Buy Now, Pay Later (BNPL) is growing rapidly in markets across the world with no signs of slowing down. Learning the basics of these unique financing agreements is an important component of understanding the current, and future, global payments landscape.
Course participants will learn the fundamentals of how this installment payment method works from both the consumer and merchant perspective. By the end of the course, participants will grasp every step of the process, from initial approval to completion, as well as market trends, current and expected growth, risks for both consumers and merchants, the current and future state of regulation, consumer behavior, best practices, and more.
Program Level: Basic
Program Field of Study: Specialized Knowledge
Program Delivery Method: QAS Self Study
CPE Credits: 1.4
Advanced Preparation and/or Pre-requisites: None
For more information regarding any concerns, please contact our office at 206-364-2789 or email email@example.com.
Refunds and cancellations are determined on a case-by-case basis. Cancellations and requests for refunds must be communicated in writing to firstname.lastname@example.org. Refunds will not be issued once a course has been started. Additionally, courses must be completed within one year of purchase.
Merchant Risk Council is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have the final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org
This course was created on 4/19/2022.
- Define Buy Now, Pay Later (BNPL)
- Identify the target audience
- Recognize what a Buy Now, Pay Later purchase looks like
- Identify potential risks of Buy Now, Pay Later for merchants and consumers
- Recognize the current regulatory requirements and potential future requirements
- List best practices for implementing Buy Now, Pay Later
By completing/passing this course, you will attain the certificate MRC RAPID Edu Certificate of Completion
RAPID Edu Platform Terms of Service
Welcome to the Terms of Service for the Merchant Risk Council RAPID Edu Platform.
These Terms of Service ("TOS") govern Your access and use of the Merchant Risk Council RAPID Edu Platform, (the "Platform") made available by the Merchant Risk Council, Inc. (hereinafter, the "MRC") through the MRC RAPID Edu website (the "Site"). When You register, access, and make use of the Platform, You are agreeing to these TOS, which, by their nature and intent, establish a legally binding agreement between You and the MRC. As used in these TOS, the terms "You" and "Your" will collectively mean You individually, as well as any entity, such as Your employer, authorizing You to access this Site and use the Platform.
License Grant and Conditions. Upon your registration and payment of the charges assessed for the RAPID Edu module You select (each, a "Module"), the MRC hereby grants You, for so long as you are accessing and using such Module, a non-exclusive, non-transferable, revocable, worldwide license (without the right to grant sub-licenses) to access the Platform and the selected Module for lawful purposes, solely for Your personal use. Your access and use of the Platform and any Module made available through the Platform is limited to You using a browser interface via an assigned username and password and the payment of charges assessed for the Module you have selected.
Restrictions. You shall not: (i) license, sub-license, sell, resell, transfer, assign, distribute, or otherwise make the Platform or any Module available to any third party, in whole or in part; (ii) attempt to access the source code of the Platform or any Module; (iii) modify or make derivative works based on the Platform, or any Module; (iv) reverse engineer or reverse compile any part of the Platform, including without limitation, any Module made available therein; (v) design, develop, build, market, or support a product using similar ideas, features, functions, or graphics of the Platform or any Module; (vi) incorporate any portion of the Platform or any Module into Your own programs, or compile any portion of the Platform or any Module in combination with Your own programs, transfer it for use with another service, or sell, rent, lease, lend, loan, or distribute the Platform or any Module, in whole or in part, directly or indirectly, to any third party.
Platform. The Platform, its functionality, and network infrastructure are the sole property of LearnUpon Limited ("LearnUpon"). The Platform is made available to the MRC pursuant to a license granted by LearnUpon, which, among other things, enables the MRC to configure and make the Platform available to You for the limited purpose of accessing and using Modules developed by the MRC. Subject to the rights granted to You herein, LearnUpon and its licensors and suppliers own and retain all right, title, and interest in and to the Platform as currently made available, or as may be revised from time to time. The scope of LearnUpon's ownership rights with respect to the Platform include, without limitation, (a) all software, hardware, technology, documentation, and information provided by LearnUpon in connection with the Platform; and (b) all worldwide patent, copyright, trade secret, trademark, and other intellectual property rights in and to the Platform.
