The following terms (“Payment Terms”) govern payments you make or receive through www.PREFD.co (the “Site”), operated by PREFD Sdn. Bhd. (Block B-11, Jalan PJU 1A/3, Taipan 2 Damansara, Ara Damansara, 47301 Petaling Jaya, Selangor). PREFD Sdn. Bhd. are referred herein as “PREFD” “we” or “us”; and “you” or “user” means you as a user of the Site.
Please read these Payment Terms carefully before making or receiving payments through the Site. By making or receiving payments through the Site, you accept and agree, on behalf of yourself or your employer or any other entity (if applicable), to be bound and abide by these Payment Terms. These Payment Terms serve as a supplement to PREFD’s Terms of Service.
Balance is the money that Service Providers earn from completed milestones that are kept in their PREFD accounts and can be withdrawn to connected bank account, subject to these Terms.
Prefd Wallet is an account set up by PREFD which functions as a third party account where payments made by Service Seekers are kept before being transferred to the Service Providers once services/milestones are completed and accepted.
Payment Gateway(s) are third party service providers that provide payment transactional services to Service Seekers and Service Providers in connection with the PREFD platform, including with respect to collection of funds from Service Seekers in connection with purchases, remittance and withdrawal of funds to Service Providers, currency exchange services in connection with payments and withdrawals in local currencies, and the storing of funds in connection with PREFD Balances.
PREFD Balance is the aggregated amount of your Balance as a Service Provider and/or returned payments from cancelled Projects as a Service Seeker.
- Each Service you sell and successfully complete, accredits your account with a Balance equal to 85-94% based on the types of subscription
- Information regarding transaction fees is as stated in the table below
Types of Subscription
Transaction fee (%)
- PREFD accredits Service Providers once a milestone in a Contract is completed.
- If a Contract is cancelled (for any reason), the funds paid will be managed accordingly between Service Providers and Service Seekers. For milestones that have already been completed and accepted, Service Seekers are not allowed to request for payment refund and Service Providers are not liable to provide the said refund. However, if the Service Seeker has made payment in advance for services that are yet to be rendered, the Service Seeker is entitled to a refund subjecting to the dispute decision by PREFD should the Contract be cancelled.
- Service Providers are responsible for obtaining a general liability insurance policy with coverage amounts that are sufficient to cover all risks associated with the performance of their services.
- Service Provider hereby appoints PREFD as Service Provider’s limited authorized payment collection agent solely for the purpose of accepting payments (via its Payment Gateway) from Service Seeker, and remitting those payments to Service Provider. Service Provider agrees that payment from Service Seeker to PREFD shall be considered the same as made directly to Service Provider. Service Seeker’s payment obligation to Service Provider will be satisfied upon receipt of payment by PREFD (or its Payment Gateway), and PREFD (via its Payment Gateway) is responsible for remitting the funds to the Service Provider in the manner described in these Payment Terms. In the event that PREFD (via Payment Gateway) does not remit any such amounts to the Service Provider, the Service Provider will have recourse only against PREFD and not the Service Seeker directly. Service Provider agrees that PREFD may describe or otherwise reflect the terms contained herein in any terms of service, receipts, disclosures, or notices including, but not limited to, receipts provided to Service Seekers that PREFD may deem necessary or prudent.
- PREFD partners with Payment Gateway providers for purposes of collecting payments from Service Seekers, transferring such payments from Service Seekers to Service Providers once the project is completed and accepted. All payments services in connection with the withdrawal of funds on the PREFD platform are performed by bank transfer only.
- To withdraw your Balance, you must have a bank account connected to your PREFD account for the withdrawal methods listed below. All funds eligible for Withdrawal will be held on your behalf at an account with PREFD.
- Balances are only made available for withdrawal from the Wallet function following a confirmation from Service Seekers or within the period of 7 working days after the milestone of a Contract is marked as complete.
- Service Providers may withdraw their Balances using one of PREFD’s withdrawal options (see Withdrawal Section below regarding payment terms).
- For security concerns and as a measure to prevent fraudulent or illicit activity, PREFD may temporarily disable a Service Provider’s ability to withdraw Balance until such concerns have been appropriately addressed.
- Withdrawals can only be made in the amount available to you.
