Merchant Terms & Conditions

 

MERCHANT TERMS AND CONDITIONS

 

 

  1. Definitions and Interpretation

 

1.1.   The  following  terms  when  used  in  this  Agreement  or  any document referred to herein shall have the following meaning:

 

Agreement means these PSC Merchant Terms and Conditions, any cover pages hereto, any Schedules hereto and the Terms of Use;

 

Business Day means any day other than a Saturday or a Sunday or a public or bank holiday in Hungary;

 

Card or Payment Scheme shall mean any card payment systems (such as VISA, MasterCard®, American Express or others, including national or local systems) or bank payment scheme (such as direct banking systems, direct debit systems or bank transfer systems);

 

Confidential Information means any information which is marked as “Confidential” or “Proprietary” or should be reasonably expected to be confidential having regard to the context of disclosure or the nature of the information; including, without prejudice to the generality of the foregoing, the terms of this Agreement as well as business plans, data, strategies, methods, customer and client lists, technical specifications, transaction data and customer data shall be deemed confidential;

 

Digital Wallet Payment Service means PSC’s digital wallet based payment service through which a PSC account holder can send funds to a recipient using an e-mail address as the recipient’s identifier (regardless of whether this is facilitated through the use of the PSC Website or a payments gateway integrated into the Merchant Website or otherwise);

 

Gateway Service means any PSC service using a payment gateway integrated into (but not necessarily hosted on) the Merchant Website for receiving payment instructions from a customer;

 

Manual means any of the technical manuals applicable to the PSC Services, including but not limited to the PSC Gateway Manual and the Automated Payments Interface Manual, each as amended from time to time and published on the PSC Website, or, in case of a merchant integration through a third party service provider, any third party integration instructions or manuals;

 

Micro-Enterprise shall mean an enterprise which, at the time of the entering into this Agreement, is an enterprise as defined in Article 1 and Article 2(1) and (3) of the Annex to Recommendation 2003/361/EC;

 

Merchant means the Person who has entered into this Agreement for PSC Services;

 

Merchant Account means the Merchant’s registered electronic money account(s) held with PSC in accordance with the Terms of Use;

 

Merchant Product/Service means any product or service offered by a Merchant to its customers and which is ordered, purchased, leased, or otherwise provided to a customer pursuant to a Transaction;

 

Merchant Website means the website operated by or on behalf of the Merchant (as amended from time to time) through which its customers are able to make Transactions;

 

PSC means PSC (XXX) whose registered office is at (XX)

PSC Services means any services provided by PSC under this Agreement, including the Digital Wallet Payment Service, the Gateway Service and any other service as agreed between the parties from time to time;

 

PSC Website means the website operated by PSC (as amended from time to time) for the provision of its services, currently accessible on our website excluding any external websites to which the website points by way of hyperlink or otherwise;

 

Person means an individual, a body corporate, an association, a partnership, a trust or any other entity or organisation;

 

Regulatory Requirements means any law, statute, regulation, order, judgement, decision, recommendation, rule, policy or guideline passed or issued by parliament, government or any competent court or authority or any payment system (including but not limited to bank payment systems, card payment systems such as Visa, MasterCard, American Express etc, or any other payment, clearing or settlement system or similar arrangement that is being used for providing the services hereunder);

 

Reserve means an amount which is determined by PSC (in its sole discretion) in accordance with clause 6, for the purpose of securing any claims by PSC against the Merchant;

 

Security means any form of security requested by PSC (in its sole discretion) from the Merchant including: (i) a Reserve and/or (ii) a bank guarantee or other such security;

 

Small Charity means a body whose annual income is less than £1 million and is

 

  1. in England and Wales, a charity as defined by section 1(1) of the Charities Act 2006;

 

  1. in Scotland, a charity as defined by section 106 of the Charities and Trustee Investment (Scotland) Act 2005;

 

  1. in Northern Ireland, a charity as defined by section 1(1) of the Charities Act (Northern Ireland) 2008 or, until that section comes into force, a body which is recognised as a charity for tax purposes by Her Majesty’s Revenue and Customs;

 

Terms of Use means the terms and conditionsas amended from time to time in accordance with clause 18 of said Terms of Use, which govern the use of the Merchant Account;

 

Transaction means any transaction between a Merchant and its customer using the PSC Services for the purchase or lease of goods or services from the Merchant and/or a transaction for the reversal of such a purchase or lease.

 

1.2.        Headings are for convenience only and shall not affect the construction or interpretation of this Agreement.

 

1.3.        Unless the contrary intention appears, words in the singular include the plural and vice versa; words importing the masculine gender include the feminine and neuter and vice versa; references to persons include bodies’ corporate, unincorporated associations, partnerships or an authority.

 

1.4.        Any phrase introduced by the term "included", "including", "in particular" or any similar expression will be construed as illustrative only and will not limit the sense of the words preceding that term.

