Terms and Conditions of Vank's Referral Program
Last Updated: April 9, 2025
This document sets forth the terms and conditions (“Terms”) governing participation in the Vank Referral Program (“the Program”), offered by Vank Pay (“Vank”), an electronic payment platform that enables cashless transactions.
By participating in this Program, you agree to fully comply with these Terms. Vank reserves the right to modify, suspend, or cancel the Program at any time and without prior notice, in accordance with the corresponding clause in this document.
1. Definitions
For the purposes of this document, the following terms shall be understood as:
Referrer: An active user of the Vank app who refers a new customer using a unique referral code.
Referral: A person who registers on Vank using the referral code provided by a Referrer and completes an Eligible Transaction.
Eligible Transaction: The first transaction completed by the Referral through the Vank mobile app, with a value equal to or greater than five U.S. dollars (USD $5.00), conducted at a merchant within Vank’s network.
Reward: A monetary incentive granted to the Referrer for each Referral that meets the conditions of an Eligible Transaction. This also includes volume-based bonuses, where applicable.
2. Program Eligibility
To participate in the Program, both the Referrer and the Referral must:
Be natural persons over 21 years of age.
Have an active account in good standing on the Vank mobile app.
Vank reserves the right to verify the identity and eligibility of all participants at any time.
3. Participation and Reward Mechanism
Each eligible Vank user may generate a unique referral code within the app.
This code can be shared personally with other potential users.
When a new user registers using the referral code and completes an Eligible Transaction, the Referrer will receive a $5.00 Reward for each valid Referral.
Additionally, for every 10 valid Referrals within the same calendar month, the Referrer will receive a bonus of $50.00.
The referral count for the monthly bonus resets on the first day of each month.
4. Limits and Conditions
There is no maximum limit on the number of Referrals per user.
Only one Reward will be granted per unique Referral.
If multiple Referrers invite the same person, the Reward will be granted to the first code used during the new user’s registration, as determined by Vank.
Monthly $50.00 bonuses are not cumulative across months.
5. Eligible Transaction Requirements
For a transaction to be considered eligible:
It must be the Referral’s first transaction made through the Vank app.
The transaction amount must be equal to or greater than USD $5.00.
The transaction must be completed within 60 days of the user’s registration.
Transactions that are canceled, refunded, or reversed for any reason will not be considered valid.
Reward Credit Timelines
Rewards will be credited to the Referrer’s Vank account within a period of up to 30 business days from the confirmation of the Eligible Transaction.
Vank reserves the right to delay or withhold the issuance of Rewards if additional verification of eligibility or transaction validity is required.
7. Fraud, Misuse, and Restrictions
The use of automated methods, fake profiles, multiple accounts, or any fraudulent mechanisms to generate Referrals is strictly prohibited.
Posting referral codes on public forums, open social networks, or websites where the target audience is not personally known to the Referrer is not allowed.
Any attempt to manipulate the system may result in immediate suspension or cancellation of the account, and the revocation of all pending or previously awarded Rewards.
8. Program Modification or Cancellation
Vank reserves the right to modify, suspend, or cancel this Program at any time at its sole discretion.
In the event of cancellation, Vank will notify users at least 7 days in advance via the app or through the registered email address.
Rewards pending validation before the cancellation will continue to be processed in accordance with these Terms.
9. Legal and Tax Considerations
Rewards may constitute taxable income for the Referrer. It is the sole responsibility of the user to comply with any applicable tax obligations under the laws of Puerto Rico.
Vank reserves the right to request additional tax information (such as Form W-9 or its equivalent) if a user receives cumulative Rewards exceeding legal thresholds.
10. Support and Dispute Resolution
For inquiries, error reports, or disputes related to the Program, users may contact the Vank support team via:
📧 gaby@vankpay.com
📞 787-300-3300
All requests will be addressed within a reasonable timeframe.
11. Acceptance of Terms and Governing Law
By participating in the Program, the user fully accepts these Terms and Conditions.
This document is governed by the laws of the Commonwealth of Puerto Rico.
Any disputes related to this Program will be resolved in the competent courts of Puerto Rico.
