Early Release of Funds Terms and conditions
1. Early Release of Funds
Mercado Pago may offer the seller the product of early release of funds on the crediting of the Funds pending settlement (the "Early Release of Funds"). The seller may in each opportunity submit a request for an Early Release of Funds in accordance with the provisions of clause 2 of these Terms and Conditions of Use. Mercado Pago, at its sole discretion and at any time, may accept or deny, in whole or in part, each Early Release of Funds request made by the seller. The acceptance of one or more Early Release of Funds requests shall not imply the acceptance of future Early Release of Funds requests by Mercado Pago. Mercado Pago will define, based on its risks and commercial policies and seller protection programs, the amounts that the seller may require through an Early Release of Funds request. Likewise, the amount to be released may undergo variations, which may be due to the operation of the release calendar, confirmations or complaints made by users, among others; but in no case will the cost charged by Mercado Pago to the seller for the Early Release be greater than the amount referred to in clause 3 of these Terms and Conditions of Use.
2. Request for an Early Release of Funds
In the event that Mercado Pago offers the seller an amount in their Mercado Pago Account on which the seller may request an Early Release of Funds, the seller may request it, and Mercado Pago may approve or deny such request, at any time and at its sole discretion, without the need for any justification whatsoever. Once the seller makes the Early Release of Funds request, it can no longer be cancelled.
Mercado Pago will inform the seller through any of the different online channels available: (i) the amount over which the Seller may request an Early Release of Funds (the "Released Funds") and (ii) the cost of such Early Release Funds requested by the seller.
The cost of the Early Release of Funds will be the amount equivalent to a fixed percentage of the Released Funds, plus the corresponding taxes. Such costs will be informed through one of the different online channels available prior to the Early Release of Funds, and will be deducted from the amount of the Released Funds, and the corresponding net amount will be credited to the Seller's Mercado Pago Account.
4. Cancellations, annulments, repudiated charges, reversals, and chargebacks
Should the Released Funds relate to a transaction that is cancelled, annulled, reversed and/or the subject of chargebacks after its crediting, Mercado Pago shall apply its Seller Protection Program and Protected Purchase Program, and any other program that Mercado Pago applies regarding mediation cases. The seller expressly authorizes Mercado Pago to deduct, debit and/or compensate, without prior notification, from the their Mercado Pago Account, the available funds necessary to cover such cancellation, annulment, reversal and/or chargeback and, if it does not have available funds, to debit or offset them from any other future income of available funds to their account, without prejudice to any other rights of Mercado Pago as provided for in the Terms and Conditions of Use of Mercado Pago.
5. The activities carried out by Mercado Pago do not require authorization from the Superintendencia de Banca, Seguros y AFP ("SBS")
Mercado Pago offers payment services and is not authorized to operate as a financial institution by the Superintendencia de Banca, Seguros y AFP. Therefore, Mercado Pago does not provide any banking or exchange services to the seller. The funds deposited in the payment account do not constitute deposits in a financial institution, nor do they have any of the guarantees that such deposits may benefit from in accordance with the applicable legislation and regulations regarding deposits in financial institutions.
Likewise, the Early Release of Funds made by Mercado Pago do not constitute loans or financial transactions of any kind under the legislation in force.
6. Application of the Terms and Conditions of Mercado Pago
For all applicable purposes, the Terms and Conditions of Mercado Pago and other documents included therein, which are provided to the seller through the links to the corresponding website provided in highlighted characters and hyperlinks, shall be applicable. In case of any discrepancy and/or contradiction between the Terms and Conditions of Mercado Pago and these Terms and Conditions for Early Release of Funds, then these Terms and Conditions for Early Release of Funds shall prevail. All capitalized terms not defined herein will have the meaning assigned to them in the Terms and Conditions of Mercado Pago. The acceptance of Early Release of Funds implies the conformity of this circumstance by the seller.
7. Force Majeure
Mercado Pago will not be liable for any failure or delay in the performance of any of its obligations under these Terms and Conditions, when caused by an event beyond its control, an act of God, an act of third parties or caused by force majeure. "Force majeure" shall mean any act or event beyond Mercado Pago's reasonable control, including, without limitation, strikes, lockouts or other industrial action by third parties, or due to supplier default or delay, civil commotion, riot, invasion, terrorist attack or threat of terrorist attack, war (declared or not), or threat or preparation for war, fire, explosion, storm, flood, earthquake, subsidence, epidemic, pandemic or any other natural disaster, or the failure of public or private telecommunications networks.
In the event of a force majeure event that affects the fulfillment of Mercado Pago's obligations, the agreed obligations and terms will be automatically suspended until the aforementioned events are completed. Once the force majeure event has been overcome, the timeframes will continue to be calculated.
8. Scheduled Early Release of Funds
Mercado Pago may offer the seller the possibility of scheduling each Early Release of Funds so that it is automatically credited on the date selected by the Seller ("Scheduled Early Release of Funds"). The seller may select the option of crediting the funds from the Scheduled Early Release of Funds to their account on a specific date on a one-time basis, or periodically, on a daily, weekly or monthly basis.
Mercado Pago will inform the seller through the different online channels available: (i) the available money on which the seller may request a Scheduled Early Release of Funds; and (ii) the cost of such Scheduled Early Release of Funds.
In the event of an increase in the cost of the Early Release of Funds, Mercado Pago will request the Seller's approval of the new cost in order to continue.
All of the preceding clauses shall apply to each Scheduled Early Release of Funds.
Mercado Pago will notify the Seller when each Scheduled Early Release of Funds becomes effective and the funds are credited to the Seller's account. If there is no money pending release on the date established for the Scheduled Early Release of Funds, Mercado Pago will notify the Seller and the Early Release of Funds will not be effective.