Mogujie.Com Adjusts Business Bai Fumei (Enjoy First Payment) Open Agreement

A few days ago, mogujie.com adjusted for the mogujie.com service "Bai Fumei (enjoy the first payment)" service agreement, will be effective in July 27, 2019.

In the revised rules, the definitions of "merchant", "accounts receivable" and "buy back" have been revised.

Among them, "merchants" are those who register on the mogujie.com website according to platform rules and provide goods or services to consumers.

"Accounts receivable" is the creditor's right to collect the corresponding amount of money when the user uses the "Bai Fumei (enjoy the first payment)" service after the opening of the "Bai Fumei (enjoy the first payment)" service. At the same time, the factoring company will pay the corresponding transfer consideration to the merchant after the receivable accounts receivable. Under this agreement, the factoring company pays the transfer price to the merchant in accordance with the 100% of the corresponding amount of the receivable account receivable.

"Buy back" means that when the "repurchase situation" stipulated in this agreement occurs, the factoring company transfers part or all of the receivable and unpaid accounts receivable to the merchant, and the merchant agrees to accept the receivable and return the corresponding transfer price to the factoring company according to the contract.

In terms of return and repurchase, mogujie.com has added two new regulations: if a user has informed a business dispute between the merchant and the merchant in any written form, the factoring company or the factoring company has known the business dispute between the user and the merchant through the merchant and any other way, and the merchant has any commercial fraudulent acts in the course of trading with the user, including, but is not limited to, the situation that the product or service provided by the user does not conform to the propaganda content, or collusion with the third party to deceive or induce the consumer to consume, etc., the merchant can repurchase the account receivable with the factoring company, and return the corresponding transfer consideration to the factoring company, and compensate all the losses suffered by the factoring company.

It is worth noting that if mogujie.com finds out that merchants provide users with cash in cash, arbitrage services, or provide cash for users' cash and arbitrage, mogujie.com not only adopts measures including, but not limited to, prosecution, short-term or long-term closure of stores, deducting the corresponding margin, closing the service of Bai Fumei, and also requiring merchants to repurchase accounts receivable and return the corresponding transfer consideration and compensation for all losses suffered by factoring companies.