The Odinstreasure Shop Payments Policy is about your rights and responsibilities when you use Odinstreasure Shop Payments for any of Odinstreasure Shop's services. In this policy, our website, mobile application, and all other services will be referred as Services. By using Odinstreasure Shop's services, you agree to the payment and all other policies.
The policy is a legal contract between the user (you) and Odinstreasure Shop.
Odinstreasure Shop allows sellers to take payments through credit and debit cards, Paypal services wherever they are available, transactions through Apple Pay and Google Pay. These transactions are credited into the seller's Payment account with Odinstreasure Shop and then deposited into the seller's authorized bank account. Odinstreasure Shop has the authority to remove or add payment methods in Odinstreasure Shop Payments services. We are only obliged to notify the seller about the changes where required by law.
Odinstreasure Shop Payments is only accessible to sellers whose age is 18 years or older and have an approved Odinstreasure Shop Payments account.
Sellers are expected to use Odinstreasure Shop Payments only for the sale of items that are listed on Odinstreasure Shop's services. Seller also is bound to dispatch the product once the payment has been cleared and can be seen in their payment account. If a seller is found using Odinstreasure Shop Payments for any other use and personal gain apart from selling at Odinstreasure Shop services, Odinstreasure Shop has the right to terminate the seller's Payments account or restrict his or her access to the account.
Buyers can purchase items from Odinstreasure Shop's services by using any major credit or debit card that is accepted by Odinstreasure Shop, Odinstreasure Shop gift card, coupon or credit cards (only if they are acceptable and applicable), PayPal (subject to its access to different areas), Apple Pay and Google Pay.
Odinstreasure Shop utilizes the services of third-party service providers to facilitate buyers and sellers in making payments, processing funds, currency exchange, identity verification, assessment of fraudulent processes, card processing, and other significant regulatory compliances.
Odinstreasure Shop partners with Shopify Payment and PayPal and other licensed payment providers for services relating to card payments or paying the funds to sellers. The processing time and the type of third-party service you can use will depend on your location. If our provider finds your account has insufficient funds upon processing of purchase, Odinstreasure Shop has the right to contact you directly to seek payment.
For managing payment processing, Odinstreasure Shop may share your personal or transactional information with third-party service providers.
By using a third-party service provider, you will also be agreeing to their policies. For example, using PayPal, which is an independent third-party transactional service provider by PayPal Holdings, Inc. and is subject to PayPal User Agreement. Apple Pay is a third-party service provider provided by Apple Inc. and is subject to Apple Pay Terms and Conditions. Google Pay is a third-party service provided by Google Payment Corp. and is subject to the Google Pay Terms of Service for users.
If it comes to Odinstreasure Shop's attention or we are notified about your store not following the policies of third-party service providers, we have the right to take action against you and your account and ensure that you comply with the service provider's policies. The actions include terminating the selling rights of your store, changing payment methods, cancelling the transaction, among others.
Odinstreasure Shop's Rights and Responsibilities
We have the right to change, give access or disable Odinstreasure Shop's Payment service at any time without prior notification.
As part of our security strategy, we have set transaction limits for both buyers and sellers. For example, we may set a limit of the maximum amount an order can be purchased or sold. We may also impose a limit on the total amount of transactions done during a given period of time. Odinstreasure Shop will not be liable to a seller if we do not proceed with any kind of transaction, including deposit or adjustments if it crosses the limit set by us. We will also not be liable to the seller if we allow the buyer to withdraw from any purchase or transaction.
Odinstreasure Shop also has the right to refuse the use of its Payment Services to anyone at any time for any reason.
If we feel that the transaction is a high risk, fraudulent, violates either the trade sanctions, we have the right to decline that payment.
Odinstreasure Shop may provide limited payment protection to sellers in case a buyer purchases products with an unauthorized or stolen credit card.
Seller Rights and Responsibilities
Use of Odinstreasure Shop Payments: If you live in a country where Odinstreasure Shop payments are available, you need to make your account for Odinstreasure Shop Payments. The only case when you do not need to make an account is when specified by Odinstreasure Shop. When you have Odinstreasure Shop Payment account, your store will be able to perform transactions through authorized credit and debit cards, PayPal, Google Pay, and Apple Pay. To set this account up and use it for transactional activities, you need to provide the required information and follow all the mandatory steps like verifying your bank account details. Without access to this information, we will not be able to pay you. To find information on how to upload account details click here. If you live in a country where Odinstreasure Shop Payments are available, and you fail to provide all the necessary information, Odinstreasure Shop has the right to deny you access to our Services until you do so.
