Terms & Conditions
- RaundTable Pty Ltd (‘RaundTable’, ‘we’, ‘us’, ‘our’) operates an online tool or platform that allows individuals (‘you’, ‘your’, ‘members’) to form groups (called Tables) to save money towards a shared financial goal and share money with other members within that Table according to rules set and agreed upon by members of each Table.
- Sharing money may mean that other members in the same Table may receive shared funds from other members in anticipation that the receiving members will repay the money as agreed by all members. Members will access shared funds in a pre-defined order agreed upon by all Table members and sharing will continue until all members have accessed the shared funds.
- RaundTable will provide NO OTHER service except making available to you our online tool that allows you to create your Table (including setting your saving goal), invite your trusted members to join your Table, facilitate the sharing of funds by transferring funds between members and record the transactions completed by all members or by RaundTable on behalf of and as instructed by Table members. (Services)
- RaundTable provides the Services through a mobile application listed on Google PlayTM and Apple App StoreTM. Information on how we provide the Services can be found on raundtable.com.au. (‘website’)
- Please read these Website Terms and Conditions (‘Terms’) carefully. By using the Services, you agree to comply with and be legally bound by these Terms. If you do not agree to these Terms, do not understand these Terms or are unsure if the Services are suitable for your circumstances, you must discontinue using the Services and seek independent advice.
2. Important Information on Services We Provide
- Members share money in Tables according to rules agreed upon by all members (including how much is shared, when the money is shared, and the order in which the money is shared). This means that members who receive shared funds earlier than other members are expected to repay that money according to rules agreed on by all members. RaundTable does not and will not participate in the creation of Tables or nor do we set the rules of any Table on behalf of members.
- Money shared within Tables is shared by and between members of that Table and not by RaundTable. All members who use our Services are not in the business of providing credit services and do not charge any interest or any other charges on any money shared with you expect the service fee we charge you to use our tool. This means that money you share with other members is not regulated under the National Consumer Credit Protection Act 2009 (National Credit Act).
- RaundTable does not provide credit services as defined in the National Credit Code because the funds you share with your Table members are unregulated and we are not a party to nor do we influence in any way, shape, or form the agreement you make with your Table members. RaundTable’s sole purpose is to provide you with the necessary digital and administrative support to assist you to create and manage your Tables according to your rules. Our tool is not a regulated financial service.
3. Risk of Financial Loss
- RaundTable does not guarantee (whether express or implied) the successful performance of any member in your Table. You may lose some or all your money if a member fails to repay the funds you shared.
- You must add to your Table individuals that you know and trust only. You must also make any and all reasonable enquiries to confirm that all members you add to your Table have the means and capacity to participate to contribute money to your Table as agreed until all members have received back the money they shared.
- If you lose some or all your money, you agree that RaundTable, its third-party affiliates, employees, officers, agents, contributors, and licensors shall not be liable to you for direct, indirect, incidental, special, consequential or exemplary damages resulting from the loss incurred (including any loss of goodwill or business reputation and any other intangible loss).
- RaundTable does not provide debt collection services and you agree that you are responsible for any debt collection activities you commence, and the costs associated with such activities.
4. Your Responsibility Before Becoming a Member of a Table
- Before agreeing to become a member of any Table, you must:
- Ensure you know, trust and completely agree to participate with current or invited members of a Table.
- Make all necessary and reasonable enquiries or investigations to ensure all members will be able to pay back all funds shared.
- You have taken reasonable time to consider your personal circumstances or sought independent advice before agreeing to join a Table.
- You have carefully considered the potential risk of financial loss and accepted such risk.
- You have carefully read these Terms.
5. Description of Services We Provide
- RaundTable operates an online tool that allows you to form groups called Tables to share money with other members within that group according to rules set by members of each group. Our online tool assists you to create your Table, invite other individuals to join your Table and facilitate the sharing of funds by transferring funds between members and record the transactions completed by all members or by RaundTable on behalf of and as instructed by Table members.
6. Services We Do Not Provide
- RaundTable does not provide the following services (whether express or implied):
- Regulated consumer credit services.
- Financial advice
- Investment Advice
- Brokerage services
- Credit reporting services
- Banking services
- Debt Collection or Recovery services
- RaundTable will not share any funds with you or make any advance payment to you as part of providing the Services to you. We are unable to enforce agreements between Table members or compel members to make any outstanding contributions by any means. You may lose all your shared funds if a member of your Table fails to pay their Contribution as agreed.
- As a Table Leader, it is your responsibility to add members to your Table whom you personally know and trust. As an invited member, you are responsible for accepting an invitation to a Table after confirming that you personally know and trust all members of that Table.
