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Merchant Final Settlement at Oceanpayment

1. What is Merchant Final Settlement at Oceanpayment​

Merchant final settlement at Oceanpayment (OP) refers to the process whereby, after a merchant terminates its use of Oceanpayment services, Oceanpayment settles all outstanding amounts payable to the merchant during the cooperation period. Upon completion of the final settlement procedure, Oceanpayment transfers the merchant's settlement funds to the merchant's OPCOUNT account at Oceanpayment. Once the funds have been transferred to the OPCOUNT account, all rights and obligations related to fund settlement under the acquiring services agreement between the merchant and OP shall be deemed fully concluded.

2. Oceanpayment Final Settlement Procedure​

  • Given the characteristics of international credit card products, including chargebacks, the final settlement period for international credit card transactions shall be at least 180 days following the date of the last transaction.

  • For credit cards with special transaction liability period requirements, the final settlement timeline shall comply with the relevant rules of the card-issuing organization.

  • Merchants subject to AML sanctions are not eligible for final settlement.

  • For settlements conducted directly by the acquiring bank, the final settlement requirements of the acquiring bank shall apply.

  • If the service period promised by the merchant to consumers exceeds 180 days, the final settlement timeline may be aligned with the service period committed to consumers.

  • The merchant's KYC documentation is up to date: the company remains active, and there have been no changes in shareholding structure.

  • No negative fund transactions, including disputes, retrieval requests, chargebacks, or refunds, have occurred within the last 3 months.

  • At least 3 full calendar months have elapsed since the notification of card organization compliance control procedures.

  • If compliance penalties are applicable, such penalties shall be deducted from the final settlement amount prior to fund release.

  • AML screening shows no anomalies.

3. Rights and Obligations Upon Completion of Final Settlement​

Merchant Side

All acquiring funds have been fully settled. The merchant is required to withdraw the funds from the OPCOUNT account at the earliest opportunity.

Oceanpayment Side

All funds have been fully settled. Any future chargebacks or fund fluctuations shall be borne solely by Oceanpayment.