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eCo-Bank Payment System

eCo-Bank Payment System

The eCo-Bank payment system consists of three payment options that Sellers can activate on their profile to offer to Buyers.

They are:

  1. eCo-Bank Credit Card – Only available to Sellers who are Verified eCo-Sellers.
  2. eCo-Bank EFT – Available to all Sellers and is mandatory to offer as a payment option.
  3. eCo-Bucks - Available to all Sellers and is mandatory to offer as a payment option

eCobay reserves the right to remove any of these payment options from a Seller's profile if it is deemed appropriate to do so, in eCobay’s sole discretion.

Acceptance of eCo-Bank Payments

If you choose to accept payments via eCo-Bank (eCobay’s online credit card payment or EFT system) you agree to the following:

By signing up for the eCo-Bank Credit Card service or eCo-Bank EFT service, you appoint eCobay to process payments on your behalf in accordance with your instructions, subject to the terms and restrictions of this Agreement. eCobay will at all times hold your funds separate from its corporate funds, will not use your funds for its operating expenses or any other corporate purposes, and will not voluntarily make funds available to its creditors in the event of bankruptcy or for any other purpose. You acknowledge the nature of eCo-Bank and accordingly agree that the operation of eCo-Bank is known to you and you accept that it is suitable for the purpose it is intended to be used and further to this you acknowledge that:

(i) eCobay is not a bank and the Service is a payment processing service rather than a banking service; and

(ii) eCobay is not acting as a trustee, fiduciary or escrow with respect to your funds, but is acting only as a custodian;

(iii) accepting eCo-Bank credit card payments, there is a flat payment-processing fee of 5% payable on all payments conducted through eCo-Bank (fees are non-refundable);

(iv) eCobay reserves the right to recoup any bank charges from either the Buyer or Seller when cash deposits or foreign inward transfers are made for eCo-Bank EFT transactions. eCobay will first attempt to recover the bank charges from the Seller and if unsuccessful, the charges will be allocated to the buyer's account;

(v) any funds received into a Seller's account will first be offset against any fees incurred by the Seller (example: success fees, enhanced fees etc.) and therefore the amount to be paid out, when a payout request is made, could be less than the actual amount received.

(vi) all interest accruing on any amounts held by eCobay for you from time to time, including interest accruing on any Withheld Portion (as described in clause below), shall accrue for the benefit of eCobay, and you shall have no claim whatsoever in relation to such interest amounts.

(vii) eCobay does not hold a deposit-taking license (a banking license) and cannot hold funds on your behalf which are not the proceeds of payments due to from the sale of goods or services where the payment instructions were processed by eCobay on your behalf.

(viii) if eCobay holds funds on your behalf which are not the proceeds of payments due to you from the sale of goods or services processed by eCobay, that eCobay will endeavour to return such funds to the payment maker within a period of 48 hours after those funds were deposited into our bank account.

(ix) the use of eCo-Bank EFT, eCo-Bucks, eCo-Bank Cash Deposit are mandatory payment options that Sellers need to offer when selling on the eCobay site. eCobay in its sole discretion may choose to remove any of these payment options from a seller's profile.

(x) should any additional payments (over and above the actual order amount) be made through the eCo-Bank system, eCobay reserves the right to charge a 5% fee for facilitating the payment on the excess amount paid.
 

Making Payments Via eCo-Bank

If you wish to make a payment via eCo-Bank (eCobay’s online credit card payment or EFT system) you agree to the following:

You acknowledge that the Seller has appointed eCobay as an agent to collect money from Buyers on the Seller’s behalf and that once payment has been made by the Buyer, eCobay will pass these funds over to the Seller. Users will have no claim against eCobay for payments made to Sellers through the eCo-Bank payment system and hereby expressly indemnifies eCobay against any claims that might arise from using the eCo-Bank payment system.

You acknowledge that once payment has been made through the eCo-Bank system that eCobay cannot guarantee that the funds can be recovered or returned in a case where a Seller is fraudulent. In such an event, the Buyer will have to deal directly with the Seller in order to recover any monies lost as a result of non-fulfilment of any sale transaction.

Important Note:

Each order has a unique reference number for each seller, so payments cannot be combined for different Sellers. You must pay each Seller separately using the relevant payment reference. You can combine payments to a particular seller (if there is more than one order from that seller), this will be seen as an "overpayment" for that order. But it's best to check with the seller and confirm shipping amounts to avoid any problems with the final payment amount.

You acknowledge that:

(i) eCobay is not a bank and the Service is a payment processing service rather than a banking service, and

(ii) eCobay is not acting as a trustee, fiduciary or escrow with respect to your funds.

Risk of Reversal of eCo-Bank Credit Card and eCo-Bank EFT Transactions

When you receive a payment through the eCo-Bank Credit Card service, you have a choice of accepting it or rejecting it. If you choose to accept it you are not protected against a subsequent reversal of the transaction (or chargeback). In the event that the sender's transaction is reversed for any reason you will owe eCobay for the amount of the reversed transaction plus any fees imposed on eCobay as a result of the reversal. Examples of such a reversal include, but are not limited to, a credit card reversal by the sender of the payment and a reversal of the transaction because the sender of the payment was using a stolen credit card or unauthorised bank account.

