Payment Terms

01 Purpose, parties and precedence

These Payment Terms govern the use of Cord Payments, payment collection with Mercado Pago, the customer portal, automatic payments and direct debit within CORD. “Flouvia”, “Customer”, “CORD” and other defined terms have the meaning given to them in the CORD Terms and Conditions (the “Terms”).

Cord Payments is a software feature. Payment services are provided by Stripe: Flouvia does not provide payment services, does not receive or hold the funds of the Customer’s buyers and is not a financial institution. Payments are settled to the Customer’s connected payment account.

Payment processing services for Customers on CORD are provided by Stripe and are subject to the Stripe Connected Account Agreement, which includes the Stripe Terms of Service (collectively, the “Stripe Services Agreement”). By agreeing to these Payment Terms or continuing to operate as a Customer on CORD, the Customer agrees to be bound by the Stripe Services Agreement, as the same may be modified by Stripe from time to time. As a condition of Flouvia enabling payment processing services through Stripe, the Customer agrees to provide Flouvia accurate and complete information about itself and its business, and authorizes Flouvia to share it and transaction information related to its use of the payment processing services provided by Stripe.

A Customer that connects its Mercado Pago account collects payments with it under Mercado Pago’s terms, as Mercado Pago provides that service.

These Payment Terms form part of the Terms. In case of conflict, these Payment Terms prevail on payments and fees; the Invoicing Terms prevail on invoicing; the Data Processing Agreement prevails on data processing; and the Terms prevail on everything else. Governing law and jurisdiction are those in section 16 of the Terms.

02 Onboarding, verification and authorizations

Cord Payments is enabled when the Customer completes onboarding and Stripe enables its connected account. The Customer shall provide true, complete and current information about its business, its representatives and its beneficial owners, and update it when it changes. Stripe decides on verification, may request additional information and may restrict, pause or close the account under its agreement.

Stripe opens connected accounts for businesses in Mexico, the United States, Canada, Spain, the United Kingdom, Germany and France. In Brazil, Colombia, Argentina, Chile and Peru, the Customer collects online payments with its Mercado Pago account, which it may also connect in Mexico. Without a connected payment method, payments are recorded manually.

Whoever sets up Cord Payments or connects Mercado Pago represents that they have authority to act for the Customer and to accept the provider agreements presented to them. Whoever enters the data of another representative, director or beneficial owner represents that they have authority to provide it and that they informed those people. Only authorized members may give payment, refund or payout instructions. Personal acceptance of the Terms does not replace the organization’s authorization or the buyer’s.

Stripe processes the personal data it receives under its Privacy Policy. Stripe’s acquiring banks and their contact details are listed in its acquirer disclosure. If the Customer’s account is in Canada, the payment processor may obtain information from credit bureaus to verify the Customer’s identity and use it for the purposes described in its Privacy Policy.

03 Fees

These Payment Terms are the only source of Cord Payments fees; the Terms refer to them.

In Mexico, for each payment in Mexican pesos:

Outside Mexico, for bank transfers with a reference and direct debit (SEPA, ACH, Bacs and Canadian pre-authorized debit), the Customer pays the processor’s cost plus Cord’s margin, calculated on each payment as follows: 0.5% of the payment, up to EUR 15, GBP 15 or USD 15 (CAD 20); but if 0.3% of the payment is greater than that cap, the margin is 0.3%. For example, in euros: on a EUR 1,000 payment the margin is EUR 5; on a EUR 4,000 payment, EUR 15; and on a EUR 10,000 payment, EUR 30. Card and Bizum payments in currencies other than the Mexican peso carry no Cord fee.

Common rules:

• Stripe charges its processing cost directly on the Customer’s connected account; Cord’s margin is deducted from each payment as a platform fee.
• Cord’s margin is subject to the value added tax that applies under Mexican law. A Customer established in the European Union or the United Kingdom provides its VAT identification number and accounts for any tax due in its own country.
• Amounts are calculated in the minor unit of each currency.
• Settings shows the total fee for each method before the Customer accepts it. A new fee or a fee change applies only after an authorized member of the Customer accepts that version in Settings.

04 Payment methods, portal and automatic payments

Customer portal. The Customer may share with each of its customers a personal link where the customer sees its invoices and balance per currency and pays one or several at once. The link works as a credential: anyone who has it sees those invoices. The Customer creates, rotates or turns off the link and is responsible for sending it to the right person. A payment covering several invoices is allocated using each invoice’s balance when it is created.

Automatic payments. The Customer’s customer turns them on from its portal through an express authorization in favor of the Customer to charge, on its due date and with the method it saves, each invoice that falls due from the day of the authorization. Invoices that fell due earlier are not charged automatically: the customer can pay them from its portal. The authorization takes effect once the processor confirms the saved method. Cord records each authorization with the version and hash of the accepted text, the payment method, the date, the IP address and the browser, keeps the full history and sends the payer a confirmation email on the Customer’s behalf. Due invoices are charged in a single charge per customer and currency. A definitive decline turns the method off; other declines are retried under a fixed policy with a maximum number of attempts. Cord emails the customer when a charge fails and notifies the Customer when collection stops. Canadian pre-authorized debit is not used for automatic payments, and ACH debit in U.S. dollars is used only with an account the payer’s bank reports as a business account: with a personal account, or one whose type the bank does not report, the customer authorizes each payment for its amount from its portal, with the account it saved to pay in one click or with a new one, and Cord keeps a record of each authorization with its text, the date, the IP address and the browser. The Customer can only turn automatic payments off; it cannot turn them on for its customer. The Customer is responsible for ensuring its commercial terms, its notices and its use of that authorization comply with applicable law and with card network or debit scheme rules.

