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  2. Alcove Terms and Conditions

Alcove's General Payment Terms and Policy

This Payments Policy (“Payments Terms”) are subject to the Alcove Terms of Use located here.. Terms not defined in this Payment Policy will have the meaning given to them in the Terms of Use.

Alcove Payments provides payments services to Members publishing, offering and leasing Accommodations provided via the Alcove Platform. These payment services may include (if available) the following (collectively, “Payment Services”):

  • Collecting payments from Housemates (“Payin”), by charging the payment method associated with their Alcove account, such as credit card, debit card, or bank account (“Payment Method”);
  • Effecting payments to Homeowners (“Payout”) to a financial instrument associated with their Alcove account, such as a bank account, a prepaid card, or a debit card (“Payout Method”);
  • Effecting payments to a third-party Payout Method designated by a Homeowner;
  • Payment collection services; and

​​1. Your use of the Payment Services

1.1 Alcove Payment Services. By using the Payments Services, you agree to comply with this Payment Policy. Alcove Payments may temporarily limit or suspend your access to or use of the Payment Services, or its features, to carry out maintenance measures that ensure the proper functioning of the Payment Services. Alcove Payments may improve, enhance and modify the Payment Services and introduce new Payment Services from time to time. Alcove Payments will provide notice to Members of any changes to the Payment Services, unless such changes do not materially increase the Members’ contractual obligations or decrease the Members’ rights under this Payment Policy.

1.2 Third Party Services. The Payment Services may contain links to third-party websites or resources (“Third-Party Services”). Such Third-Party Services are subject to different terms of service and privacy policies, and Members should review them. Alcove Payments is not responsible or liable for the use of such Third-Party Services. Links to any Third-Party Services are not an endorsement by Alcove Payments of those Third-Party Services.

1.3 Your Alcove Account. Alcove Payments may enable features that allow you to authorize other Members or third parties to take certain actions that affect your Alcove account. You may authorize a third party to use your Alcove account if the feature is enabled for your Alcove account. You acknowledge and agree that anyone you authorize to use your Alcove account may use the Payment Services on your behalf and that you will be responsible for any payments made by such person.

1.4 Verification. You authorize Alcove Payments, directly or through third parties, to make any inquiries we consider necessary to verify your identity and information you provide. This may include (i) screening you against third-party databases or other sources, (ii) requesting reports from service providers, (iii) asking you to provide a form of government identification (e.g., driver’s license or passport), your date of birth, your address, and other information; or (iv) requiring you to take steps to confirm ownership of your email address, Payment Method(s) or Payout Method(s). Alcove Payments reserves the right to terminate, suspend, or limit access to the Payment Services in the event we are unable to obtain or verify any of this information.

1.5 Additional Terms. Your access to or use of certain Payment Services may be subject to, or require you to accept, additional terms and conditions. If there is a conflict between this Payment Policy and terms and conditions applicable to a specific Payment Service, the latter terms and conditions will take precedence with respect to your use of or access to that Payment Service, unless specified otherwise.

  1. Housemate Terms

2.1 Adding a Payment Method. When you add a Payment Method to your Alcove account, you will be asked to provide billing information such as name, billing address, and financial instrument information either to Alcove Payments or its third-party payment processor(s). You authorize Alcove Payments and its payment service providers to collect and store your Payment Method information.

2.2 Payment Method Verification. When you add or use a new Payment Method, Alcove Payments may verify the Payment Method by (i) authorizing your Payment Method for one or two nominal amounts via a payment service provider, and asking you to confirm those amounts, or (ii) requiring you to upload a billing statement. We may, and retain the right to, initiate refunds of these amounts from your Payment Method. When you add a Payment Method during checkout, we will automatically save and add that Payment Method to your Alcove account so it can be used for a future transaction. You may not remove the Payment Method associated with a lease term  during the period commencing from the date of your lease and ending sixty (60) days following your check-out date, nor during any additional period of time needed to resolve any outstanding Damage Claim associated with such lease.

2.3 Payment Authorization. You allow Alcove Payments to charge your Payment Method (including charging more than one payment method), either directly or indirectly, for all fees due (including any applicable taxes) in connection with your Alcove account, including Damage Claim amounts in accordance with the Terms of Use and with Section 6.

