Sellers may be charged for using some of My Precious World’s services. This Fees & Payment Policy explains your fees and taxes and how to pay them.
- – Categories of fees
Sellers may be required to pay the following categories of fees. Please note that all fees are listed exclusive of any value – added tax (VAT) that may apply. See the Taxes section below for further details.
- – Listing fees
There are 2 types of listings on My Precious World; vendor listing and product listing.
Product Listing: You will be charged a listing fee of only 99pence or equivalent $1.20 USD to open a shop and list a maximum of 5 product items. There is no fee for editing a listing. You will be charged a listing fee whether or not the listed item sells on a monthly basis at just 99pence or equivalent $1.20 (current exchange rate applies). Your product listings do not expire. Listing fees are reflected in your payment account and deducted at the time the listing is published or renewed. It’s important to note that listing fees are non-refundable. There are currently 2 types of membership options for product listing:
Basic Product Listing Membership
- £0.99 / $1.20 every 6 months contract fee, payment starts once you register with only £0.99 / $1.20 processing commission fee and a fixed 4% PayPal transaction fee (remitted to PayPal) only when you sell.
Standard Product Listing Yearly Membership
- £9.99 / $12 yearly contract fee, payment starts once you register with a £0.99 / $1.20 processing commission fee and a fixed 4% PayPal transaction fee (remitted to PayPal) only when you sell.
Vendor Listing: These Pricing and Payment terms outline the pricing of membership and booking fees for the vendors.
Our current membership prices for vendors are as follows:
Basic Vendor Membership – Monthly
- £0.99 / $1.20 every 6 months (current exchange rate applies) contract, payment starts at registration. This is package is our equivalent of free membership for vendors to register. We have set a tiny fee to ensure all vendors registering are genuine as they will need to register their details to be authenticated through the PayPal gateway payment. This is one of the steps we take to secure our platform to ensure it is free of spammers. Check our Vendor Membership page to view the details of this membership.
Standard Vendor Membership – Monthly
- £7.50 / $9.30 monthly contract (current exchange rate applies), payment starts at registration. Check our Standard Vendor Membership page to view the details of this membership.
Enhanced Vendor Membership – Monthly (currently N/A)
- £35 / $42.50 monthly contract (current exchange rate applies), payment starts at registration. Check our Enhanced Vendor Membership – monthlypage to view the details of this membership.
Enhanced Vendor Membership – Yearly (currently N/A)
- £385 / $465 yearly contract (current exchange rate applies), payment starts at registration. Check our Enhanced Vendor Membership – yearly page to view the details of this membership.
- Transaction Fees
When you make a sale through our site, you will be charged a transaction fee of 3.5% of the price you display for each listing plus the amount you charge for delivery and gift wrapping. If you list your items in a currency other than your payment account currency, see the Currency Conversion section below for more details on the transaction fee. Transaction fees are deducted from your current balance as each sale occurs and are reflected in your payment account.
- Payment Processing Fees
My Precious World charges a payment processing fee for each transaction through PayPal Payments, these fees are deducted by PayPal and remitted to PayPal. Payment processing fees vary based on the location of your bank account
- Advertising and Promotional Fees
My Precious World offers multiple services to help you advertise your listings and promote your shop. Advertising and promotional fees vary by opportunity and will be clearly outlined before you commit to purchasing an ad. Advertising and promotional fees are sent via a separate invoice whenever you inquire for this service.
- Currency Conversion
With the exception of the transaction fee and the Payment Processing fee, My Precious World converts fees from GBP to your payment account currency at the market rate at the time the fee is reflected in your payment account. All fees appear in your payment account in your domestic currency.
If you list your items in a currency other than that of your payment account, the transaction fee on the price you display for each listing plus the amount your charge for delivery and gift wrapping will be converted to your payment account currency at the market rate and reflected in your payment account.
To avoid incurring foreign exchange charges on your sales, My Precious World recommends you list your items in the same currency as your payment account currency. Buyers see the items in the currency of their choosing. Currency conversion is handled automatically by our payment processing service and further described in our Payments Policy.
