Payments Policy

Food Prepped Payments allows sellers to accept various forms of payments on Food Prepped.com, and Food Prepped’s mobile apps and other services. Food Prepped Payments users can accept payment from buyers by credit card, debit card, Food Prepped Gift Card, Food Prepped Credit, Food Prepped Coupon, some bank transfer services, PayPal (where available), Apple Pay, Google Pay, and some nation-specific instalment payment methods – all in their domestic Food Prepped Payments currencies. This Payments Policy explains all your rights and obligations when using Food Prepped Payments.

This Payments Policy is a part of our Terms of Use. By using Food Prepped Payments, you’re agreeing to this Payments Policy and our Terms of Use.

1. Accepting These Terms

The Food Prepped Payments Policy (or the “Policy”) clarifies your rights and responsibilities when you use Food Prepped Payments on Food Prepped’s services (we’ll refer to Food Prepped.com, Food Prepped’s mobile apps, and other services as our “Services”), so read it judiciously. By using Food Prepped Payments, you’re agreeing to the Policy.

The Policy is a legally binding contract between you and Food Prepped. Wherever you live in the United Kingdom, the contract is between you and Food Prepped, Ltd. We’ll just refer to Food Prepped, Ltd. and all its subsidiaries collectively as “Food Prepped”.

2. Overview

Food Prepped Payments allows sellers to (a) accept payment by authorised credit and debit card transactions, some bank transfers services, PayPal (where available), transactions using Apple Pay, and transactions using Google Pay, (b) have those funds credited to a seller’s payment account with Food Prepped, and (c) have those funds deposited into a seller’s designated bank account. Food Prepped reserves the right to add or remove payment methods accepted by Food Prepped Payments in its sole discretion, with notice where required by applicable law.

Food Prepped Payments is only available to sellers who are at least 18 years old who register and are approved for a payment account with Food Prepped. Food Prepped Payments is currently available to sellers in the United Kingdom.

Sellers may solely use Food Prepped Payments for the sale of items listed on Food Prepped’s Services and concur to ship sold items after a payment transaction is concluded and mirrored in their payment account. Food Prepped reserves the right to terminate a seller’s access to Food Prepped Payments if the seller uses Food Prepped Payments in any other manner.

Buyers and Sellers benefit from Food Prepped having visibility into payments made on Food Prepped via Food Prepped Payments, because it can make the Services easy to use and enables Food Prepped to provide support more effectively to sellers or buyers where relevant. It also can help reduce fraud and other types of misuse of the Food Prepped platform.

3. Third-Party Services

Food Prepped has engaged third-party service providers that provide you with regulated payment services and perform many of the services related to payment processing, including card processing, disbursements, currency exchange, identity verification, fraud analysis, and regulatory compliance.

Food Prepped partners with Worldpay, PayPal, and other licenced payment providers to facilitate card payments and other payments and the disbursement of funds to sellers. The provider and processing time for your payment will vary based on the country in which you’re located.

Food Prepped may share your personal or transactional information with those third-party service providers for purposes related to payments processing.

If Food Prepped obtains notification that your shop’s content or activity breaches a third party’s service agreement, we may at our individual decision act against your account to comply with their policies. Prohibiting actions may include withdrawing a transaction, deactivating listings from your shop, suspending, or terminating your selling privileges, or removing specific payment means.

PayPal

Food Prepped supports two versions of PayPal: integrated PayPal and standalone PayPal.

Integrated PayPal. In countries where PayPal is available and can be integrated with Food Prepped Payments, Integrated PayPal allows sellers to receive funds from PayPal purchases directly into their Food Prepped payment account, without the need to manage a separate PayPal account. This means that if a buyer pays with PayPal, the funds from the order will be credited to a seller’s payment account along with the rest of the orders. The standard Food Prepped Payments Payment Processing Fee (described below) applies to orders that go through integrated PayPal; there is no additional PayPal fee.

