Payments Policy

1. Overview
   1. This FLIP Payments User Agreement (“Agreement”) is a legal agreement between PILF Inc. (“FLIP,” “we,” “our,” “us,” or “the Service”) and, you, a Seller on FLIP (“Seller,” “Sellers,” “you,” or “user”). In order to accept payments directly through FLIP, Sellers must use FLIP’s Payments service (“Payments”). Payments allows Sellers to accept authorized credit card transactions (“Payment Transactions”), have those funds credited to Seller’s Account (“Seller Account”), and have those funds subsequently deposited into Seller’s designated bank checking account (“Bank Checking Account”). The person purchasing from a Seller (“Buyer” or “Buyers”) may authorize a Payment Transaction with any major credit card accepted by FLIP, including FLIP credit. FLIP credit is handled in the same way as credit card transactions on FLIP.
   2. FLIP helps facilitate marketplace transactions and is not the purchaser of the Seller’s goods. See the FLIP Terms for more information.
   3. Payments is generally available seven (7) days per week, twenty-four (24) hours per day, except for scheduled downtime due to system maintenance.
   4. Sellers must be at least 18 years old to register.
   5. Payments functionality may be made available, modified, or discontinued by us at any time without notice and is subject to the limitations in the the FLIP Terms.
   6. As a security measure, we may, but are not required to, impose transaction limits on some or all Buyers and Registered Sellers relating to the value of any transaction, deposit, or adjustment, the cumulative value of all transactions, deposits, or adjustments during a period of time, or the number of transactions per day or other period of time in accordance with Section 4d of this agreement. We will not be liable to Registered Seller: (i) if we do not proceed with a transaction, deposit, or adjustment that would exceed any limit established by us, or (ii) if we permit a Buyer to withdraw from a transaction.
   7. We may refuse service to anyone, for any reason, at any time.
2. Payment Transactions
   1. Buyer may authorize a Payment Transaction with any major credit card accepted by FLIP, including FLIP Credits.
   2. By registering, Seller agrees always to comply with and to sell items in accordance with the FLIP Terms.
   3. The use of Payments must be solely for the sale of items listed on FLIP. Registered Seller agrees to facilitate the pickup of sold item(s) with the Buyer upon completion of the sale and to confirm Buyer’s receipt of the item. FLIP reserves the right to terminate Registered Seller’s access to Payments if Seller is determined to be using Payments for transfer of funds not related to the sale of items listed on FLIP.
   4. FLIP reserves the right to decline Payment Transactions that we have reason to believe to be high risk, fraudulent, or in violation of this Agreement.
   5. FLIP will bear the risk of credit card fraud (i.e. fraudulent purchase arising from the theft and unauthorized use of a third party’s credit card information) occurring in connection with Payment Transactions. In the event Registered Seller is found to be complicit with any credit card fraud, FLIP will not be liable.
   6. FLIP maintains records associated with Payment Transactions and does not pass any secure data, including credit card numbers, to Registered Seller. Registered Seller will receive limited Buyer account information as needed to complete the pickup of the item. Use of this information is dictated by our Privacy Policy.
3. Seller Account
   1. Sellers must provide personal information as requested during registration, must provide us true and accurate information, and must maintain and update that information as applicable. Sellers will not impersonate any person or use a name he or she is not legally authorized to use. Seller authorizes us, and authorized agents, to verify his or her information (including any updated information) by accessing public records and to obtain credit reports about Seller. Seller also authorizes us to verify his or her information from time to time while Seller is using Payments. The Seller Account is available only to individuals who meet the terms of eligibility for the FLIP selling community and who have been issued a credit card acceptable by FLIP.
   2. FLIP reserves the right to conduct periodic reviews of Registered Seller’s registration information and usage of Payments.
   3. Registered Seller will resolve any dispute directly with Buyer or with the assistance of the FLIP. In the event of a dispute being escalated to FLIP’s customer support team, FLIP reserves the right to issue a refund to Buyer if transaction is found to be in violation of the FLIP Terms. In the event of chargebacks submitted by Buyer, FLIP will respond to credit card networks on behalf of Registered Seller; Registered Seller agrees to provide any requested information to us within five calendar days of the request. FLIP reserves the right to recoup funds associated with Buyer chargebacks in accordance with Section 5 of this Agreement.
   4. We will inform Registered Sellers of each Payment Transaction, or of other information pertaining to Payments, using our standard communication procedures, including email or other messaging services associated with Registered Seller’s account.
   5. Registered Sellers can access Payment Transaction information online in the seller Account. Registered Sellers may access the Seller Account only with the FLIP mobile application or a browser that is compatible with Payments, including any security features that are a part of Payments.
   6. Sellers may provide refunds or adjustments to Buyers for their Payment Transactions made on FLIP using refund functionality enabled by FLIP and accessible through the Seller Account. Funds to cover refunds will be deducted from Seller’s Account balance. In the event of insufficient funds to cover the amount of the refund, Seller’s credit card on file will be charged.
   7. In the event of any partial or full refunds credited back to Buyer in association with a Payment Transaction, any applicable fees will be recalculated based on the adjusted sale price. The difference between the original Fee charged and the adjusted Fee will be applied to the refund amount being credited back to Buyer. Other applicable fees will be refunded on Registered Seller’s bill.