- Fee Avoidance
Any action by a seller to avoid paying a fee is considered fee avoidance and is strictly prohibited by My Precious World. This includes, for example, encouraging buyers to purchase an item in your My Precious World shop through another venue. A transaction initiated on My Precious World may not be completed off of My Precious World. The price stated in each listing description must be an accurate representation of the sale. Sellers may not alter the item’s price after a sale for the purpose of avoiding My Precious World transaction fees, misrepresent the item’s location, or use another user’s account without permission. We will disable such user’s account where applicable during our weekly seller/vendor review.
- Paying your My Precious World Fees
My Precious World will automatically deduct all fees owed from your payment account. Provided you have sufficient funds in your payment account no further payment action is required. If your payment account does not contain sufficient funds you are responsible for paying any fees owed in full within 15 days of the date of your monthly statement, or the account will be considered past due, and My Precious World may charge your card on file or take other actions to collect funds as laid out in the Re-coupment section of My Precious World’s Payments Policy. If you make a sale while you have an outstanding balance the net sale amount will be applied to your outstanding balance. You may pay your outstanding balance manually by credit card, debit card, or PayPal.
Your statement is available in your payment account at the beginning of each month and will detail all sales and fees activity from the preceding month.
My Precious World may suspend your selling privileges at any time pending payment of your outstanding balance.
My Precious World has engaged third-party service provider to perform many of the services related to payment processing, including card processing, currency exchange, identity verification, fraud analysis and regulatory compliance.
My Precious World partners with PayPal and in future we may partner with other licensed payment processors to facilitate card payments and other payments and the disbursement of funds to sellers. The provider and processing time for your payment may vary based on the country in which you are located. If there are insufficient funds in your bank account when our provider processes the payment for your purchase, My Precious World reserves the right to contact you directly and to seek payment.
My Precious World may share your personal or transactional information with those third-party service providers when it’s necessary to process payments. My Precious World Gift Cards and My Precious World Credits are subject to the Gift Cards & My Precious World Credits Policy.
By using a third-party service, you may also be subject to an agreement with the third party. For example, PayPal is a third-party service provided by PayPal Holdings, Inc. and is subject to the PayPal User Agreement. Apple Pay is a third-party service provided by Apple Inc. and is subject to the Apple Pay Terms and Conditions. Google Pay is a third-party service provided by Google Payment Corp. and is subject to the Google Pay Terms of Service for US users, non-US users, and India residents.
If My Precious World receives notice that your shop’s content or activity violates a third party’s service agreement, we may at our sole discretion take action against your account to comply with their policies. Such actions may include cancelling a transaction, disabling listings from your shop, suspending your selling privileges or removing certain payment methods.
My Precious World supports two versions of PayPal: integrated PayPal and adaptive PayPal.
Integrated PayPal allows sellers to receive funds from PayPal purchases directly into their My Precious World payment account, without the need to manage a separate PayPal account. This means that if a buyer pays with PayPal, the funds from the order will be credited to a seller’s payment account along with the rest of the orders. The standard My Precious World Payments Payment Processing Fee (described below) applies to orders that go through integrated PayPal; there is no additional PayPal fee.
Adaptive PayPal allows sellers to set up automated payments which allows to manage payments, payment pre-approvals, and refunds. Also, if a buyer orders different items from various sellers, adaptive PayPal payment allows to split the payments in both parallel and chained models to the various sellers. The version also allows to accept guest payments, and schedule disbursements. All sellers accepting PayPal, you will receive funds from PayPal purchases directly into your PayPal account and continue to pay PayPal fees.
- My Precious World’s Rights and Responsibilities
As a security measure, we may impose transaction limits on buyers and sellers. For example, we may impose limits relating to the value of any transaction, deposit, or adjustment, or limits relating to the cumulative value of all transactions, deposits, or adjustments during a period of time. We may also impose limits related to the number of transactions per day or other period of time. We will not be liable to a seller: (a) if we do not proceed with a transaction, deposit, or adjustment that would exceed any limit established by us, or (b) if we permit a buyer to withdraw from a transaction.
My Precious World may refuse service of My Precious World Payments to anyone, for any reason, at any time.
In the event that a buyer does not make payment for the purchase of a legitimate item sold using My Precious World PayPal Payments (e.g., where the buyer used a stolen or unauthorized credit card),
PayPal does provide payment protection to the seller, in the interest of fairness.
