What Is It?:
Merchants using Payment Links can add their ‘Terms of Service’ to the Dashboard under the Payment Links Settings page.
Why is this important?:
- Legal Compliance: Being able to add a legal policy to a payment link ensures merchants can comply with relevant laws and regulations, such as consumer protection laws, privacy laws, and anti-fraud regulations, if required.
- Transparency: A legal policy informs the customers about the terms and conditions of the transaction, including any fees, refund policies, and privacy policies. This transparency helps build trust with customers, which can ultimately lead to repeat business.
- Risk Management: Including a legal policy in a payment link can help mitigate the risk of disputes or chargebacks. By clearly outlining the terms and conditions of the transaction, there is less room for confusion or misunderstandings between the merchant and the customer.
- Liability Protection: A legal policy can also help protect the merchant from liability in the event of a legal dispute. By including a clear and comprehensive legal policy, merchants can demonstrate that they have taken steps to inform customers about their rights and obligations.
How Can The Merchant Add Their Legal Policy?:
- Log in to the new Dashboard.
- Navigate to Payment Links > Settings.
- Scroll down to the bottom and add your terms of service to the Legal policy section.
What Is Included In This Release:
- Merchants can only add their terms of service (ToS) in text form, i.e., they need to copy and paste it from their websites to the Dashboard.
- Merchants can require their customers to accept ToS before completing the payment.
- If merchants add their ToS and check the box to 'Require your customers to consent to your terms of service' , their customers will not be able to complete a payment link without accepting the terms of service.
- If merchants add their ToS without requiring customers to accept it, customers will be able to read the ToS prior to completing the payment link but can pay without accepting it.
This document will be updated as and when iterations to this feature are released.