Modules. All Modules presented on the Platform, together with their respective content, including without limitation, text, images, and method of presentation are owned exclusively by the MRC. Subject to the rights granted to You herein, the MRC owns and retains all right, title, and interest, including all worldwide patent, copyright trade secret, and trademark and other intellectual property rights in and to the Modules and their respective content.
Trademarks and Copyrights of Third Parties. From time to time, the MRC may use the trademarks or copyrights of third parties as part of the content of a Module. The MRC's use of any such third party trademarks and copyrights are used with the permission of the applicable rights holder and no access and use of any such Module by You shall be deemed to be a license to You to use any third party's trademark or copyright for Your own personal or business use.
3. Registration; Account Security
Account Registration. Account registration is required to use the Platform. You represent and warrant that You will provide truthful, accurate, current, and complete information (including information about You and any other authorized users) in any registration or other account-related forms on the Site (the "Registration Information"). You will maintain and promptly update Your Registration Information to keep it accurate, current, and complete.
Account Security. The confidentiality of Your username and password for Your account is Your responsibility, and You are solely responsible to the MRC for activities in Your account. You agree that You will not share Your login credentials (including Your password) with others, or do anything that might jeopardize the security of Your account. You also agree to notify the MRC immediately of any unauthorized or improper use of Your password and/or Your account.
Personally Identifiable Information. All personally identifiable information that You provide with Your Registration Information shall remain confidential and shall not be disclosed by the MRC for any purpose, other than pursuant to a court order issued by a court having the proper jurisdiction to compel any such disclosure.
Electronic Communication. When You register and use the Platform, or send emails to us, You are communicating with us electronically and You consent to receive communications from us electronically. We will communicate with You by email or by posting notices on this Site or through the Platform. You agree that all agreements, notices, disclosures, and other communications that we provide to You electronically satisfy any legal requirement that such communications be made in writing.
4. Prohibited Use
You are prohibited from doing any act that has the effect of undermining the integrity of the MRC's reputation, the Platform, any Module, as well as the computer systems and network infrastructure utilized to make the Platform and Modules available to You. As a material term of these TOS, You expressly agree that You shall NOT do any of the following:
Deploy or facilitate the use or deployment of any robot, spider, scraper, or any other automated means, method, or device to access, view, select, or copy, in whole or in part, any content, program, or functionality of the Platform or any Module, or any other proprietary information or trade secret of the MRC's that is made available through the Platform;
Deploy or facilitate the use or deployment of any script, routine, program, or any other automated means, method, or device with respect to Your access and use of the Platform and/or any Module for any purpose;
Deploy or facilitate the use or deployment of any program, system, means, method, or device, for any purpose that places an unreasonable, unnecessary, or excessive demand or load on the Platform, its hardware, and connections, or prohibits, denies, or delays access to the Platform by other users, or otherwise threatens the continuous services of our ISPs, suppliers, and vendors;
Introduce any program, executable file, or routine (such as a worm, Trojan horse, cancel-bot, time bomb, or virus), irrespective of whether any such program or routine results in detrimental harm to our system or our data;
Establish any direct or deep link or other connection to any specific page or location of the Platform other than the MRC RAPID Edu login page;
Use or attempt to use another user's account without authorization;
Attempt to circumvent any content or functionality filtering methods we employ, or otherwise attempt to access certain aspects of the Platform that You are not authorized to access;
Post or transmit through the Platform any material, including content or data derived from any Module, which: (i) violates or infringes in any way upon the rights of others, including intellectual property rights; (ii) is unlawful, threatening, abusive, defamatory, invasive of privacy or publicity rights, vulgar, obscene, profane, or otherwise objectionable; (iii) encourages conduct that would constitute a criminal offense, give rise to civil liability, or otherwise violate any law; or (iv) creates or attempts to create any liability of the MRC;
Any other conduct by You that in the MRC's sole discretion restricts, inhibits, or interferes with any other user from accessing and using the Platform or any RAPID Edu e-learning module is expressly prohibited.
Payment Method. All payments of applicable fees and charges will either be made by credit card, which shall be processed through the MRC's third-party credit card processor, or through other approved electronic payment means, such as PayPal®, Apple Pay®, or Google Wallet®. You agree to use a valid payment method accepted by the MRC for the payment of fees and charges arising from Your use of the Platform.