- Seller Rights and Responsibilities
Use of My Precious World Payments. If you live in a country in which My Precious World PayPal Payments is available, you are required to sign up on My Precious World as well as on PayPal, which will result in your shop accepting payment through authorized credit and debit card transactions. For you to receive payment for transactions made through My Precious World PayPal Payments, you must provide valid PayPal email account information. Without this information, My Precious World cannot pay you. If you live in a country in which My Precious World PayPal Payments is available, and you do not provide My Precious World with this information, My Precious World may refuse you access to the Services until you do so.
Payment Accounts. A PayPal payment account allows sellers to track payment amounts, refunds, and fees related to transactions and seller services. Sellers must provide accurate personal information as requested during registration, and are responsible for maintaining and updating that information as necessary. Sellers will not impersonate any person or use any name they are not legally authorized to use. Sellers authorise us, and authorised agents, to verify their information (at registration and on occasion when using the Services) by accessing public records and obtaining credit reports about the sellers. My Precious World verifies sellers’ information in order to safeguard the integrity of the marketplace and reduce the risk of fraud, money laundering, terrorist financing, and the violation of trade sanctions.
Payment accounts are only available to individuals who are eligible to be sellers on My Precious World’s Services and who have a valid credit or debit card on file with PayPal.
In the event that a buyer submits a chargeback, My Precious World will respond to PayPal credit card on behalf of the seller involved in the transaction; the seller agrees to provide any requested information to us within five calendar days of the request. My Precious World reserves the right to recoup funds associated with buyer chargebacks.
Communications. We will inform sellers of each transaction, or of other information pertaining to My Precious World Payments, using our standard communication procedures, including by email or through My Precious World’s Conversations tool.
Refunds. Refunds or adjustments paid by My Precious World to buyers for payments made through My Precious World Payments may be initiated using the refund functionality in the seller’s payment account for a period of 180 days after the purchase was made as stated in PayPal’s refund policy. After 180 days from the original purchase date, we cannot process any refunds. Any such funds paid by My Precious World to cover refunds will be deducted from the seller’s payment account balance. If there are insufficient funds to cover the amount of the refund, the balance will be charged to the seller’s credit card or added to the seller’s payment account. Refunds issued by My Precious World will be in the original form of payment, and if such payment is not available, a My Precious World credit will be issued to PayPal.
Fully refunded transactions may be eligible for cancellation in accordance with our Cancellation Policy.
International Trade Laws. You agree that your use of My Precious World Payments will not involve any countries, entities, individuals or items prohibited by sanctions, embargoes, regulations or orders administered by the US Department of Treasury’s Office of Foreign Assets Control (“OFAC”) or other government agencies. See our Sanctions Policy for more information.
Information on Cardholder Charges. Please note that your bank or card provider may charge additional fees (including cross-border fees) for transactions that you make on My Precious World. These fees are not charged by My Precious World and are at the discretion of your bank. Please contact your bank for further details.
- Appointment of My Precious World as Limited Collection Agent for Sellers
Each seller appoints My Precious World as its agent for the limited purpose of receiving, holding and settling payments to seller. My Precious World will settle payments that are actually received by My Precious World to each seller, less any amounts owed to My Precious World and subject to these Terms. Each seller agrees that a buyer payment received by My Precious World, on behalf of seller, satisfies the buyer’s obligations to make payment to seller, regardless of whether My Precious World actually settles such payment to seller. If My Precious World does not settle any such payments as described in these Terms to a seller, such seller will have recourse only against My Precious World and not the buyer.
Payment Account. All funds resulting from a completed transaction will be reflected as a balance in a seller’s payment account. Transactions are considered complete at the later of once the payment is approved by My Precious World or our fraud analysis service provider. Any refunds, adjustments, or other amounts paid to buyers in connection with purchases, or for funds received since the last payment day, are also applied to the seller’s payment account balance.
Funds in a payment account balance are eligible for deposit (the “Available Funds”) into a seller’s bank account at the end of any applicable deposit delay, reserve, or hold period as determined by the seller’s bank.