In the unlikely event that an eCo-Bank EFT transaction is reversed by a bank for whatever reason, you will owe eCobay for the amount of the reversed transaction plus any fees imposed on eCobay as a result of the reversal.

eCobay will seek to recover the funds from you by debiting your eCobay account balance and, if there are not sufficient funds in your eCobay account, eCobay reserves the right to collect your debt to eCobay by any other legal means.

Withholding:  In order to cater for potential chargebacks and/or reversals on certain payment methods like credit cards, a certain percentage of all funds received on your behalf into eCobay’s bank account, may be withheld for 4 months or such other specific period (Holding Period).  During the Holding Period applicable to any specific funds received by eCobay, you will not be entitled to, and eCobay will not be obliged to, pay you the Withheld Portion of such funds. In the event that the funds held by eCobay on your behalf are not sufficient to pay a refund to a Payer, you will be liable to refund such Payer directly.

Prohibited Transactions

You agree that you will not use eCo-Bank to accept payment for illegal products or services, including but not limited to materials that infringe the intellectual property rights of third parties. You will not use the eCo-Bank service, the eCobay website or any of the services offered therein for any unlawful or fraudulent activity. If eCobay has reason to believe that you may be engaging in or have engaged in fraudulent, unlawful, or improper activity, including without limitation any violation of any terms and conditions of this Agreement, your access to the eCo-Bank service may be suspended or terminated. You will cooperate fully with eCobay to investigate any suspected unlawful, fraudulent or improper activity. You also agree not to use your eCobay account to sell securities, business opportunities, franchises, multi-level marketing, or for the pre-order of goods. You agree not to impersonate an eCobay User or a eCobay representative, or to request that a eCobay customer provide you with their password or other information to access their account. 

Payment Limits

Payments of between R1.00(One Rand) and R10,000 (Ten Thousand Rand) will be accepted through the eCo-Bank Credit Card payment system. These limits may however change at the discretion of eCobay.

There are no payment limits when making use of eCo-Bank EFT.

Payout Requests

In order to withdraw funds that eCobay is holding in custody for you, you are required to make a pay-out request from the eCo-Bank Pay-out Request page in the My eCobay Selling area of the eCobay website. The funds will then be transferred electronically to your designated bank account (South African banks only). Users have 1 (one) free pay-out in a calendar month for amounts below R3,000.00 (Three Thousand Rand). Thereafter a R5.00 (Five Rand) eCo-Bank transfer fee will be charged for any pay-out amount under R3,000.00 (Three Thousand Rand). For amounts over R3,000.00 (Three Thousand Rand) no eCo-Bank transfer fee will be charged. If a user has used their 1 (one) free pay-out and requests another pay-out below R3,000.00 (Three Thousand Rand), the R5.00 (Five Rand) eCo-Bank transfer fee will be charged. If a user has R5.00 (Five Rand) in their account, the system will not process the payment if an eCo-Bank transfer fee is applicable. A user can also not request less than R5.00 (Five Rand) as a pay-out.

Users will have a UI (user interface) where the banking details will be pre-populated with the last banking details entered. If not previously requested the banking details on file will be used, otherwise it will be left blank. The requester needs to make sure the banking details reflected are correct. eCobay will not be held responsible for incorrect banking details received for transfers.

The maximum pay-out amount allowed will be limited to the balance in a User's account and the UI will not allow you to request more. Between the times the request is made and the actual pay-out, the system will take into consideration any fees charged to your account and decrease the pay-out amount accordingly (if necessary). Before the pay-out is affected, you can make changes to your initial pay-out request. If a new request is made, it will replace the previous unprocessed request. If a request is made after the pay-out, the system will limit it to the available balance again, taking into consideration the pay-out made already.

Please note - eCobay reserves the right, from time to time, to request identity and address confirmation documentation before a pay-out request is processed.

No Surcharges

Under Visa, MasterCard, Diners and American Express regulations, merchants may not charge a fee to the Buyer for accepting credit card payments (often called a "surcharge"). You agree that you will not impose a surcharge or any other fee for accepting eCo-Bank Credit Card or eCo-Bank EFT as a payment method.

Processing

eCobay shall make reasonable efforts to ensure that requests for electronic debits and credits involving bank accounts and credit cards are processed in a timely manner. However, a number of factors, several of which are outside of our control, will contribute to when the funds are received. We make no representations or warranties regarding the amount of time needed to complete processing, such as delays in the banking system or the mail service, nor shall we be liable for any actual or consequential damages arising from any claim of delay.

Closing and Restricting Accounts

eCobay, at its sole discretion, reserves the right to close an account at any time for any reason, including but not limited to a violation of this Agreement, upon notice to the User and payment to the User of any unrestricted funds held in custody. eCobay, at its sole discretion, also reserves the right to periodically retrieve and review a business and / or consumer credit report for any account, and reserves the right to close an account based on information obtained during this credit review process.