- Withdrawals are final and cannot be reversed or undone.
- In certain cases, Service Providers may withdraw Balances in several different currencies. Your PREFD Balance is always derived from its MYR value and, therefore, the local currency amount of your PREFD Balance may change daily in accordance with exchange rate fluctuations while taking into consideration the inclusion of conversion fees. Service Providers always have the option to withdraw Balances in MYR.
- Service Providers will be able to withdraw their Balances from disabled accounts after a safety period of 90 days following full verification of ownership of the account in question, from the day of the last cleared payment received in their account and subject to PREFD’s approval.
- Local Bank Transfer (LBT) – transaction fees may apply.*
*Additional fees may apply based on your location and currency.
- A project is created when Service Seekers and Service Providers agree on a service contract after engaging through the Request For Quotation (RFQ) or tender process. Service Seekers pay PREFD to fund a Contract milestone as a signal for Service Providers to start work. PREFD partners with Payment Gateway for purposes of collecting all payments from Service Seekers, and releasing the funds to Service Providers upon completion and acceptance of the project. All payments services in connection with the withdrawal of funds on the PREFD platform are performed via bank transfers.
- In order to make purchases of services, you must have a bank account connected to your PREFD account.
- PREFD serves as Service Provider’s limited authorized payment collection agent solely for the purpose of accepting payments (via its Payment Gateway, if applicable) from Service Seeker, and remitting those payments to Service Provider. Service Seeker’s payment obligation to Service Provider will be satisfied upon receipt of payment by PREFD (or its Payment Gateway, as applicable), and PREFD (via its Payment Gateway, as applicable) is responsible for remitting the funds to the Service Provider in the manner described in these Payment Terms. In the event that PREFD (via Payment Gateway) does not remit any such amounts to the Service Provider, the Service Provider will have recourse only against PREFD and not the Service Seeker directly.
- In most locations, payments on PREFD can be made by using the following payment methods: iPay88 and Stripe.
- You may not offer Service Providers to pay, or make payment using any method other than through the PREFD.co site. In case you have been asked to use an alternative payment method, please report it immediately to Customer Support here.
- You agree to receive payment receipts, transaction slips and/or service orders from PREFD in electronic form as PDF documents, by email or through the Site.
- By using any payment method and/or providing payment details for making payments on PREFD, you represent and warrant that: (a) you are legally authorized to provide such information; (b) you are legally authorized or have permission to make payments using the payment method(s); (c) if you are an employee or agent of a company or person that owns the payment method, you are authorized by that company or person to use the payment method to make payments on PREFD; and (d) such actions do not violate any applicable law.
For projects that involve a fixed price, Milestone Payments are encouraged. This mode of payment offers protection to both Service Seekers and Service Providers by giving equal control over created payments for awarded projects and accepted quotes. Every Milestone Payment that is created will have its own transaction slip that can be viewed and downloaded from the project page itself. Milestones are to be agreed upon by both Service Seekers and Service Providers and the amount to be paid for each milestone. Each milestone will only commence once payment is made by the Service Seeker. Once payment is made by Service Seeker, the work will commence by Service Provider and the funds will be released to them upon completion and acceptance of the project (please refer to the “Release and refund of payment” section in page 8).
For projects that involve a longer time duration (i.e. six months, one year), retainer fee can be used as the mode of payment. Retainer fee acts as a fixed income for the Service Provider of which payments can be made monthly, quarterly, semi-annually or annually, depending on what basis is suitable and agreeable by both Service Provider and Service Seeker. The Service Seeker will make the payment onto the platform and once the payment interval has passed, the Service Seeker will have seven (7) days to review and accept the service rendered by the Service Provider before the funds are released into the Service Provider’s PREFD account for withdrawal (please refer to the “Release and refund of payment” section in page 8).
Charges (i.e. Transaction fee)
For every payment made through the platform, a transaction fee will be charged by PREFD of up to 6% to 15%, depending on the amount transacted which can be viewed here. The transaction fee will be borne by the Service Provider for all instances except refund requests, of which the transaction fee will be borne by the Service Seeker.
If you find anything unfamiliar in your statement or if there is an unauthorized charge in your payment source, check your transactions on your PREFD Transaction History page which includes all financial transactions made by you on the platform in the past. If you still do not recognize the transactions, please notify our Customer Support here.
