Terms and Conditions for Early Release of Funds
1- Early Release of Funds.
Mercado Pago may offer the User the early release of funds that are in a pending settlement state (“Early Release of Funds”). User may in each opportunity submit a request for an Early Release of Funds in accordance to Section 2. Mercado Pago, at its own discretion and at any time, may accept or reject, fully or partially, each Early Release of Funds request without cause. 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 user protection programs, the amounts that the User may require through an Early Release of Funds request.
2- Request for Early Release of Funds.
In the event that Mercado Pago offers to the User the early release of funds, the User may request it, and Mercado Pago may, at any time and at its sole discretion, fully or partially reject such request without cause. Once a request has been received, Mercado Pago will inform the User -through any of its different online channels availables- of: (i) the amount of funds that may be made available on Early Release at that time (“Released Funds”), and (ii) the cost of the Early Release of Funds requested by the User.
3- Cost of an Early Release of Funds.
As consideration for an Early Release of Funds, the User shall pay Mercado Pago an amount equal to a fixed percentage of the Released Funds plus any applicable taxes. Such amount shall be informed through any of the online channels availables prior to the transaction and Mercado Pago shall deduct such costs off the User’s Released Funds.
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 the Released Funds have been released, Mercado Pago shall apply its Buyer Protection Program and Seller Protection Program, and any other program that Mercado Pago applies regarding mediation cases. The User expressly authorizes Mercado Pago to deduct off, debit and/or compensate, without prior notification, from the User’s Mercado Pago Account without prior notification from its Mercado Pago Account, the available funds necessary to cover said 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 funds available in its Mercado Pago Account, without prejudice to any other rights of Mercado Pago as provided for in the Terms and Conditions of Use of Mercado Pago.
5- It is expressly stated that Mercado Pago is not a financial entity and does not provide any banking or currency exchange services to its Users. Mercado Pago provides payment processing services in the name and on behalf of Users under the conditions set forth in the Terms and Conditions of Use and applicable laws. 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 enjoy in accordance with the applicable laws 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 User through the links to the corresponding site 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 User.