Privacy Policy
Our privacy policy at BlockChyp is simple: we never sell partner, merchant, or customer information to third parties. Ever.
What We Collect
We collect information about partners and developers, merchants, and individual customers via transaction history and the customer database. For partners and merchants, this includes bank account information, social security numbers, and EINs for underwriting and settlement purposes. For customers, this may include saved credit card information. Sensitive information is encrypted at rest using PCI approved encryption techniques like hardware security modules and frequent encryption key rotation. Saved credit card information is permanently deleted upon request or after one year if it has not been used.
What We Do With The Data
All data we collect is necessary for day-to-day operations and is rarely used for any other purpose. BlockChyp may contact partners and merchants by email for security, operations, and occasionally for marketing purposes. A partner’s merchants will never be contacted for marketing purposes unless in coordination with the partner. BlockChyp does not sell or disclose any data to third party marketers or advertising networks of any kind. A merchant’s customer database is considered the property of the merchant and customers will never be contacted except where required by law. And unlike some payment systems, a merchant’s customer database is not visible or accessible to other merchants. We also use transaction and chargeback data to train AI datasets for fraud analysis and detection.
Plaid Integration
BlockChyp uses Plaid Inc. (“Plaid”) to gather End User’s data from financial institutions. By using our service, you grant BlockChyp and Plaid the right, power, and authority to act on your behalf to access and transmit your personal and financial information from the relevant financial institution. You agree to your personal and financial information being transferred, stored, and processed by Plaid in accordance with the Plaid Privacy Policy.
Exceptions
BlockChyp will only disclose data to third parties under the following conditions:
- As compelled by law enforcement under subpoena.
- For collections purposes if third party collection agencies or law firms are retained to recover bad debts.
- To law firms and the courts should any legal dispute arise between BlockChyp and a partner, merchant, or customer.
- Anonymized data scrubbed of all personally identifying information may be provided to third party fraud analysis and detection vendors as part of our fraud detection program.
Right To Be Forgotten
Customers identified in the customer database can be deleted by merchant or customer request at any time.
Partners and Merchants that are no longer active can have sensitive information removed from the system at any time, but BlockChyp must retain some merchant and partner transaction data to comply with financial regulations and the operating rules for Visa, MasterCard, American Express, and Discover.
Changes To This Policy
Our lawyers insist on letting you know that we reserve the right to revise or amend this policy after providing 30 days notice to merchants and partners.
Contacting Us
We have appointed a Data Protection Contact who you can reach out to about any queries you may have in relation to this policy. If you have any questions about this policy or your information, or to exercise any of your rights as described in this policy or under applicable laws, you can contact us as follows: privacy@blockchyp.com