- You can pay on PREFD in several different currencies. Unless stated otherwise, you will be charged in the MYR. All currency exchange services in connection with payments in local currencies are performed by bank transfers. In certain cases, however, when certain currencies are not supported by certain payment methods, you will be charged in MYR even if the price is displayed in another currency. In any event, the actual charged amount (in the actual payment currency) will be clearly disclosed to you before you complete the payment.
- Note that all prices on PREFD are derived always from their original MYR price and, therefore, non-MYR currency prices may change daily in accordance with exchange rate fluctuations and may also include conversion fees. Service Seekers always have the option to pay in MYR by changing their selected displayed currency.
- If you paid in a currency other than MYR and your Project was later cancelled for any reason, the amount returned to your PREFD Balance would be based on the exchange rate as of the date of cancellation. Therefore, the returned amount may vary from the paid amount in local currency terms, while always maintaining the same MYR value.
- Your PREFD Balance is always valued in MYR, even if it is displayed in a non-MYR currency. Therefore, should you choose to view your PREFD Balance in any currency other than MYR, it may change daily in accordance with exchange rate fluctuations, while always maintaining the same MYR value. Users always have the option to view their PREFD Balance in MYR by changing their selected displayed currency.
From time to time we may offer you promo codes for purchasing services and/or other services offered on the Site, on special discounts. Promo Codes are valid only for purchases on PREFD and are subject to different time limitations and will expire after their predefined term. To exercise your promo code, simply enter the code on the Offer or Engage page. If you fail to do so, your purchase will not be eligible for the discount. Promo codes are limited to one use per user and may not be used or combined with any other promotion. For Projects that are composed of one or more milestones, the promo code will apply to the last milestone only. Promo Codes do not apply to PREFD Credits. Promo codes may be subject to additional conditions and restrictions as will be disclosed to you upon receipt of the promo codes. Promo codes may be voided in the event of fraud, misuse, or violation of the Terms of Service. PREFD reserves the right to modify or cancel promo codes at any time.
A PREFD account uses a closed-loop wallet system that allows users to make purchases on PREFD only. Users are not allowed to transfer funds between each other without an exchange of service. PREFD account is set up for both Service Seekers and Service Providers of which funds received from Service Seekers are held by PREFD before being released to Service Providers once milestones are met and accepted by the Service Seeker. Once the milestone has been completed, the Service Provider will raise a request to receive payment, which includes the funds held by PREFD. Service Seekers are required to make the payment before each milestone commences. Failure to do so would result in the project being halted as Service Providers are encouraged to only commence work once payment for each milestone has been made.
Release and Refund of Payments
For every contract and project that has been initiated, the following release and refund conditions are to be observed during the normal course of work and in the event of disputes:
Seller and provider initiates a dispute
When the Service Provider and Service Seeker decide to initiate a dispute, the outcome of the dispute will be handled by the PREFD Dispute Resolutions Team. The decision to refund the payment to Service Seeker or release the payment to Service Provider is to be decided objectively by the PREFD Dispute Resolution Team.
Extension of milestone delivery date by Service Provider
In the event a milestone delivery date is requested to be extended by the Service Provider, the Service Seeker will have the option to accept or reject such request. Should the request be accepted, the project details and payment will be updated and the project will continue once payment is initiated based on the updated payment details. The outcome of the completion of the updated contract will follow the standard payment flow as follows:
- Service Seeker accepts the project and initiates fund release to Service Provider
- Service Seeker does not take any action within seven (7) working days and the funds are automatically released to Service Provider
- Service Provider cancels the contract
- Service Seeker cancels the contract
Service Seeker initiates fund release to Service Provider
Once a project is completed and is approved by Service Seeker, the payment will be released to the Service Provider and the project will be closed. However, once a project is completed and no response has been made by the Service Seeker within seven (7) working days, the payment will be automatically released to the Service Provider and the project will be closed.
Service Provider cancels the contract
Should the Service Provider decide to cancel a contract, the Service Provider may either request for the balance of funds to be released, request a revised amount to be released or refund the full amount of any uncompleted paid milestones to the Service Seeker. Once a request has been made by the Service Provider, the Service Seeker may approve such request and the contract will be ended. However, should the Service Seeker reject such a request, a dispute will be initiated.
