A message from our VP (2/2)
This is a private communication from Zombaio to existing merchants and is not intended for any other audience.
Zombaio will be under new ownership from 1st November 2014 and as a result of this, certain operational changes will come into effect from this date.
There will be no need for any technical changes at the merchants? end as all present API functionality will be kept, but there may be other changes to the way your account operates depending upon whether you are deemed to be an ?active? merchant or an ?inactive? merchant.
To be considered an active merchant as at 1st November, you must
[a] send new sales during October 2014 AND
[b] have Zombaio listed as a primary biller - either first in a cascade or as an equal choice amongst other billers that the customer can select (without any premium in price or other encouragement to do otherwise).
Those that do not will automatically become ?inactive?. This does not mean that your accounts will be suspended or cancelled but does mean that they may be subject to an additional markup on processing rate of not exceeding 5%.
It is necessary for us to make this distinction between active and non active merchants so that we are able to better support full service merchants and at the same time mitigate the additional risks of processing transactions from merchants that do not have us first in a cascade and/or are only processing rebills.
There will be no increase in rates for active merchants.
Transactions processed from 1st November
We know that our interim terms while we were working on these changes were not the best, but we are pleased to say that we are now able to improve them. From 1st November all merchants can benefit from:
[a] Weekly settlement
[b] Reduced hold back reserve of 5%
[c] On time settlement via ACH, Wire, Check and Redpass**
** Transfers to Redpass will be ontime, but the Redpass load to card issue has not yet been fully resolved and delays may still occur. Additional similar third party payment systems will be added shortly.
The processing week will run from Monday to Sunday.
The first processing period under the new system (ending Sunday 2nd November) will be just 2 days with first settlement issued November 24th, and then weekly thereafter.
Transactions processed prior to 1st November and any historic amounts owing
In the majority of cases, transactions processed up to and including 31st October will be settled in accordance with the present terms of business, however, as funds from the sale transaction will be released to us in stages, some accounts will be paid before others with priority being given to accounts sending new sales.
We understand that this is not ideal, but we believe it is the best way for us to ensure that everybody will be paid what they are owed and ongoing business will be settled timely. As a goodwill gesture, anybody not paid up to date by the end of November, will have interest added to the debt at the rate set by Swedish law until such time as the settlement has been made.
New agreements and more detailed information will be issued in due course, but if you have any questions about anything mentioned here then please contact your account manager or support.
Best regards,
Tomas Anderson
VP Payment Systems
This is a private communication from Zombaio to existing merchants and is not intended for any other audience.
Zombaio will be under new ownership from 1st November 2014 and as a result of this, certain operational changes will come into effect from this date.
There will be no need for any technical changes at the merchants? end as all present API functionality will be kept, but there may be other changes to the way your account operates depending upon whether you are deemed to be an ?active? merchant or an ?inactive? merchant.
To be considered an active merchant as at 1st November, you must
[a] send new sales during October 2014 AND
[b] have Zombaio listed as a primary biller - either first in a cascade or as an equal choice amongst other billers that the customer can select (without any premium in price or other encouragement to do otherwise).
Those that do not will automatically become ?inactive?. This does not mean that your accounts will be suspended or cancelled but does mean that they may be subject to an additional markup on processing rate of not exceeding 5%.
It is necessary for us to make this distinction between active and non active merchants so that we are able to better support full service merchants and at the same time mitigate the additional risks of processing transactions from merchants that do not have us first in a cascade and/or are only processing rebills.
There will be no increase in rates for active merchants.
Transactions processed from 1st November
We know that our interim terms while we were working on these changes were not the best, but we are pleased to say that we are now able to improve them. From 1st November all merchants can benefit from:
[a] Weekly settlement
[b] Reduced hold back reserve of 5%
[c] On time settlement via ACH, Wire, Check and Redpass**
** Transfers to Redpass will be ontime, but the Redpass load to card issue has not yet been fully resolved and delays may still occur. Additional similar third party payment systems will be added shortly.
The processing week will run from Monday to Sunday.
The first processing period under the new system (ending Sunday 2nd November) will be just 2 days with first settlement issued November 24th, and then weekly thereafter.
Transactions processed prior to 1st November and any historic amounts owing
In the majority of cases, transactions processed up to and including 31st October will be settled in accordance with the present terms of business, however, as funds from the sale transaction will be released to us in stages, some accounts will be paid before others with priority being given to accounts sending new sales.
We understand that this is not ideal, but we believe it is the best way for us to ensure that everybody will be paid what they are owed and ongoing business will be settled timely. As a goodwill gesture, anybody not paid up to date by the end of November, will have interest added to the debt at the rate set by Swedish law until such time as the settlement has been made.
New agreements and more detailed information will be issued in due course, but if you have any questions about anything mentioned here then please contact your account manager or support.
Best regards,
Tomas Anderson
VP Payment Systems
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