Standalone PayPal. Standalone PayPal exists for sellers in countries that are not yet eligible for Food Prepped Payments and/or, in Food Prepped’s discretion, in some markets where it’s not a Food Prepped requirement to use Food Prepped Payments. Standalone PayPal may not be available to you if you do not have an active Food Prepped shop and Food Prepped Payments is not yet available in your country, which means you will be unable to open a shop on Food Prepped. Standalone PayPal will not be available to new sellers who join Food Prepped if Food Prepped Payments is available in that seller’s country. If this is the case, the seller will be required to register on Food Prepped Payments as part of their onboarding to Food Prepped. For sellers accepting standalone PayPal, you will receive funds from PayPal purchases directly into your PayPal account. Sellers who accept standalone PayPal will continue to pay PayPal fees. Orders paid through standalone PayPal are not covered by Food Prepped’s Seller Protection Program. Food Prepped reserves the right to allow certain sellers in countries that are eligible for Food Prepped Payments to also use Standalone PayPal for a limited time. Please note, during this transition period, it may be necessary for Food Prepped to process some PayPal transactions through integrated PayPal. For example, if a buyer chooses to pay with a Food Prepped Gift Card or Food Prepped Credit and covers the remaining balance using PayPal, Food Prepped can only process the transaction through integrated PayPal. Similarly, if a buyer purchases items from multiple shops in a single transaction and chooses PayPal as the payment method, Food Prepped may have to process the transaction through integrated PayPal.

4. Food Prepped’s Rights and Responsibilities

Food Prepped Payments functionality may be made available, modified, or discontinued by us at any time without notice and is subject to the limitations in Food Prepped’s Terms of Use.

As a security precaution, we may impose transaction boundaries on buyers and sellers. For example, we may impose limits pertaining to the value of any transaction, deposit, or adjustment, or limits relating to the accumulative value of all transactions, deposits, or adjustments through a period. We may also impose limits associated to the number of transactions per day or another period. We will not be accountable to a seller: (a) if we do not proceed with a transaction, deposit, or adjustment that would exceed any limit established by us, or (b) if we permit a buyer to withdraw from a transaction.

Food Prepped may refuse service of Food Prepped Payments to anyone, for any reason, at any time.

Food Prepped reserves the right to decline or refund transactions that we believe to be high risk, fraudulent, in violation of trade sanctions, or otherwise in violation of Food Prepped’s Terms of Use.

If a buyer does not make payment for the purchase of a legitimate item sold using Food Prepped Payments (e.g., where the buyer used a stolen or unauthorised credit card), Food Prepped may provide limited payment protection to the seller, in the interest of fairness. You can learn more about our Seller Protection Programme here.

Food Prepped maintains records associated with transactions on Food Prepped Payments and does not pass any secure data, including credit card numbers or bank account information, to any sellers. Sellers will only receive delivery information and limited buyer account information necessary to complete the order. Food Prepped’s Privacy Policy further explains how Food Prepped handles user information.

Food Prepped will send you any applicable notifications regarding your use of Food Prepped Payments in agreement with our Electronic Communications Policy.

5. Seller Rights and Responsibilities

Use of Food Prepped Payments

If you live in a country in which Food Prepped Payments is available, you are required to sign up for Food Prepped Payments, except as otherwise determined by Food Prepped in its sole discretion. Using Food Prepped Payments will result in your shop accepting payment through authorised credit and debit card transactions, some bank transfer services, PayPal, Food Prepped Gift Card, Food Prepped Credits, Food Prepped Coupons, Apple Pay, Google Pay , and Klarna (where available). For you to sign up for Food Prepped Payments and receive payment for transactions made through Food Prepped Payments, you must provide all required information and complete all required steps, including in some markets, verifying your bank account, for compliance purposes. If this information is not made available, your account will be limited, it will not function as is should and payments will not be able to be paid to you. You can find instructions about how to upload your bank account information here. If you live in a country in which Food Prepped Payments is available and you do not provide Food Prepped with this information, Food Prepped may refuse you access to the Services until you do so.