Contribution is the amount that a member of a Table pays at a pre-determined time for a set period and is shared among all members according to the Table rules.
Content means text, graphics, images, music, software, audio, video, information and/ or other materials in any format produced by us in the process of providing the Services to you.
Frequency is the rate at which a member is required to pay the Contribution in a Table. This may be Weekly, Monthly or Fortnightly.
Inactive member means a member who has not either joined or created a Table.
Member is an individual who has successfully completed our vetting and registration process and is permitted to use the Services.
My Goal is the saving goal set by each Table Member.
Our Goal is the saving goal set by members of each Table.
PayOut means the lumpsum amount that is shared and given to a member at a pre-determined time as agreed upon by all members.
Payout Date a date that a member of a Table is scheduled to receive shared funds.
Payout Order means the order in which members receive a PayOut as agreed upon by members of that Table.
PayOut Position is the number assigned to a member in the PayOut Order which determines when that member will receive the PayOut.
Table means a group of members who have agreed to use the Services according to these Terms.
Table Leader means a member who creates a Table, invites other members for the purpose of using the Services together and leads all activities within the Table.
Table End Date is the date when all members have received the PayOut and is based on the number of members in a Table.
Table Restart Date is the date that the Table is scheduled to reset and restart after all members have received their PayOut.
Table Rules are rules set and agreed upon by all members that govern how members will participate in a Table.
Table Start Date is the start date of each Table set by the Table Leader and agreed upon by other Table members.
Service Fee is the amount we charge to provide the Services to you.
Wallet is a digital location provided within RaundTable’s mobile application that allows a member to deposit their Contribution, store PayOut and withdraw shared funds.
8. Registration and Eligibility to Participate
- By completing and submitting the registration form, you:
- Agree to use the Services in accordance with these Terms.
- You warrant and confirm that you are at least 18 years of age.
- You confirm and warrant that you possess the legal right and ability to enter into a legally binding agreement with us.
- You have an Australian bank account with PayID functionality.
- You have identity verification documents that will allow us to, through third parties, verify your identity.
- You have a verifiable Australian mobile number.
- You agree to pay the Services Fee when it becomes due.
- You confirm and warrant that the information you provide to RaundTable is accurate, true, complete and current. It is a criminal offense to provide false or misleading information.
9. Varying the Registration and Eligibility to Participate
- RaundTable may vary the Registration Process from time to time. We may do this, for example, to comply with new laws or obligations to third parties or regulatory bodies. We may temporarily suspend your account if you no longer meet the eligibility to participate until you prove that you meet new requirements.
10. Considerations Before Using our Services.
- You must consider whether the Services are appropriate for your needs before requesting to become a member. You can make this consideration with or without the assistance of an independent legal professional or financial advisor.
11. Your Responsibilities as a Member
- As a member, you agree to and affirm the following:
- Agree to use the Services as set out in these Terms after taking reasonable time to review these Terms.
- Comply with any applicable laws and regulations in the relevant jurisdictions.
- You are solely responsible for protecting the confidentiality of your Login Details. You agree to immediately notify RaundTable of any unauthorised use of your Login Details or any breach of security as soon as you become aware of it.
- You agree not to assign the use of your Login Details and subsequent use of the Services to any other person or entity other than yourself. RaundTable may immediately cancel your membership if it becomes aware of the use of your Log in Details by another person other than yourself.
- That you will use the Services with funds held and owned by you.
- You agree that RaundTable is not responsible for any defamatory, offensive, or illegal conduct of any third party and that the risk of harm or damage for the foregoing rests entirely with you.
- You will commence any cause of action arising out of or related to the Services within one year after the cause of action accrues.
- You agree to remain a contributing member until the Table End Date.
12. Prohibited Activities
- By becoming a member and using the Services, you agree not to:
- Add members that you do not personally know or trust to your Table or accept an invitation to a Table with members whom you do not personally know and trust.
- Use the Services in a manner that is unlawful, fraudulent, or deceptive or that encourages conduct that will constitute a criminal offense or give rise to civil liability.
- Make copies of any or all parts of the software RaundTable uses to provide you with the Services or reverse engineer, decompile or prepare derivative works based on all or any parts of the software.
- You agree not to modify the software or remove proprietary notices and labels contained within the software.
- Lease, license sell or rent, or otherwise assign the Services or all or any copies of the software without prior written consent.
- Introduce or attempt to introduce viruses or any other computer code or malicious software, programs, or files that may interrupt, destroy, and impair the functionality of any computer resources or telecommunications equipment owned or used by us or third parties we work with to provide you with the Services.
- Attempt to or gain unauthorised access to the Services.
13. Participating in a Table
- By creating a Table or accepting an invitation to join a Table, you agree to:
- Always comply with these Terms.
