By using Botiq Bazaar Payments, sellers can accept a variety of payment methods, including credit cards, debit cards, Botiq Bazaar Gift Cards, Botiq Bazaar Credit, Botiq Bazaar Coupons, select bank transfer services, PayPal (if available), Apple Pay, Google Pay, and certain country-specific installment payment options. These payment methods are available on […insert the website link…], Botiq Bazaar ‘s mobile apps, and other services. All payments are processed in the seller’s domestic Botiq Bazaar Payments currency. As a user of Botiq Bazaar Payments, you are bound by the terms and conditions outlined in this policy, which is a part of Botiq Bazaar ‘s overall Terms of Use. By using Botiq Bazaar Payments, you agree to comply with this policy and the Terms of Use.
Accepting These Terms
The Botiq Bazaar Payments Policy (referred to as the “Policy”) outlines your rights and obligations when using Botiq Bazaar Payments on Botiq Bazaar ‘s Services, including […insert website link…], Botiq Bazaar ‘s mobile apps, and other related services. Please review the Policy carefully before using Botiq Bazaar Payments, as your use of the service indicates your agreement to the Policy. The Policy is a legally binding agreement between you and Botiq Bazaar, with the contracting entity being Botiq Bazaar, Inc. and its subsidiaries, depending on your location. For those living in North America or South America, the contract is with Botiq Bazaar, Inc., while for those residing elsewhere, the contract is with Botiq Bazaar Ireland UC, a subsidiary of Botiq Bazaar, Inc. The term “Botiq Bazaar ” refers to all of Botiq Bazaar ‘s subsidiaries and affiliates collectively. If you are based in India, you may also be subject to the India Payments Terms, which take precedence over the Botiq Bazaar Payments Policy for Indian sellers if any inconsistencies exist between the two.
Overview
Botiq Bazaar Payments enables sellers on Botiq Bazaar to accept various forms of payment, including authorized credit and debit card transactions, select bank transfer services, PayPal (where available), transactions via Apple Pay and Google Pay. Upon acceptance of payment, the funds are credited to the seller’s payment account with Botiq Bazaar, and can then be deposited into the seller’s designated bank account. However, Botiq Bazaar reserves the right to modify the payment methods it accepts through Botiq Bazaar Payments, subject to applicable law and with notice.
To use Botiq Bazaar Payments, sellers must be at least 18 years old and register for and be approved for a payment account with Botiq Bazaar. Botiq Bazaar Payments is currently available in numerous countries across the globe. Sellers may only use Botiq Bazaar Payments for items listed on Botiq Bazaar ‘s Services, and are required to fulfill orders once payment has been received and reflected in their payment account. Botiq Bazaar may terminate a seller’s access to Botiq Bazaar Payments if the seller uses it in any other manner.
Botiq Bazaar Payments benefits both buyers and sellers as it allows Botiq Bazaar to monitor transactions and provide support where needed, reducing the risk of fraud and misuse of the platform.
Third-Party Services
Botiq Bazaar has enlisted the assistance of third-party service providers to offer payment services that are regulated and undertake many of the functions related to payment processing. These functions include processing card payments, disbursing funds, exchanging currency, verifying identities, analyzing fraud, and ensuring regulatory compliance. Worldpay, PayPal, Adyen, and other licensed payment providers work with Botiq Bazaar to facilitate card and other payments, and to distribute funds to sellers. However, the payment provider used and the time taken to process payments may differ based on the country where you are located.
In connection with payment processing, Botiq Bazaar may share your personal or transactional information with these third-party service providers. If Botiq Bazaar receives notification that your shop’s content or activity breaches a third-party service agreement, Botiq Bazaar may, at its own discretion, take action against your account to comply with their regulations. Such measures may include canceling a transaction, disabling listings in your shop, suspending or terminating your selling rights, or eliminating certain payment methods.