Payment Accounts

A payment account permits sellers to track payment quantities, reimbursements, and fees related to transactions and seller services. Sellers must provide accurate personal information as requested during registration and are responsible for maintaining and updating that information as necessary. Sellers will not imitate any person or use any name they are not legally approved to use. Sellers authorise us, and authorised agents, to verify their information (at registration and on occasion when using the Services) by accessing public records and obtaining credit reports about the sellers. Food Prepped verifies sellers’ information to safeguard the integrity of the marketplace and reduce the risk of fraud, money laundering, terrorist financing, and the violation of trade sanctions.

Payment accounts are only available to individuals who are eligible to be sellers on Food Prepped’s Services and who have a valid credit or debit card on file with Food Prepped unless they are exempt from this requirement.

Disputes

As a seller, it is your obligation to resolve any disputes directly with a buyer or with the aid of the dispute management and refund tools provided by Food Prepped, in accordance with our Seller Policy and Terms of Use. If a dispute is escalated to Food Prepped’s Support Team, Food Prepped reserves the right to issue a refund to a buyer and recoup such funds from the seller if a transaction is found to be in violation of Food Prepped’s policies.

If a buyer submits a charge-back, Food Prepped will respond to the credit card networks on behalf of the seller involved in the transaction; the seller agrees to provide any requested information to us within five calendar days of the request. Food Prepped reserves the right to recoup funds associated with buyer chargebacks from the seller.

Communications

We will inform sellers of each transaction, or of other information pertaining to Food Prepped Payments, using our standard communication procedures (detailed in our Electronic Communications Policy), including by email or through Food Prepped’s Messages tool.

Refunds

Food Prepped will initiate refunds or corrections for payments made through Food Prepped Payments within 180 days of the purchase date by using the refund feature in the seller’s payment account. The Food Prepped Payments Platform does not have refund functionality after 180 days from the original purchase date. Any such funds paid by Food Prepped to cover refunds will be deducted from the seller’s payment account balance. If there are inadequate funds to encompass the sum of the refund, the balance will be billed to the seller’s card on file or added to the seller’s payment account. Refunds distributed by Food Prepped will be in the original method of payment, and if such payment is not available, a Food Prepped credit will be allotted.

For full compensation to buyers who used a Food Prepped Coupon towards their fundamental purchase, the buyer will be reimbursed the amount they paid as part of the purchase, and Food Prepped will be compensated the amount contributed by Food Prepped via the Food Prepped Coupon. For part refunds to buyers who used a Food Prepped Coupon towards their original purchase, refunds will be made to the buyer and Food Prepped equivalent to the amount paid to the principal purchase (in Food Prepped’s case via a Food Prepped Coupon). You can read more about how refunds are actioned in the case of purchases made using Food Prepped Coupons here.

Food Prepped reserves the right to refund buyers and recover such compensated amounts from the seller where the seller has been refused service by Food Prepped in agreement with Food Prepped’s Terms of Use; and/or in circumstances where a seller is under Reserve as detailed in Section 7 (Deposit); and/or in circumstances where the seller has unfulfilled or overdue orders.

Fully refunded trades may be qualified for cancellation in agreement with our Cancellation Policy.

International Trade Laws

You agree that your use of Food Prepped Payments will not involve any countries, entities, individuals, or items prohibited by sanctions, embargoes, regulations, or orders administered by The Office of Financial Sanctions Implementation (OFSI) or other government agencies. See our Sanctions Policy for more information.

Information on Cardholder Charges

Please note that your bank or card provider may charge additional fees (including cross-border fees) for transactions that you make on Food Prepped. These fees are not charged by Food Prepped and are at the discretion of your bank. Please contact your bank for further details.