Service Seeker cancels the contract
Should the Service Seeker decide to cancel a contract, the Service Seeker may either pay nothing and request for a refund for the uncompleted paid milestones, release the last uncompleted paid milestone to the Service Provider or pay another amount. Once a request has been made by the Service Seeker, the Service Provider will have seven (7) working days to accept the request made, upon which the uncompleted paid milestone will be automatically refunded to the Service Seeker. However, should the Service Provider reject such a request, a dispute will be initiated.
Cancelled of payment and refunds
If your payment was cancelled, the funds, after deducting transaction fees, will be credited to your PREFD Balance. This is because PREFD doesn’t automatically process refunds to your payment provider after a payment’s cancellation. Find your returned funds in your PREFD Balance by simply opening your PREFD account.
Cancelled projects and contracts
PREFD does not automatically refund payments made for cancelled Projects back to your payment provider. Funds from Contract cancellations are returned to the Service Seeker’s or Service Provider’s PREFD Balance depending on the agreed terms via Dispute Resolution. Funds returned to your PREFD Balance from cancelled Contracts will not include transaction fees paid. The Service Seekers will have to incur any transaction fees.
Direct refund timeline
Once a refund is approved by PREFD, the refund will take different amounts of time to be credited to your PREFD account depending on which method you have chosen to receive the funds, (i.e. FPX or Credit Card).
Refunds made from payment gateways are usually completed within 14 working days of the request being processed by Customer Support.
Refunds made to Credit Cards take slightly longer due to the card issuer’s processing time. Usually, credit card refunds are completed within 14 working days of the request being processed by Customer Support. However, in extreme cases, it can take up to two weeks.
If the funds credited to your payment provider seem to be incomplete, remember that PREFD payments are refunded to your PREFD balance and may take few days to be shown. For this reason, the funds that are credited to your payment provider may seem incomplete. If you have any issues regarding your account balance, please be sure to contact support@PREFD.co.
Refunds to a different card or FPX account
At the moment, we are only able to refund the funds to the original payment source used to process the payment. PREFD is not able to change the card or FPX account to where the funds will be credited.
If you paid for your order using a currency other than Malaysian Ringgit (MYR), your refund will be processed only from Malaysian Ringgit currency. Note that processing fee, exchange rate and platform admin fees will be incurred and borne by the beneficiary. For any further queries or concerns relating to your refund, please contact support@PREFD.co.
- PREFD may be required by applicable laws to charge users with indirect taxes (such as Sales Tax, VAT or GST) or to withhold taxes. Any amount PREFD will be required to collect will be in addition to the purchase amount and any other fees payable by the Service Seeker, and any amount PREFD will be required to withhold will be deducted from the Service Provider’s Balance, as required by applicable laws.
- Indirect taxes are in addition to the price shown on the site, and in any event, any such taxes will always be displayed to the Service Seeker before payment.
- Service Providers are responsible for paying any direct or indirect taxes, including any GST, VAT or income tax, which may apply to them depending on residency, location or otherwise, under provisions of their jurisdiction. Service Providers represent and warrant that they comply, and will comply at all times, with their obligations under income tax provisions in their jurisdiction.
- Users are responsible for paying any direct or indirect taxes, including any GST, VAT, or income tax, which may apply to them depending on residency, location or otherwise, under provisions of their jurisdiction.
Disputes between Users
We encourage our Service Seekers and Service Providers to try and settle conflicts amongst themselves. If for any reason this fails after using PREFD’s Dispute Resolution Team or if you encounter non-permitted usage on the Site, users can contact PREFD’s Customer Support department for assistance here.
The Milestone Payment option and Recurring Payment option offers protection to both Service Seekers and Service Providers by giving equal control over created payments for awarded projects. With that said, in the event that your project does not go as planned, we have a Dispute Resolution Service available to you, which allows contesting the return (for Service Seekers) or release (for Service Providers) of in progress Milestone Payments (meaning, those Milestone Payments that are not yet released).
In all circumstances, we strongly encourage you to resolve project issues or disputes between yourselves as our service is provided only as a last resort should you be unable to reach a mutual agreement.