2.4 Automatic Update of Payment Method. If your Payment Method’s account information changes (e.g., account number, routing number, expiration date) as a result of re-issuance or otherwise, we may acquire that information from our financial services partners or your bank and automatically update your Payment Method on file.

2.5 Timing of Payment. Alcove Payments generally charges the move-in fee, as well as the security deposit at or around the time of lease signing. For a full breakdown of your Rent payment & fees schedule, click "View Payment Dates" on your application. Once your lease is completed, you can still access this information under the Upcoming payment section within the My Alcove section of your account. 

If Alcove Payments is unable to collect rent payments, fees, penalties, reimbursements, or any other monetary obligations owed by tenants, as scheduled, Alcove Payments will collect the owed amount due at a later point in accordance with Section 5.3. 

2.6 Payment Restrictions. Alcove Payments reserves the right to decline or limit payments that we believe (i) may violate Alcove Payments’ risk management policies or procedures, (ii) may violate this Payment Policy or the Terms of Use, (iii) are unauthorized, fraudulent or illegal; or (iv) expose you, Alcove, Alcove Payments, or others to risks unacceptable to Alcove Payments.

2.7 Payment Service Providers. Payment Methods may involve the use of third-party payment service providers. These payment service providers may charge you additional fees when processing payments in connection with the Payment Services, and Alcove Payments is not responsible for any such fees and disclaims all liability in this regard. Your Payment Method may also be subject to additional terms of use. Please review them before using your Payment Method.

2.8 Your Payment Method, Your Responsibility. Alcove Payments is not responsible for any loss suffered by you as a result of incorrect Payment Method information provided by you.

  1. Homeowner Terms

3.1 Payment Collection. Alcove Payments generally charges the move-in fee, as well as the security deposit at or around the time of lease countersigning, unless noted otherwise.

3.2 Valid Payout Method. In order to receive a Payout you must have a valid Payout Method linked to your Alcove account. When you add a Payout Method to your Alcove account, you will be asked to provide information such as name, government identification, tax ID, billing address, and financial instrument information either to Alcove Payments or its third-party payment processor(s). Depending on the Payout Method selected additional information may be required, such as: residential address, name on the account, account type, routing number, account number, email address, payout currency, identification number and account information associated with a particular payment processor. Providing requested information is required for a Payout Method to be valid. The information Alcove Payments requires for a valid Payout Method may change, and Alcove Payments may request additional information at any time; failing to provide requested information may result in Alcove Payments temporarily placing a hold, suspending, or canceling any Payout until the information is provided and, if necessary, validated. You authorize Alcove Payments to collect and store your Payout Method information. Alcove Payments may also share your information with governmental authorities as required by applicable law.

3.3 Timing of Payout

3.3.1 Subject to and conditional upon successful receipt of the payments from Housemate, Alcove Payments will generally initiate the first payout to your selected Payout Method within 24 hours of the Housemate’s scheduled move-in date, and will initiate future payouts on the 1st of each month after the initial payout, for the duration of the lease term .

3.3.2 Alcove Payments may offer you a different Payout time or trigger for payment, which may be subject to additional terms and conditions. The time it takes to receive Payouts once released by Alcove Payments may depend upon the Payout Method you select.

3.4 Payout. Your Payout for a lease will be the rent payment amount less applicable fees like Alcove service fees and applicable taxes. In the event of cancellation of a confirmed lease, Alcove Payments will remit the amount you are due (if any) as provided in the Terms of Use and applicable cancellation policy.

3.5 Payout Restrictions. Alcove Payments may temporarily place a hold, suspend, or cancel any Payout for purposes of preventing unlawful activity or fraud, risk assessment, security, or completing an investigation; or if we are unable to verify your identity, or to obtain or verify requested information. Furthermore, Alcove Payments may temporarily place a hold on, suspend, or delay initiating or processing any Payout due to you under the Terms of Use as a result of high volume lease cancellations or modifications arising from a Force Majeure Event (as defined below).