6. Appointment of Food Prepped as Limited Collection Agent for Sellers

Each seller appoints Food Prepped as its agent for the limited purpose of receiving, holding, and settling payments to seller. Food Prepped will settle payments that are received by Food Prepped to each seller, less any amounts owed to Food Prepped and subject to these Terms. By agreeing to these terms, each seller acknowledges that a payment received by Food Prepped on their behalf from a buyer satisfies the buyer’s obligation to make payment to the seller, regardless of whether Food Prepped subsequently settles the payment to the seller. If Food Prepped does not settle any such payments as described in these Terms to a seller, such seller will have recourse only against Food Prepped and not the buyer.

7. Deposits

Payment Account

All funds subsequent from a completed transaction will be mirrored as a balance in a seller’s payment account. Transactions are considered complete at the later of once the payment is approved by Food Prepped or our fraud analysis service provider. Any amounts paid to buyers in connection with purchases, or for funds received since the last payment day, such as refunds or adjustments, will also be subtracted from the seller’s payment account balance.

The funds shown in a seller’s payment account balance are eligible for deposit (the “Available Funds”) into the seller’s bank account, subject to any applicable reserve(s) and the corresponding reserve limit, hold, or deposit delay as described in Section B. Reserves; Holds and Delays, and as determined by the seller’s bank.”

For deposits under designated thresholds in specific markets, a deposit fee will pertain. See Section 9 below for details on deposit fees. A deposit minimum also applies to deposits in certain markets. Funds will only be eligible for deposit if they meet or exceed the required minimum deposit amount.

Reserves; Holds and Delays

To protect the security and integrity of our marketplace, the users of the Food Prepped services, and Food Prepped, Food Prepped may take account-level or transaction-level actions based on risk-based criteria, like the criteria listed below. Some of our conclusions about reserves, holds and delays may be based on criteria that demonstrates a seller’s ability to fulfil orders in a manner consistent with Food Prepped’s policies. These criteria are essential to our management of risk and the protection of Food Prepped and our users. Food Prepped reserves the right to use a combination of reserves, deposit delays, and holds on your account.

Reserves

A Reserve is an amount of money pending settlement as specified in your payment account. A Reserve will be placed on your account if we believe there may be a high level of financial risk associated with you, your account, your business model, or your transactions.

A Reserve is a percentage of the funds in your payment account balance that is held on an ongoing basis and will not be available for disbursement as Available Funds for a specified period. The Reserve percentage is applied to the amounts from your sales that would otherwise be eligible for disbursement. The percentage Reserve imposed on your account is determined by your risk level and is utilized to establish a threshold amount (further explained below) that applies to your payment account balance during the period in which the Reserve is active. If a Reserve is applied to your Payment Account, you will be notified by email. The email you receive notifying you that you are in Reserve will include details of the Reserve, including the period of Reserve and the percentage applied to your Payment Account.

Threshold Reserve Amount applicable to your Account

The threshold reserve amount is the minimum balance that must be maintained in your Payment Account while you are in Reserve before funds will be available for disbursement to your bank account (the “Threshold Reserve Amount”). The Threshold Reserve Amount is calculated based on the percentage Reserve applied to your account, and it may fluctuate to reflect changes in your payment account activity, such as new sales, refunds and chargebacks, charges to your payment account (if applicable), and released Reserve amounts. As a result, the Threshold Reserve Amount may increase or decrease as appropriate. The Threshold Reserve will also determine the amount of funds available to be disbursed to your bank account as Available Funds and the amount of funds that are pending, because they are still in Reserve. Funds more than the Threshold Reserve Amount are available to you for disbursement as described in Section 7A above. Funds that fall below the Threshold Reserve Amount are considered “Reserved funds” and are not available for use until the end of the applicable Reserve period. If your Reserve funds are used to cover any charges and your Reserve funds fall below the Threshold Reserve Amount, funds from subsequent sales will be applied to your Reserve funds to help you meet and maintain your Threshold Reserve Amount. You can observe your Threshold Reserve Amount, as well as any Reserved funds and funds obtainable to you for expenditure (Available Funds), via your Payment Account.

