Virtual Card Policy
At Socialcash, we take the security of our customers seriously and strongly discourage any form of fraudulent behavior or misuse of the Social Card by Socialcash.
Two major issues are the problem of chargebacks and insufficient funds. To address the issues of fraudulent chargebacks and insufficient funds leading to declined transactions, we have implemented a solid and detailed policy to protect our platform and customers. Our policy aims to encourage honesty, transparency, and responsible use of our Virtual Cards. Please review the following guidelines:
If a user makes a purchase on an eCommerce website or elsewhere, receives the goods, and then files for a chargeback claiming they never received the item, Socialcash will consider this as fraudulent activity. In such cases, we will fully cooperate with the appropriate authorities by providing the user’s identity and any relevant transaction details.
The user will face severe consequences, including permanent termination of their Social Card.
Additionally, any funds remaining in the user’s Social Card may be forfeited as a penalty for attempted fraud.
Insufficient Funds and Declined Transactions:
Socialcash understands that situations may arise where users face declined transactions due to insufficient funds in their Virtual Card. Two common scenarios leading to declined transactions are described below, along with the corresponding penalties:
a. Adding cards to services without sufficient funds:
Users should ensure they have adequate funds in their Social Card before adding it to any services or platforms.
If a transaction is declined due to insufficient funds in the Virtual Card, a penalty fee of $1 will be charged from the user’s card.
b. Service providers unable to debit customers instantly:
In cases where service providers are unable to debit customers instantly for purchases, it can result in repeated purchases without deduction. If a user takes advantage of such situations and makes multiple purchases that the service provider cannot deduct, a penalty fee of $1 will be charged from the user’s card or any funds remaining in the user’s Social Card may be forfeited as a penalty for attempted fraud based on the severity and frequency of the violation.
Encouraging Honesty and Transparency:
Socialcash strongly discourages any form of fraudulent behavior or misuse of the Virtual Cards. We emphasize the importance of honesty and transparency in all transactions carried out using our platform. We encourage users to report any issues or discrepancies promptly and to cooperate with us to resolve any problems they may encounter.
Please note that the penalties mentioned above are subject to change based on the severity and frequency of the violation. Socialcash reserves the right to take appropriate action, including legal recourse if necessary, to protect our platform and customers from fraudulent activities.
Card Limits & Fees
Maximum single deposit $5,000
Minimum single deposit $5
Maximum single transaction $10,000
Maximum card balance $10,000
Monthly transaction limit $10,000
Minimum card balance $0
Maximum cards creation 5
The Social Dollar card enables you to make international payments across a diverse range of platforms and secure 3D websites.
Rates & Conversion
When funding your card, you will be informed of the prevailing exchange rate, and the corresponding Naira amount will be deducted from your wallet.
Note: The exchange rate for funding your Social Dollar card is directly affected by the frequent fluctuations in the dollar/naira market.
A 1% transaction fee (minimum of $1 and maximum of $5) will be deducted from your card when you make a purchase or payment. For example, when you make a transaction of $10, 1% of this is $0.1, and because the minimum is $1, you’ll be charged a total of $11 total.
If you make a transaction of $10,000 at 1%, that’s $100, but the maximum fee is $5, so you’ll be paying $10,005 instead of $10,100.
There is a $1 monthly maintenance fee per active card (provided the card has completed at least one successful debit transaction in a month).
By adhering to this policy, we aim to maintain the integrity and security of our Virtual Cards, fostering a trustworthy environment for all Socialcash customers.