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Payment Policy

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REGULATIONS ON POLICY ON LOCAL CARD BANKING SERVICES

ARTICLE 1: TERMS AND DEFINITIONS

-       Card: is a means of payment issued by Card-issuing Organizations to perform card transaction.

-       Card-issuing organizations (CIO): means banks, non-bank credit institutions, cooperative credit institutions, other institutions which are not credit institutions, allowed to issue cards to cardholders under regulations of the Law.

-       Merchant: means organizations or individuals supplying goods and services which are allowed by banks to use online payment service by cards.

-       Number of Card: means a range of numbers which is created on a card by Card-issuing Organizations. Number of card can be embossed, imprinted or not printed on cards for the case of virtual card with no card embryo.

-       Cardholder:  means individuals or organizations which are provided card to use by CIOs, including main cardholders and supplementary cardholders.

-       Client: means individuals or organizations performing online transactions on the website of merchant.

-       Completion of Transaction: means the time when clients receive goods or services of Party B.

-       Secure Payment Service: is considered as the secure payment service of 1Pay.

-       Frozen Account: means the transaction amount which is retained in the account of Party B while clients perform transaction of secure payment. 

-       Blockade of Account: means the amount of clients which are controlled when transactions are considered being forged or risky.

-       Online invoice: means a bill which is issued to a client by Merchant via email or website on the Internet.

-       Transaction code (or invoice code): means the identification of a transaction and transferred to the payment gateway for processing. Transaction code is unique for a sales organization.

-       Claim: means the complaint for a transaction from buyer. Complaints often result in chargebacks. A complaint may happen because of some situations such as being taken advantage of card information, transaction errors, etc.

-       Fee for card payment: The fee is paid for 1PAY by Merchants as defined in the Addendum attached to this Contract.

-       Amount to ensure solvency of Merchants: means the amount which is deposited at 1PAY by merchants or a percentage of transaction value which 1PAY retains to ensure the solvency of merchants in the cases as specified in this Contract.

-       Transaction: means the online transaction of goods and services which is used to pay by cardholders, including adjustment and return to cardholders' card account.

-       Fraudulent transaction: means the transaction occurring when an individual/ an organization is not cardholder or use card information to purchase goods and services without the consent of the cardholder. The identification of fraudulent transactions is based on the information verification of the cardholder complaints or fraudulent reports or based on findings by authorities.

-       Licensing: CIO confirms that balance and/or credit limit of accounts of cardholders at the time of transaction is enough to perform transaction.

-       Confirmation of transaction:  includes information related to transaction such as goods or service name, number, category, method, location and time of delivery, total value of transaction, payment method, number of card for payment (number of cards are not fully presented), name of buyer, consignee, and other information (if any), etc. Confirmation of transaction is sent to cardholder by Merchant via electronic means and the reference to resolve disputes arising in transaction.

-       Working day: means the day when a bank open transaction to clients.

-       Digital Product: means all products and services supplied by Party B using Payment tool Service of 1PAY in the legal framework of Vietnam.

-       Online account: is understood as network accounts. Clients deposit in online accounts and then use these accounts to pay for their services. 

ARTICLE 2:  PRICE POLICY AND PAYMENT LIMIT

-       The lowest Unit Price is 10,000 per product or service or other nominal values as prescribed by sellers. The highest Unit Price is less than or equal to 2,000,000 VND per product or service (two million dong only/ product or service). The Unit Prices mentioned above include VAT.

-       Payment limit is less than or equal to:  20,000,000 VND/ day (twenty million dong only/ day)

ARTICLE 3:  POLICY ON FINANCE AND SALES

a) Financial Commitments 

Party B commits:

-       Not to require clients to provide personal financial information such as bank accounts, credit card numbers, passwords of account and login in system.

-       Not to require clients to pay an additional fee on paying by 1Pay.

-       Payment value must include full valid fees (delivery, services, etc.) and taxes in accordance with the Law.

-       Not to send payment requests which used to be withdrawn (Charge Back).

-       To provide clients with clear and reasonable policies on return/exchange and warranty, to provide Party A with the contents of those policies as required and notify them of changes or updates.

b) Transaction monitoring and control 

When receiving a message and/or an email notifications of 1Pay about payment transactions, Party B shall be responsible for checking management system or logging in database, and then transferring goods or providing services to clients in accordance with committed quality and duration in the descriptions; at the same time saving valid documents such as bills of sale or delivery bills with signature of clients, carrier's bill of lading, etc. for reference if necessary.

c) Refund

In the absence of goods for sale, returned goods, canceled services or adjustment in prices of goods/services, Party B must make replacement or adjustment by transferring refund requirement to clients via system of 1Pay to perform credits in the cardholders' account. Party B shall be responsible for implementing refund process under the provisions of 1Pay as follows:

o   Reimbursement may not exceed the total amount of original transaction, repayment period is not later than 01 (one) month from the date when transaction is canceled.

o   Party B shall bear refund fee/ transaction under the provisions of 1Pay which is 5,000VND (five thousand) for visa card, master card and 1,600VND (one thousand six hundred dollars) for local card (Cost does not include VAT).

ARTICLE 4:  TABLE OF FEES

Party A deduct directly from the amount of Party B which is received in payment transactions in accordance with the table of fees as follows:

No.

Fee Items

Fees

Description

1

Fee for installation and deployment services

Free

One-time fee

2

Fee for maintenance of monthly service

Free

Monthly fee

3

Fee for transaction processing

1,600 VND/ transaction

Collected on each transaction

4

Fee for Card-accepting transaction

 

X% /value of transactions

(X depends on payment cycle)

Collected on successful transactions

Remark: 

-       Fee for card transaction processing is applied to all 1PAY transactions received from merchants via Payment Gateway System including licensing transactions, successful payment transaction, refusal transaction, canceling transaction and refunding transactions.  

-       All fees exclude VAT.

ARTICLE 5:  REVENUE SHARING

-       Revenue sharing: Total revenue sharing that party B receives in terms of card-accepting transactions (excluding VAT) is calculated as follows:

DT DT local_bank x B = TL local_bank - (Number of transactions) x1,600 VND

In which:

-       DTB: Total revenues (excluding VAT) which party B is entitled (unit:  VND) after deduction of all fees.

-       DT Local_bank: Total revenue sharing (excluding VAT) in form of card transaction which party B is entitled (unit: VND). DTLocal_bank = DTE.U /1,1 in which DTE.U : Revenue from clients (including VAT).

-       TL Local_bank: Percentage of revenue sharing that party B is entitled.  As a result:

TLLocal_bank = 100% - X      (Fee for card-accepting transaction processing)

1) Where payment cycle 15 days + 1.

Card-accepting transaction fee X = 4% (collected on successful transactions)

As a result: TL local_bank = 100% - 4% = 96%

DTB = DTlocal_bankx96% – (Numbers of transaction)x1,600 VND

2) Where payment cycle 30 days + 1.

Card-accepting transaction fee X = 3.5% (collected on successful transactions)

As a result: TL local_bank = 100% - 3.5% = 96.5%

DTB = DTlocal_bankx96.5% – (Numbers of transaction)x1,600 VND

In which:

Percentage of revenue sharing mentioned above can be adjusted in the course of cooperation at the request of units which provides means of payment, or agreement between two parties.