Reserve funds may be used to mitigate potential financial risks, such as refunds, chargebacks, claims, or seller fees and charges, if your Available Funds are insufficient to cover such charges. At the end of the applicable Reserve period, any Reserve funds that have not been utilized to address refunds, chargebacks, claims, or seller fees (if applicable) shall be returned to you in full on a rolling basis. Conversely, Reserve funds will not be discharged if, during the Reserve period concerning to a particular sale, a buyer raises a case against you, or records a charge-back, and you do not have adequate funds in your Available Funds to initiate a potential refund. Food Prepped relies on different risk factors (and whether and how these factors have changed over time) to distinguish whether and how much of a Reserve should be applied to your payment account, including:

How long you’ve been in business on Food Prepped (including how long since you’ve made your first sale)

Details of your sales (including volume and average sales earnings)
The extent of any backlog of orders from your shop
Availability of delivery tracking information
Types of goods you sell (whether they’re ready to dispatch or made to order)
Ratio of cases (disputes) raised by buyers about your sales
Suspensions or warnings already received
Estimated delivery times; and
Delivery status of active orders

Types of Account Reserves:

A set reserve is a fixed percentage of your payment account balance at the moment a Reserve is employed on your account, which will be detained for a stipulated period. After that, the same percentage of each of your succeeding sales will be held in Reserve, each for a stated period. Reserve funds will be held for such period and where appropriate, will be used to action chargebacks, refunds, and pay seller fees. Reserve funds shall be released on a rolling basis after the corresponding Reserve period expires unless a case is filed against you by a buyer. Any funds above the Threshold Amount of your Reserve shall be available for disbursement as described in Section 7A.

For example, if your Reserve is set at 30% and detained for a 45-day rolling period, this means that 30% of the funds in your payments account balance on day 1 will be reserved and announced on day 46. If you make a sale on day 2, 30% of the funds you receive from that sale on day 2 is reserved until day 47, etc. If you make a sale on day 4, 30% of the funds you receive from that sale are reserved until day 49. Should any chargebacks be filed against you, or refunds to buyers be necessary, or seller fees be charged, and your Available Funds are inadequate to cover such costs, Reserve funds shall be utilized to address those charges. If Reserve funds are used for such purpose(s), the remaining amount shall be released to you for disbursement.

A variable reserve is a percentage, determined as appropriate by Food Prepped’s risk team, of a seller’s payment account balance (i) delayed prior to being included as part of a seller’s Available Funds for a period of up to 180 days or (ii) deducted from a seller’s payment account as a reserve for a period of up to 90 days. In addition to any applicable Fixed Reserve, a variable reserve may be placed on a seller’s payment account balance at the sole discretion of Food Prepped. Account Reserves are placed on an account on a case-by-case basis, in reference to the factors listed above and other risk-based criteria and are reviewed from time to time. Food Prepped may deem a seller eligible for reduction in the percentage or removal of a Reserve due to a change in our risk-assessment of a seller based on the factors listed above, or because of a seller’s positive performance, such as a reduction in cases or an improvement in the seller’s fulfilment of orders.

Food Prepped reserves the right to increase the percentage of funds held in reserve and/or extend the duration of the reserve period for seller accounts based on our revaluation of the above listed factors and other risk-related criteria. If our risk assessment prompts us to alter the terms of a reserve for a seller account, we will notify you of the new terms. To minimize the risk of having a reserve placed on your account, you may consider taking the following steps:

Holds and Delays

There may be instances where deposits to a seller’s bank account are delayed due to an issue at Food Prepped, the bank of the seller, or a third-party service provider used by Food Prepped. We will try to inform any affected seller as soon as possible.

Separately, if we believe that a seller’s actions may result in buyer disputes, chargebacks, increased risk of fraud, counterfeiting, or other claims, then we may, in addition to any applicable Reserve and in our sole discretion, put a hold or deposit delay on the seller’s payment account balance.

A hold may be put on funds associated with a particular transaction if there is a dispute or investigation related to the order, for the shorter of: (a) 180 days after the estimated delivery date, or (b) completion of any investigation regarding the seller’s actions.