 

1.5.        If there is any conflict between the clauses of these PSC Merchant Terms and Conditions and the Terms of Use, the conflict shall be resolved in accordance with the following order of precedence:

1.5.1.        the cover pages to the Agreement;

1.5.2.        the Schedules to the Agreement;

1.5.3.        these PSC  Merchant Terms and Conditions;

 

1.5.4.        the Terms of Use; and

1.5.5.        any other document referred to in this Agreement or any other document attached to this Agreement.

 

  1. Scope

 

2.1.        This Agreement contains the terms for the provision of the PSC Services as described in clause and such other services as agreed between the parties in writing from time to time.

 

2.2.        The Terms of Use shall form a binding part of this Agreement.

 

  1. Term

 

3.1.        This Agreement will continue in full force and effect unless and until either party terminates this Agreement by giving notice to the other party in accordance with the Terms of Use or clause 16.

 

  1. Description of Services

 

4.1.        PSC’s Digital Wallet Payment Service and Gateway Service facilitate the execution of payments from a customer to the Merchant. Any payment monies collected from customers and received by PSC shall be transferred into the Merchant Account immediately after deduction of any fees due to PSC.

 

4.2.        The Merchant is aware that the receipt of a payment into the Merchant Account does not amount to the receipt of cleared funds. The Merchant remains liable to PSC for the full amount of the payment and any fees deducted therefrom if the payment is later reversed for any reason (the “Reversal Amount”). In the event of a payment reversal, PSC will first debit the Merchant Account with the Reversal Amount and any applicable third party chargeback or reversal fee. If PSC is unable to fully recover the Reversal Amount and the applicable third party chargeback or reversal fee from the Merchant Account (including any monies transferred into it after the payment reversal), the Merchant is required to repay the Reversal Amount and/or any negative balance of the Merchant Account by uploading sufficient funds into the Merchant Account. Failure to do so is a breach of this Agreement. Repayment of the Reversal Amount and/or any negative balance is due immediately without notice. PSC reserves the right, at any time, to send reminders or take debt collection measures including but not limited to mandating a debt collecting agency or solicitors to pursue the claim in court. PSC reserves the right to charge the Merchant the expenses reasonably incurred in connection with any debt collection or enforcement efforts.

 

4.3.        PSC reserves the right to suspend or limit the PSC Services pending full payment of any outstanding claims, charges, penalties, costs or charges by the Merchant.

 

4.4.        PSC reserves the right to suspend, at any time and at its sole discretion, the Merchant Account (or certain functionalities thereof such as uploading, receiving, sending and/or withdrawing funds), inter alia, for audit:

 

4.4.1.   where  PSC  believes  it  is  necessary  or  desirable  to protect the security of the Merchant Account; or

 

4.4.2.        if any Transactions are made which PSC in its sole discretion deems to be (a) made in breach of this Agreement or in breach of the security requirements of the Merchant Account; or (b) suspicious, unauthorised or fraudulent, including without limitation in relation to money laundering, terrorism financing, fraud or other illegal activities; or

 

4.4.3.        upon the insolvency, liquidation, winding up, bankruptcy, administration, receivership or dissolution of the Merchant, or where PSC reasonably considers that there is a threat of the same in relation to the Merchant; or

 

4.4.4.        where anything occurs which in the opinion of PSC suggests that the Merchant shall be unable to provide

 

the Merchant Products/Services and/or otherwise fulfil the contacts that it has with its customers; or

 

 

4.4.5.        if the Transactions are for the sale of goods and/or services which fall outside of the agreed business activities of the Merchant, or where the Merchant presents a Transaction and fails to deliver the relevant goods and/or services and/or where the Merchant is third party processing and not delivering goods and/or services itself; or

 

4.4.6.        where there is a change in the Merchant circumstances (including a deterioration in or change to the Merchant’s financial position), or a change in the Merchant’s business or in the Merchant Products/Services which PSC considers, in its sole discretion, material to the continuation of the PSC Services; or

 

4.4.7.        where the Merchant undergoes a Material Change as defined in clause5.11; or

 

4.4.8.        if PSC considers, in its sole discretion, that the level of chargebacks or number of claims for non-delivery of Merchant Product/Service that are being incurred in respect of the Merchant are unreasonable;

 

and PSC will make reasonable efforts to inform the Merchant of any such suspension in advance, or if this is not practicable, immediately afterwards and give its reasons for such suspension unless informing the Merchant would compromise security measures or is otherwise prohibited by law or Regulatory Requirements.

 

4.5. In addition, PSC reserves the right (at its sole discretion) to suspend the Merchant Account (or certain functionalities thereof such as uploading, receiving, sending and/or withdrawing funds) at any time where it is required to do so under relevant and applicable laws and regulations. PSC will make reasonable efforts to inform the Merchant of any such suspension unless PSC is prohibited from doing so by law or under an order from a competent court or authority.

