Update: The terms are now live.
Original Article: Facebook announced today that it has posted a draft of its Payments Terms to better explain how financial transactions will take place. The terms were created as a means to govern purchases made through the site.
Facebook is using the voting the commenting process it used when it recently updated the Facebook Principles and Statement of Rights and Responsibilities documents. This time, users have three days to voice their comments (another example of where conversation adds value).
The new Payments Terms page will replace the existing Terms of Sale page, as well as the payments-related sections of the Online Advertising Terms and Conditions. “We drafted new terms in order to simplify all of our payments-related terms by bringing them together in one place and to give us the flexibility to try new features,” says Joe Sullivan on the Facebook Blog.
People have two ways of making payments on Facebook. These are through the Facebook Gift Shop, where they can purchase credits to buy gifts, and the purchase of advertising of course, through the online Facebook Ads system.
On a sidenote, Facebook recently announced that the majority of gifts will now require only 10 credits to purchase, rather than 100. However, this only affects the way credits are calculated. Users still have to pay the same amount to buy gifts as before.
With regards to the Payments Terms update, the latest version of the full draft is available at the Facebook Site Governance Page. Documents are available in English, Spanish, French, Italian, and German. Commenting closes at 1pm PDT on Saturday, May 30. Users who wish to stay updated on proposed changes can become a fan of the Site Governance Page.