Refund Policy. For the MRC Rapid EDU Program (self-study), refunds and cancellations are determined on a case-by-case basis. Cancellations and requests for refunds must be communicated in writing to email@example.com. Refunds will not be issued once a course has been started. Additionally, courses must be completed within one year of purchase.
6. Termination Upon Breach
If You breach any provision of these TOS, including, but not limited to, providing false Registration Information, breach any provision of the license granted to You by the MRC by these TOS, engage in any unauthorized use of the Platform or any Module, or engage in any prohibited act as identified in these TOS, the MRC may, in its sole discretion, terminate Your rights to access and use the Platform and Modules immediately, without additional notice to You. The MRC's termination of Your rights to access and use the Platform and/or any Module for any such breach is not an exclusive remedy and the MRC reserves all of its other rights at law and in equity it may have against You for any such breach.
You will be responsible for obtaining and maintaining all computer hardware, Internet connections, and any other equipment reasonably necessary to access and use the Platform and Modules. High-speed Internet access is strongly recommended for regular use and is required for video. You agree that the MRC will not be responsible for any interruption, delay, or inconsistent operation of the Services due to You not using necessary or compatible equipment, or a high-speed Internet connection.
8. Disclaimers; Limitation of Liability; Releases
YOU AGREE THAT USE OF THIS SITE, THE PLATFORM, AND ANY MODULE MADE AVAILABLE THROUGH IT IS AT YOUR OWN RISK. YOU WILL BE RESPONSIBLE FOR PROTECTING THE CONFIDENTIALITY OF YOUR PASSWORD. NEITHER THE MRC NOR ANY OF ITS RESPECTIVE EMPLOYEES, SHAREHOLDERS, AGENTS, THIRD-PARTY CONTENT PROVIDERS, OR LICENSORS, REPRESENT OR WARRANT THAT YOUR USE OF THIS SITE, THE PLATFORM OR ANY MODULE WILL BE UNINTERRUPTED OR ERROR FREE. THIS SITE, THE PLATFORM, AND MODULES ARE PROVIDED ON AN "AS IS" BASIS WITHOUT REPRESENTATIONS OR WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED, INCLUDING, BUT NOT LIMITED TO, WARRANTIES OF TITLE OR IMPLIED WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE, OTHER THAN THOSE WARRANTIES WHICH ARE IMPLIED BY AND INCAPABLE OF EXCLUSION, RESTRICTION, OR MODIFICATION UNDER THE LAWS APPLICABLE TO THESE TOS. THE DISCLAIMERS CONTAINED IN THESE TOS APPLY TO ANY DAMAGES OR INJURY CAUSED BY ANY FAILURE OF PERFORMANCE, ERROR, OMISSION, INTERRUPTION, DELETION, DEFECT, DELAY IN OPERATION OR TRANSMISSION, COMPUTER VIRUS, COMMUNICATION LINE FAILURE, THEFT, OR DESTRUCTION OR UNAUTHORIZED ACCESS, WHETHER FOR BREACH OF CONTRACT, TORTUOUS BEHAVIOR, NEGLIGENCE, OR UNDER ANY OTHER CAUSE OF ACTION.
IN NO EVENT WILL THE MRC, OR ANY PERSON OR ENTITY INVOLVED IN CREATING, PRODUCING, OR MAINTAINING THIS SITE, THE PLATFORM, OR ANY MODULE BE LIABLE FOR ANY DAMAGES, INCLUDING, WITHOUT LIMITATION, DIRECT, INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL, OR PUNITIVE DAMAGES, ARISING OUT OF THE USE OF OR INABILITY TO USE THIS SITE.
You agree that You will, at Your expense, indemnify, defend, settle, and hold the MRC, its directors, officers, shareholders, employees, and agents harmless from and against all claims and expenses, including attorneys' fees, arising out of Your use of this Site, the Platform, and any Module, including but not limited to any use that is not authorized by these TOS. In addition to the foregoing, in any such action, You will pay any judgment awarded against the MRC or any settlement agreed to by You, and any authorized expenses incurred by the MRC. The MRC reserves the right to assume the exclusive defense and control of any matter otherwise subject to indemnification by You, in which event You will assist and cooperate with the MRC in asserting any available defenses.