 

4.6. Where PSC suspends the Merchant Account and/or the PSC Services, PSC shall reinstate the same and where necessary, provide new security details, such as a password, as soon as practicable after the reasons for the suspension cease to exist.

 

4.7. Notwithstanding clause 4.3, where the Merchant acts as a payer PSC reserves the right to suspend at any time the Merchant Account login, password and other security details (“Security Features”) if Transactions are made which PSC has reasonable grounds to believe relate to (i) the security of the Security Features or (ii) the suspected unauthorised or fraudulent use of the Security Features. PSC will inform the Merchant of any such suspension in advance, or, if this is not possible, immediately afterwards and give its reasons for the suspension unless to do so would compromise reasonable security measures or is otherwise unlawful. PSC will reinstate the Security Features and where necessary provide new Security Features as soon as practicable after the reasons for the suspension cease to exist.

 

4.8. The Merchant acknowledges and agrees that the PSC operates solely as a payment intermediary and that PSC: (a) under no circumstances functions as a seller, buyer, dealer, middleman, retailer, auctioneer, supplier, distributor, manufacturer, broker, agent or merchant of Merchant Product/Service; and (b) makes no representations or warranties and does not ensure the quality, safety or legality of any Merchant Product/Service.

 

4.9. The Merchant acknowledges and agrees that any dispute regarding any Merchant Product/Service is between the sender and receiver of the funds and/or the supplier and receiver of the goods or services. Any Transaction connected with the Merchant Products/Services shall only obligate the Merchant. PSC shall not be a party to any resulting dispute including but not limited to disputes over performance and liability issues relating to the delivery, quality, quantity or use of the Merchant Products/Services. Without applying the liability restrictions contained in clauses 13.1 and 13.2, the Merchant shall fully indemnify PSC against any loss or liability (including full reimbursement of any legal and professional costs) PSC suffers or incurs as a result of, or in connection with, any claim made or threatened by a third party relating to any Merchant Products/Services.

 

  1. Obligations

 

5.1.        PSC shall make available to the Merchant and its customers the PSC Services as specified in this Agreement and as further described on the PSC Website.

 

5.2.        The Merchant shall open and maintain a Merchant Account by registering as a merchant on the PSC Website. As part of the registration process, the Merchant shall accept the Terms of Use.

 

5.3.        The Merchant shall integrate the PSC Services into the Merchant Website and operate the same in accordance with the relevant Manuals.

 

5.4.        The Merchant grants PSC the right to access the Merchant Website for the purpose of conducting manual checks or automated searches in order to investigate the accuracy of information contained on the Merchant Website in relation to the PSC Services, provided that (i) PSC shall be under no obligation to conduct such searches or checks and (ii) any such searches shall under no circumstances be deemed an approval of any contents of the Merchant Website.

 

5.5.        In addition to the security requirements set forth in the Terms of Use, the Merchant shall enable the login restriction tools offered in the “Merchant Tools” section of the PSC Website for both the Automated Payment Interface (as defined in the Manuals) and the Merchant Account login through the PSC Website. The Merchant shall further restrict any login to its Merchant Account to only one or a range of IP addresses. If the Merchant has registered more than one Merchant Account, the foregoing shall apply to all Merchant Accounts.

 

5.6.        The Merchant shall submit to PSC for pre-approval the content of every website that the Merchant intends to connect to its Merchant Account for accepting payments. The same applies if the content of the Merchant's website materially changes, including but not limited, to a material change of the Merchant Product/Services offered on the Merchant's website.

 

5.7.        Without prejudice to payments prohibited under the Terms of Use, the Merchant shall not receive payments as consideration for the delivery of tobacco products, prescription or non-prescription drugs, pornographic content or services, illegal downloads, illegal gambling or goods or services infringing intellectual property rights of a third party, or for any other goods or services the offering or provision of which is illegal under applicable law.

 

5.8.        The Merchant shall co-operate with PSC to investigate any suspected illegal, fraudulent or improper activity.

 

5.9.        Upon commencement of the Agreement and at any time thereafter for purposes of complying with Regulatory Requirements, the Merchant shall provide PSC with such information as PSC may request, including information about the Merchant’s business, corporate structure and constitution, shareholders, partners, members, directors, key employees or, in the case of a trust, its beneficiaries. The Merchant shall provide, upon request by PSC, copies of financial information and other information on the business of the Merchant, including bank and/or trade references.

 

5.10. The Merchant hereby authorises and consents to PSC obtaining credit and financial information relating to the Merchant from any third parties and to undertake credit and financial reviews on the Merchant at its sole discretion.