Project and Contract Cancellations
- Project cancellations can be performed on PREFD, when eligible, by cancelling all contracts within a project with Service Seekers’ and Service Providers’ agreement.
- Filing a transaction dispute or reversing a payment through your payment provider or your bank is a violation of these Payment Terms. Doing so may get your account temporarily or permanently disabled. Note: Once you have filed a dispute with your payment provider, the funds will be ineligible for a refund due to our obligations towards the payment provider.
- In the event that you encounter an issue related to the service provided in a Contract, you are encouraged to use the Site’s dispute resolution tools to attempt to resolve the matter.
- PREFD, through its Payment Gateway, reserves the right to cancel Contracts or not release funds for any suspected fraudulent transactions made on the Site.
- All transfer and assignment of intellectual property to the Service Seeker shall be subject to full payment and the delivery may not be used if payment is cancelled for any reason.
- If a Contract is cancelled (for any reason), the funds paid will be managed according to the pay option agreed between Service Providers and Service Seekers. The pay options are as follows:
- Fully return funds paid to Service Seekers
- Release last outstanding amount
- Another agreed amount
- Extensions to deliveries can be performed by Service Providers upon receiving Service Seeker’s approval. Service Providers may determine the amount of extension they wish to request.
- Requests for extensions can be performed through the Project Page.
- Requesting to revise services or to gain more services from Service Providers beyond the agreed contract cannot be done.
- A new contract has to be agreed upon alongside the cancellation of the current contract if there are any revisions of services.
- PREFD encourages Service Seekers and Service Providers to resolve service disputes mutually before using PREFD’s dispute tools.
- Eligibility for requests to PREFD to cancel a Project will be assessed by our Customer Support team based on a number of factors, including violations of our Terms of Service and/or our Community Standards, general misconduct, and improper usage of PREFD.
- Completed Projects (or, where applicable, completed milestones) may be cancelled, upon review of our Customer Support team, up to 7 working days after the Project (or Milestone) is marked as complete. Please be advised that Projects cannot be partially cancelled (i.e. we can only cancel the entire Project when it is justified).
- Projects can only be cancelled when contracts regarding the projects are all cancelled.
- In rare circumstances where we find it appropriate, our Customer Support team may cancel a completed Project even after 7 working days have passed from its completion. In such cases, the amounts paid for the cancelled Project will be returned to the Service Seeker’s PREFD Balance and will be deducted from the Service Provider’s PREFD Balance or, if there are no sufficient amounts in the Service Provider’s PREFD Balance, from future Balances of such Service Provider.
- Projects are not eligible to be cancelled based on the quality of service/materials delivered by the Service Provider if the service was rendered as described in the Contract. You may rate your experience with the Service Provider on the Project Page, including the overall level of service quality received.
- You must use PREFD dispute tool to address your concerns and desired resolution related to the service provided by their Service Provider prior to contacting Customer Support. Customer Support will not take any action against Projects where the applicable has failed to inform their Service Provider of issues related to the Service Provider’s service and will allow Service Providers to provide a resolution first. This does not include non-permitted usage of PREFD.
- Any non-permitted usage of PREFD encountered during a Project, after being reviewed by our Customer Support team, may result in the Project being cancelled. This includes, but not limited to; harassment, unlawful behaviour, or other violations of PREFD’s Terms of Service.
- PREFD Customer Support will cancel Contracts based on, but not limited to, the following reasons:
Active Contract (after Service Seekers and Service Providers sign a contract)
PREFD has the right to cancel a project or contract when the following takes place:
- Users are abusive towards the other party through threats of low ratings or leveraging Project materials (such as logins, personal information) against each other.
- Users supplied or included copyright/trademark infringing materials as part of their requirements or the Service Provider’s delivery.
- The user is no longer an active PREFD user due to Terms of Service violations or closure of their account.
- The Service Provider completes the requested service without providing the final delivered service. Note: Multiple reported offenses will result in permanent suspension of your account.
- The Service Provider delivers no files and/or proof of work related to the agreed upon Project requirements. Note: Subjectivity of the materials in question will be reviewed by our Customer Support team.
- The Service Provider requests additional payments, on or off the PREFD platform, by withholding the final delivery of services directly related to the agreed requirements.