Payment Accounts: During the registration process, Sellers are supposed to provide valid and authentic information. They are also responsible for updating their account information if need be. Sellers are not allowed to impersonate any other person or business entity without being permitted by them. The unauthorized use of someone else's name is illegal. Sellers permit Odinstreasure Shop and authorized agents to verify the authenticity of information that the seller used while making the account. This is done by accessing public records and credit reports of the seller. The seller's information is authorized to ensure the credibility of the marketplace and minimize the risk of fraud, money laundering, terrorist financing, and violation of any trade sanctions. Payment accounts are only for people who are able to become a seller on Odinstreasure Shop Services and have an authorized or valid debit or credit card with Odinstreasure Shop unless they are not required to have such requirements.
Communications: We will utilize our standard communication procedures (including emails and phone calls) to inform the sellers about information regarding transactions or any other payment information about Odinstreasure Shop Payments. We may use e-mail to connect with sellers.
International Trade Law: You agree that your use of Odinstreasure Shop Payments will not involve any products, countries, indivduals, or entities that are prohibited by sanctions, embargoes, and legal regulations made by the US Department of Treasury's Office of Foreign Assets Control ("OFAC") or any other government agencies.
Information on Cardholder Charges: Please be mindful that your card provider company or bank can charge you an extra fee for transactions with Odinstreasure Shop, including the cross-border fee. These fees are not charged by Odinstreasure Shop and are solely under the discretion of your bank or card-providing company. You can contact them for more details.
Appointment of Odinstreasure Shop as Limited Collection Agent for Sellers
Each seller appoints Odinstreasure Shop as a temporary holding, settling, and receiving party of their payments. The payments that are received by Odinstreasure Shop will be settled to sellers. Seller agrees that if a buyer pays Odinstreasure Shop on behalf of the seller, the buyer's responsibility to pay for the product being purchased is fulfilled. Now it is up to Odinstreasure Shop that we settle the payment with the seller or not. If Odinstreasure Shop does not settle with the seller, the seller has no right to claim it from the buyer but can only recourse it against Odinstreasure Shop.
Funds from successful transactions will be displayed in the seller's payment account. Once the payments are either approved by Odinstreasure Shop or our Fraud Analysis Service provider, the transactions are then marked complete. Any refunds, adjustments, or payments received since the last payment day, all these pieces of information are updated in the seller's payment account and can be displayed for their convenience.
Funds that can be viewed in the seller's payment account are the available funds and can be deposited into the seller's bank account. The conditions of the Reserve, hold and deposit delay as described in “Reserves, Holds, and Delays” must be met before the money can actually be withdrawn from the bank account or otherwise mentioned by the seller's bank.
If you want to deposit less than the threshold limit set, then a deposit fee will apply to it. “Payment Process Fees” covers details of the deposit fee. A minimum limit of the deposit is also applicable in different markets. Funds can only be deposited if they exceed the minimum limit set for the deposit.
Reserves, Holds, and Deposits
In order to protect the Odinstreasure Shop service users and Odinstreasure Shop, we may take certain account and transactional level actions to minimize risk and maintain the integrity of our marketplace. The decisions about reserves, hold, and deposits resonate with the seller's ability to fulfill consistent orders by following all the policies of Odinstreasure Shop. These criteria are crucial for the safety of our users and also for our risk management. Odinstreasure Shop has the right to use reserves, holds, and deposits towards your account in any way we wish to.
Reserves: A reserve is an amount kept in your account which is set for pending settlements. We place a reserve on your account if we consider your actions, your transactions, your account, or your business model a financial risk to us.
When a reserve is applied to your payment account, it means that a certain percentage of your money will be held as a reserve for a limited period of time and will not be available for you to deposit in your bank just as the available funds can be. The reserve percentage is the amount from your account that you cannot disburse. The percentage of the Reserve is calculated by the risk level that your activities can bring for Odinstreasure Shop, and it helps in creating a threshold amount that is applied to your payment account while you are in the reserve state.