 

5.11. The Merchant shall inform PSC in writing of any changes to its business (including any change of control or constitution), business model or the goods and/or services it sells, leases or distributes or of any change to Regulatory Requirements to which it is subject (including but not limited to changes to or the revocation of the licences it requires for its business)

 

which might have an adverse impact on PSC’ compliance with applicable law or any of its Regulatory Requirement, or the Merchant’s credit and/or financial standing (“Material Change”) without undue delay prior to the change(s) coming into effect and in any event prior to taking or making payments related to the Material Change. Without applying the liability limits contained in clauses 13.1 13.2 and 13.3, the Merchant shall indemnify PSC against all losses arising out of the Merchant’s failure to notify PSC of any such changes that are relevant for compliance with Regulatory Requirements applicable to PSC or the Merchant.

 

 

5.12. The Merchant shall not charge its customers a processing fee, mark-up or other surcharge for making payments through the PSC Services.

 

5.13. The Merchant shall provide its customers with a clear and fair return and refund policy. Upon request, the Merchant shall provide to PSC a copy of its return and refund policy and shall notify PSC of any subsequent change to such policy.

 

  1. Reserve and Security

 

6.1.        PSC may establish a Security in relation to the Merchant for the purpose of providing a source of funds to pay PSC for any and all, actual and reasonably anticipated claims, losses, cost, penalties and expenses.

 

6.2.        If PSC elects that the relevant Security shall include the establishment of a Reserve, then: PSC shall be entitled to prevent the Merchant from withdrawing a sum determined by PSC (in its sole discretion) from the Merchant Account. Alternatively, at PSC' sole discretion, PSC may elect for the Security to be a bank guarantee in which case the Merchant shall, upon request, procure a bank guarantee in favour of PSC by a bank and in a form acceptable to PSC and in an amount determined by PSC. The Security shall remain in place regardless of any termination of this Agreement for as long as there are residual or contingent liabilities of the Merchant to PSC. The amount of the Reserve (either expressed as an absolute amount or as a percentage of past payments into the Merchant Account) shall be determined by PSC from time to time in its sole discretion. Where a Reserve has not been established at the commencement date of this Agreement, PSC shall notify the Merchant of the imposition of a Reserve, its method of calculation, its amount as well as any increase or reduction of the Reserve without undue delay in writing at any time during the term of this Agreement.

 

6.3.        Without restricting PSC’ discretion under clauses 6.1 and 6.2, PSC may take into account, amongst others, the following factors when determining the amount to be secured in a Reserve:

 

6.3.1.        the risk of the Merchant ceasing or transferring its business or a substantial part thereof;

 

6.3.2.        the risk of the Merchant materially altering the nature of its business;

 

6.3.3.        If the Merchant’s business activities carry a higher than normal risk of chargebacks or other reversals of customer payments;

 

6.3.4.        the Merchant’s overall financial standing;

 

6.3.5.        the risk of the Merchant becoming insolvent or otherwise unable to pay debts as they fall due;

 

6.3.6.        where PSC receives a disproportionate number of customer complaints, chargebacks or other payment reversals, fines, penalties or other liability related to the Merchant Account; or

 

6.3.7.        where PSC reasonably believes that the Merchant will not be able to perform its obligations under this Agreement.

 

6.4.        The Merchant agrees to provide PSC, upon reasonable request and at the Merchant’s expense, with information about its financial and operational status, including but not limited to the most recent financial statements and management accounts. The Merchant shall also undertake, at its own expense, any further action (including executing any necessary documents and registering any form of document) necessary to establish such Security as is reasonably required by PSC.

 

6.5.        PSC shall have the right, at any time, without notice to offset any claims, costs, charges, penalties and expenses from any Security, Reserve or current balance in the Merchant Account. In addition, the Merchant shall pay such amounts as PSC notifies it into the Reserve to replenish any deducted amount. If required by PSC, the Merchant shall pay such amounts into its Merchant Account as reasonably determined by PSC to fund a Reserve or to react to any increased risk of payment reversals that are not covered by the Merchant Account’s then current balance.

 

6.6.        Notwithstanding any of the foregoing, where a Merchant incurs a negative balance on its Merchant Account or becomes otherwise liable for the repayment of monies, the Merchant shall be obliged to make good such negative balance or make a corresponding payment to PSC within seven (7) days of PSC’ request or demand for such payment. In respect of overdue payments, PSC has the right to charge interest in the amount of 4% above the base lending rate of Lloyds TSB Bank per year (accruing daily).

 

  1. Warranties

 

Each party warrants and represents to the other party that:

 

7.1.        it has and will maintain all required rights, powers and authorisations (in the case of PSC the FCA authorisation) to enter into this Agreement and to fulfil its obligations hereunder;

 

7.2.        it will perform its obligations hereunder with reasonable skill and care; and

 

7.3.        it has in place and will maintain adequate facilities (including staff training, internal controls and technical equipment) to comply with its data protection, in the case of PSC with the UK Data Protection Act, and confidentiality obligations hereunder.

