CharterPort BVI is happy to provide charter brokers with the opportunity for clients to pay charter deposits via credit cards.

Charge card deposits go directly into the CharterPort BVI escrow account.

Charge card deposits must be accompanied by a client-signed charter agreement and a signed "authorization to charge".

There is a 3.5% fee charged by the bank on whatever amount is charged. Some of our member yachts will absorb that fee (noted on an individual yacht's rates). For other yachts, it will be incumbent upon either the client or the charter broker to absorb that fee (i.e.: to deposit $1000 into the trust account would require a charge through the card machine of $1035 on the client's card or a deduction $35 from the resulting commission to the broker).

The standard procedure of making a card deposit is that once a broker has a client's signed charter agreement and card authorization, these are faxed to CharterPort BVI. A 50% deposit (or 25%, depending upon

the lead time) will be charged at that time. Final balance charges will be due 60 days prior to boarding.

Charter agreements and card authorizations will need to include an "arbitration clause" (in lieu of "chargebacks") and the card authorization should copy both the "cancellation policy" from the charter agreement and whether or not the client wants trip cancellation insurance.

Typically, it will take several days for any charged funds to be deposited into the CharterPort BVI account. Once the funds are available the total 15% broker's commission would be mailed to the broker (less any fee).

Of course, brokers are welcome to continue to accept cards through their own card validator, by cheque or bank transfer and to thereafter post the deposit funds to us in the usual manner. These deposits will also need to be accompanied by a signed charter agreement in order to deposit the funds into the FirstBank VI-managed escrow account.