PayPal
Botiq Bazaar offers two types of PayPal services: Integrated PayPal and Standalone PayPal. Integrated PayPal is available in countries where PayPal can be integrated with Botiq Bazaar Payments. This service allows sellers to receive funds from PayPal purchases directly into their Botiq Bazaar payment account, without having to manage a separate PayPal account. The standard Botiq Bazaar Payments Payment Processing Fee applies to orders processed through integrated PayPal and no additional PayPal fee is charged. Standalone PayPal is available for sellers in countries where Botiq Bazaar Payments is not yet available, or in some markets where it is not required to use Botiq Bazaar Payments. New sellers who join Botiq Bazaar in countries where Botiq Bazaar Payments is available must register on Botiq Bazaar Payments as part of their onboarding process. Sellers who accept standalone PayPal receive funds directly into their PayPal account and continue to pay PayPal fees. However, orders paid through standalone PayPal are not covered by Botiq Bazaar ‘s Seller Protection Program. Botiq Bazaar may allow certain eligible sellers to use Standalone PayPal for a limited time, but during this period, Botiq Bazaar may have to process some PayPal transactions through integrated PayPal. For example, if a buyer pays with an Botiq Bazaar Gift Card or Botiq Bazaar Credit and covers the remaining balance using PayPal, Botiq Bazaar can only process the transaction through integrated PayPal. Similarly, if a buyer purchases items from multiple shops in a single transaction and chooses PayPal as the payment method, Botiq Bazaar may have to process the transaction through integrated PayPal.
Botiq Bazaar ’s Rights and Responsibilities
Botiq Bazaar may modify, discontinue or make available the functionality of Botiq Bazaar Payments at any time, without prior notice and in accordance with the limitations outlined in Botiq Bazaar ‘s Terms of Use. As a precautionary measure, transaction limits may be imposed on both buyers and sellers, including limits on transaction value, number of transactions, or cumulative transaction value over a period of time. If a transaction, deposit or adjustment exceeds the limit established by Botiq Bazaar , we may decline to proceed with the transaction or permit a buyer to withdraw from the transaction. Botiq Bazaar has the right to refuse Botiq Bazaar Payments service to anyone at any time, without giving a reason. Transactions that Botiq Bazaar deems to be high risk, fraudulent, in violation of trade sanctions, or in violation of Botiq Bazaar ‘s Terms of Use may be declined or refunded by Botiq Bazaar .
Botiq Bazaar may provide limited payment protection to sellers in cases where a buyer fails to make payment for a legitimate item purchased using Botiq Bazaar Payments. Botiq Bazaar maintains transaction records associated with Botiq Bazaar Payments but does not share secure data such as credit card numbers or bank account information with sellers. Sellers only receive relevant delivery information and limited buyer account information necessary to complete the order. Botiq Bazaar will send any necessary communication regarding the use of Botiq Bazaar Payments in accordance with their Electronic Communications Policy.
Seller Rights and Responsibilities
The provided text is a set of policies and guidelines for using Botiq Bazaar Payments, a payment processing service for sellers on the Botiq Bazaar marketplace platform.
The policies cover various aspects of using Botiq Bazaar Payments, including the requirement for sellers to sign up for the service if it is available in their country, the use of payment accounts for tracking transactions, the resolution of disputes between buyers and sellers, and the refund process.
Sellers are required to provide accurate personal information and authorize Botiq Bazaar to verify their information in order to safeguard the integrity of the marketplace and reduce the risk of fraud, money laundering, terrorist financing, and the violation of trade sanctions.
If a dispute is escalated to Botiq Bazaar ’s Support Team, Botiq Bazaar reserves the right to issue a refund to a buyer and recoup such funds from the seller if a transaction is found to be in violation of Botiq Bazaar ’s policies. Similarly, if a buyer submits a charge-back, Botiq Bazaar will respond to the credit card networks on behalf of the seller involved in the transaction.
Sellers are informed of each transaction or other information pertaining to Botiq Bazaar Payments using standard communication procedures, including email or through Botiq Bazaar ‘s Messages tool.
Refunds or adjustments paid by Botiq Bazaar to buyers for payments made through Botiq Bazaar Payments may be initiated using the refund functionality in the seller’s payment account for a period of 180 days after the purchase was made. Refunds issued by Botiq Bazaar will be in the original form of payment, and if such payment is not available, an Botiq Bazaar credit will be issued.
Sellers using Botiq Bazaar Payments are required to comply with international trade laws and ensure that their use of the service does not violate any sanctions, embargoes, regulations or orders administered by the US Department of Treasury’s Office of Foreign Assets Control (“OFAC”) or other government agencies.
