Terms and Conditions for Early Release of Funds
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. 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. 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.
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. 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.
3. Cost
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. Mercado Pago offers payment services and is not authorized to operate as a financial institution by the Central Bank of Argentina. 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 pursuant to the applicable legislation and regulations regarding deposits in financial institutions.
6. Application of the Terms and Conditions of Mercado Pago
For all purposes that may correspond, the Terms and Conditions of Mercado Pago and other documents incorporated into them shall apply, which are provided to the seller through the links to the corresponding website provided in prominent characters. 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. 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.