 

  1. Additional Merchant Warranties

 

The Merchant warrants and represents that:

 

8.1.        where it is a registered entity (in any form, e.g. LLC), the Merchant will have and maintain at least one (1) director who is domiciled in the place of the Merchants incorporation and registered address;

 

8.2.        it will deliver the Merchant Products/Services to its customers without undue delay;

 

8.3.        the Merchant Products/Services that are made available to customers comply with applicable law in any jurisdiction in or to which the Merchant is making its goods and services available;

 

8.4.        the Merchant has at all times all requisite licences and permits in place to engage in the advertising and provision of its goods and services; and

 

8.5.        it is not receiving funds in connection with any illegal, fraudulent, deceptive or manipulative act or practice and that the Merchant is not sending or receiving funds to or from an illegal source.

 

  1. Fees

 

9.1.        The fees payable by the Merchant for the PSC Services are as set out in the cover pages and/or the Fee Schedule.

9.2.        Notwithstanding clause 9.1 above, the Merchant will be charged a monthly inactivity fee of 50.00 EUR (or equivalent), if no funds have been uploaded, withdrawn, sent or received through the Merchant Account(s) within the last six (6) months. This shall however not apply to the extent that the Merchant is subject to the gateway usage fee as set-out on the merchant fees page.

 9.3.        Unless otherwise indicated, fees are quoted in Euro.

9.4.        Unless otherwise stated, a chargeback fee of €25 per chargeback of credit or debit card transactions and €7 per chargeback of direct debits applies, regardless of whether the chargeback is subsequently challenged or reversed.

9.5.        Fees are quoted exclusive of Value Added Tax. In case Value Added Tax or any other sales tax is or become chargeable, PSC will add such tax to the amount payable but shall, where required, provide information on the net amount, the amount of tax and the tax rate applied.

9.6.        Any fee payable by the Merchant shall be deducted from the Merchant Account balance. If the Merchant Account balance is insufficient, or the Merchant Account balance becomes negative, PSC reserves the right to invoice the Merchant for any shortfall.

9.7.        The fees are subject to change pursuant to clause 10.

9.8.        Where PSC is unable to deduct any fees or other monies payable by the Merchant from the balance of the Merchant Account PSC shall issue an invoice for the amount owed. Invoices are payable within fifteen (15) days of the date of the invoice. In case of overdue payments, PSC reserves the right to (i) charge interest in the amount of 4% above the base lending rate of the ECB central bank per year (accruing daily); and/or (ii) terminate this Agreement with immediate effect by giving written notice to the Merchant.

 

  1. Change of Terms and Conditions

 

This Agreement is subject to change from time to time. Unless otherwise agreed, changes may be made by notice from PSC to the Merchant under the following procedure:

 

10.1. PSC shall give the Merchant notice of any proposed change to this Agreement (a “Change Notice”).

 

10.2. A Change Notice may be given by letter to the current or last known trading address of the Merchant or the Merchant’s registered office or by email to any of the emails registered with the Merchant Account.

 

10.3. The proposed change shall come into effect automatically

 

10.3.1.        two (2) months after the date of receipt of the Change Notice if the Merchant is a Micro-Enterprise or Small Charity, unless the Merchant gives written notice to PSC that it objects to the proposed changes; or

 

10.3.2.        two (2) weeks after the date of receipt of the Change Notice if the Merchant is not a Micro-Enterprise or Small Charity, unless the Merchant gives written notice to PSC that it objects to the proposed changes;

 

(in each case, an “Objection Notice”).

 

10.4. PSC may stipulate in a Change Notice a different time period for the coming into effect of any change, provided that this may not be less than two (2) months for Micro-Enterprises and Small Charities.

 

10.5. If no Objection Notice is received by PSC within the stipulated time frame, the Merchant is deemed to have accepted the change.

 

10.6. The Merchant has the right to terminate this Agreement with immediate effect at any time and without charge after receiving a Change Notice and before any change stipulated in the Change Notice becomes effective.

 

10.7. Unless the parties agree otherwise and subject to clause 10.6, a Merchant’s Objection Notice shall be deemed to constitute a notice to terminate this Agreement with the termination effective immediately before the date on which the proposed change would otherwise come into effect under clause 10.3.

 

  1. Taxes

 

It is the Merchant’s responsibility to determine which, if any, taxes apply to the payments received, and to report and remit the correct tax to the appropriate tax authority. PSC is not obligated to determine whether taxes apply, and is not responsible to collect, report, or remit any taxes arising from any Transaction.

 

  1. Intellectual Property

 

12.1. For the duration and strictly for the purpose of this Agreement, the parties grant each other a non-exclusive, worldwide, royalty-free, non-transferable licence to copy, use and display any logo, trademark, trade name or other intellectual property owned by, or licensed to the other party, to the extent that PSC is entitled to grant a sublicense.

