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Bonus Bin Terms & Conditions
This document may be used as a “Sample” for creating the Terms of Service for Bonus Bin. Please read the disclaimer located at the top of the agreement for the guidelines.
YOUR COMPANY NAME
The content in this document is used as placeholder content only and is not provided by Xennsoft LLC in any way as legal advice or official policy for YOUR COMPANY or your company’s Independent Distributors. Xennsoft, LLC, its employees or principles are not liable for any action, event or claim leading to the use or this content. It is strongly recommended that you replace this document with content that has been provided by your legal counsel, specifically created for your business and product type(s).
Universal Terms of Service for BonusBin™
A service of (Your Company Here) LLC.
Last Modified 3/30/2016
By using BonusBin™ services (herein referred to as Service or the Service), you agree to and understand the Terms and Conditions set forth herein and which may be changed from time to time by (Your Company Here), (herein referred to as the Company or Company), as accepted by you, the Independent Sales Representative, Consultant, Distributor, etc. (herein referred to as ISR or You) through the first time or continued use of BonusBin. As an ISR, you may be allowed to use the Services at the Companies sole discretion.
You acknowledge and understand that funds transferred to your BonusBin Account are not actual cash amounts but rather a ledger of funds held on account by the Company and as such, do not accrue or pay interest. You understand and agree that the Company shall be entitled to receive and withhold or transfer any such amounts to cover costs associated with any Company software or service used by you, where you as an ISR have signed up for or used said Services.
You understand BonusBin is a vehicle that can allow you to perform transfers of funds to your personal bank account(s) and allows you to buy products or services from the Company using your BonusBin funds.
You may fund your account (build credits), in order to fund your BonusBin account. You may then use your BonusBin Account to purchase select goods and services as determined by the Company. You may fund your BonusBin Account through earned commissions.
BonusBin is a software that tracks and allocates credits (called “funds”) for either a purchase of product or to transfer funds to your personal bank accounts. BonusBin can also be a repository for awards, rewards or other recognition as deemed appropriate by the Company. BonusBin is not a bank account and does not use separate bank accounts to store the funds that are allocated to it. You acknowledge that all transactions using BonusBin will be conducted in U.S. dollars, unless otherwise specified. The actual monies related to the ledger you see in BonusBin reside in the bank account(s) of the Company. You assume all risks regarding the funds that are displayed in your BonusBin account. In clicking though these Terms and Conditions, you acknowledge and agree that the Company has no obligation regarding transfers outside of the BonusBin software.
Funding Your Account:
Your account may be funded in several different ways, which are at the Company’s sole discretion. Some of these options may include earned commissions and credits. The Company may also set limitations on the methods by which you may fund your account. It is understood that the Company may adjust ISR accounts to cover any cost associated to the ISR using the software or Services provided by the Company and that the Company reserves all rights to adjust the account to cover chargebacks or any amount owed for product or service provided to the ISR.
You can verify the remaining funds in your BonusBin Account at any time by logging into “Team Office” or through the shopping cart on the (Your Company Here) website. Should you decide to terminate your BonusBin Account (or should (Your Company Here) opt to terminate your BonusBin Account because you have breached an obligation under the BonusBin Service Agreement), then the balance in your BonusBin Account will be refunded, net the Service Fee.
A Standard Fund is usually a fund you receive via a commission. This means you are free to transfer these funds to the payment methods the Company has set up. As long as those transfers are not outside of the bounds the Company has established as far as maximums, minimums, and frequency of transfers.
Allocated Funds are intended to be used only to purchase products or services within the Software. This means any funds you receive as Allocated Funds cannot be transferred outside of the Software. Allocated funds can be spent on product. These funds are restricted for security purposes to protect against fraud. Whenever possible, when you make a transaction, the funds are taken from your allocated funds first – which helps keep your Standard Funds available.
In BonusBin you will see the currency of your BonusBin. Generally, this currency is the base currency for which you receive all your commissions. Even though you might elect to view your commission payment in a different currency, BonusBin only determines the accuracy of the base currency that the Company uses to pay you. Note that the Software pulls the daily exchange rates and since this is an average rate, it will not be exact to the value of your BonusBin’s base currency.
To help prevent fraud, BonusBin has internal limits which are determined by the Company and are related to your rank, country and other settings as well as indicators or rules as specified by the Company. The Company also has the ability and right to set limits specifically for you as an ISR.
All transactions going out of BonusBin must be approved by the Company before they can be completed. These transactions will remain Pending Transactions until they are approved. Please review the Company’s policies and procedures to understand the approval process for transactions and the frequency of transactions.
If you attempt a transaction and the Software tells you that you have exceeded a limit and you feel this is incorrect, please contact the Company’s customer support department.
There are fees associated with certain transactions related to BonusBin. You will be notified when doing a transaction related to transaction fees. If you approve a transaction and have been charged a fee that you feel you should not have been charged, please contact customer support.
Some other activities in BonusBin might also warrant fees. Please review the Company’s terms and conditions and business policies and procedures to understand what other fees are applicable to BonusBin.
If you do not use your BonusBin account for a specified period of time (determined by the Company), it could become inactive. If this happens, you will need to contact customer support to reactivate your account. Service Fees, (if any) may continue to apply even if your account is inactive.
BonusBin allows you to establish notifications regarding BonusBin activities. Please note that you might not receive a notification for everything that you think you should be notified. Please log into Team Office regularly to see current BonusBin activities. It is your obligation to check BonusBin regularly to understand the status of your BonusBin.
The Company reserves the right to make adjustments to your BonusBin account as needed. Such adjustments might be made if there are chargebacks (typically from returned products), if there is an error in the commission processing or in the software or Services or if the Company needs to make an adjustment. Please contact the Company if there are any errors to any BonusBin adjustment.
Transactions Outside of BonusBin
To know what the Company’s policies and procedures are regarding the transfer of funds to your personal account(s), please contact the Company or read their policies and procedures regarding payments of funds.
The Company determines, at its sole discretion, which payment methods are available to you. If you have issues with the payments you receive via any payment method or if the amount is not what you expected, please contact the Company’s customer support department. It is possible that outside payment providers have fees associated with these payment methods, or if your accounts are in a different currency than what is displayed as your default BonusBin currency, there may be other costs associated with transferring funds.
Once you have available funds in your BonusBin account and you make a product purchase in Team Office, BonusBin may be an available product payment source. The Software will allow you to use whatever funds are available in your BonusBin account to make a purchase. If your purchase is more than the BonusBin balance, the remaining amounts due may be deducted from your first payment method on file, after BonusBin. If you buy a product and your BonusBin balance is less than the purchase, and your first payment method is declined, or you stop shopping and/or do not finalize the check-out process, your purchase will be canceled and your funds will remain in BonusBin.
You may be able to use BonusBin as your first payment method for Autoship. If selected, the Software will use available BonusBin funds and if there are insufficient funds in BonusBin, the system will then use what you have listed in your primary payment method and draw the remaining funds from your next payment method(s) listed.
You may access your BonusBin Account activity and records from the “BonusBin” link on the Company’s website. Your BonusBin Account will show purchases and the amount of funds remaining in your BonusBin Account. The Company reserves the right at all times to disclose any information about your BonusBin Account as the Company deems necessary to satisfy any applicable law, regulation, legal process or governmental request, or to edit, refuse to post or to remove any information or materials, in whole or in part from your BonusBin Account, at the sole and absolute discretion of Company.
We hope this helps. Check out our other training posts for additional assistance.