Deposit delays refer to the number of days between a sale and the day the net amount from the sale becomes available for deposit, given that the payment has been completed. A deposit delay may range from 0 to 180 days. A delay is applied to all transactions for a seller and the number of days is indicated in each seller’s payment account.

If Food Prepped places a hold or delay on a seller’s account, we would try to communicate with the affected seller as soon as we can. We always strive to minimize delays and avoid them whenever possible. However, please note that Food Prepped is not obligated to refund any fees or reimburse any expenses due to holds or delayed deposits.

Country and Currency Options

Available Funds can only be deposited into bank accounts, in the domestic currency of the account, in the United Kingdom and Ireland in the following currencies: British Pounds (GBP) and Euros (EUR).

Scheduled Deposits

Food Prepped will instruct our payment partners to transfer a seller’s Available Funds to their bank account on a daily, weekly, biweekly, or monthly basis as selected by the seller in their account settings. If the seller has chosen daily pay-outs, payments will be made on every day that the seller’s payment account reaches or exceeds the minimum daily pay-out limits listed below. When a seller selects weekly, biweekly, or monthly pay-outs, payments will be made on every appropriate Monday. In this Payments Policy we’ll refer to the date of pay-out as the “Payment Date”. Deposits into a seller’s bank account will normally be credited within three (3) to five (5) business days from the date Food Prepped initiates the deposit request. The exact timing of the deposit may be contingent on how swiftly a seller’s bank processes the request.

Daily Disbursement Thresholds by Currency:

Currency	Threshold
EUR		20.00
GBP		15.00

Disbursement Minimums by Country:

The Payment Date will be moved to the next business day from Monday to Friday unless it falls on a bank holiday. If the Payment Date falls on a non-business day, it will be rescheduled for the next business day. If a seller chooses to change the regularity of payments, the following deposit will be initiated on the next business day if the seller selects daily pay-outs, or on the next applicable Monday if the seller selects weekly, fortnightly, or monthly pay-outs. When a seller either initially provides or later changes their bank account information, the seller must wait at least five (5) calendar days to request a deposit into a bank account as a security precaution. The next planned deposit after a change to bank account information will occur on the next appropriate Payment Date after a period of five (5) calendar days from the date of the requested adjustment.

Escheatment

If Food Prepped can’t settle funds into a seller’s bank account, or the seller is refused service by Food Prepped under Food Prepped’s Terms of Use, the funds will remain with Food Prepped and the balance remains available in the seller’s payment account. It is the seller’s sole responsibility to update their bank account information to receive the funds, if applicable. If a seller does not update their information to claim the funds within a certain time frame, or if Food Prepped is unable to release the funds to the seller for compliance purposes, Food Prepped will be required to transfer the funds to the appropriate government agency in accordance with relevant escheatment laws.

8. Recoupment

A. We reserve the right, in our sole discretion, to seek reimbursement from a seller in any of the following circumstances: (a) we provide a refund to a buyer because a seller did not promptly deliver the goods or we otherwise determine, consistent with Section 5, Seller Rights and Responsibilities, that a refund is warranted in a particular circumstance, (b) we discover erroneous or duplicate transactions related to a seller, (c) we receive a chargeback from a buyer’s credit card issuer or reversal of payment for the amount of a buyer’s purchase from a seller, or (d) a seller does not act in accordance with Food Prepped’s policies.

B. To recover any amounts owed by a seller to Food Prepped, we may deduct from future payments owed to the seller, cancel credits to the seller’s payment account balance, charge the seller’s card on file, charge the seller’s payment account, or seek reimbursement from the seller through any legal means, including the use of third-party collection services. You authorise us to use any or all the foregoing methods to seek reimbursement. Food Prepped may suspend your selling privileges at any time pending payment of your outstanding balance.

