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Payment Policy

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REGULATIONS ON PAYMENT POLICY

ARTICLE 1: TERMS

-       Revenue from terminal customers (denoted as DTE.U): is the total amount that terminal users pay for the product number (including VAT).

-       Revenue of Party A (denoted as DTA): is the total amount that end users  pay for products after deduction of the cost of the network (including VAT).

-       Sharing revenue (denoted as DT): is the revenue that 1PAY uses to share from the services that both Party cooperates after deducting VAT (10%). (In which:  DT = DTA /1,1 ). VAT10% is paid to State Budget by  1PAY.

-       The percentage of revenue sharing that Party B entitles (denoted as TLB) :: the percentage of revenue sharing that Party B entitiles.

-       Revenue of Party B (denoted as DTB): is the amount that Party B receives after revenue sharing. (In which:  DTB = DT*TLB) .

-       The Amount Party B receives: is the amount that Party B receives after deducting the compulsory expenses. (For example: Cost for code open declaration, code maintenance, personal income tax for individual clients, etc.).

-       Percentage of revenue that Party A receives (denoted as TLA) : the percentage of revenue sharing that  Party A is entitled.

-       Payment: Payment request according to different periods.

-       Revenue at the end of the period: is the amount Party B receives after comparing the Confimation table between production volume and unpaid revenues.

-       Payment Allowance is the minimum revenue Party B need to achieve  to proceed payment procedures. 1PAY prescribed minimum turnover limit is 500,000 VND (five hundred thousand dong). Unpaid revenue amount  will be accrued on the next billing cycle.

-       The control cycle:

+ The unit for control cyle is in month: From 00hour 00minute 00 second of the first day to 23 hour 59 minute 59 second of the last day of the month.  Control Clock is taken according to the system clock of 1PAY.

+ Time to start over the control is taken from the date of signing the contract.

+ Time to end the control is taken from the date of termination of the contract.

+ Control cycle: months.

+ Cycle to make the sales confirm records: months.

-       Original data: the data recorded in the management system of 1PAY.

-       Successful transactions: is the transaction recorded as successfully in 1PAY system.

-       Data for control: is successful transaction data on 1PAY system.

-       Value Added Tax (VAT): According to current regulations of the State

-       Personal Income Tax (PIT): According to current regulations of the State

ARTICLE 2: REGULATIONS FOR CONTROL

Minutes of control: Party B may use the content of main transaction as the data to control and update online, if necessary they can print the relevant required-control contents. Data for control is to make advance payment and IPC payment according to the following cycle:

1.     Provisions on Controlled Data

a) Advance control in 01 day + 1 cycle

Data for control are calculated from 00:00:00 of the 1st to 23: 59: 59 of the N+1 day of the month.

b) Advance control in 7 days +1 (4 times / month) cycle

Data for control is calculated from:

Phase 1: From 00:00:00 of the 1st day to 23:59:59 of the 7th day;

Phase 2: From 00:00:00 of the 8th day to 23:59:59 of the 15th day;

Phase 3: From 00:00:00 of the 16th day to 23:59:59 of the 22nd day;

Phase 4: From 00:00:00 of the 23rd day to 23:59:59 of the last day of the month.

c) Advance control in 15 days + 1 (twice / month) cycle

Data for control are calculated from 00:00:00 of the 1st to 23: 59: 59 of the 15th day of the month.

d) Payment control over monthly + 1 (once / month) cycle

Data for control are calculated from 00:00:00 of the 1st day to 23: 59: 59 of the last day of the month.

e) Payment control over monthly + 15 days (once / month) cycle

Data for control are calculated from 00: 00: 00 of the 1st day to 23:59: 59 of last day of the month.

2. Control process

The persons in charge from both parties must sign in the confirmation record of outputs and revenues in compliance with the following procedure: Party B shall send Party A original data with detailed transaction records under the control cycle through email, Party A shall confront data from Party B and the data recorded on billing system of Party A:

-       In case of without any differences in controlled data, Party A will comfirm the data. Thereafter, Party B shall sign and submit a confirmation record of outputs and revenues to Party A. Party A signs and returns the confirmation record of outputs and revenues to Party B to make payment procedures.

