Yapstone Canada ULC
Card Industry Code of Conduct Policy
Approval Date: 22nd March 2019

1. Introduction
Yapstone Canada ULC (“Yapstone” or “The Company”) was formed in September of 2017 with the sole purpose to enable customers, specifically property management companies and property owners (“PMC/O”) in the vacation rental payment market, to efficiently manage the acceptance of payments from their customers by a variety of methods. Yapstone and its affiliates (collectively, “Yapstone Group”), acting as a payment facilitator, onboards PMC/Os as merchants in order to accept payments through credit and debit cards. Once a traveler completes a reservation for a specific property and a date range, the traveler presents the Yapstone Group with the credit or debit card information needed for the Yapstone Group to process the transaction and collect the rent amount agreed through its merchant acquirer.

2. Purpose
This Card Industry Code of Conduct Policy (“Policy”) is designed to demonstrate that Yapstone is committed to:
1. Ensuring that merchants are fully aware of the costs associated with accepting credit and debit card payments thereby allowing merchants to reasonably forecast their monthly costs related to accepting such payments;
2. Providing merchants with increased pricing flexibility to encourage consumers to choose the lowest-cost payment option; and
3. Allowing merchants to freely choose which payment options they will accept.

3. Policy Scope
This Policy applies to Yapstone and its directors, officers and employees.

4. Policy Statement
Yapstone is committed to the Code of Conduct for the Credit and Debit Card Industry in Canada and to protecting the interest of its merchants as related to the acceptance of payment.

1. Yapstone will ensure its merchant agreements and statements include a sufficient level of detail and are easy to understand and that either the agreements or statements will include the following information:
a. A cover page containing an information summary box that provides key elements of the contract in a consolidated fashion and a fee disclosure box, using the templates in Addendum I of the Code of Conduct for the Credit and Debit Card Industry;
b. A disclosure of all other fees (e.g. monthly minimums, administration fees, etc.) charged to the merchant;
c. Effective merchant discount rate for each type of payment card from a payment card network;
d. Resources to contact for information related to interchange rates and, if applicable, all other rates charged to the merchants by the acquirer;
e. Reporting that provides detail on the number and volume of transactions for each type of payment method;
f. The total amount of fees applicable; and
g. Details of each fee and to which payment card network each fee relates.
This information will be presented in a manner that is clear, simple and not misleading.

2. Yapstone will provide a minimum of 90 days’ notice of any fee increases or the introduction of a new fee related to any credit or debit card transactions and will ensure that following notification, merchants will be allowed to cancel their contracts without penalty. The notice to merchants will describe the nature of the fee change, and the change will be clearly identifiable on the merchant’s subsequent monthly statement to help merchants better understand the impact of the fee change.

3. Yapstone will also provide an updated fee disclosure box reflecting the impact, upon written request from the merchant, following a new fee or fee increase.
4. Yapstone will ensure that merchants will be allowed to provide discounts for different methods of payment.
5. Yapstone will ensure that merchants are not obligated to accept new payment products or services without their express consent.
6. Yapstone will ensure that information about merchant-acquirer agreements, including cancellation and renewal terms and conditions, will be disclosed in a way that is clear, simple and not misleading.
7. Yapstone will provide a clear dispute resolution process that will provide for an investigation and a timely response for all complaints pertaining to the Code of Conduct. This process will be clearly described on the Yapstone website along with access to a Complaint Form.

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