Last Update: March 3, 2021
This policy applies to users who agree to allow Procoly to collect Buyer’s payment into Procoly’s Stripe account, which is an optional service.
This Procoly Receive Funds and Automatic Transfer Agreement ("Agreement") is a contract between you and Procoly. This Agreement applies to you in addition to the User Agreement and other applicable agreements. All capitalized terms shall have the definitions provided in this Agreement, or if a definition is not provided in this Agreement, the definition in the Merchant Agreement shall apply. You must read, agree with and accept all of the terms and conditions contained in this Agreement. We may amend this Agreement at any time by posting a revised version on our website. The revised version will be effective at the time we post it. In addition, if the revised version includes a Substantial Change, we will provide you with 30 Days' prior notice of Substantial Change by posting notice on the "Policy Updates" page of our website.
Procoly Receive Funds and Automatic Transfer allows you to receive payments into Procoly Stripe account in exchange for additional Services. The Release Amount will be transferred to your linked Stripe account within the first 7 days of each month. Please read these terms and conditions to understand Procoly’s requirements for receiving payments.
Eligibility
In order to receive payments into your bank account, you must register your bank account with us and complete Procoly’s bank account verification process.
Early Transfer
If you do not want to wait for the monthly transfer, you may request to transfer the total Release Amount on a specific date mutually agreed by you and Procoly.
Early transfer to your bank account is subject to an admin fee of RM30 per transaction or equivalent in other currency.
Transfer Fee and Taxes
There is no fee for transferring to a Malaysia bank account. Any taxes incurred for the transfer to be wholly borne by you.
Transferring to any bank account outside Malaysia is subject to fees including but not limited to currency conversion rate, bank charges, cable charges and taxes, which to be borne by you.
Payment Hold Period
All payments that you receive will be subject to an initial 7 days hold period and will be placed in a pending balance. This means that you will not have access to your funds for at least 7 days.
After the initial 7 days hold period, your funds will be released to your available balance unless Procoly is holding the amounts for another reason as specified in the Procoly User Agreement, or other agreement that you have entered into with Procoly.
Payment Gateway Fees for Receiving Payments
Procoly uses Stripe to receive the payment from all Buyers. Information about the fee is available in the link below:
https://stripe.com/en-my/pricingThe fee is standard across any amount transacted.
