Payments Terms

Last updated: August 13, 2026

These Payments Terms explain the fees, payment processing, refund and fulfillment, and risk disclosures that apply when you send or receive money through iris.market and related services (the "Service"), operated by Iris Market, Inc. ("iris," "we," or "us"). These terms are part of, and should be read together with, our Terms of Service and Privacy Policy.

Fees

iris charges a service fee on completed cash transactions between members. Our current fees are:

• Service fee — 5% of the transaction amount, split evenly between the buyer and the seller (2.5% each), on each completed cash transaction.
• Payment processing fee. Card-funded payments are subject to the payment processor's standard processing fee, which is charged in addition to the service fee.
• No fee on non-cash exchanges. Gifts, free loans, shares and pure trades carry no service fee, because no money changes hands.
• Tips are optional. You may tip iris when an exchange completes. Tips go to iris rather than to the other member, are always voluntary, and can be skipped.
• No late payment fees. The Service does not extend credit and does not charge late payment, interest, or financing fees of any kind. You can only spend money you are paying at the time of a transaction.

All applicable fees are shown to you before you complete a transaction. We may change our fees from time to time; changes apply to transactions made after the change takes effect and will be disclosed before you complete the transaction.

Balances on iris

iris does not offer a cash wallet. There is no way to add money to iris, to hold a dollar balance with us, or to withdraw money to a bank account. Money moves only as payment for a specific transaction between two members.

The only balance you can hold on iris is Flow. Flow is an internal unit iris issues to recognise value you have moved — for example, giving something away or lending it for free. Flow cannot be bought, cannot be redeemed for money, cannot be withdrawn or transferred to a bank, and has no cash value. You may spend it with members who have chosen to accept it, send it to another member, or use it toward a loan fee. Flow is not a prepaid card, gift card, deposit, credit, or investment product.

If you close your account, you can pass your Flow on. Before closing, you may send or gift any remaining Flow to another member. Flow you do not pass on is forfeited when your account closes — it returns to iris and is not paid out in money, because Flow has no cash value and was never purchased. We will remind you of any remaining balance before your account is closed.

Refunds and Fulfillment

iris is a marketplace that connects members; iris is not the seller or the buyer in any transaction and is not a party to transactions between members. Members are responsible for fulfilling their transactions — delivering the item or service as described, and on the terms they agree with the other member.

When you pay for something, your payment is held until you confirm you received it. It is not passed to the seller when your card is charged. The money sits with iris, through our payment processor, until you mark the exchange complete — and only then is the seller paid. If you dispute instead of confirming, the payment stays held while the issue is worked out.

If a transaction is not completed — for example, an item is not delivered, or a buyer and seller agree to cancel — the parties may agree to a refund. Where funds have not yet been released to the seller, an eligible refund returns the payment to the payer's original payment method. Service and processing fees may be non-refundable to the extent already incurred, and this will be indicated at the time of the transaction. iris may, but is not obligated to, assist members in resolving disputes; final resolution of a transaction dispute is between the members involved and may also be governed by the payment processor's dispute and chargeback processes. To request help with a refund or a transaction problem, contact us at hi@iris.market.

Payment Processing and Regulated Services

Payments and transfers on the Service are processed by Stripe, Inc. and its affiliates and bank partners ("Stripe"), which provide the regulated payment and money-movement services. By sending or receiving money you also agree to Stripe's applicable terms, including the Stripe Services Agreement and any connected-account terms presented to you. All card details are handled by Stripe; iris never sees or stores them.

Between the moment a buyer pays and the moment the buyer confirms receipt, the payment is held in an iris account with Stripe rather than being passed straight to the seller. iris holds that money for the limited purpose of completing the transaction between the two members, and releases it when the buyer confirms.

Iris Market, Inc. is a technology company and marketplace operator. iris is not a bank or a licensed financial institution, and does not offer banking, deposit, lending, or stored-value accounts. Regulated payment and money-movement services are provided by Stripe and its bank partners.

Debt Collection

Because the Service does not extend credit or loans, iris does not place member accounts into collections and does not use third-party debt collection agencies.

Risk Disclosures

Please be aware of the following when using payments on iris:

• Flow is not a deposit or investment. Flow cannot be bought or cashed out, has no cash value, does not fluctuate in value, and is not a bank deposit, security, or investment.
• No interest. You do not earn interest or yield on Flow, and iris holds no cash balances for members on which interest could accrue.
• No deposit insurance. Money in transit between a buyer and a seller is not a deposit and is not insured by iris.
• Payments in transit. Between payment and your confirmation of receipt, your money is held in an iris account with our payment processor. It is held for the purpose of completing your transaction and is released to the seller when you confirm.
• Transaction risk. iris does not guarantee the quality, safety, legality, or delivery of any item or service, or the conduct of any member. Estimated values shown by the Service are estimates only, not appraisals or guarantees of resale value.

Changes

We may update these Payments Terms from time to time. Material changes will be reflected by the Last updated date above, and continued use of payments after changes take effect constitutes acceptance of the updated terms.

Contact

For questions about payments or fees, contact us at hi@iris.market.