Payment Policy

Last updated: July 18th, 2019

This Payment Policy outlines how You will be paid when a User Purchases Your Content through the Soar platform. This policy must be read in conjunction with the Terms of Service.
  • 1.1. Payment for Content purchased through Soar will be accepted in:
    • 1.1.1. Fiat currency denominated in United States Dollars (USD); and
    • 1.1.2. SkyMap ("SKYM") tokens.
  • 2.1. When a purchase Your Content is made though Soar you will be credited with the purchase price less the commission for Soar’s services.
  • 2.2. The commission will vary depending on the payment type. The commission applied will be:
    • 2.2.1. For purchases made with Fiat currency - 30% commission;
    • 2.2.2. For purchases made with SKYM - 15% commission.
  • 3.1. To receive payment, the User must provide the details required by Soar to make payment to them using the payment method or payment processor selected by Soar from time to time.
  • 3.2. This information may be provided by you at any time to Soar at or after registering with the Site.
  • 3.3. You may be required to sign up to a third-party service to receive payment.
  • 3.4. Where fiat currency is used for the purchase, payments to Users for their Content will be made as follows:
    • 3.4.1. Payment for purchases will be distributed to the Content owner after the end of each calendar month where the balance of the User’s account exceeds USD 50;
    • 3.4.2. As payments can take up to 7 days to clear, the balance of a User’s account will be finalised on the 7th day after the end of the month;
    • 3.4.3. Payments based on the final balance on the user’s account will be made on the 15th day (or nearest business day) after the end of a calendar month;
    • 3.4.4. All payments will be made in USD.
  • 3.5. The User agrees to pay any fees imposed by the payment processor for the receipt of any funds into their account.
  • 3.6. The User agrees to pay any amount required by the payment processor to convert their payment from USD to a differently denominated fiat currency.
  • Where SKYM tokens are used for the purchase, payments to Users for their Content will be made as follows:
    • 4.1.1. At the time of account creation, a User has the option to provide Soar with a valid ERC-20 compliant wallet address ("Your Wallet") for payment of any SKYM amounts.
    • 4.1.2. You may enter Your Wallet address at any time after creating an account. The details for Your Wallet may be entered in the Account section of the Site.
    • 4.1.3. You may change or update Your Wallet address at any time.
    • 4.1.4. If You do not provide us with Your Wallet details, You will have a managed ERC-20 compliant cryptocurrency wallet created for their account, to which they will have exclusive access.
    • 4.1.5. The address of this wallet will be visible to you in the Account page.
    • 4.1.6. Your share of SKYM received from purchases of Your Content will be transferred to the managed wallet.
    • 4.1.7. To transfer any SKYM out of this managed wallet, You must provide Soar Your Wallet details.
    • 4.1.8. To transfer the SKYM from the Soar managed wallet to Your Wallet, please request the transfer within your account section within the Site.
    • 4.1.9. Once Your wallet details are in the Soar system all future amounts of SKYM will be paid directly to this wallet.
  • 4.2. If there is an error in Your Wallet address or Your Wallet is not ERC-20 compliant, you may lose all your SKYM and it may not be accessible to you in the future.
  • 4.3. You are solely responsible for the security of Your Wallet and Soar cannot accept any responsibility for the loss of SKYM once it has been transmitted to Your Wallet though:
    • 4.3.1. Transmission errors where the details of the wallet are not entered correctly; or
    • 4.3.2. A breach of security of your wallet; or
    • 4.3.3. Loss or unauthorised access to the private key for Your Wallet;
    • 4.3.4. The malicious action of any third-party including but not limited to:
      • Interception;
      • Viruses;
      • Malware;
      • Theft of a private key or seed phrase; or
      • Any other action.
  • 4.4. Due to the nature of cryptocurrency transactions, it may take some time to process the transaction on the blockchain and some delays may occur in the transmission of the SKYM to your Wallet.
  • 4.5. You accept that the value of SKYM available for exchange into other cryptocurrencies or fiat may vary from time to time and Soar is not responsible for the market price of SKYM at any time.
  • 4.6. You accept that in some circumstances SKYM may not be able to be sold, traded or exchanged:
    • 4.6.1. By some cryptocurrency exchanges where the SKYM token is not listed;
    • 4.6.2. Into some cryptocurrencies where a cryptocurrency exchange does not offer a trading pair between SKYM and the cryptocurrency; or
    • 4.6.3. Directly into fiat currency without exchanging into a different cryptocurrency unless an exchange offers a SKYM-fiat trading pair.