10. Legal Proceedings
Any dispute relating to or arising from Your use of the Platform, any Module, or these TOS will be adjudicated by a court of competent jurisdiction sitting in the State of Washington, within King County, and You expressly consent to the jurisdiction of the State and Federal courts sitting in King County, Washington for such purposes. In addition to any finding, relief granted, or judgment awarded by such court, the prevailing party in any such action shall be awarded reasonable attorney's fees and costs.
All notices regarding any matter pertaining to these TOS, or the policies referenced herein, including any notice of claim, summons, or subpoena will be given by email, with a physical copy of such notice sent via United States Registered Mail (return receipt requested), or by a nationally recognized express courier, postage or air bill prepaid. Notices sent to the MRC shall be sent to: Merchant Risk Council, Inc., 600 Stewart Street, Suite 720, Seattle, Washington 98101, Attention: Legal Affairs. Notices sent by the MRC shall be sent via email, with a physical copy sent by United States Registered Mail or a nationally recognized courier to the email and physical addresses You provided as part of Your Registration Information. Notice will be deemed effective twenty-four (24) hours after sending of an email, unless returned due to an invalid email address, in which case, notice shall be deemed effective upon receipt of physical copies, as confirmed by United States Postal Service, or courier, as applicable.
These TOS are to be construed in accordance with the laws of the State of Washington, without regard to its conflict of laws provisions. These TOS, as updated from time to time, constitute the entire agreement between us with respect to Your use of the Platform and any Modules made available through it. The MRC's failure to enforce any breach of this Agreement by You does not constitute a waiver of the MRC's right to enforce any term of these TOS in the future for a similar breach.
13. Attention: California Users
Section 1789.3 of the California Civil Code (the "Electronic Commerce Act of 1984", California Civil Code, Section 1789.1, et seq.) requires us to inform You that You may contact the Complaint Assistance Unit of the Division of Consumer Services of the California Department of Consumer Affairs in writing at 1625 North Market Boulevard, Sacramento, California 95834, or by telephone at 916-445-1254 or 800-952-5210, in order to resolve any complaint regarding a service provided to You through the Platform or to receive further information regarding the use of such services.
Protecting your privacy is important to us. We hope the following information and policies help you understand how the Merchant Risk Council collects, uses, and safeguards the information you provide to us on or through our website located at: https://www.merchantriskcouncil.org or when you otherwise interact with us through our Website, app, or registration platforms (collectively, the "Website").
The Merchant Risk Council agrees with the spirit and principles of the EU General Data Protection Regulation (GDPR) and is extending its protections to all users, regardless of region.
1. The Information You Provide to Us
As a Merchant Risk Council membership subscriber or an event attendee, or when signing up for MRC updates via email, we require your first and last name, email address (which also serves as a user name), job title, company name or organization, and company address. We also ask you to assign a password for yourself. Other business information is optional. If you are logging in from outside the United States, your information will be transferred to and stored in the U.S.
In addition, when you interact with the Website, our servers may keep an activity log that does not identify you personally. Generally, this information is collected though "traffic data." We collect and store certain administrative and traffic information viewed, software crash reports, type of browser used, and the type of device you are using to access this Website.
2. How We Use the Information
Merchant Risk Council collects and stores information for these purposes:
To list your company or organization as a Merchant Risk Council subscriber who supports our fraud prevention standards.
To e-mail you notices of upcoming reports, newsletters, events, and updated information.
To help us better tailor our offerings to the preferences and needs of our members.
To provide our members with resources and, if you consent, allow vendors to contact you with useful information.
To respond to your comments, questions, and requests, and provide customer service.
To send you technical notices, updates, security alerts, and support and administrative messages.
Detect, investigate, and/or prevent fraudulent, unauthorized, or illegal activity.
The optional business information you provide may be aggregated in order to help us understand the types and sizes of Merchant Risk Council site subscribers.
Merchant Risk Council uses the data we collect to operate our organization and provide you with the services we offer, which includes using data to improve our offerings. We may also use the data to communicate with you to inform you about your account and our offerings. However, we do not use what you say in any service contacts to us to target information to you.
We share your personal data with your consent or as necessary to complete any transaction or provide any service you have requested or authorized. We also share data with MRC subsidiaries, vendors working on our behalf, or when required by law or to respond to legal processes. These entities have access to the personal information needed to perform their functions and are contractually obligated to maintain the confidentiality and security of that personal information. They are restricted from using, selling, distributing, or altering this data in any way other than to provide the requested services.
