Riverty Consumer Terms & Conditions
The Riverty Consumer Terms & Conditions contain Terms & Conditions for all Riverty Payment Options:
Riverty Invoice Options
Riverty Part Payment Options
I. Terms & Conditions for Riverty Invoice Options
1. Who can pay with Riverty Invoice Options?
You must be 18 years old, have a Norwegian ID number and a Norwegian address entered in the National Registry. This address cannot be a PO box address. By choosing Riverty, you consent to Riverty Norway AS obtaining details of your credit history. Payment with Riverty is conditional on a satisfactory credit check. If the invoice is not paid, you consent to your credit details being passed to Gothia AS. Riverty Norway AS may transfer and/or pledge the debt.
2. Why do you credit-check me?
Unfortunately, there are people who abuse the right to buy on credit and have no intention of paying for the goods they receive. A credit check reveals your creditworthiness and any recorded late payment notices.
3. What does it cost?
The only cost you may be billed for when you shop with Riverty could be an invoicing fee charged by the webshop.
4. Late Payments?
In the case of late payment, there will be a reminder charge in accordance with the current laws and regulations. Interest will also be charged according to the Norwegian Act on interest on overdue payments.
We will send invoices and information to you by e-mail to the address you gave when you selected Riverty. All information is also available on MyRiverty, upon login with that respective email address. It is your responsibility to ensure that you have a valid e-mail address where Riverty can reach you at all times. Riverty always reserves the right to send information to your address from the National Registry.
II. Contractual Terms & Conditions for Riverty Part Payment Options
1. What is Riverty Flex Payment?
With Riverty Flex Payment, you can opt to gather all your purchases with Riverty into one monthly invoice. The minimum amount to be paid will be shown on the monthly invoice. You can pay off your balance whenever you like without incurring any further costs.
2. What is Riverty Fixed Installment?
With Riverty Fixed Installment, you can split the amount over a specified number of months. You can then pay a fixed amount per month until the whole amount has been paid off. You can pay off your balance whenever you like without incurring any further costs.
3. Who can use Riverty Flex Payment/Riverty Fixed Installment?
You must be 18 years old, have a Norwegian ID number and a Norwegian address entered in the National Registry. This address cannot be a PO box address. With a few exceptions, the Minimum Order Value has to amount to a minimum of NOK 200,-. Payment with Riverty Flex Payment/Riverty Fixed Installment is conditional on a satisfactory credit check. If these conditions are breached, you consent to your credit details being passed to Gothia AS.
4. Applying for an Riverty Flex Payment and Riverty Fixed Payment
Applications for credit within Riverty's part payment options may be made either via the (1) the Merchants digital touch points or via (2) MyRiverty.
(1) Following a purchase, an invoice will be distributed digitally, or by post, to the consumer. On the invoice the consumer will receive a link to the MyRiverty digital touch point with the call to action to sign the credit agreement.
(2) The choice of a part payment done within MyRiverty, after previously having selected an invoice solution at checkout, triggers the signing of the credit agreement directly.
5. Credit assessment and approval of credit
To receive credit it is required that the consumer submits all requested information and then gives approval of the Contractual Part Payment Terms & Conditions. If this does not happen then an invoice will be generated informing that the amount shall be paid in full.
The consumer has the option to submit information and approve the contractual terms and conditions for the Riverty Part Payment options via MyRiverty up until the time when the invoice is transferred to debt collection.
In connection with an application for credit, Riverty performs a credit assessment whereby Riverty assesses whether the consumer has the economic capability to fulfill the payment obligation. The credit assessment is based on information regarding the consumer that Riverty obtains from credit information agencies as well as the information provided in the consumer's application and information Riverty already might possess.
6. Failure to pay
Late payment will incur a reminder charge, in accordance with the current laws and regulations. In the case of a serious breach of the payment commitment, the whole amount will fall due and your Riverty Flex Payment/Riverty Fixed Installment agreement will be terminated, in accordance with the Financial Agreement Act.
Riverty will send invoices and information to you by e-mail or by mail to the address you submitted when you selected Riverty. All information is also available on MyRiverty, upon login with that respective email address. It is your responsibility, to ensure that you have a valid e-mail and postal address so Riverty can communicate with you at all times. Riverty always reserves the right to send information to your address from the National Registry.
8. What does it cost?
The costs for Riverty Flex Payment consist of a monthly charge of NOK 45 and annual interest, currently 19.50% of the credit amount. The interest is capitalised each month.
- Start-up charge:: NOK 0
- Monthly charge: NOK 45
- Annual interest: 19,5%
Example: If you spend NOK 5,000 and split the payment across 9 months, your effective interest rate will be 45.09%. The total borrowing cost will be NOK 820.
The costs for Riverty Fixed Installment consist of a start-up charge, a monthly charge and annual interest for the 12, 24 and 36-month options. The interest is capitalised each month.
- Start-up charge:: NOK 95 (3 months), NOK 195 (6 and 12 months), NOK 295 (24 and 36 months)
- Monthly charge: NOK 45
- Annual interest: 0% (3 and 6 months), 9.95% (12, 24 and 36 months)
Example: If you spend NOK 5,000 and split the payment across 6 months, your effective interest rate will be 37.75%. The total borrowing cost will be NOK 465.
III. Personal data
The protection of your privacy is of the utmost importance to us. Riverty processes personal data in order to confirm your identity, assess on which payment option to offer you, administrate the customer relationship, to prevent abuse or misuse of Riverty, to conduct customer and risk analysis and risk management, for the prevention of money laundering, and to comply with general legal requirements. Personal data is information that can be directly or indirectly linked to you.
Below are examples of personal data that Riverty may process:
- Contact information: name, address, date of birth, Social security number, e-mail address, telephone number, etc.
- Payment information: invoice information, bank account number etc.
- Financial information: your income, potential credit commitments, negative payment history
- Information on goods/services: details about the items you purchase
- Historical information: your purchase, payment and credit acceptance history
We reuse the data you previously provided to us and we may share your information with credit reference agencies and providers of identity lookups and anti-money laundering screening companies for the purpose of assessing your credit score and risk assessment upon applying for one of our payment methods, and for confirming your identity and address information.
If you have used Riverty's services previously, there might be information stored about you, e.g. for customer administration, documentation requirements or similar approved purposes. Where available Riverty will use such information to confirm your identity and simplify your use of Riverty. Riverty may use electronic communication (through for example text messages and e-mail) in contacts with you. You are entitled to request access to data, edit incorrect data relating to you or inform us that you no longer wish to have your personal data stored. The request shall be sent to Riverty Norway AS, Postboks 331 Sentrum, 0101 Oslo or e-mail: firstname.lastname@example.org
Data may also be provided to the merchant from which you made your purchase (for administrative purposes) and to authorities and other governing bodies if Riverty is legally required to do so. Riverty may also share your personal data with other companies within the Arvato Financial Solutions group. Riverty is the data controller for the processing of your personal data. Please see Riverty's Privacy Statement for Riverty's full description of Riverty's processing of personal data
Revision Date: 12.05.2018\
Version Number: 1.20