Credit Terms

  1. Overview:
    • Definition: Credit Terms on PhenixBox allow buyers and sellers to agree on a credit period, enabling buyers to make payments to sellers at a later date, subject to the seller’s approval.
  2. Credit Agreement:
    • Approval Process: Sellers have the discretion to approve or deny credit terms for buyers. The approval is based on the buyer’s creditworthiness and transaction history on PhenixBox.
    • Credit Limit: Each seller can set a maximum credit limit for each buyer, which will be subject to review and adjustment based on the buyer’s payment history and transaction volume.
  3. Payment Schedule:
    • Payment Frequency: Payments will be processed twice a month through the seller’s designated bank account. Specific dates for payment processing will be communicated to sellers in advance.
    • Late Payment Policy: Sellers may set penalties for late payments, including interest charges or account suspension. These terms should be clearly communicated to buyers before the credit agreement is finalized.
  4. Terms and Conditions:
    • Interest Rates and Fees: Any interest rates or fees applicable to credit purchases must be disclosed to buyers. These terms should be transparent and included in the credit agreement.
    • Default Terms: In the event of non-payment or default, sellers have the right to take appropriate actions, such as suspending credit privileges or initiating collection procedures. Buyers will be informed of these terms at the time of credit approval.
  5. Dispute Handling:
    • Dispute Resolution: In case of disputes related to credit terms, both parties should attempt to resolve issues through direct communication. If unresolved, disputes may be escalated to PhenixBox support for mediation and resolution.