fans.lu Marketplace Payments & Paypal Payments Policy
1. Accepting These Terms
This document (the fans.lu Marketplace Payments and Paypal Payments Policy or the “Policy,” for short) sets out your rights and responsibilities when you use fans.lu Marketplace Payments and Paypal Payments on fans.lu’s services (we’ll refer to fans.lu and fans.lu's mobile apps and other services as our “Services”), so please read it carefully. By using fans.lu Marketplace Payments and Paypal Payments, you’re agreeing to the Policy.
The Policy is a legally binding contract between you and fans.lu, Inc. referred to as “fans.lu”.
fans.lu Payments allows sellers to (a) accept payment by authorized credit and debit card transactions, some bank transfers services, PayPal, transactions using Apple Pay, and transactions using Android Pay, (b) have those funds credited to a seller’s account with fans.lu, and (c) have those funds deposited into a seller’s designated bank or paypal account.
fans.lu Payments is only available to sellers who are at least 18 years old who register and are approved for a payment account with fans.lu.
Sellers may only use fans.lu Payments for the sale of items listed on fans.lu’s Services, and agree to ship sold items once a payment transaction is complete and reflected in their payment account. fans.lu reserves the right to terminate a seller’s access to fans.lu Payments if the seller uses fans.lu Payments in any other manner.
Buyers may authorize a payment with any major credit or debit card accepted by fans.lu or through PayPal, Apple Pay, or Android Pay.
3. Third-Party Services
fans.lu has engaged third-party service providers to perform many of the services related to payment processing, including card processing, currency exchange, identity verification, fraud analysis and regulatory compliance.
fans.lu partners with Braintree, PayPal and other licensed payment processors to facilitate card Payments and other Payments and the disbursement of funds to sellers. The provider and processing time for your payment will vary based on the country in which you're located. If there are insufficient funds in your bank account when our provider processes the payment for your purchase, fans.lu reserves the right to contact you directly and to seek payment.
fans.lu may share your personal or transactional information with those third-party service providers when it's necessary to process Payments.
By using a third-party service, you may also be subject to an agreement with the third-party. For example, PayPal is a third-party service provided by PayPal Holdings, Inc. and is subject to the PayPal User Agreement. Apple Pay is a third-party service provided by Apple Inc. and is subject to the Apple Pay Terms and Conditions. Android Pay is a third-party service provided by Google Payment Corp. and is subject to the Android Pay Terms and Conditions for US Users and Users outside the US.
If fans.lu receives notice that your shop's content or activity violates a third party's service agreement, we may at our sole discretion take action against your account to comply with their policies. Such actions may include canceling a transaction, disabling listings from your shop, suspending your selling privileges, or removing certain payment methods.
For Non-USA based sellers, you will receive funds directly into your PayPal account. This payment method exists for sellers in countries that are not yet eligible for fans.lu Marketplace Payments which is currently only offered for USA based sellers. All applicable Paypal fees will be applied.
4. fans.lu’s Rights and Responsibilities
As a security measure, we may impose transaction limits on buyers and sellers. For example, we may impose limits relating to the value of any transaction, deposit, or adjustment, or limits relating to the cumulative value of all transactions, deposits, or adjustments during a period of time. We may also impose limits related to the number of transactions per day or other period of time. We will not be liable to a seller: (a) if we do not proceed with a transaction, deposit, or adjustment that would exceed any limit established by us, or (b) if we permit a buyer to withdraw from a transaction.
fans.lu may refuse service of fans.lu Payments to anyone, for any reason, at any time.
In the event that a buyer does not make payment for the purchase of a legitimate item sold using fans.lu Payments (e.g., where the buyer used a stolen or unauthorized credit card), fans.lu may provide limited payment protection to the seller, in the interest of fairness but at our own discretion.
fans.lu will send you any relevant notices regarding your use of fans.lu Payments.
