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Dear USER,
Thank you for investing your trust in myPOS™!
We would like to notify you on the following changes in the Legal Agreement for myPOS™ Service.
We will be implementing effectively as of 20/10/2016 the Reserve percentage for myPOS™ Clients (merchants), who use MO/TO, e-Commerce transactions or myPOS™ Virtual. The Reserve and Reserve percentage are already part of the Legal Agreements of the myPOS™ Service since the launch of the Service. Merchants who use MO/TO or e-Commerce will be able to see the percentage withheld as a Reserve in their myPOS™ account as a 'Reserve Account'. The Reserve Account will show the amount which will serve as a compensation in the event of any chargebacks, refund requests or claims made by Customers (cardholders) against the myPOS™ client. The amount will be released back to the Merchant's account after a certain period of time. We describe below how the Reserve Account will work:
The reserve rate and reserve period could be changed by the Bank in case of higher risk profile of the Merchant.
With the following letter, we would like to notify you for other updates to the Legal Agreement as follows:
You can review the changes online in your myPOS™ profile in the Section 'Legal Agreements for myPOS™ Service'.
Please be kindly informed that the changes shall be applied effectively as of 20/12/2016. You are not required to do anything explicit in order to accept the changes to the Legal Agreement for myPOS™ Service.
If you do not agree with the changes, please notify us via your registered e-mail for the Service prior to their entry in force and request termination of the Service and Agreement.
If you have any questions, please feel free to contact us at: xxxxx
Sincerely,
myPOS™ Team
Thank you for investing your trust in myPOS™!
We would like to notify you on the following changes in the Legal Agreement for myPOS™ Service.
We will be implementing effectively as of 20/10/2016 the Reserve percentage for myPOS™ Clients (merchants), who use MO/TO, e-Commerce transactions or myPOS™ Virtual. The Reserve and Reserve percentage are already part of the Legal Agreements of the myPOS™ Service since the launch of the Service. Merchants who use MO/TO or e-Commerce will be able to see the percentage withheld as a Reserve in their myPOS™ account as a 'Reserve Account'. The Reserve Account will show the amount which will serve as a compensation in the event of any chargebacks, refund requests or claims made by Customers (cardholders) against the myPOS™ client. The amount will be released back to the Merchant's account after a certain period of time. We describe below how the Reserve Account will work:
- For merchants, using myPOS™ Virtual or e-Commerce, 10% of the amount received from all myPOS™ Virtual or e-Commerce transactions will be withheld for a reserve period and will be visualized in the Reserve Account of the Merchant;
- For merchants, using MO/TO, 10% of each card transactions performed on physical POS, will be automatically withheld. If the same are using myPOS™ Virtual or e-Commerce, 10% of the amount received on virtual POS or e-commerce will be automatically withheld for a reserve period and will be visualized in the Reserve Account of the Merchant;
- The amount will be withheld as a Reserve for a period of 180 days and will be released and credited to the Merchant's account on the 181st day of its withholding. The period of the reserve could be extended up to 1 year or longer if there is a certain procedure started against the myPOS™ merchant (chargeback or similar) by the Card Schemes;
- The reserve amount is not available in the balance as e-money and the Merchant cannot operate with it until the reserve period elapses;
The reserve rate and reserve period could be changed by the Bank in case of higher risk profile of the Merchant.
With the following letter, we would like to notify you for other updates to the Legal Agreement as follows:
- Payment request - conditions of usage of the feature, which allows you to accept payments from your clients from distance;
- Acceptance policy and restricted activities - to ensure your safe and proper usage of the Service;
- Immediate notification needed - in case of lost, stolen card or unauthorized transaction, you should inform our Contact centre without delay. You can do this on the numbers printed on the back of the card; on our website; or via your registered e-mail for the Service by contacting us at xxxxxx
You can review the changes online in your myPOS™ profile in the Section 'Legal Agreements for myPOS™ Service'.
Please be kindly informed that the changes shall be applied effectively as of 20/12/2016. You are not required to do anything explicit in order to accept the changes to the Legal Agreement for myPOS™ Service.
If you do not agree with the changes, please notify us via your registered e-mail for the Service prior to their entry in force and request termination of the Service and Agreement.
If you have any questions, please feel free to contact us at: xxxxx
Sincerely,
myPOS™ Team