 

12.2. Any use, adaptation or amendment of intellectual property (except for non-material adaptation or amendments necessitated by the use for a particular purpose as contemplated by the parties) shall be subject to prior written approval by the party licensing the intellectual property in question. No party shall use the other party’s intellectual property or mention the other party in any public communication without the first party’s prior written approval.

 

12.3. Except as expressly stated, nothing in this Agreement shall grant or be deemed to grant to any party any right, title or interest in any logos, trademarks, trade names or other intellectual property licensed to that party by the other party.

 

12.4. In using the other party’s intellectual property (or intellectual property licensed to that other party by a third party), each party shall follow the other party’s reasonable instructions having regard to the purpose of such use under this Agreement and the jurisdiction in which the other party’s intellectual property is used. With respect to intellectual property owned or licensed by Card or Payment Schemes, the Merchant shall also follow instructions given by the relevant Card or Payment Scheme. The Merchant shall not use such intellectual property in a way that is or may be detrimental to the business or brand of the relevant Card or Payment Scheme.

 

12.5. Each party warrants and represents that it owns or has the right to use and sub-licence any intellectual property which it uses or licenses for use to the other party.

 

12.6. Without prejudice to its right to give instructions under clause 12.4, PSC reserves the right at any time and in its sole discretion to require the Merchant to stop displaying, distributing or otherwise making use of the intellectual property licensed to the Merchant by PSC.

 

12.7. Each party (“Indemnifying Party”) shall indemnify and hold harmless the other party and its employees and directors (“Indemnified Party”) for and against any and all claims, losses, liabilities, costs expenses or damages (including reasonable legal fees) incurred by reason of any claim, demand, lawsuit or action by a third party (other than an employee or director of the Indemnified Party) resulting from an actual or alleged infringement of any third party intellectual property right in connection with material provided by the Indemnifying Party.

 

12.8.  The indemnity under clause 12.7 shall only be available if the

 

Indemnified Party:

 

12.8.1.        uses reasonable efforts to notify the Indemnifying Party of such claim as early as possible and in writing;

 

12.8.2.        uses reasonable efforts to mitigate the loss or amount of the claim;

 

12.8.3.        refrains from admitting any liability or settling any claim without the prior written consent of the Indemnifying Party; and

 

12.8.4.        provides, at its own cost, reasonable cooperation in the defence or settlement of such claim.

 

  1. Liability

 

13.1. Neither party shall be liable in contract, tort (including negligence or breach of statutory duty) or otherwise for any indirect or consequential loss or damage of any kind including punitive or exemplary damages or for any loss of profit or loss of contract, loss of goodwill or reputation, loss of opportunity,

 

loss of revenue or third party loss whether foreseeable or otherwise.

 

 

13.2. Subject to clauses 13.3, 13.4 and 13.5 and any other clause explicitly excluding the effect of this clause, the aggregate liability of PSC in contract, tort, negligence or otherwise arising out of or in connection with this Agreement in any period of 12 months from the commencement date or any anniversary thereof (each a “Contract Year”) shall be limited to the lower of (i) EUR 10,000 (ten thousand) or (ii) the total amount of fees received by PSC from the Merchant in the previous Contract Year (or, in the first Contract Year, the fees received to date).

 

13.3. Nothing in this Agreement shall operate to exclude or restrict a party’s liability

 

13.3.1.        for fraud and fraudulent misrepresentation;

 

13.3.2.        for death or personal injury due to negligence;

 

13.3.3.        for payments pursuant to clauses 4.2, 6.6 and 9;

 

13.3.4.        for remittance payments due to the Merchant subject to the provisions of this Agreement;

 

13.3.5.        for wilful and malicious misconduct;

 

13.3.6.        for damage to real or tangible personal property;

 

13.3.7.        for a breach of clause 14 (Confidentiality) (subject to clause

 

13.6); and

 

13.3.8.        to the extent that such exclusion or restriction is prohibited under applicable law.

 

13.4. Unless expressly stated otherwise, no indemnity obligation under this Agreement shall be subject to the limitations of liability contained in this clause 13.

 

13.5. In case of a breach by the Merchant of any of the clauses 5.3 to 5.9 (inclusive), clause 7, clause 8, or clause 12 (with regard to intellectual property licensed to the Merchant under a sub-license granted by any Card or Payment Scheme) :

 

13.5.1.        the liability restrictions of clauses 13.1 and 13.2 shall not apply;

 

13.5.2.        the Merchant shall indemnify PSC against all third party claims, losses, damages, fines, penalties, arising out of or in connection with such breach;

 

provided always that any contributory negligence on PSC’ part shall be taken into account so as to reasonably and proportionately reduce the Merchant’s liability under this clause.