3.6 Limits on Payouts. For compliance or operational reasons, Alcove Payments may limit the amount of a Payout. If you are due an amount above that limit, Alcove Payments may make a series of Payouts (potentially over multiple days) in order to provide your full Payout amount.

3.7 Payment Service Providers. Payout Methods may involve the use of third-party payment service providers. These payment service providers may charge you additional fees when processing Payouts in connection with the Payment Services (including deducting charges from the Payout amount), and Alcove Payments is not responsible for any such fees and disclaims all liability in this regard. Your Payout Method may also be subject to additional terms of use. Please review them before using your Payout Method.

3.8 Handling of Funds. Alcove Payments may combine amounts that it collects from Housemates and invest them as permitted under applicable laws. Alcove Payments will retain any interest it earns on those investments.

3.10 Your Payout Method, Your Responsibility. Alcove Payments is not responsible for any loss suffered by you as a result of incorrect Payout Method information provided by you.

  1. Appointment of Alcove Payments as Limited Payment Collection Agent

4.1 Each Homeowner, including each Homeowner’s agent, hereby appoints Alcove Payments as the Homeowner’s payment collection agent solely for the limited purpose of accepting and processing funds from Housemates purchasing Homeowner Services on the Homeowner’s behalf.

4.2 Each Homeowner, including each Homeowner’s agent, agrees that payment made by a Housemate through Alcove Payments, shall be considered the same as a payment made directly to the Homeowner, and the Homeowner will provide the Homeowner Service booked by the Housemate in the agreed-upon manner as if the Homeowner has received the payment directly from the Housemate. Each Homeowner agrees that Alcove Payments may refund the Housemate in accordance with the Terms of Use. Each Homeowner understands that Alcove Payments’ obligation to pay the Homeowner is subject to and conditional upon successful receipt of the associated payments from Housemate. Alcove Payments guarantees payments to Homeowner(s) only for such amounts that have been successfully received by Alcove Payments from Housemates in accordance with this Payment Policy. In accepting appointment as the limited payment collection agent of the Homeowner, Alcove Payments assumes no liability for any acts or omissions of the Homeowner.

4.3 Each Housemate acknowledges and agrees that, notwithstanding the fact that Alcove Payments is not a party to the agreement between you and the Homeowner(s), including each Homeowner Team member, Alcove Payments acts as each Homeowner’s payment collection agent for the limited purpose of accepting payments from you on behalf of the Homeowner(s). Upon a Housemate’s payment of the funds to Alcove Payments, the Housemate’s payment obligation to the Homeowner(s) for the agreed upon amount is extinguished, and Alcove Payments is responsible for remitting the funds successfully received by Alcove Payments to the Homeowner(s) in the manner described in this Payments Policy. In the event that Alcove Payments does not remit any such amounts, the Homeowner(s) will have recourse only against Alcove Payments and not the Housemate directly.

  1. General Terms

5.1 Fees. Alcove Payments may charge fees for use of certain Payment Services and any applicable fees will be disclosed to you in the Terms of Use or via the Alcove Platform.

5.2 Payment Authorizations. You authorize Alcove Payments to collect from you amounts due pursuant to this Payment Policy and/or the Terms of Use by either (i) charging the Payment Method associated with the relevant lease, or any other Payment Method on file that you authorize in your Alcove account (unless you have previously removed the authorization to charge such Payment Method(s)), or (ii) by withholding the amount from your future Payout. Specifically, you authorize Alcove Payments to collect from you:

  • Any amount due to Alcove (e.g., as a result of your leases, lease Modifications, cancellations, or other actions as a Housemate, Homeowner or user of the Alcove Platform), including reimbursement for costs prepaid by Alcove on your behalf. Any funds collected by Alcove Payments will set off the amount owed by you to Alcove or Alcove Payments and extinguish your obligation to Alcove or Alcove Payments.
  • Any amount due to a Homeowner from a Housemate which Alcove collects as the Homeowner’s payment collection agent as further set out in Section 4 above.
  • Taxes, where applicable and as set out in the Terms of Use.
  • Any amount you pay through the Service Tickets in connection with your Alcove account.
  • Any Damage Claim amounts owed to Alcove or Alcove Payments in accordance with the Terms of Use and Section 6.
  • Any service fees or cancellation fees imposed pursuant to the Terms of Use (e.g., if, as a Homeowner, you cancel a confirmed lease).
  • Any amounts already paid to you as a Homeowner despite a Housemate canceling a confirmed lease or Alcove deciding that it is necessary to cancel a lease in accordance with the Terms of Use, or other applicable cancellation policy. You agree that in the event you have already been paid, Alcove Payments will be entitled to recover the amount of any such Housemate refund from you, including by subtracting such refund amount out from any future Payouts due to you.