- Users who threaten to leave a damaging review to gain more services from the Service Provider not related to the agreed requirements.
- When a dispute arises and is resolved. A dispute will always end in a cancellation of a contract.
Completed Contract (after the Contract is marked as complete and before the 7- working day limitation)
PREFD has the right to cancel a project or contract when the following takes place:
- Users who have been reported to use copyright/trademark infringing materials after verification and with proof.
PREFD reviews cases of payment provider chargebacks and disputes on behalf of Service Providers. Although results vary per case due to each chargeback reason, we work hard on resolving disputes in the Service Provider’s favour. If the chargeback case allows, PREFD (or one of PREFD’s Payment Gateway) will return parts or full Balance back to Service Providers, otherwise the chargeback amount will be borne by the Service Provider.
Disclaimers and Limitation of Liability
YOUR USE OF THE SITE, ITS CONTENT AND ANY SERVICES OR ITEMS OBTAINED THROUGH THE WEBSITE IS AT YOUR OWN RISK. THE SITE, ITS CONTENT AND ANY SERVICES OR ITEMS OBTAINED THROUGH THE WEBSITE ARE PROVIDED ON AN “AS IS” AND “AS AVAILABLE” BASIS, WITHOUT ANY WARRANTIES OF ANY KIND, EITHER EXPRESS OR IMPLIED. NEITHER PREFD NOR ANY PERSON ASSOCIATED WITH PREFD MAKES ANY WARRANTY OR REPRESENTATION WITH RESPECT TO THE COMPLETENESS, SECURITY, RELIABILITY, QUALITY, ACCURACY OR AVAILABILITY OF THE SITE.
THE FOREGOING DOES NOT AFFECT ANY WARRANTIES WHICH CANNOT BE EXCLUDED OR LIMITED UNDER APPLICABLE LAW.
IN NO EVENT WILL PREFD, ITS AFFILIATES OR THEIR LICENSORS, SERVICE PROVIDERS, EMPLOYEES, AGENTS, OFFICERS OR DIRECTORS BE LIABLE FOR DAMAGES OF ANY KIND, UNDER ANY LEGAL THEORY, ARISING OUT OF OR IN CONNECTION WITH YOUR USE, OR INABILITY TO USE, THE SITE, ANY WEBSITES LINKED TO IT, ANY CONTENT ON THE WEBSITE OR SUCH OTHER WEBSITES OR ANY SERVICES OR ITEMS OBTAINED THROUGH THE SITE OR SUCH OTHER WEBSITES, INCLUDING ANY DIRECT, INDIRECT, SPECIAL, INCIDENTAL, CONSEQUENTIAL OR PUNITIVE DAMAGES, INCLUDING BUT NOT LIMITED TO, PERSONAL INJURY, PAIN AND SUFFERING, EMOTIONAL DISTRESS, LOSS OF BALANCE, LOSS OF PROFITS, LOSS OF BUSINESS OR ANTICIPATED SAVINGS, LOSS OF USE, LOSS OF GOODWILL, LOSS OF DATA, AND WHETHER CAUSED BY TORT (INCLUDING NEGLIGENCE), BREACH OF CONTRACT OR OTHERWISE, EVEN IF FORESEEABLE. IN ACCEPTING LIABILITY AS THE LIMITED AUTHORIZED PAYMENT COLLECTION AGENT OF SERVICE PROVIDER, PREFD AND ITS AFFILIATES ASSUME NO LIABILITY FOR ANY ACTS OR OMISSIONS OF SERVICE PROVIDER.
THE FOREGOING DOES NOT AFFECT ANY LIABILITY WHICH CANNOT BE EXCLUDED OR LIMITED UNDER APPLICABLE LAW.
The term “Affiliate” referred to herein, is an entity that, directly or indirectly, controls, or is under the control of, or is under common control with PREFD, where control means having more than fifty percent (50%) voting stock or other ownership interest or the majority of voting rights of such entity.
Changes to Payment Terms
PREFD may make changes to these Payment Terms from time to time. When these changes are made, PREFD will make a new copy of the terms available on this page. You understand and agree that if you use PREFD after the date on which the Payment Terms have changed, PREFD will treat your use as acceptance of the updated Payment Terms.