Notice of Amendment to PayPal Legal Agreements
Issued: 13 September 2022
Please read this document.
We’re making changes to the legal agreements that govern your relationship with PPCN.
We encourage you to carefully review the notices below so that you are familiar with these upcoming changes.
There is no further action needed from you as these changes will take place automatically on the Effective Date shown below. In the event you would prefer to decline these changes and close your account, you can do so prior to the Effective Date.
Updates to the User Agreement for PayPal Payment Services
Effective: 13 October 2022
We are making the following changes to the User Agreement:
- “You acknowledge and agree that the beneficial account owner, either individual or business (including the Controlling Person thereof), is a PRC tax resident only. The account beneficial owner must not be a tax resident of the United States and subject to the tax laws of the United States” has been changed to “You acknowledge and agree that the account owner, either individual or business (including the Controlling Person thereof), is a PRC tax resident only. The account owner must not be a tax resident of the United States and subject to the tax laws of the United States.”
- The following paragraph has been added to the end of “Holding the Fund to be Settled in Your PayPal Account” section: “You acknowledge and accept that, for the purpose of protecting the interests of consumers, PPCN is entitled to decide whether to use its own funds to recharge the unsettled fund held on your PayPal Account so as to make up for any deficiency of your account, and to settle the dispute and chargebacks to any buyer on your behalf. You agree and confirm that no additional consent is required from you in respect of such recharge and/or the settlement of disputes and chargebacks. You further agree and accept that you shall compensate PPCN for the amount corresponding to the recharge amount within 3 Business Days (or any period otherwise notified to you by PPCN).”
- We have added examples to illustrate how a rolling reserve can be set and changed the wording of minimum reserve setting from “the minimum reserve is either taken as an upfront amount deposited all at once” to “the minimum reserve is either retained all at once from sales”.
- We have updated the Currency Conversion Fee charged by PayPal Service Providers outside PRC for converting other currencies to CNY.
To review the updated User Agreement, please click Here.