have an ownership interest that is in our possession or control.

  • Termination of Payment Services

We may terminate your use of the Payment Services at any time for any reason. Any termination of these Payment Terms does not relieve you of obligations to pay fees or costs accrued prior to the termination, Chargebacks, and any other amounts owed to us as provided in these Payment Terms or the Platform Agreement. In the event your dash.fi account has a negative balance, we reserve the right to withhold refunds or credits to settle the negative balance. If your access to Payment Services has been terminated, you may still be permitted to use dash.fi's other products, subject to our discretion.

  • Eligibility

Your eligibility to participate in any dash.fi promotions is at our sole discretion. You must spend 100% of your ERC Credit Amount on the Dash.fi Platform in order to be eligible for Rewards Redemptions. We reserve the right to terminate any promotions at any time and to refuse or recover any promotion award for any reason, including, but not limited to, your breach of these Terms.

  • Eligible Purchases

Pursuant to the limitations and restrictions set forth in the Rewards Program Terms, cashback rewards are available on all eligible purchases. The following types of transactions are not Eligible Purchases and thus will not earn Rewards: electronic funds transfers, money transfers, wire transfers, remittances, credits, chargebacks, cross border transactions, plastiq transactions, melio transactions,and large ticket transactions over $10,000.

  • Earn Up to 3% Cashback

ERC Program participants can earn up to 3% cashback for every US $1.00 spent on business purchases up to $1,000 per calendar month until January 1, 2026. To maximize this cashback rewards category, simply spend $1,000 each month via the Dash.fi Platform until the offer expires on January 1, 2026.  

  • Unlimited 1% Cashback

ERC Program participants can earn unlimited 1% cashback for every US $1.00 spent on all other eligible purchases including processor fees.

  • Spend Management Platform Cashback

ERC Program participants who continue using our Spend Management Platform after exhausting their ERC Advance can earn up to 3% cashback on their small business marketing expenses for the first two months and 1.5% thereafter.

Should you wish to transfer funds from your dash.fi Account to a connected bank account on file with us, please email us at support@dash.fi to make the withdrawal request.

We may assign, pledge, or otherwise transfer the administration of these ERC Terms without providing notice to you.

You release FunnelDash Inc. d/b/a dash.fi from all liability for your use of the ERC Program and for your participation in the ERC Program. Separately, you release FunnelDash Inc. d/b/a dash.fi from liability for third party claims in accordance with these ERC Terms and the ERC Program.

You are responsible for determining any tax liability arising from participation in the ERC Program. Consult your tax advisor concerning tax consequences.

We may suspend or terminate the ERC Program, including any Payment Services, at any time in our sole discretion. In the event that the Platform Agreement is terminated, these ERC Terms will immediately terminate.

For clients in the US Payment services for dash.fi are provided by The Currency Cloud Inc. which operates in partnership with Community Federal Savings Bank (CFSB) to facilitate payments in all 50 states in the US. CFSB is registered with the Federal Deposit Insurance Corporation (FDIC Certificate# 57129). The Currency Cloud Inc is registered with FinCEN and authorized in 39 states to transmit money (MSB Registration Number: 31000160311064). Registered Office: 104 5th Avenue, 20th Floor, New York , NY 10011.