Threshold amount applicable to your account
The threshold amount is the number of mandatory funds for you to keep in your Payment account while being in Reserve before being able to disburse your money. It is also called the threshold reserve amount. It will maintain the reserve percentage for your payment account. So it can increase or decrease corresponding to the latest activity in your payment accounts like sales, refunds, and chargebacks, and the reserved amount released back to you. The Threshold Reserve Amount will also determine the funds that are available funds and can be disbursed in your bank account and the funds which are to be restricted in your Odinstreasure Shop Payment Account during your Reserve period. Funds that are more than the reserved amount are available for you to disburse in your bank account. Funds below the Threshold Reserve Amount are considered as a reserve and cannot be disbursed until the period of Reserve completes. If your reserve fund falls below the threshold reserve amount because of any charges, then funds from your next sales will be utilized to compensate for the funds being lesser than the Threshold Reserve Amount. You can view the funds available for disbursing and the funds retained as Reserve in your Payment Account. Reserve funds are kept to spend on expenses like chargebacks, refunds, and seller fees where Available funds are not utilized. The amount of funds left after spending on all of these expenses is released to be disbursed after the given time period. If a buyer opens a case against you and you don’t have enough available funds, then your reserve funds will not be released for you to disburse. Odinstreasure Shop utilizes a different set of criteria to assess the numbers of reserve funds necessary for your payment account. A few are mentioned below:
How long has it been that you are doing business on Odinstreasure Shop, and how long has it been since you made your first sale. Details of sales you made, including their volume and average earning on those sales. The extent of backlogs of orders at your store. Delivery tracking facility available or not. Types of products you sell. Comparison of the number of buyers with cases opened. Number of warning suspensions received. Estimated delivery time. Delivery status of active orders. Types of Account Reserves:
A fixed reserve is a percentage of funds from your payment account at the time Reserve is placed on your account, which is to be held for a specific period of time. Both the percentage and the period of time differ for every case. Once the Reserve is applied to your account, the same percentage is held as Reserve from every sale you made. These funds will be utilized where chargebacks, refunds, and seller fee payments are due. Reserve funds are only released on a rolling basis after the Reserve period is passed, and if no other case by a buyer has started during the Reserve time. The funds above the threshold reserve can be disbursed by the seller as described in “Payment Account”.
For example, your Reserve is set at 30% for a period of 45 days. This means if you made a sale on day 1, 30% of the funds you made from that sale would be held in Reserve and be available for disbursing on the 46th day. Similarly, if you made a sale on the 4th day, 30% of the funds will be held in Reserve and will be made available on 49th day. If during the reserve period a chargeback, refund, or seller fee requires funds and your available funds are not enough, then the reserve funds will be utilized. A variable reserve is a percentage of the seller’s payment account balance determined by Odinstreasure Shop’s risk assessment team. A variable reserve percentage of a seller’s payment account balance (i) delayed before including it in the available funds for up to 180 days, (ii) deducted from seller’s payment account as a reserve for a period of 90 days. It can be placed in addition to the Fixed Reserve placed on a seller’s payment account. Account reserves are placed on a case-to-case basis and are reviewed from time to time.
If the risk factors change and the risk assessment done by Odinstreasure Shop’s risk management team suggests the same about the seller, then Odinstreasure Shop can decrease the reserve percentage or completely remove it at their own discretion. It is also possible if the seller’s performance goes positive by reducing the number of cases against his store or improving the fulfillment rate of buyers. Odinstreasure Shop also has the authority and the right to increase the reserve percentage or reserve time period by reviewing the seller’s account as per the factors listed above. If the reserve conditions are changed due to risk assessment, then we will notify you about it.
Holds and Delays. In some cases, there can be a delay in the transfer of payments to the seller’s payment account due to some issue at Odinstreasure Shop, our third-party service provider, or a seller’s bank. We’ll do our best to sort the matter out and communicate with the affected seller.
If we believe that the actions of a seller may result in disputes with buyers, bring cases, cashback, and refunds, increase the risk of fraud and counterfeiting, then we have the right to hold and delay on seller’s payment account balance along with applying reserves on it.
