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by Powerofmene
3208 days ago
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Shopify has a seven day window from charge authorization to shipment. I think you are stretching the bounds of what Shopify has been known to allow. I think this is either a severe miscommunication between you and Shopify on what you are doing or you need to be on a traditional crowdfunding platform for preorders as you have used in the past. |
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"Stripe, on behalf of Shopify and/or Wells Fargo reserves the right to change the Payout Schedule or suspend payouts to your Bank Account should we determine it is necessary due to pending disputes, excessive or anticipated excessive Chargebacks or refunds, or other suspicious activity associated with your use of the Service or if required by law or court order."
"Further, if we reasonably believe that a Chargeback is likely with respect to any transaction, we may withhold the amount of the potential Chargeback from payments otherwise due to you under this Agreement until such time that: (a) a Chargeback is assessed due to a customer’s complaint, in which case we will retain the funds; (b) the period of time under applicable law or regulation by which the customer may dispute that the transaction has expired; or (c) we determine that a Chargeback on the transaction will not occur."
"Funds held in reserves are amounts of money set aside to cover Chargebacks, refunds, or other payment obligations under this agreement (a “Reserve Account”). We, in our discretion, will set the terms of your Reserve Account and notify you of such terms, which may require that a certain amount (including the full amount) of the funds received for your transaction is held for a period of time or that additional amounts are held in the Reserve Account"
These are the three parts in the Shopify Payments terms that concern the current discussion.
The first, I believe to be misleading because the payout was held back but not for none of the listed reasons. That cannot be it.
For the second part, to support Shopify's move, it would means that Shopify Payments believed that 100% of the transactions were going to result in a chargeback since they were freezing 100% of the funds. Again, the terms of the presale mentioned no refunds after September 29th, 2017 making the case for chargeback very easy to win for the payment processor. That cannot be it.
Which leaves the third "god" part which I'm sure Shopify would use to defend their move. Which brings me back to the title of this post: don't use this payment processor for presale/crowdfunds...it's asking for trouble. True story. Hope this helps someone in the future.