5. Seller Rights and Responsibilities
A. Use of fans.lu Marketplace Payments. If you live in the USA, you are required to sign up for fans.lu Marketplace Payments, which will result in your shop accepting payment through authorized credit and debit card transactions, some bank transfer services, PayPal, Apple Pay, and Android Pay. For you to sign up for fans.lu Marketplace Payments and receive payment for transactions made through fans.lu Marketplace Payments, you must provide valid account information for a bank account in the United States. Without this information, fans.lu cannot pay you!
Non-USA based sellers must register and also be validated through Paypal.
In the event that a buyer submits a chargeback, fans.lu will respond to the credit card networks on behalf of the seller involved in the transaction; the seller agrees to provide any requested information to us within five calendar days of the request. fans.lu reserves the right to recoup funds associated with buyer chargebacks.
C. Communications. We will inform sellers of each transaction, or of other information pertaining to fans.lu Payments, using email or through fans.lu's Conversations tool.
D. Refunds. Refunds or adjustments paid by fans.lu to buyers for payments made through fans.lu Payments may be initiated using the refund functionality in the seller's payment account or by contacting fans.lu directly to issue the refund on their behalf. Any such funds paid by fans.lu to cover refunds will be deducted from the seller’s payment account balance. If there are insufficient funds to cover the amount of the refund, the balance will be charged to the seller’s credit card or added to the seller’s fans.lu bill.
Fully refunded transactions may be eligible for cancellation in accordance with the Seller Policy.
E. International Trade Laws. You agree that your use of fans.lu Payments will not involve any countries, entities, individuals or items prohibited by sanctions, embargoes, regulations or orders administered by the US Department of Treasury’s Office of Foreign Assets Control (“OFAC”) or other government agencies.
6. Appointment of fans.lu as Limited Collection Agent for Sellers
Each seller appoints fans.lu as its agent for the limited purpose of receiving, holding and settling payments to seller. fans.lu will settle payments that are actually received by fans.lu to each seller, less any amounts owed to fans.lu and subject to these Terms. Each seller agrees that a buyer payment received by fans.lu, on behalf of seller, satisfies the buyer's obligations to make payment to seller, regardless of whether fans.lu actually settles such payment to seller. If fans.lu does not settle any such payments as described in these Terms to a seller, such seller will have recourse only against fans.lu and not the buyer.
A. Payment Account. All funds resulting from a completed transaction will be reflected as a balance in a seller’s dashboard. Transactions are considered complete once the payment is approved by fans.lu or our fraud analysis service provider. Any refunds, adjustments, or other amounts paid to buyers in connection with purchases, or for funds received since the last payment day, are also applied to the seller’s payment account balance.
Funds in a payment account balance are eligible for deposit (the “Available Balance”) into a seller’s bank account at the end of any applicable deposit delay, reserve, or hold period as determined by the seller’s bank.
B. Country and Currency Options. Available Balances can only be deposited into bank accounts in the United States and via Paypal for Non-USA based sellers.
C. Scheduled Deposits. fans.lu will instruct our Marketplace Payments partners to initiate a deposit of a seller’s Available Balance into the seller’s bank account on a daily, weekly, biweekly, or monthly basis. Deposits into a seller’s bank account will generally be credited within three (3) to five (5) business days from the date fans.lu initiates the deposit request. The actual timing of the deposit may depend on how quickly a seller’s bank processes the request.
The Payment Date will fall on the next business day (Monday through Friday, excluding bank holidays) if the scheduled Payment Date falls on a non-business day. When a seller either initially provides or later changes his or her bank account information, the seller must wait at least five (5) calendar days to request a deposit into a bank account as a security precaution. The next scheduled deposit after a change to bank account information will occur on the next applicable Payment Date after a period of five (5) calendar days from the date of the requested change.
D. Holds and Delays. In some cases, deposits to sellers’ bank accounts could be temporarily delayed by an issue at fans.lu, at fans.lu’s third-party service providers, or at a seller’s bank. We’ll do our best to communicate with the affected sellers as soon as we can.
If we believe that a seller's actions may result in buyer disputes, chargebacks, or other claims, then we may, in our sole discretion, put (1) a hold, (2) a deposit delay, or (3) a reserve on the seller’s payment account balance.
