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General Questions

Personal Guarantee and Direct Debit Requirements

Some of our merchants (“you”) may have been requested recently to comply with our recent change in the terms under which we offer you the merchant services.

We can understand that for those who may not have had to do this before, it can be a bit daunting at first but once you understand the reason behind this request, things will become a lot clearer.

Direct Debit Authority

Chargebacks and refunds are a common part of offering merchant services. No matter which provider you work with, a chargeback is always debited from your business banking account or the nominated account you choose to receive settlements into.

In the event of a chargeback, the notice is uploaded onto your Merchant Console providing you with extensive details about the chargeback and the due date when the chargeback will be debited from your account if you don’t respond within a specified timeframe. Just like anywhere else, you have the right to dispute a chargeback with us by providing the reasons why you think the chargeback is not valid and we will present your case to the cardholder’s bank and after that, the decision sits with the bank that issued the card (cardholder’s bank) as to whether or not the chargeback is still due.

Processing credit cards in a card-not-present scenario carries these risks that every merchant processing credit card transactions in a card not present scenario is well accustomed with.

So in the event a chargeback is due, this direct debit authority will be used to process it.

Another instance where this authority is used for is when we are processing refunds on your behalf. Refunds are requested by you (the merchant), so they’re pretty straight forward to understand in terms of the usage of this authority to process them.

Personal Guarantee

A personal guarantee is used to ensure any funds that are owed to us as a result of a chargeback, dispute or any other collection will be duly paid to us.

A personal guarantee is asked for in many commonplace situations such as when you sign up for a lease agreement to rent office premises, large hire purchases, when you buy a house, when you enter in to a high value agreement and many other common instances. The fact that you are providing a personal guarantee does not mean that you are giving anyone access to your business account, assets or anything that you own.

You are simply guaranteeing that in the event you owe any money to us, that you will pay it to us irrespective of whether that money is owed to us by your company (of which you may be a director) or you personally.

Please note that Personal Guarantees are only required for merchants we classify as High Risk. If you are classified as a high-risk merchant, you will be contacted and the Personal Guarantee procedures will be explained to you in detail.

Further Questions

If you have any questions about the new terms, please feel free to contact us by email on support@cybercompay.com or call support on one of the other numbers listed on the left, during New Zealand business hours to speak to our Auckland team.