Funds Advance Terms and Conditions
1. Funds Advance
Mercado Pago may offer the User an advance on the availability of the Funds credited to the User Account before the regular time frames established by Mercado Pago for such purpose when the User requests an Funds Advance, the acceptance of which will be subject to Mercado Pago's exclusive discretion (the "Funds Advance"). The Funds Advance is subject to the provisions of Mercado Pago Terms and Conditions of Use, except for those matters specifically regulated herein. Mercado Pago will define the amounts that the User may advance based on its risk and commercial policies and user protection programs, reflecting the amounts in the User's Account.
2. Funds Advance Request
When Mercado Pago offers the User an amount that can be advanced in their Account, the User may request the Funds Advance to Mercado Pago through this account. Mercado Pago may decline the request at any time and at its sole discretion, without the need for any justification.
Mercado Pago will inform the User: (i) the amount that can be advanced at that time (the "Advanceable Funds"); and (ii) the cost of the Funds Advance requested by the User. Furthermore, at its sole discretion, Mercado Pago may offer the User the option to keep the advanced funds (the "Advanced Funds") in the User's Account, or to transfer them automatically to a bank account indicated by the User. In the latter case, the Advanced Funds will be transferred to the bank account on the next bank business day after the Funds Advance request. That time frame may be extended up to 48 hours in exceptional cases in which it is not possible to make the transfer within the original time frame. If the User chooses to keep the Advanced Funds in the User's Account in order to transfer them to a bank account at a later date, such transfer will be made within the time frames set forth in Mercado Pago's Terms and Conditions of Use.
3. Funds Advance Cost
In consideration for the Funds Advance, the User will pay Mercado Pago the amount equivalent to a fixed percentage of the Advanced Funds, plus the corresponding taxes. These costs will be informed before the Funds Advance is made and will be deducted from the Advanced Funds, and the corresponding net amount of the Advanced Funds will be credited to the User.
4. Cancellations, unrecognized charges, reversals and chargebacks
If the Advanced Funds correspond to a transaction that is cancelled, unrecognized or reversed and/or is subject to chargebacks after the withdrawal/transfer or use of the Advanced Funds, Mercado Pago will apply its Seller Protection and Protected Purchase programs as well as any other mediation program Mercado Pago may apply. The User expressly authorizes Mercado Pago to deduct and debit the necessary Funds to cover such cancellation, reversal and/or chargeback from their Account and, in case of insufficient funds, to debit them from any other future income deposited to their account, without prejudice to the other powers in favor of Mercado Pago set in Mercado Pago's Terms and Conditions of Use.
5. Mercado Pago offers payment services and is not authorized to operate as a financial institution by the Financial Superintendency of Colombia. Mercado Pago does not provide the user with any bank or exchange service. The deposited funds in the payment account are not deposits made in a financial institution, and do not have any of the guarantees such deposits can entail in accordance with the legislation and regulation applicable to deposits in financial institutions.
Moreover, the Advanced Funds made by Mercado Pago are not loans or financial transactions of any sort under the current legislation.
6. Application of the Mercado Pago Terms and Conditions
For all relevant purposes, the Mercado Pago Terms and Conditions shall apply as well as the documents included there, made available to the User through links in the corresponding website in highlighted characters. In case of discrepancies and/or contradictions between the Mercado Pago Terms and Conditions and the Advanced Funds Terms and Conditions, the Advanced Funds Terms and Conditions shall prevail. All of the terms in capital letters which are not defined in this document will have the meaning assigned to them in the Mercado Pago Terms and Conditions. The User’s acceptance of the Advanced Funds implies the conformity with this circumstance .
7. Scheduled Advanced Funds
Mercado Pago may offer the User the possibility to schedule the Advanced Funds so that they are credited automatically on a date selected by the User (“Scheduled Advanced Funds”). The User will be able to select the option to credit the funds from the Scheduled Advanced Funds in the User account on a date selected by the User all at once or periodically, on a daily, weekly or monthly basis.
Mercado Pago shall inform the User through the different available online channels: (i) the available money from which the User may request the Scheduled Advanced Funds, and (ii) the cost of such Scheduled Advanced Funds. In the event of an increase in the Advance cost, Mercado Pago will request the User to authorize the new cost in order to continue.
All preceding clauses will be applied to the Scheduled Advanced Funds.
Mercado Pago shall notify the User when the Scheduled Advanced Funds become effective and the money is credited to the User account. In the event that there is no money pending release in the established date for the Scheduled Advanced Funds, Mercado Pago shall notify the User and the Advance will not become effective.