4. Deposits
   1. All funds resulting from a completed Payment Transaction will be reflected as a balance in Registered Seller’s Account. Payment Transactions are considered complete once the item and has been accepted and payment is approved by the buyer. Any refunds, adjustments, or other amounts paid to Buyers in connection with purchases, or for funds received since the last Payment, are also applied to Registered Seller’s Account balance. Funds in a Seller Account balance are eligible for deposit (“Available Balance”) into Registered Seller’s Bank Checking Account at the end of any applicable deposit delay, reserve, or hold period as defined in Section 4d.
   2. Available Balances can only be deposited into bank checking accounts in the United States.
   3. We will initiate a deposit of Registered Seller’s Available Balance into Registered Seller’s Bank Checking Account on a daily basis (“Payment Date”) or on the next business day if the scheduled Payment Date falls on a non-business day. When Registered Seller either initially provides or later changes his or her bank account information, Registered Seller must wait at least five (5) calendar days to request a deposit into Registered Seller’s Bank Checking Account. The next scheduled deposit after a change to Bank Checking Account information will occur on the first Monday after a period of five (5) calendar days from the date of the requested change. Deposits into Registered Seller’s Bank Checking Account will generally be credited within three (3) to five (5) business days of the date we initiate the transfer.
   4. If we reasonably conclude based on information available to us that Registered Seller’s actions and/or performance in connection with Payments may result in Buyer disputes, chargebacks, or other claims, then we may, in our sole discretion, put into effect a hold, deposit delay, or reserve associated with Registered Seller’s Account balance. A hold may be put on funds associated with a particular Payment Transaction in the event of disputes or investigations associated with the order for the shorter of: (a) 180 days after the estimated delivery date; or (b) completion of any investigation(s) regarding any Registered Seller actions and/or performance in connection with the Payment Transaction. 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 as defined in Section 4a. A deposit delay may be between 0 and 180 days. A deposit delay is applied across all Payment Transactions for Registered Seller and the number of days is reflected in each Registered Seller’s Account. A reserve is defined as a fixed percentage of Registered Seller’s Account balance delayed prior to being included as part of Seller’s Available Balance for a period of up to 180 days. All holds, deposit delays, and reserves will be communicated to Registered Seller by email or a notice on the Service. We will not be liable to Registered Seller if we act in accordance with the provisions of this Section.
   5. In the event funds cannot be deposited into Registered Seller’s Bank Checking Account, the funds will be reflected back in Registered Seller’s Account balance. Registered Seller will be required to update his or her Bank Checking Account information.
5. Credits
   1. There are 2 types of credits on FLIP. When you sell an item on FLIP, you will receive FLIP Credit (shown as “balance” in the app in your Profile). FLIP credit can be withdrawn (see Deposits above) at any time.
   2. Free Sales credit applies to items sold, for which no fees will be charged (see Fees Policy for details on fees). Therefore, any amount you sell on FLIP, up to the amount of Free Sales credit, is entirely fee free. Once all Free Sales credit is used, fees will simply be charged as usual (as described in the Fees Policy). Free Sales credit has no cash value whatsoever.
6. Recoupment
   1. We reserve the right to seek reimbursement from Registered Seller if we, in our sole discretion provide a refund to Buyer if Registered Seller cannot promptly deliver the goods, or if we discover erroneous or duplicate transactions, receive a chargeback from Buyer’s credit card issuer for the amount of Buyer’s purchase from Registered Seller, or Registered Seller otherwise does not act in accordance with the Terms.
   2. We may obtain reimbursement of any amounts owed by Registered Seller to FLIP by deducting from future payments owed to Registered Seller, reversing any credits to Registered Seller’s Shop Payment Account balance, charging Registered Seller’s credit card on file, or seeking such reimbursement from Seller by any other lawful means, including collections. You authorize us to use any or all of the foregoing methods to seek reimbursement, including the charging of your credit card or debiting from your checking account.
7. Reporting obligations
   1. Beginning with the 2011 tax year, new Internal Revenue Service (“IRS”) regulations require that U.S. third-party settlement organizations and payment processors, including FLIP, file Form 1099-K to report unadjusted annual gross sales information for sellers that meet both of the following thresholds in a calendar year (reporting):
      1. More than $20,000 in gross sales, and
      2. More than 200 transactions.
      As a result of these regulations, Registered Sellers who approach 75 (seventy-five) transactions in a calendar year, regardless of sales volume and aggregated across his or her Shops, will be required by FLIP to provide taxpayer-identification information and will be notified via email and through other communication channels available on FLIP.
8. Miscellaneous
   1. All notices will be sent by e-mail or will be posted on the Service or by any other means then specified by FLIP. We will send notices to Registered Seller at the e-mail address maintained in FLIP’s records for Registered Seller. Registered Seller will monitor his or her e-mail messages frequently to ensure awareness of any notices sent by us and otherwise agrees to the notification clause in the FLIP Terms. Registered Seller will send notices to us using the functionality for contacting FLIP provided in our Help Section.
   2. We 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 Shop Payment Account Available Balances to Registered Sellers.

Last updated: January 1, 2015

FLIP reserves the right to alter these policies at any time.