marketplace bankrupt, user money funds
Thu, Apr 2 2020

What happens with my money when a platform goes bankrupt?


This week, Plugify unfortunately went bankrupt. Consequently, many platform and marketplace users ask us the following question: What happens with my money when a platform goes bankrupt? I will gladly explain how this process works and I will answer most of the questions from Plugify users!



First of all, it is very important that a platform makes use of a platform-psp like Online Payment Platform. The platform-psp namely ensures the seller to be a customer at the payment service provider in order to facilitate your payments. The money of the payments will never end up on the platform's bank account, but will always be transferred to the third party account of the payment service provider. Always verify if the payment service provider is a platform-psp, because most payment service providers are not platform-psps.


Online Payment Platform

At least the platforms and marketplaces using Online Payment platform organised it correctly.

Online Payment Platform has a license at de Nederlandsche Bank (DNB) as payment service provider. Moreover, we specifically focus on trading platforms and marketplaces. Our services are specially designed to make trading on platforms and marketplaces as secure as possible. 

All of the payments processed by us are led through our third party account 'Online Payment Foundation' (Stichting Online Betalen). By making use of a third party account, all funds are safe at all times; including in the event of a platform bankruptcy or ourselves. Both parties are therefore not able to use these funds for their own purposes.

Because the payments are often held until the service will be delivered; the buyer on a platform is guaranteed that the money will only be released as soon as the service is delivered; the seller is guaranteed that the buyer already paid for the service. The buyer immediately pays to our third party account. We solely process the payment.
The funds on our third party account always fall outside a bankruptcy. Hence, the funds are safe and secure.


Plugify frequently asked questions

What will happen to my money?
The funds are currently on our third party account, these are reserved for the seller/artist. The funds are held until the agreed date of the booking. If the buyer does not lodge an objection with us, the funds will be paid out to the seller/artist on the agreed date. 

The booking has already been paid for but I have not yet delivered the service, what will happen to the money?
If a booking is planned in the future and this has already been paid for, the amount will be paid out on your provided bank account number after the delivered service. However, this is only under the conditions that the booker (the person that paid for the booking) does not object or cancel the service.

What happens when the booker cancels the service?
The booker could approach both the artist or us directly. After consultation with the artist we will decide if the booking will be cancelled and whether the payment could be refunded to the booker.

What will you be doing with my personal data?
After all the payouts have been processed, we will archive all the accounts of Plugify users. From legislative and regulatory provisions, we are obliged to store the data until five years after the latest service. After that, your personal data will be deleted.

Where can I go with other questions about Plugify?
We can only respond to questions concerning payments. Unfortunately, we are not able to respond to other remaining questions. Therefore, we could best refer you to the website of Plugify or the curator.


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