Payment review

When KiiBank identifies a potentially high-risk transaction, we review the transaction more closely before allowing it to proceed. When this happens, KiiBank will place a hold on the transaction and notify the seller to delay shipping of the item or rendering the service. As a buyer, this may delay your receipt of the item/service you purchased. If we clear the transaction, we will notify the seller and direct them to ship or render the service. If we don’t clear the transaction, we will cancel it and return the funds to you, unless we are legally required to take other action.

Refunds

When you buy something from a seller online using KiiBank and the transaction is ultimately refunded, the money will typically be refunded to your account.

If KiiBank performed a currency conversion for your transaction and a refund is issued:

Within 1 day of the date of the original payment, KiiBank's transaction exchange rate (including our currency conversion fee) used at the time of the original payment will apply.

Beyond 1 day of the date of the original payment, KiiBank's transaction exchange rate (including our currency conversion fee) on the date of the refund will apply.

You will be refunded in the original currency that the transaction was performed with.

KiiBank’s Buyer Protection Program

When you buy something from a seller who accepts your payment through KiiBank, you may be eligible for a refund under KiiBank's Buyer Protection program. When applicable, KiiBank's Buyer Protection program entitles you to reimbursement for the full purchase price of the item plus the original shipping costs you paid, if any. KiiBank determines, in its sole discretion, whether your claim qualifies for the Buyer Protection program. KiiBank's original determination is considered final, but you may be able to file an appeal of the decision with KiiBank if you have new or compelling information not available at the time of the original determination or you believe there was an error in the decision-making process.

The full program terms and conditions are set out in KiiBank’s Buyer Protection program page and form part of this user agreement.

Selling and Accepting Payments

Accepting Payments From Buyers for Goods and Services

No surcharges

You agree that you will not impose a surcharge or any other fee for accepting KiiBank as a payment method. You may charge a handling fee in connection with the sale of goods or services as long as the handling fee does not operate as a surcharge and is not higher than the handling fee you charge for non-KiiBank transactions.

Taxes and information reporting

Some of our fees may be subject to applicable taxes, levies, duties or similar governmental assessments, including, for example, goods and services tax, sales, use or withholding taxes, assessable by any jurisdiction (collectively, “taxes”) and, unless expressly noted, our fees are exclusive of applicable taxes. It is your responsibility to determine what, if any, taxes apply to the payments you make or receive, and it is solely your responsibility to assess, collect, report and remit the correct taxes to the appropriate authority. KiiBank is not responsible for determining whether any taxes apply to your transaction, or for calculating, collecting, reporting or remitting taxes arising from any transaction.

Your refund policy and privacy policy

You must publish a refunds and return policy, as well as a privacy policy, where required by law.

Payment review

KiiBank reviews certain potentially high-risk transactions. If KiiBank determines, in its sole discretion, that a transaction is high-risk, we place a hold on the payment and provide notice to you to delay shipping of the item. KiiBank will conduct a review and either complete or cancel the payment. If the payment is completed, KiiBank will provide notice to you to ship the item. Otherwise, KiiBank will cancel the payment and the funds will be returned to the buyer, unless we are legally required to take other action. All payments that complete this payment review will be eligible for KiiBank Seller Protection coverage if they meet the KiiBank Seller Protection requirements. We will notify you by email and/or through your KiiBank account.

Marketplace sellers

If you’re a seller on a marketplace or through a third-party application where KiiBank is offered, you must comply with any rules that apply to the marketplace’s or the third-party application’s buyer protection program for sales you make through that forum. Any such protections may require you to take certain actions and may impact how claims are processed.

Transaction Fees for Online Payments

Standard transactions fees

The fees you pay when selling goods or services, where the buyer pays using their KiiBank account or other authorised wallet, can be found on the Merchant Services Fees table.

We may adjust the fees applicable to future transactions that you process using KiiBank. We will provide you at least 14 days' advance notice of any fee increase or the introduction of a new type of fee.