Scheduled Deposits. My Precious World will instruct our payments partners to initiate a deposit of a seller’s Available Funds into the seller’s bank account on base on a request by the seller only after the seller has dispatched the order if products otherwise for vendors, this will be processed straight away. Deposits into a seller’s bank account will generally be credited within three (3) to five (5) business days from the date My Precious World initiates the deposit request. The actual timing of the deposit may depend on how quickly a seller’s bank processes the request via PayPal.
Holds and Delays. In some cases, deposits to a seller’s bank accounts could be temporarily delayed by an issue at My Precious World, My Precious World’s third-party service providers, or a seller’s bank. We will do our best to communicate with any affected seller as soon as we can.
If we believe that a seller’s actions may result in buyer disputes, chargebacks or other claims, then we may, in our sole discretion, put a hold, deposit delay, reserve on the seller’s payment account balance.
A hold may be put on funds associated with a particular transaction if there is a dispute or investigation related to the order, for the shorter of: (a) 180 days after the estimated delivery date, or (b) completion of any investigation regarding the seller’s actions. PayPal processes this delay and all disputes will be handled via PayPal.
Deposit delays are defined as the number of days between a sale and the day the net amount from the sale becomes available for deposit, provided the payment has been completed. A deposit delay may be between 0 and 180 days. A deposit delay is applied across all transactions for a seller and the number of days is reflected in each seller’s payment account.
A reserve is defined as a fixed percentage of a seller’s payment account balance delayed prior to being included as part of a seller’s Available Funds for a period of up to 180 days.
If My Precious World places a hold, deposit delay or reserve on a seller’s account, we’ll do our best to communicate with the affected seller as soon as we can.
We always work hard to avoid and minimize any delays. However, please note that My Precious World is not obligated to refund any fees or reimburse any expenses due to holds or delayed deposits.
Escheatment. If My Precious World cannot settle funds into a seller’s bank account, the funds will remain in the seller’s payment account. It is the seller’s sole responsibility to update their bank account information with PayPal to receive the funds. If a seller fails to update the information to claim the funds within a certain period of time, My Precious World will escheat the funds to the relevant government authority in order to comply with escheatment laws.
We reserve the right, in our sole discretion, to seek reimbursement from a seller in any of the following circumstances: (a) we provide a refund to a buyer because a seller did not promptly deliver the goods or we otherwise determine, consistent with the section on Seller Rights and Responsibilities, that a refund is warranted in a particular circumstance, (b) we discover erroneous or duplicate transactions related to a seller, (c) we receive a charge-back from a buyer’s credit card issuer or reversal of payment for the amount of a buyer’s purchase from a seller, or (d) a seller does not act in accordance with My Precious World’s policies.
We may obtain reimbursement of any amounts owed by a seller to My Precious World by deducting from future payments owed to the seller, reversing any credits to the seller’s payment account balance, charging the seller’s credit card on file, charging the seller’s payment account, or seeking reimbursement from the seller by any other lawful means, including by using third-party collections services. You authorize us to use any or all of the foregoing methods to seek reimbursement. My Precious World may suspend your selling privileges at any time pending payment of your outstanding balance.
- Payment Processing Fees
Overview. My Precious World charges a fee on behalf of PayPal (the ‘Payment Processing Fee’) for processing each transaction through My Precious World. The fee amount will be assessed on the gross order amount, including shipping and tax (if applicable). Payment Processing Fees will be reflected in your payment account and will be deducted from the total amount of the payment at the time the payment is considered complete. We reserve the right to modify the Payment Processing Fee at any time. Although PayPal have various processing fees in different countries, however due to fluctuating currency exchange rates, we have set ours to a base of 4% which is 98% accurate as the same fees PayPal charges across the different countries. In the event of any partial or full refunds credited back to a buyer, the Payment Processing Fee and other applicable fees will be recalculated based on the adjusted sale price. The difference between the original Payment Processing Fee and the adjusted Payment Processing Fee will be applied to the refund amount being credited back to the seller. Other applicable fees will be refunded to the seller’s payment account as set by PayPal.
- Listing Currency Conversion Considerations for Sellers. When a seller lists and subsequently sells an item in a currency other than the currency of the seller’s PayPal payment account, My Precious World will settle the associated transaction proceeds in the currency of the seller’s payment account. When such a service is required, My Precious World applies an additional 2.5% currency conversion fee which is charged by PayPal. Calculation rates are updated regularly by PayPal.