A hold may be put on a specific transaction if there is any current investigation going on regarding it, for a shorter of: (a) 180 days after the estimated delivery date, or (b) completion of the ongoing investigation regarding the order or the seller’s actions. Deposit delay is the number of days between the day a sale was made and the day its full amount was made available for the seller to withdraw. It can be from 0 to 180 days. A deposit delay is shown in the payment account of the seller and is applicable on all of his transactions. We also strive towards minimizing and avoiding delays. Please keep it in mind that Odinstreasure Shop is not responsible for reimbursing the expenses or refunding any fee during the time period of holding and delayed deposits.
Scheduled Deposits: Odinstreasure Shop instructs the payment partners to transfer funds into the seller’s Payment Account as Available Funds on a daily, weekly, fortnightly or a monthly basis. By going to the account settings, sellers can change the frequency of disbursements as per their choice. When a seller selects daily disbursements, he or she will be able to disburse payments daily if the funds are equal to or greater than the minimum disbursement threshold limit set. For daily disbursements, if the funds are less than $100 then a fee of $2.50 will be charged for the transaction. However, if the funds are greater than $100 then there will be no fee charged for the transaction. If a seller opts for any of the three disbursement options; weekly, bi-weekly, or monthly, then the disbursements will be made on every applicable Monday. The date of disbursement is referred to as the “Payment Date” in this policy. Deposits made in the seller’s bank account will almost take three to five business days from the date when Odinstreasure Shop initiated the deposit of funds. The actual time required for the deposit is determined by the processing speed of your bank. If the scheduled payment date comes on a non-business day, then it will automatically fall for the next business day from Monday to Friday. If a seller changes the frequency of disbursements and chooses daily disbursements, then his or her next deposit will be initiated on the next business day. If he or she chooses weekly, bi-weekly, or monthly, then the disbursement will be on the next Monday. When a seller changes his or her account details or sets up a new account, he or she has to wait for 5 days before requesting a deposit into your bank account. This 5 days wait is for security measures. Scheduled payment after changing account details will occur on the next payment date starting from the completion of 5 days waiting time period. Recoupment
We have the right to reimburse payments from a seller under the following circumstances: If a seller did not deliver the product or was in any way violating the terms mentioned under “Seller Rights and Responsibilities”, Odinstreasure Shop has the right to reimburse the buyer from the seller. We find out wrong or duplicate transactions related to a seller. We get a chargeback from buyer’s credit card company for the amount of money a buyer purchased from seller’s store. A seller violated the policies of Odinstreasure Shop. We have the right to deduct reimbursements that the seller owes to Odinstreasure Shop by deducting it from any of his future payments, reversing credits back to seller’s payment account, or charging the expenses on seller’s credit card attached with the file or by seeking any legal way of reimbursing funds from the seller, including the use of third-party collection services. You authorize us to use any such measures to get reimbursed. Payment Processing Fees
Overview. Odinstreasure Shop charges a Payment Processing Fee for processing transactions through Odinstreasure Shop Payments. This fee is calculated as per the gross order amount, which includes delivery charges and taxes as well (if applicable). This fee will be visible in your Odinstreasure Shop payment account and will be deducted when the payment is marked complete. Odinstreasure Shop has the right to modify the Payment Processing Fee at our own free will. If your payments are below the minimum threshold, this fee will be payable by you. This fee is deducted from your Available Funds at the time of the deposit. If a buyer is credited in full or partial return, then the processing fee is recalculated according to the readjusted sale price. The difference between the original and the adjusted payment processing fee is applied to the refund fund credited back to the seller. Other applicable fees and the deposit fee (if the deposit is returned to the seller’s account) will be refunded to the seller’s payment account.
Sellers can terminate this contract and the use of their Odinstreasure Shop Payments by changing the settings in their Odinstreasure Shop account. Odinstreasure Shop can also terminate the seller rights of using Odinstreasure Shop Payments.
After termination, the funds that are part of no dispute will be made available to the seller by transferring them to his or her bank account. Once you terminate your account, Odinstreasure Shop has the right to determine an amount and withhold it to cover any possible cashback, refund, or any other form of financial adjustments that the buyer claims to get from the seller's payment account for a period of 180 days. After this time period, we will disburse the payment left in seller’s payment account to his or her bank account.