 

13.6.  PSC shall not be liable for any of the following:

 

13.6.1.        a hardware, software or internet connection is not functioning properly;

 

13.6.2.        any suspension or refusal to accept payments which PSC reasonably believes to be made fraudulently or without proper authorisation;

 

13.6.3.        the payment instructions received contain incorrect or improperly formatted information; or

 

13.6.4.        unforeseen circumstances preventing the proper performance despite any reasonable precautions taken by PSC. Such circumstances may include but are not limited to acts of God, power outages, fire, flood, theft, equipment breakdowns, hacking attacks, internal mechanical or systems failures as well as downtimes of the PSC Website.

 

  1. Confidentiality

 

14.1. During the term of this Agreement and thereafter, each party shall use and reproduce the other party’s Confidential Information only for purposes of this Agreement and only to the extent necessary for such purpose and will restrict disclosure of the other party’s Confidential Information to its employees, consultants, advisors or independent contractors with a need to know and will not disclose the other party’s Confidential Information to any third party without the prior written approval of the other party.

 

14.2. Notwithstanding the foregoing, it will not be a breach of this Agreement for either party to disclose Confidential Information of the other party if required to do so under law or in a judicial or governmental investigation or proceeding.

 

14.3. The confidentiality obligations shall not apply to information that (i) is or becomes public knowledge through no action or fault of the other party; (ii) is known to either party without restriction, prior to receipt from the other party under this Agreement, from its own independent sources as evidenced by such party’s written records, and which was not acquired, directly or indirectly, from the other party; (iii) either party receives from any third party reasonably known by such receiving party to have a legal right to transmit such information, and not under any obligation to keep such information confidential; or (iv) information independently developed by either party’s employees or agents provided that either party can show that those same employees or agents had no access to the Confidential Information received hereunder.

 

  1. Data Protection

 

15.1. Each party, when acting as data processor, shall process personal data in accordance with Regulatory Requirements, in the case of PSC with the UK Data Protection Act.

 

15.2. Where one party acts as the data processor (“Data Processor”) of personal data processed by the other party as data controller (“Data Controller”), the Data Processor shall at all times follow the Data Controller’s reasonable instructions with regards to the personal data processed.

 

15.3. In case the Merchant integrates any fast registration gateway functionality as further described in the relevant Manuals in order to facilitate payments by new PSC customers, the Merchant shall procure all necessary consents from such customers to process and share with PSC any data required to facilitate the use of such fast registration functionality.

 

  1. Termination

 

16.1.  Without prejudice to termination rights under the Terms  of

 

Use, PSC may terminate this Agreement immediately:

 

16.1.1.        if the Merchant files a petition for bankruptcy, becomes insolvent, or makes any arrangement or composition with or assignment for the benefit of its creditors, or a receiver is appointed for the Merchant or its business, or the Merchant goes into liquidation either voluntarily (otherwise than for reconstruction or amalgamation) or compulsorily;

 

16.1.2.        upon the occurrence of a material breach of this Agreement by the Merchant if such breach is not remedied within five (5) business days after written notice is received by the Merchant identifying the matter or circumstances constituting the material breach; or

 

16.1.3.        if the Merchant violates or fails to comply with any applicable law, regulation or any order by a competent court or government authority.

 

16.2. The Merchant may terminate this Agreement at any time without reason by giving notice to PSC.

 

16.3. PSC may terminate this Agreement at any time without reason

 

16.3.1.        by giving two (2) months’ notice if the Merchant is a Micro-Enterprise or Small Charity; or

 

16.3.2.        by giving three weeks’ notice if the Merchant is not a Micro-Enterprise or Small Charity.

 

16.4. Any termination under the Terms of Use shall be deemed a termination of this Agreement.

  1. Assignment, Third Party Rights

 

 

17.1. The Merchant may not assign any of its rights under this Agreement to a third party without the prior written consent of PSC.

 

17.2. The Merchant may not out-source the performance of any of its obligations under this Agreement without the prior written consent of PSC, such consent not to be unreasonably withheld.

 

17.3. No person who is not a party to this Agreement shall have rights under the Contracts (Rights of Third Parties) Act 1999 or otherwise to enforce any term of this Agreement.

 

17.4.  In case the Merchant

 

17.4.1.        acquires another existing PSC merchant or its business;

 

17.4.2.        is acquired or its business is acquired by another existing PSC merchant;

 

17.4.3.        merges with another existing PSC merchant; or

 

17.4.4.        enters into a cooperation with another existing PSC merchant

 

the Merchant shall pay, upon PSC’ notice to the Merchant, either

 

  1. its current fees or (ii) the current fees applicable to the other merchant or (iii) such reasonable combination of its own current fees and the fees payable by the other merchant as determined by PSC. PSC shall send a notice within one (1) month of the later of

 

  1. completion of the acquisition, merger or cooperation, or (b) PSC’ gaining knowledge of such acquisition, merger or cooperation. If no notice is sent within this time period, the Merchant shall continue to pay its current fees. In case the Merchant is a Micro-Enterprise or Small Charity, the fee change shall apply on the date which is two (2) months after the

 

Merchant’s receipt of the notice. Any change to the fees will be treated as a change to this Agreement for the purposes of clause

 

  1. Notwithstanding clause 10 in case the Merchant is not a Micro-Enterprise or Small Charity, the fee change shall apply on the date which is one (1) week after the Merchant’s receipt of the notice.

