1. Platform-of-record collection
This agreement governs the platform-代收 ("merchant-of-record collection") relationship under which BuffMoney / ePayments collects CNY payments from Chinese consumers on the merchant's behalf and remits net amounts to the merchant in the merchant's chosen settlement currency.
2. CNY collection channels
Supported channels: WeChat Pay and Alipay. The merchant authorizes BuffMoney / ePayments to accept payments in CNY on the merchant's behalf, including issuance of consumer-facing payment receipts.
3. Fee structure
Each payment settlement itemises the following fees:
- ePayments transaction processing fee — 2–3% of invoice subtotal, collected by ePayments (the licensed payment operator). WeChat Pay and Alipay channel fees are absorbed within this line and are not charged separately.
- FX spread — 35–50 basis points applied to the CNY → settlement currency conversion using the daily snapshot locked at invoice generation.
- BuffMoney Usage-based billing subscription — a flat monthly subscription fee (Starter free, Growth USD 9.99 / mo, Scale custom) covering usage ingestion, billing computation, ledger, and settlement infrastructure. This is BuffMoney's own service fee and is separate from the ePayments processing fee.
- Minimum payout — settlement batches below USD 50 equivalent may be carried forward to the next cycle.
4. FX snapshot binding
Each invoice locks one FX snapshot (source, rate, locked-at timestamp, effective window). Once locked, the invoice's CNY collection amount and settlement-currency conversion are immutable.
5. Settlement timing
Settlement batches: generated per merchant per settlement currency on a recurring cadence (default: calendar-month close +3 business days). Each batch requires two-admin approval. Payout occurs within five (5) business days of approval.
6. Refunds, chargebacks, reserves
BuffMoney may hold a reserve proportional to refund / dispute rate. Refunds are debited from the merchant's balance as reverse ledger transactions. Channel-initiated chargebacks may be debited from pending balances.
7. AML and sanctions
The merchant warrants reasonable customer due diligence and confirms services are not used for sanctioned parties, terrorism financing, or money laundering. BuffMoney reserves the right to freeze balances under regulatory inquiry.
8. Tax and reporting
The merchant is responsible for its own tax obligations. BuffMoney provides settlement statements and audit-log exports sufficient for tax filings.
9. Termination
Either party may terminate with 60 days' written notice. Outstanding balances (less reserve) are paid out in the final batch after channel reconciliation.
10. Signatures
Acceptance is electronic via the merchant onboarding flow. A countersigned PDF is provided after KYB approval.