If you owe an amount at any time after a lease, such as with Payment Plan or Recurring Payment charges, lease Modifications, resolution center payments, or Damage Claims (“Additional Amounts”), you authorize Alcove Payments to collect payments for such Additional Amounts by charging your Payment Method associated with the relevant lease without any further action on your part. Alcove Payments will notify you in writing before any Additional Amounts are charged.

If your Payment Method associated with the relevant lease is determined to be expired, invalid or otherwise not able to be charged for any reason (such as insufficient funds), you remain responsible for any uncollected amounts and Alcove Payments may charge the Payment Method related to your lease again or use any other Payment Method on file associated with your Alcove account, if available, to collect such Additional Amounts. Any amount not collected for any reason will be subject to any remedies that may be available, including, but not limited to, referral to a collections agency, or pursuit of available causes of action or claims against you.

If Alcove has reason to believe that you as a Homeowner participated in fraudulent activity, such as an overpayment scam, lease fraud or other fraud, and Alcove Payments released the payout for such stay, Alcove Payments may recoup from you such amount by reducing, setting off or debiting the amount from any future Payouts owed to you.

In addition to any amount due as outlined above, if there are delinquent amounts or chargebacks associated with your Payment Method, you may be charged fees that are incidental to Alcove Payments collection of these delinquent amounts and chargebacks. Such fees or charges may include collection fees, convenience fees or other third-party charges.

5.3 Collections

5.3.1 If Alcove Payments is unable to collect any amounts you owe under the Terms of Use and this Payment Policy, Alcove Payments may engage in collection efforts to recover such amounts from you.

5.3.2 You hereby explicitly agree that all communications in relation to amounts owed will be made by electronic mail or by phone, as provided to Alcove and/or Alcove Payments by you. Such communications may be made by Alcove, Alcove Payments, or by anyone on their behalf, including but not limited to a third-party collection agent.

5.4 Payment Processing Errors

5.4.1 Alcove Payments will take the necessary steps to rectify any payment processing errors that we become aware of. These steps may include crediting or debiting (as appropriate) the original Payout Method or Payment Method used or selected by you, so that you end up receiving or paying the correct amount. This may be performed by Alcove Payments or a third party such as your financial institution. We may also take steps to recover funds sent to you in error (including but not limited to an event of duplicate payments made to you due to a processing error), by reducing, setting off and/or debiting the amount of such funds from any future Payouts owed to you.

5.4.2 To the extent you receive any funds in error, you agree to immediately return such funds to Alcove Payments.

5.5 Refunds

5.5.1 Any refunds or credits due to a Member pursuant to the Terms of Use, will be initiated and remitted by Alcove Payments in accordance with this Payments Policy.

5.5.2 Subject to this Section 5.5.2, Alcove Payments will initiate the refund process immediately. In case of a cancellation by Homeowner, Alcove Payments will hold the funds for up to 72 hours until the Housemate is either refunded or the Housemate directs Alcove to use the funds to lease with another Homeowner. In certain instances, the refund process may include the option to receive credit in lieu of a cash refund; if this option is made available to you, the timing of your refund will be communicated via the Alcove Platform. The time it takes to receive any cash refund or for any pre-authorization of your Payment Method to be released will vary based on the Payment Method and any applicable payment system (e.g., Visa, Mastercard, etc.) rules. In the event of a Force Majeure Event that may affect the processing and settlement of refunds, Alcove Payments will initiate and process the refund as soon as is practicable.