-       In case of data disparities smaller than allowed control deviation, original data shall be the basis of revenue sharing.

-       In case of data disparities greater than allowed control deviation, the two parties shall conduct a detailed control of data. If the two parties have carried out detailed control without finding out causes of disparities, negotiations shall be conducted to reach final agreement on data based on good faith of cooperation.

ARTICLE 3: PROVISIONS ON CYCLE OF PAYMENT

Revenue of Party B shall be calculated immediately after approval of cooperation services between 1PAY and Party B. Party B may select cycles of revenue payment in a flexible manner as follows:

a) Advance payment over 01 day (1 + 1) cycle

To pay revenue in advance within 1-day payment cycle, Party B's revenue must reach a minimum of 10 million VND per payment period. On the date of control cycle, the customers shall conduct data control with 1PAY according to procedures available on website 1pay.vn. After the two parties  reach an agreement to confirm  controlled data, 1PAY will make payment to Party B within 02 working days after Party A receives payment dossiers from Party B (Including: A record for output and revenue control, VAT invoice and payment request). This amount of advance will be deducted for final payment of 1PAY for Party B.

b) Advance payment over 7 days (7 + 1) cycle

To pay revenue in advance within 7-day payment cycle, Party B's revenue must reach a minimum of 10 million VND per payment period. On the date of control cycle, the customers shall conduct data control with 1PAY according to procedures available on website 1pay.vn. After the two parties  reach an agreement to confirm  controlled data, 1PAY will make payment to Party B within 02 working days after Party A receives payment dossiers from Party B (Including: A record for output and revenue control, VAT invoice and payment request). This amount of advance will be deducted for final payment of 1PAY for Party B.

c) Advance payment over 15 days (15 + 1) cycle

To pay revenue in advance within 15-day payment cycle, Party B's revenue must reach a minimum of 10 million VND per payment period. On the 16th day and the 1st day of month t + 1, the customers shall carry out data control with 1PAY according to procedures available on website 1pay.vn. After the two parties reach an agreement to confirm controlled data, 1PAY will make payment for Party B within 02 working days after receiving request of payment dossiers from Party B (Including: A record for output and revenue control, VAT invoice and payment request). This amount of advance will be deducted for final payment of 1PAY for Party B.

d) Payment over monthly (30 + 1) cycle

From the 1st day to 5th day of every month, Party B shall carry out data control with 1PAY according to procedures available on website of 1pay.vn. Controlled data are calculated from 00:00:00 of the 1st day to 23:59:59 on the last day of the month. To make payment over 1 month payment cycle, revenue of Party B just needs to be equal to payment limit of 500,000 VND per 1 payment period. After the both parties reach an agreement  to confirm controlled data, 1PAY will make payment for Party B within 02 working days after receiving request for payment dossiers from Party B (Including: A record for output and revenue control, VAT invoice and payment request). The amount to be paid for Party B is equal to total revenue within one month minus advance payments (if any) and other deductions (if any).

e) Payment over monthly + 15 days (30 + 15) cycle

From the 1st to 5th day of every month, Party B shall carry out data control with 1PAY according to procedures available on website of 1pay.vn. Controlled data are calculated from 00:00:00 of the 1st day to 23:59:59 on the last day of the month. To make payment over 1 month +15 day cycle, revenue of Party B just needs to be equal to payment limit of 500,000 VND per payment period. After the two parties reach an agreement to confirm controlled data, 1PAY will make payment for Party B from the date 17th to the 20th of the month t + 1 after Party A receives request of payment dossier from Party B ( including: A record for output and revenue control, VAT invoice and payment request). The amount to be paid for Party B is equal to total revenue in one month minus advance payments (if any) and other deductions (if any).