How do I know if the amendments to the Merchant Agreement apply to my business?
Whether all or only some of the new terms will apply to you will depend on whether your business is a “micro-enterprise”.
Under the relevant law, a “micro-enterprise” is described as a business that employs less than 10 people and has an annual turnover and/or annual balance sheet that does not exceed £2 million.
All of the terms in the Merchant Agreement will apply to you if your business falls within the definition of “micro-enterprise” above. If your business does not, then the following terms will not apply:
- 37 – which relates to the revision of Fees;
- 42 – which relates to a cap on your liability under clause 41; and
- 94 – which relates to the period of notice GoCardless is required to give you if it changes or adds to the terms of this Agreement.
We recommend that you carefully read through the terms of the updated Merchant Agreement located here [LINK], for further information.
If I don’t agree to the new Merchant Agreement terms, what happens next?
If you decide that you do not want to be bound by the new terms, you have the option under the current terms to terminate your account with us. We won’t charge you any fees to do this, however we do require that you give us one months’ notice of your desire to terminate.
Your notice should be sent before 7 November 2016 (one month before the date upon which the new Merchant agreement will come into effect) via email to firstname.lastname@example.org, stating that you wish to terminate your agreement with us in 1 months’ time. You will then continue to be bound by the existing terms, until the date your account is terminated.
If you notify us later than 7 November 2016, or specify a termination date after 7 December 2016, you will be bound by the new terms from 7 December 2016 until the date of termination.
If you do not notify us at all, you will have agreed to the updated Merchant agreement, and the new terms relating to termination of the agreement will apply. In this circumstance, you will still be able to terminate your account (by providing us with one months’ written notice) however you will be bound to the terms of the updated Merchant agreement, until the date your account is effectively terminated.
I wish to amend the new terms. Is this possible?
Unfortunately, we are not in a position to amend the terms of our new online Merchant Agreement, or other online terms. This applies to any manner of amendment including adding to, removing, or amending the wording of any terms or clauses.