9. Payment Processing Fees

Overview

Food Prepped charges a fee (the “Payment Processing Fee”) for each transaction processed through Food Prepped Payments. The fee amount will be calculated based on the gross order amount, including delivery charges and taxes (if applicable). The Payment Processing Fee will be displayed in your payment account and deducted from the total payment amount when the payment is considered complete. The Payment Processing Fee is subject to change at any time at our discretion. In certain markets, a deposit fee may be charged for deposits below certain thresholds as indicated in the table below. The fees for this service will be taken out of your Available Funds and will be displayed in your payment account at the time of your planned deposit. If a partial or full refund is issued to a buyer, the Payment Processing Fee and other applicable fees will be recalculated based on the adjusted sale price. The seller will receive a refund that includes the difference between the original and adjusted Payment Processing Fees. Any other applicable fees will be returned to the seller’s payment account, and the deposit fee will also be refunded if the deposit is returned to the seller’s payment account.

Fee Amount

The Payment Processing Fee varies depending on the location of the seller’s bank account. Please see this chart for further details:

Location of Bank Account	Food Prepped Payments Fees (% of total sale price + flat fee per order) exclusive of VAT, where applicable	Deposit fee where applicable (exclusive of VAT, where applicable)
Ireland	4% + 0.30 EUR
United Kingdom	4% + 0.20 GBP

Listing Currency Conversion Considerations for Sellers

If a seller lists and sells an item in a currency that is different from the currency of their payment account, Food Prepped will process the transaction proceeds in the currency of the seller’s payment account. When such a service is required, Food Prepped applies an additional 2.5% currency conversion fee. Calculation rates are updated regularly.

Value-Added Tax (VAT)

Depending on the business status and location, Food Prepped may be required to charge VAT on seller fees accumulated each month and submit it to the relevant tax agency. VAT is collected on Food Prepped Payments processing fees for sellers located in eligible Food Prepped Payments countries where required. To learn more about how VAT works on Food Prepped, see this Help article.

Browsing Currency Considerations for Buyers

If a buyer makes a purchase from a seller who lists their products in a currency different from the buyer’s preferred browsing currency, Food Prepped will automatically convert the listing price to the buyer’s browsing currency. When such a calculation is required, Food Prepped applies an additional currency conversion charge. Calculation rates are updated regularly.

Interest

In the United Kingdom, Food Prepped may earn interest (or other forms of compensation) from the balances in our bank accounts due to the time lag between receiving payment from buyers and paying sellers (when funds are being transferred from our bank account to pay out Available Funds in sellers’ payment accounts).

10. Reporting Obligations

Food Prepped is also required to report tax information to local tax authorities. These reporting obligations are triggered when sellers make sales via Food Prepped to buyers which exceed the applicable VAT or local tax threshold (which may be based on transactions or sales value) in a calendar year.

Food Prepped requires that you include your taxpayer name and VAT ID in your shop before reaching the VAT sales threshold or local reportable threshold in the applicable country(s) to fulfil reporting obligations. You can read more information on how Food Prepped will notify you that you’re approaching, or have reached, the applicable local threshold and the countries to which these requirements apply here. Your Food Prepped selling privileges may be suspended until you provide this information.

11. Termination

Sellers may terminate this contract and their acceptance of Food Prepped Payments at any time by adjusting the settings in their account with Food Prepped. Food Prepped may also terminate or suspend a seller’s use of Food Prepped Payments at any time.

Upon termination, any undisputed Available Funds will be transferred to the seller’s bank account. Food Prepped reserves the right, upon termination of access to Food Prepped Payments, to hold an amount deemed necessary by us to cover anticipated chargebacks, refunds, adjustments, or other amounts that may be paid to buyers in connection with purchases from the seller’s payment account for a period of 180 days following termination. Upon the conclusion of this 180-day period, we shall disseminate the residual amount to the seller or, if necessary to offset chargebacks, refunds, adjustments, or other amounts paid to buyers, seek reimbursement from the seller via any authorized means.

Last updated on 04 Dec 2023