3. Users in the European Economic Area ("EEA") and Switzerland
If you are a resident of the EEA or Switzerland, the following information applies with respect to personal data collected through your use of the Website.
Purposes of Processing and Legal Basis for Processing
As explained above, Merchant Risk Council processes personal data in various ways depending upon your use of the Website. We process personal data on the following legal bases: (1) with your consent; (2) as necessary to perform our agreement to provide the Website services; and (3) as necessary for our legitimate interests in providing the Website services where those interests do not override your fundamental rights and freedom related to data privacy.
Right to Lodge a Complaint
Users that reside in the EEA or Switzerland have the right to lodge a complaint about our data collection and processing actions with the supervisory authority concerned. Contact details for data protection authorities are available here.
You are entitled to the rights under Chapter III of the EU General Data Protection Regulation or Section 2 of the Swiss Federal Act on Data Protection with respect to the processing of your personal data, which include the right to access and rectify your personal data and to request erasure of your personal data. To exercise these rights, contact firstname.lastname@example.org.
4. How to Access and Control Your Personal Data
Right of Access
If you ask us, we will confirm whether we are processing your Personal Data and, if so, provide you with a copy of that Personal Data. Subscribers can view and edit Personal Data in the MRC Member Portal at: https://mrc1.force.com/member/Landing_Page
Right to Rectification
If your Personal Data is inaccurate or incomplete, you are entitled to have it corrected or completed. Subscribers can view and edit Personal Data in the MRC Member Portal at: https://mrc1.force.com/member/Landing_Page. If we have shared your Personal Data with others, we will tell them about the rectification where possible. If you ask us, where possible and lawful to do so, we will also tell you with whom we shared your personal data so that you can contact them directly.
Right to Erasure
You may ask us to remove your personal data. To request removal, please email Merchant Risk Council at: email@example.com. If we have shared your data with others, we will tell them about the erasure where possible. If you ask us, where possible and lawful to do so, we will also tell you with whom we shared your personal data so that you can contact them directly.
5. How Long Do We Keep Your Personal Information?
We will retain information we collect from you where we have an ongoing legitimate business need to do so (for example, to provide you with our services or to comply with applicable legal, tax, or accounting requirements).
When we have no ongoing legitimate business need to process your Personal Data, we will either delete or anonymize it, or, if this is not possible (for example, because your personal information has been stored in backup archives), then we will securely store your personal information and isolate it from any further processing until deletion or anonymization is possible.
A cookie is a small string of text that a website can send to your browser. A cookie cannot retrieve any other data from your hard drive or pass on computer viruses. In general, cookies may be used to optimize websites, enable a user to keep items in a shopping cart, or to facilitate advertising.
If you are just browsing the merchantriskcouncil.org Website and are not a registered user, you do not have to accept a cookie and you may still continue using the Website. However, in order to access the portion of the site that requires a password, you must accept the Website's cookies as they are essential for site administration and security. If you do not want your browser to accept cookies, you can change this preference within your browser. You can learn more about setting or changing cookies preferences for Apple Safari, Google Chrome, Microsoft Edge, Microsoft Internet Explorer, Mozilla Firefox, or Opera by visiting the Apple, Google, Microsoft, Mozilla, or Opera Software websites.
7. Use of the Site by Children
Our Site is not specifically targeted to children, we do not actively solicit information from children, and we do not knowingly collect personal information from children without proper parental consent. If you believe that we may have collected personal information from someone under the applicable age of consent without parental consent, please write to us at the physical address set forth below in the section "Inquiries" or email firstname.lastname@example.org and we will promptly address the issue.
8. California Residents
California residents may request certain information pursuant to California Civil Code Section 1798.83 regarding our disclosure of personal information to third parties for their direct marketing purposes. To make such a request, please send an email to email@example.com with "Request for California Privacy Information" in the subject line and in the message.
10. Your Information Is Secure
The Merchant Risk Council takes reasonable precautions in order to protect your personal information from loss, theft, misuse, unauthorized access, disclosure, alteration and destruction, using recommended industry security architecture. While we try our best to safeguard your personal information once we receive it, no transmission of data over the Internet or any other public network can be guaranteed to be 100% secure.
Phone: (206) 364-2789
Mail: 600 Stewart St. Suite 720
Seattle WA 98101
Last updated: May 24, 2018
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