New Merchant Terms and Conditions

POLi is transitioning to open banking APIs to manage customer consents for payments to POLi merchants.

This marks a significant step forward for POLi, our merchants, and their customers. Open banking provides greater visibility and control over payment transactions, along with the assurance that customers are transacting securely and in line with their bank’s terms and conditions.

With open banking comes a new set of rules and requirements.

To meet these requirements, POLi is introducing new Merchant Terms and Conditions for Payment Services, which will replace the current “all-in-one” Merchant Agreement.

These new terms will be supported by a tailored Merchant Services Schedule for each merchant and POLi’s new Participation Criteria document.

The Participation Criteria contains:

• an updated list of Prohibited Business and Prohibited Good and Services. Merchants will not be able to use POLi payment services for businesses or goods and services falling into these categories;
• a new category of High Risk Goods and Services. Merchants who use POLi to pay for High Risk Goods and Services will need to comply with the additional requirements stated in Participation Criteria (e.g. financial services providers must have a current FSP registration) and if applicable in their Merchant Services Schedule.

In addition to aligning with open banking requirements, the new Terms and Conditions address issues commonly raised by merchants in respect of the previous agreement. For example, the audit clause has been removed. Read the summary of main changes here

What happens next:

We’ll be sending you an email shortly inviting you to begin the transition process.

In the meantime, please take the time to read over the new Merchant Terms and Conditions for Payment Services and Participation Criteria and feel free to contact us if you have any questions.