Finally, sellers are advised that their bank or card provider may charge additional fees for transactions made on Botiq Bazaar , and that such fees are not charged by Botiq Bazaar and are at the discretion of the bank.
Appointment of Botiq Bazaar as Limited Collection Agent for Sellers
Botiq Bazaar acts as an agent for sellers, solely for the purpose of receiving, holding, and settling payments. Botiq Bazaar will settle payments received on behalf of each seller, after deducting any fees owed to Botiq Bazaar and according to the Terms. Sellers acknowledge that payments received by Botiq Bazaar from buyers fulfill the buyer’s payment obligations, regardless of whether Botiq Bazaar settles the payment to the seller. If Botiq Bazaar fails to settle payments as per the Terms, the seller’s recourse is limited to seeking action against Botiq Bazaar and not the buyer.
Deposits
A Payment Account is created for sellers where all funds resulting from a transaction are reflected as a balance. These funds can be deposited into the seller’s bank account subject to applicable reserves and deposit delays. Reserves may be placed on an account based on risk-based criteria, and funds in a reserve will not be available for disbursement until the end of the applicable reserve period. The threshold reserve amount is the amount of funds a seller must have in their payment account while in reserve before they will have money available to disburse to their bank account. The threshold reserve amount will determine the amount of funds available for disbursement as available funds and the amount of funds that are still pending. Botiq Bazaar uses different risk factors to determine the reserve amount, including the seller’s sales volume, delivery times, and order backlog.
If the scheduled Payment Date falls on a non-business day, the Payment Date will be moved to the next business day. Changing the frequency of disbursements will result in the next deposit being initiated on the next business day or applicable Monday. Changing bank account information requires a waiting period of five calendar days. If Botiq Bazaar is unable to settle funds or if the seller fails to update bank information, Botiq Bazaar will hold the funds. If the funds are not claimed within a certain period or if there is non-compliance, Botiq Bazaar may escheat the funds to comply with applicable laws.
Recoupment
Sellers may be required to reimburse Botiq Bazaar in situations such as refunds, erroneous transactions, charge-backs, or policy violations. Botiq Bazaar may obtain reimbursement by deducting from future payments, charging their payment account, or using third-party collections services. Botiq Bazaar may also suspend a seller’s selling privileges until outstanding balances are paid.
Payment Processing Fees
Botiq Bazaar charges a Payment Processing Fee on each transaction processed through Botiq Bazaar Payments, deducted from the total payment at the time of completion, and reserves the right to modify the fee at any time. When sellers list and sell in a different currency than their payment account, Botiq Bazaar charges an additional 2.5% currency conversion fee. VAT may be charged on seller fees accrued each month and remitted to relevant tax authorities. When a buyer purchases in a different currency than their browsing currency, Botiq Bazaar calculates the listing price in the browsing currency and applies an additional currency conversion charge. In the US, Botiq Bazaar may earn interest from balances in their bank accounts.
Reporting Obligations
US
The IRS requires Botiq Bazaar to file a Form 1099-K for US-based sellers or those paid in USD in certain cases. If a seller reaches 150 transactions in a year, they must provide taxpayer identification information to Botiq Bazaar to comply with these regulations. See this Help article for more information.
Non-US
Botiq Bazaar must report tax information to local tax authorities in certain non-US countries when a seller’s sales on Botiq Bazaar to buyers in those countries exceed certain thresholds. As sellers approach these thresholds, they must add their taxpayer name and VAT ID to their Botiq Bazaar shop. Sellers will be notified by Botiq Bazaar when they approach or reach the threshold, and their selling privileges may be suspended until the information is provided.
Termination
Sellers have the option to terminate their contract with Botiq Bazaar Payments at any time by adjusting their account settings. However, Botiq Bazaar also reserves the right to terminate or suspend a seller’s use of Botiq Bazaar Payments. Upon termination, any non-disputed Available Funds will be deposited into the seller’s bank account. Botiq Bazaar may also set off an amount determined by them to cover any anticipated charge-backs, refunds, adjustments, or other amounts paid to buyers from the seller’s payment account for a 180-day period after termination. Any remaining amount will be disbursed to the seller at the end of the 180-day period, and if necessary, Botiq Bazaar may seek reimbursement from the seller to cover additional charge-backs, refunds, adjustments, or other amounts paid to buyers.