Direct debit. It is offered only if the Customer turns it on and the processor enables the capability on its account: SEPA in euros (accounts in Spain, Germany and France), ACH in U.S. dollars and pre-authorized debit in Canadian dollars (accounts in Canada). For a payer to sign a new SEPA mandate, the Customer must register in CORD its own SEPA creditor identifier, assigned by its bank or by its country’s authority. Bacs, in pounds sterling (accounts in the United Kingdom), is not available for new mandates; existing mandates continue to be charged. A debit takes days to confirm and the payer’s bank may return it later; while it is processing or the account is being verified, the invoice cannot be charged again or voided. Flouvia sends the payer, on the Customer’s behalf, the mandate confirmation and the advance notices each scheme requires, with the Customer’s contact email or phone number, which the Customer shall keep up to date; account verification by micro-deposits takes place on a CORD page. For Bacs mandates and SEPA mandates signed under the processor’s creditor identifier, the processor sends those notices. For SEPA, the advance notice of each debit is sent at least two calendar days before the debit, the period set by the mandate the payer signs. For ACH, the account type (personal or business) is reported by the payer’s bank; it determines whether the account can be used for automatic payments, and each one-click payment is confirmed by email. For Canadian pre-authorized debit, the payer declares whether the account is personal or business, which determines the scheme’s claim periods. The Customer shall comply with the scheme rules and handle returns.

Bank transfer with a reference. It is offered only if the Customer turns it on and the processor enables the capability. The payer receives a virtual bank account from the processor: a CLABE in Mexican pesos, an IBAN in euros, an account number and sort code in pounds sterling, or an account and routing number in U.S. dollars. Any shortfall or excess remains as the payer’s balance on the Customer’s connected account; if it is not applied within 75 days, the processor attempts to return it. International transfers are not accepted through this method.

Bizum and interest-free installments. Bizum is offered to Customers in Spain, in euros and up to EUR 5,000 per payment, and is not used for automatic payments. Interest-free installments (meses sin intereses) are offered to Customers in Mexico, with cards, in pesos, if the Customer turns them on; the Customer bears their cost.

Data of the Customer’s clients. Toward its clients, the Customer is the controller of their personal data. CORD lets the Customer link its own privacy notice on its quotes, invoices, portal and collection pages, and the Customer shall keep it current and accurate. The Customer may submit to the payment processor the record CORD keeps of an approval, a payment or an automatic payment authorization only to respond to the dispute of the corresponding charge and in line with its privacy notice.

05 Funds and payouts

Flouvia does not receive, hold or manage the Customer’s funds. Stripe pays them out to the Customer’s bank account at the frequency the Customer chooses in Settings, subject to fund availability and to the verifications, reserves and timing that Stripe and the banks apply. A pending balance is not an available balance or a received payout. Flouvia does not guarantee a payout date.

06 Refunds

The Customer decides each refund and shall review the transaction and the amount before confirming it. Cord sends the request to the processor; confirming it does not mean the buyer has already received the money. Depending on the method used:

A partial refund of a payment that covered several invoices is allocated from the last invoice paid to the first. Cord and processor fees are not returned when the Customer issues a voluntary refund, unless Flouvia confirms otherwise in writing and without prejudice to rights that the law does not allow to be waived. A refund does not cancel the tax invoice: the Customer corrects it under the Invoicing Terms.

07 Disputes and negative balances

The Customer is the seller and the merchant responsible to its buyer for each transaction: its authorization, delivery of the goods or service, refunds, customer service and taxes.

When a buyer files a chargeback or other dispute, Stripe may debit the disputed amount and the network and processor fees from the connected account. If the balance is insufficient, Flouvia may become liable to Stripe. The Customer bears, as between the Customer and Flouvia, the disputed amount, the fees and any negative balance attributable to its transactions, except to the extent caused by Flouvia’s willful misconduct or fraud.

The Customer shall reimburse Flouvia any amount owed under the preceding paragraph within five business days of written notice. To the extent permitted by law and by Stripe, the Customer authorizes Flouvia to set off those amounts against present or future balances of its connected account. While a negative balance exists, Flouvia may pause new payments or payouts and request another authorized payment method.

The Customer shall provide complete and truthful evidence within the deadline communicated by Cord or Stripe. Cord helps prepare and submit it but does not decide or guarantee the outcome. Fees that Stripe or the network do not return remain the Customer’s responsibility.

08 Subscription, termination and final provisions

The CORD plan price is separate from the fees in these Payment Terms and is governed by sections 3 and 15 of the Terms.

The Customer may stop using Cord Payments at any time by disconnecting its account in Settings. Disconnection does not extinguish pending obligations, such as refunds, disputes or negative balances, which survive until performed. Deletion of the organization is governed by section 8 of the Terms.

Flouvia sends notices to the Customer by email to the organization owner’s address and within CORD. Amendments to these Payment Terms follow section 17 of the Terms; a fee change also follows section 3 of these Payment Terms.