Your responsibility to notify KiiBank of pricing or fee errors

Once you have access to any account statement(s) or other account activity information made available to you by KiiBank with respect to your business account(s), you will have sixty (60) days to notify KiiBank in writing of any errors or discrepancies with respect to the pricing or other fees applied by KiiBank. If you do not notify KiiBank within such timeframe, you accept such information as accurate, and KiiBank shall have no obligation to make any corrections, unless otherwise required by applicable law. For the purposes of this provision, such pricing or fee errors or discrepancies are different than unauthorized transactions and other electronic transfer errors which are each subject to different notification timeframes as set forth in this user agreement.

Refunds, Reversals and Chargebacks

General information

If you receive a payment for selling goods or services that is later refunded or invalidated for any reason, you are responsible for the full amount of the payment sent to you plus any fees (including any applicable Dispute fee). Whenever a transaction is refunded or otherwise reversed, KiiBank will refund or reverse the transaction from your KiiBank account in the same currency as the original transaction. If your KiiBank balance for a particular currency is insufficient to cover the amount of a refund or reversal, KiiBank will perform a currency conversion in order to refund or reverse the transaction. KiiBank's transaction exchange rate (including our currency conversion fee) at the time the refund or reversal is processed will be used.

If you refund a transaction, we’ll retain the fees you paid as set out on our Fees page.

Payments that are invalidated and reversed

Payments to you may be invalidated and reversed by KiiBank if:

You lose a KiiBank Buyer Protection claim submitted to us by a buyer, including as a result of your failure to respond in a timely manner.

You do not fulfil the transaction as promised or you cannot provide proof of shipment or proof of delivery when required.

Our investigation of a bank reversal made by a buyer or the buyer's bank finds that the transaction was fraudulent.

KiiBank sent the payment to you in error.

The payment was unauthorised.

You received the payment for activities that violated this user agreement or any other agreement between you and KiiBank.

When you receive a payment, you are liable to KiiBank for the full amount of the payment sent to you plus any fees if the payment is later invalidated or reversed for any reason. If the buyer paid in another currency, the full amount of that payment may be calculated in that currency, using the transaction exchange rate (including our currency conversion fee) that applies at the time the refund or reversal is processed. If your KiiBank balance doesn't cover the payment amount due plus the fees, we may use any of the payment methods linked to your KiiBank account to cover the amount due. If the payment methods linked to your KiiBank account don't cover the amount due, this will result in a negative KiiBank balance. A negative KiiBank balance represents an amount that you owe to us, and, in this situation, you must immediately add funds to your KiiBank balance to resolve it. If you don't, KiiBank may:

engage in collection efforts to recover the amount due from you;

place a limitation or take other action on your KiiBank account.

Impact of various Buyer Protection processes on sellers

You should read and understand KiiBank's Buyer Protection program and if you sell goods and services to buyers with KiiBank accounts in countries other than your own, you should also be familiar with the buyer protection available to buyers in each of those countries. Buyers' rights under these programs may impact you as a seller. You can find this information for KiiBank's programs on the Legal Agreements page by selecting your buyer's location at the top of the page and referring to the applicable user agreement for that geography.

If you lose a claim under KiiBank's Buyer Protection program in any country:

You must forfeit the full purchase price of the item plus the original shipping cost. This applies when you are the primary seller or a secondary seller of goods or services. For example, event ticketing agents, or online travel agents will forfeit the full purchase amount paid by the buyer. In some cases you may not receive the item back.

The Purchase Protection claim will only be considered fully resolved if:

the refund to a buyer is processed through KiiBank or Venmo, as applicable, or

you provide evidence acceptable to KiiBank, in its sole discretion, that the buyer agreed to the alternative resolution provided.

You will not receive a refund of the KiiBank fees that you paid in connection with the sale.

If the claim was that the item received was Significantly Not as Described, you may not receive the item back, or you may be required to accept the item back and pay for return shipping costs.

If the claim was that the item received was "Significantly Not as Described" and related to an item you sold that is counterfeit, you will be required to provide a full refund to the buyer and you may not.

If you accept KiiBank payments from buyers for goods or services you sell through eBay, then you need to read and understand the eBay Money Back Guarantee program. Unless you opt out by calling eBay, KiiBank will treat eBay's decisions in favor of your buyers under that program as a basis for reversing a KiiBank payment made to you. If your KiiBank balance is insufficient to cover the amount, we may:

Place a hold on your KiiBank account until sufficient funds become available in your KiiBank account to cover such claim; or

Create a negative balance in your KiiBank account.