  1. Damage Claims and Damage Amounts

6.1 If you are responsible for Damage Claim amounts, pursuant to Section 19 of the Terms of Use, Alcove via Alcove Payments may, with your prior authorization, to charge the Payment Method used to make the lease or any other payment method on file in your Alcove account at the time of the Damage Claim in order to collect Damage Claim amounts, up to a maximum amount as defined in Section 19 of the Terms of Use.
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6.2 You agree that Alcove Payments may seek to recover from you under any insurance policies you maintain and that Alcove Payments may also pursue against you any remedies it may have available, including, but not limited to, referral to a collections agency, or pursuit of causes of action or claims against you, including in relation to a Damage Claim, or payment requests made by Homeowners.

  1. Abandoned Property

If Alcove Payments holds funds due to you (e.g., because we are unable to issue you a Payout or refund) or you do not use a credit for the relevant period of time set forth by your state, country, or other governing body in its unclaimed property laws, we may process the funds due to you in accordance with our legal obligations, including by reporting and escheating (sending) such funds to the appropriate governing body as required by applicable unclaimed property laws.

  1. Prohibited Activities

8.1 You are solely responsible for compliance with any and all laws, rules, regulations, and tax obligations that may apply to your use of the Payment Services. In connection with your use of the Payment Services, you may not and you agree that you will not and will not assist or enable others to:

  • breach or circumvent any applicable laws or regulations;
  • use the Payment Services for any commercial or other purposes that are not expressly permitted by this Payments Policy;
  • register or use any Payment Method or Payout Method with your Alcove account that is not yours or you do not have authorization to use;
  • avoid, bypass, remove, deactivate, impair, descramble, or otherwise circumvent any technological measure implemented by Alcove Payments or any of Alcove Payments’ providers or any other third party to protect the Payment Services;
  • take any action that damages or adversely affects, or could damage or adversely affect, the performance or proper functioning of the Payment Services;
  • attempt to decipher, decompile, disassemble, or reverse engineer any of the software used to provide the Payment Services; or
  • violate or infringe anyone else’s rights or otherwise cause harm to anyone.
  1. 9. Disclaimers

9.1 IF YOU CHOOSE TO USE THE PAYMENT SERVICES, YOU DO SO VOLUNTARILY AND AT YOUR SOLE RISK. TO THE MAXIMUM EXTENT PERMITTED BY LAW, THE PAYMENT SERVICES ARE PROVIDED “AS IS”, WITHOUT WARRANTY OF ANY KIND, EITHER EXPRESS OR IMPLIED.

9.2 NOTWITHSTANDING ALCOVE PAYMENTS’ APPOINTMENT AS THE LIMITED PAYMENT COLLECTION AGENT OF HomeownerS PURSUANT TO SECTION 4, ALCOVE PAYMENTS EXPLICITLY DISCLAIMS ALL LIABILITY FOR ANY ACT OR OMISSION OF ANY MEMBER OR OTHER THIRD PARTY. ALCOVE PAYMENTS DOES NOT HAVE ANY DUTIES OR OBLIGATIONS AS AGENT FOR EACH Homeowner EXCEPT TO THE EXTENT EXPRESSLY SET FORTH IN THIS PAYMENT POLICY, AND ANY ADDITIONAL DUTIES OR OBLIGATIONS AS MAY BE IMPLIED BY LAW ARE, TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, EXPRESSLY EXCLUDED.

9.3 IF WE CHOOSE TO CONDUCT IDENTITY VERIFICATION ON ANY MEMBER, TO THE EXTENT PERMITTED BY APPLICABLE LAW, WE DISCLAIM WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED, THAT SUCH CHECKS WILL IDENTIFY PRIOR MISCONDUCT BY A MEMBER OR GUARANTEE THAT A MEMBER WILL NOT ENGAGE IN MISCONDUCT IN THE FUTURE.

9.4 THE FOREGOING DISCLAIMERS APPLY TO THE MAXIMUM EXTENT PERMITTED BY LAW. YOU MAY HAVE OTHER STATUTORY RIGHTS OR WARRANTIES WHICH CANNOT LAWFULLY BE EXCLUDED. HOWEVER, THE DURATION OF ANY STATUTORILY REQUIRED WARRANTIES SHALL BE LIMITED TO THE MAXIMUM EXTENT (IF ANY) PERMITTED BY LAW.