- Value-Added Tax (VAT). Depending on your business status and location, My Precious World may be required to charge VAT on seller fees accrued each month and remit it to the relevant tax authority. VAT is collected on My Precious World Payments processing fees for sellers located in eligible My Precious World Payments countries where required. Currently, we are not required to charge such Tax however all sellers are required to set their tax rates in their product or service prices as required.
- Browsing Currency Considerations for Buyers. In the case of a buyer purchasing from a seller who lists in a currency other than the buyer’s browsing currency, My Precious World will automatically calculate the listing price in the buyer’s browsing currency. When such a calculation is required, My Precious World applies an additional currency conversion charge. Calculation rates are updated regularly.
- Reporting Obligations
Internal Revenue Service regulations may require that we file a Form 1099-K to report unadjusted annual gross sales information for sellers located in the United States or being paid in USD in certain circumstances.
To comply with these regulations, sellers who approach 150 (one hundred and fifty) transactions in a calendar year, regardless of sales volume and aggregated across his or her Shops, will be required to provide taxpayer-identification information to relevant authorities.
Sellers may terminate their membership contract and their acceptance of My Precious World Payments at any time by adjusting the Settings in their account with My Precious World. My Precious World may also terminate or suspend a seller’s use of My Precious World Payments at any time.
Upon termination, any non-disputed Available Funds will be deposited into a seller’s bank account. My Precious World reserves the right, upon termination of access to My Precious World Payments, to set off against any payments to be made to the seller, an amount determined by us to be adequate to cover any anticipated chargebacks, refunds, adjustments or other amounts that might be paid to buyers in connection with purchases from the seller’s payment account for a prospective 180-day period. At the end of the 180-day period following termination, we will disburse to the seller any amount not used to offset chargebacks, refunds, adjustments, or such other amounts paid to buyers, or seek reimbursement from the seller via any of the means authorized in this Policy for any additional amount required to offset chargebacks, refunds, adjustments, or other amounts paid to buyers, as applicable. Refunds are not provided for yearly contracts.
Aside from the limited circumstances set out below, you are responsible for collecting and paying any taxes associated with using and making sales through My Precious World’s services. My Precious World will issue 1099-K forms to certain sellers to comply with IRS and state requirements. You may opt in at any time to receive your 1099-K form electronically.
- Listing your items on My Precious World
If you sell physical goods on My Precious World and reside in the US or Canada, you may utilise our sales tax tool to calculate the tax owed on each sale.
If you sell on My Precious World and reside outside of the US or Canada, you need to include applicable taxes in your listing prices. Please note that while some countries may refer to VAT using other terms, e.g. GST, we will just refer to VAT, GST, and any local sales taxes collectively as “VAT” unless the context requires otherwise.
Where My Precious World is required to collect sales tax/VAT on your behalf, My Precious World will use the category you assigned to each listing to calculate, collect and remit the applicable taxes. You are solely responsible for ensuring that all of your listings are properly categorized, and you agree to indemnify My Precious World for any losses it incurs in connection with any mis-categorisation of your listings by you.
Please remember that My Precious World’s fees do not include any withholding taxes that might apply in your home country. You are required to pay My Precious World the full amount of our fees and may not deduct any applicable withholding taxes from that amount.
Please also note that some countries require My Precious World to apply VAT on the fees that you may be charged in accordance with this policy, and that the fees listed in this policy are exclusive of VAT.
- Taxes on Seller Services
Sales Tax on Subscription Fees
Where applicable, state sales tax may be applied to My Precious World Plus subscription fee charged by My Precious World if we begin to operate in locations where this is required.
VAT on Seller Fees
Depending on your business status and location, My Precious World may be required to apply VAT on seller fees charged each month and remit it to the relevant tax authority. VAT is collected on all My Precious World fees for sellers located in countries where VAT should be applied.
- My Precious World Gift Cards and My Precious World Credits
If you are registered to use My Precious World Payments, you may accept payment by My Precious World Gift Cards and My Precious World Credits. My Precious World Gift Cards and My Precious World Credits are subject to the My Precious World Gift Cards & My Precious World Credits Policy. My Precious World also charges the My Precious World Payments payment processing fee described above on My Precious World Gift Card and My Precious World Credit transactions.