A hold may be put on funds associated with a particular transaction if there is a dispute or investigation related to the order, for the shorter of: (a) 180 days after the estimated delivery date; or (b) completion of any investigation regarding the seller’s actions.
Deposit delays are defined as the number of days between a sale and the day the net amount from the sale becomes available for deposit, provided the payment has been completed. A deposit delay may be between 0 and 180 days. A deposit delay is applied across all transactions for a seller and the number of days is reflected in each seller’s payment account.
A reserve is defined as a fixed percentage of a seller’s payment account balance delayed prior to being included as part of a seller’s Available Balance for a period of up to 180 days.
If fans.lu places a hold, a deposit delay or a reserve on a seller’s account, we’ll do our best to communicate with the affected seller as soon as we can.
We always work hard to avoid and minimize any delays. However, please note that fans.lu is not obligated to refund any fees or reimburse any expenses due to holds or delayed deposits.
E. Escheatment. If fans.lu cannot settle funds into a seller’s bank account, the funds will remain in the seller’s payment account. It is the seller’s sole responsibility to update his or her bank account information to receive the funds. If a seller fails to update the information to claim the funds within a certain period of time, fans.lu will escheat the funds to the relevant government authority in order to comply with escheatment laws.
B. We may obtain reimbursement of any amounts owed by a seller to fans.lu by deducting from future payments owed to the seller, reversing any credits to the seller’s payment account balance, charging the seller's credit card on file, charging the seller’s bill, or seeking reimbursement from the seller by any other lawful means, including by using third-party collections services. You authorize us to use any or all of the foregoing methods to seek reimbursement.
9. Payment Processing Fees
A. Overview. fans.lu charges a fee (the “Payment Processing Fee”) for processing each transaction through fans.lu Payments. The fee amount will be assessed on the gross order amount, including shipping and tax (if applicable). Payment Processing Fees will be reflected in your payment account. Unlike other fees charged by fans.lu, the Payment Processing Fee will be deducted from the total amount of the payment at the time the payment is considered complete. We reserve the right to modify the Payment Processing Fee at any time. In the event of any partial or full refunds credited back to a buyer, the Payment Processing Fee and other applicable fees will be recalculated based on the adjusted sale price. The difference between the original Payment Processing Fee and the adjusted Payment Processing Fee will be applied to the refund amount being credited back to the seller. Other applicable fees will be refunded on the seller’s bill.
B. Fee Amount. Payment Processing Fees for USA based sellers and Non-USA based sellers are 2.9% + $0.30 USD.
C. Interest. In the United States, fans.lu may earn interest or other compensation from the balances in our bank accounts that result from the timing difference between our being paid by buyers and our bank account being debited to pay payment account Available Balances to sellers.
10. Reporting Obligations
Internal Revenue Service regulations require that we file a Form 1099-K to report unadjusted annual gross sales information for sellers located in the United States or being paid in USD that meet both of the following thresholds in a calendar year (reporting):
A. More than $20,000 USD in gross sales, and
B. More than 200 transactions.
To comply with these regulations, sellers who approach 150 (one hundred and fifty) transactions in a calendar year, regardless of sales volume and aggregated across his or her Shops, will be required to provide taxpayer-identification information to fans.lu.
Sellers may terminate this contract and their acceptance of fans.lu Payments at any time by adjusting the Settings in their account with fans.lu. fans.lu may also terminate or suspend a seller’s use of fans.lu Payments at any time.
Upon termination, any non-disputed available balance will be deposited into a seller’s bank account. fans.lu reserves the right, upon termination of access to fans.lu Payments, to set off against any payments to be made to the seller, an amount determined by us to be adequate to cover any anticipated chargebacks, refunds, adjustments or other amounts that might be paid to buyers in connection with purchases from the seller's payment account for a prospective 180-day period. At the end of the 180-day period following termination, we will disburse to the seller any amount not used to offset chargebacks, refunds, adjustments, or such other amounts paid to buyers, or seek reimbursement from the seller via any of the means authorized in this Policy for any additional amount required to offset chargebacks, refunds, adjustments, or other amounts paid to buyers, as applicable.
Last updated on May 30, 2017