Termination

eCobay, in its sole discretion, reserves the right to terminate this Agreement, access to its website, or access to the Service for any reason and at any time upon notice to you and payment to you of any unrestricted funds held in custody for you.

Security Features

eCobay strongly suggests that you use a web browser with 128-bit encryption. However, regardless of whether you use a web browser with security features, eCobay is unable to guarantee that data transmitted is secure and/or will not be intercepted by third parties.

It is your responsibility to, and you agree and warrant that you will, keep your username and password secure and confidential at all times in that you will only use your username and password for your own personal use and will not disclose your username and password to any other persons, or enable any other persons to otherwise access your eCobay Account. If you are a Legal Entity, you must further ensure that the persons authorised by you to access your eCobay Account do so within the scope of their authority and do not disclose your username and password to any unauthorised person or enable any unauthorised person to otherwise access your Merchant Account.

You are solely responsible for securing all data in your possession and/or under your control.

All of our web addresses begin with http://www.eCobay.co.za or https://www.eCobay.co.za and you should thus only log in to your eCobay Account from a page which begins with http://www.eCobay.co.za or https://www.eCobay.co.za. Please be aware of ‘phishing’ attacks where criminals attempt to obtain your confidential information by sending you an email, masquerading as an email from eCobay, asking you to access your account or verify information via links in the email, or diverting you to a fake eCobay website. eCobay will never ask you to confirm your password, username or other sensitive information by clicking on any links in an email. Please report any such suspected phishing attacks to eCobay immediately to prevent any harm to you or other eCobay users. Although eCobay will respond to any reported attack as quickly as reasonably possible, eCobay will not be held liable for any funds lost due to your having fallen prey to a phishing attack. It is your responsibility to be aware of such potential threats, to avoid them and to report them to eCobay upon discovery.

Should you believe that your username or password has become compromised (whether through a phishing attack or otherwise), or someone has accessed your eCobay Account without your authority, you must contact us immediately to enable us to limit the potential harm to you, it being agreed that eCobay will not be liable to you for any loss or damage you may suffer in such circumstances other than such loss or damage arising as a result of gross negligence on the part of eCobay.

It is the responsibility of the user to ensure that his password is strong enough. eCobay recommends that a password consist of at least 1 (one) special character and 7 (seven) alphanumeric characters and that it be changed every month.

Electronic Fund Transfer Rights and Error Resolution

It is very important that you contact us immediately if you believe your username and password has been compromised or if someone has transferred or may transfer money from your account without your permission. It is also very important to ensure that your banking details are correct as eCobay will not be held responsible for making pay-outs to incorrect bank accounts when submitting your pay-out request.

You acknowledge that it is your responsibility to safeguard your password and that you indemnify eCobay against any claims whatsoever resulting from, but not limited to, unauthorized access to your account, unauthorized changes to banking details or pay-out requests to other bank accounts.

You can inspect your transaction history at any time by logging in to your account on the eCobay website. If your transaction history shows electronic funds transfers that you did not make or authorise, notify us at once.
You need to contact our offices by telephone if your account has been compromised as emails could be delayed for various reasons.

Miscellaneous Disclaimers

eCobay reserves the right to hold funds beyond the normal distribution periods for transactions it deems suspicious or for accounts conducting high transaction volumes to ensure integrity of the funds.

eCobay will not be held responsible for incorrect banking details or incorrect amounts being provided by you which may lead to funds held by eCobay on your behalf being transferred to the incorrect party or recipient.  It is your responsibility to ensure the accuracy of the provided banking details.

eCobay shall not be responsible for any fraud, deception or misrepresentations by Users, whether or not the User is Verified.

eCobay shall not be obligated to pay a User for any payments for which eCobay has not been fully paid by the sender's credit card issuer or bank, as applicable.

eCobay is not responsible for refunds or refunding payments, a refund may be given at our sole discretion and may take up to 30 days.

eCobay will not have any liability in connection with any unauthorised interception or use of data relating to you or the eCobay service; any inability by you to use or access the service or the eCobay website for any reason; any actions or transactions by an individual that uses your user name and password with your consent or knowledge; or any cause over which eCobay  does not have direct control, including problems attributable to computer hardware or software (including computer viruses), telephone or other communications, or Internet service providers.

In no event shall eCobay be liable (i) for damages caused other than by intentional misconduct or (ii) for any indirect, special, incidental, consequential or punitive damages whatsoever (including, but not limited to, damages for lost profits, disclosure of confidential information, or loss of privacy), arising out of or in any way related to your use of or inability to use the Service or the eCobay website, even if eCobay has been advised of the possibility of such damages. In no event shall eCobay be liable for any act or omission of any third party (such as, for example, any provider of telecommunications services, internet access or computer equipment or software) or any circumstances beyond our control (such as, for example, a fire, flood, or other natural disaster, war, riot, strike, act of civil or military authority, equipment failure, computer virus, or failure or interruption of electrical, telecommunications or other utility services).

eCobay reserves the right to require Users who receive payments through eCo-Bank and operate with high reversal rates or otherwise present a relatively high risk of losses to choose between closure of their eCobay account or entering into an additional agreement addressing such risks, which may include higher fees.

 

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