- Comply with the Table Rules in your Table as set by you, other members, and the Table Leader. Such rules may include setting the Table Start Date, Frequency, Contribution, PayOut Position and PayOut Order.
- Enter into a legally binding contract between you and other members requiring you to remain a participating member of that Table until the Table End Date.
- As a Table Leader, you agree to only add individuals that you know and trust to your Table. You also agree that this knowledge and trust is not an indicator or guarantee of future performance by such members and that you and other members in your Table will not hold RaundTable responsible for any loss or damage to yourself or other members resulting from their use of the Services.
- Connect or link your bank account for the purposes of deducting your Contribution when it becomes due from your nominated bank account. By accepting these Terms, you provide RaundTable with the authority to deduct the Contribution from your bank account when it becomes due.
- By creating or agreeing to join a Table, you agree and confirm that:
- Your entitlement to the shared funds we hold on behalf of all members in your Table is limited to the Contribution you have made at that time, excluding any shared funds you have received.
- No interest in Payable on the Contribution you make as part of participating in your Table except for the loyalty reward which is given gratuitously by RaundTable to the last recipient in a Table as a token of appreciation for their participation.
- You will not charge or agree to pay other members interest for shared funds received.
- You will not charge or agree to pay other members in your Table any fees including late payment fees.
14. PayOut Order
- As a member, you agree that RaundTable will randomly set the PayOut Order using its mobile application and this will determine your PayOut Position.
- As a member of a Table, you confirm that you:
- Understand that the PayOut Order and PayOut Position as randomly set by RaundTable is not permanent; AND
- Have the power, through your Table Leader, to change the PayOut Order and PayOut Position at any time before the Table Start Date or Table Restart Date; AND
- Are responsible for reviewing your PayOut Position before accepting to participate in a Table; AND
- Have the right and power to revoke your membership in a Table at any time before the Table Start Date or Table Restart Date if you do not agree with the PayOut Order and\or your PayOut Position.
15. Services Fee
- RaundTable will charge a Services Fee for providing Services to you. We will charge a member who holds the first two PayOut position a fee of 2.5% of PayOut payable on the PayOut Date. We will charge the middle recipients 1.5% of PayOut payable on the PayOut Date. We will not charge the last recipient any Service Fee but will instead grant the last recipient a loyalty reward of 1% of the PayOut amount. The last recipient is not eligible to receive the loyalty reward if they are on a free trial period or if they are on a promotion that RaundTable will offer from time to time.
16. Other Fees
- RaundTable will not charge members any other fees other than for the Services described in these Terms. We do not provide loans and as such, we will not charge interest on funds shared by Table members.
- RaundTable will create a digital location on our mobile application called Wallet where we will perform the following functions:
- Add the Contribution received by direct debiting your linked bank account.
- Deduct your Contribution according to the Table Rules
- Add funds you deposit into your Wallet.
- Deposit your PayOut amount.
- Withdraw Funds and deposit them into your linked bank account at your request.
- The following applies to funds held in your Wallet:
- RaundTable will not pay any interest on any funds held in your Wallet.
- We will only withdraw funds from your Wallet to a linked bank account that uses PayID. We will not transfer funds to any other account other than your Pay ID-linked account.
- We will only deduct the Contribution amount as stated in your Table Rules. Any additional Funds will remain in your Wallet.
- We will only withdraw the amount stated in your withdrawal request. Any additional funds will remain in your Wallet.
- RaundTable will manage all funds shared in Tables in a bank account held with an authorised Australian deposit-taking institution or bank in our name.
18. Defaults and Failed Transactions
- RaundTable will place a Table on temporary hold if any member’s Wallet contains insufficient funds to pay the Contribution when it becomes due. RaundTable will suspend all functions within the Table until the failed payment is paid.
- A member experiencing any difficulties with paying their Contribution when it becomes due may discuss with fellow members within their Table to formulate potential solutions to their circumstances. RaundTable will not participate in these discussions and is unable to provide any assistance to the member of that Table regarding paying their Contribution.
- A member is in default if they have failed to pay the Contribution when it falls due or when in breach of these Terms. If a member remains in default for a period exceeding 10 standard days, other members may take necessary and legal steps to recover the outstanding amount from the defaulting member. RaundTable will not participate in the recovery steps in any way shape or form.
- We may ban a member who remains in default for a period exceeding 30 standard days.
19. Inactive Members
- RaundTable reserves the right to remove from its platform members that remain inactive for a period exceeding 30 standard days. RaundTable will provide reasonable notice to such members before removing and disabling their membership.
20. Permission for Messaging, In-App Alerts and Other Communication
- By agreeing to use our Services, members also agree to:
- Receive text messages, phone calls, push notifications emails and letters from RaundTable or authorised third parties regarding their participation in a Table, change to the Services we provide, or change to these Terms.
- We will send all communications to you electronically using the contact details you provided to us or our in-app notifications.
- All terms, guarantees, warranties, representations, or conditions which are not expressly stated in the Terms are excluded.
- RaundTable or any of the third parties involved in providing the Services will not be liable for any special, direct, indirect, consequential loss or damage (unless such loss emanates from our failure to meet an applicable Consumer Guarantee and is reasonably foreseeable), loss of profit or opportunity, or damage to goodwill arising out of or in connection with the Services or these Terms (including as a result of not being able to use the Services or late supply of Services), whether at common law, under contract, tort (including negligence), in equity, pursuant to statute or otherwise.
- You agree and confirm that by using the Services, you do so at your own risk and that RaundTable is not liable for enforcing any agreement or Table rules that you make between yourself and other members. You also agree and understand that RaundTable does not provide any loans, credit, or debt relief as part of our Services.
- RaundTable makes no warranty that the Services will meet your personal circumstances. We do not make any representations, warrants, or undertakings to the performance of members in your Table. It is solely a member’s responsibility to confirm the suitability of our Services before agreeing to use said Services.
- RaundTable provides the Services on an “As is” and “as available” basis and makes no warrants, undertaking, or representation that the Services will be available on an uninterrupted, secure, or error-free basis.
- RaundTable makes no warranty or guarantees on the quality of the Services, its accuracy, timeliness, completeness, or reliability.
22. Limitation of Liability
- To the extent permitted by law, in no event will RaundTable’s aggregate liability arising out of or in connection with these Terms and your use of the Services exceed the Contribution you have paid, excluding any shared funds received, in the twelve (12) months period prior to the event giving rise to the liability.
- You agree and understand that RaundTable, its third-party affiliates, employees, officers, agents, contributors, and supporters shall not be liable to you for direct, indirect, incidental, special, consequential, or exemplary damages which may be incurred by you caused in any way and under any theory of liability. This shall include, but not be limited to, any loss of profit (whether incurred directly or indirectly), any loss of goodwill or business reputation, and any other intangible loss.
23. Termination of Agreement
- RaundTable may at any time terminate these Terms with you if:
- You have paid all your Contribution due for that Table.
- You have or intend to breach these Terms; or
- RaundTable is required to do so by law; or
- RaundTable, in its opinion, views providing the Services to you as no longer commercially viable.
- You agree to indemnify RaundTable, its affiliates, employees, agents, contributors, third parties, and supporters against:
- All actions, suits, claims, demands, liabilities, costs, expenses, loss, damage (including legal fees on a full indemnity basis) incurred, suffered, or arising out of or in connection with the Content or Services
- Any direct, or indirect consequences of you accessing using, or attempting to use the Services; and/or
- Any breach of the Terms.
25. Change if the Services or Terms
- Acting reasonably, RaundTable reserves the right, in its sole discretion, to modify or discontinue the Services including Services Fee and these Terms at any time with prior written notice. We will post modifications on our website or mobile applications and update the ‘Last Updated’ date at the top of these Terms.
26. Severability and Waiver
- Failure by us to enforce any right or provision under these Terms will not be construed as a waiver of those rights or provisions.
- If for any reason an arbitrator or court of competent jurisdiction finds any portion of these Terms to be invalid or unenforceable, that portion of the provision will be severed and the remaining portion will remain enforceable to the maximum extent permitted and other provisions of these Terms will remain in full force and effect.
27. Governing Laws, Venue, and Jurisdiction
- The Services are intended to be used by Australian citizens, Permanent Residents, or Valid Visa holders residing in Australia.
- The Services and these Terms are governed by the laws of Western Australia and New South Wales and were applicable, laws of Australia. Disputes arising in connection with the Services of these Terms will be subject to the non-exclusive jurisdiction of the Courts of Western Australia or New South Wales
1. Dispute Resolution
- If you are unhappy with the Services we have provided, you can contact us using the details listed on our website. RaundTable will not accept complaints that relate to Services it does not provide as mentioned in these Terms.
- Copyright and Intellectual Property
- The Services, content, and all related products are subject to copyright and protected under the copyright laws of Australia and through international treaties. Unless stated, all rights (including copyright) in the Content or Services are owned by RaundTable.
- RaundTable grants you a worldwide, non-exclusive, royalty-free, revocable license to use the Services pursuant to the Terms and download copy or print Content for personal non-commercial use. Nothing you do in relation to the content or Services transfers any rights and interest in that Content or Services owned by RaundTable to you.
- You shall not, without prior written consent from RaundTable, interact with the Content or Services in any manner other than in the manner allowed by these Terms.