 

  1. Relationship of the parties

 

The Merchant and PSC are independent contractors under this Agreement, and nothing herein will be construed to create a partnership, joint venture or agency relationship between them. Neither party has authority to enter into agreements of any kind on behalf of the other.

 

  1. Non-solicitation of employees

 

The Merchant undertakes that it will not for the term of this Agreement and a period of six months thereafter on its own behalf or on behalf of any person directly or indirectly canvass, solicit or endeavour to entice away from PSC or an associated company any person who has at any time during the term of this Agreement been employed or engaged by PSC or an associated company.

 

  1. Notices

 

20.1. Any notice to be given under this Agreement must be given in writing and delivered either by hand, first class prepaid post or other recognised delivery service, or by facsimile. Notwithstanding the foregoing, PSC may give notice to the Merchant by sending an email to any of the email addresses registered with the Merchant Account.

 

20.2. The parties agree to conduct all communication in relation to this Agreement in English. Where PSC sends or accepts communication in another language, this shall be for convenience only and shall not change English as the agreed language of communication for future communications.

 

  1. Choice of law and forum

 

This Agreement and any legal relationship between the parties arising out of or in connection with it shall be governed by and construed in accordance with the laws of England regardless of the venue or jurisdiction in which a dispute is being determined. Each party hereby irrevocably submits to the non-exclusive jurisdiction of the English Courts.

 

  1. Waiver

 

Any waiver of a right under this Agreement shall only be effective if agreed or declared in writing. A delay in exercising a right or the non-exercise of a right shall not be deemed a waiver and shall not prevent a party from exercising that right in the future (subject to the provisions of the Limitations Act 1980).

 

  1. Severability

 

If any part of this Agreement is found by a court of competent jurisdiction to be invalid, unlawful or unenforceable then such part shall be severed from the remainder of the Agreement, which shall continue to be valid and enforceable to the fullest extent permitted by law.

  1. Entire Agreement

 

This Agreement including all Schedules and other documents referred to herein and the Terms of Use and all documents referred to therein, represents the entire agreement of the parties in relation to its subject matter. Each party acknowledges that it has entered into this Agreement in reliance only on the representations, warranties, promises and terms contained in this Agreement and, save as expressly set out in this Agreement, neither party shall have any liability in respect of any other representation, warranty or promise made prior to the date of this Agreement unless it was made fraudulently.

 

  1. Variation

 

Subject to clause 18 of the Terms of Use and clause 10 above, no variation or amendment to this Agreement shall be effective unless recorded in writing and signed by the duly authorised representatives of both parties.

 

 

 

 

 

 

 

Privacy

PaySecureCard and any of its agency  companies (together “PSC” or "we" or “our”) are committed to protecting and respecting your privacy.

This notice (together with our terms of use and any other documents referred to in it) sets out the basis on which any personal data we collect from you, or that you provide to us, will be processed by us. It applies to:

  • the website/portal features and services provided to you when you visit our websites, portals or our payment panels our clients may use on their websites;
  • when you apply to use and/or use Fingate’s products and services (including any loyalty or reward schemes, whether points-based or otherwise (‘Loyalty’ or ‘Promotion’));
  • your use of software including terminals, mobile and desktop applications provided by Fingate; and
  • email, other electronic messages including SMS, telephone, web chat, website/portal and other communications between you and Fingate.

Please read the following carefully to understand our views and practices regarding your personal data and how we will treat it. By visiting PSC websites, including www.paysecurecard.com, you are accepting and consenting to the practices described in this notice.

We take a ‘layered approach’ to explaining its privacy practices, as recommended by regulators. This means that we endeavour to provide you with only the relevant privacy information for the  service being utilised and we will often use ‘short form’ privacy notices, such as this website privacy notice, to do so. Should you wish to view the comprehensive privacy notice, please use the contact us section. Contact us details are provided at the end of the notice, for feedback or any privacy enquiries you may have.

INFORMATION WE MAY COLLECT FROM YOU

We may collect and process data about you to operate effectively and provide you with the best experiences with our products. You may provide some of this information to us, for example by filling in forms on one of our websites, participating in one of our events or by corresponding with by us phone, e-mail, web chat or otherwise. We may collect some of it through automatic means, for example by using cookies when you visit our websites. We may also obtain data about you from third parties.

USES MADE OF THE INFORMATION

We use information we collect about you to provide you with the products we offer, to notify you about changes to our products and to improve our products. We also use this information to provide you with information about other products we or selected third parties offer which are similar to the ones you have used or enquired about or we think may be of interest to you.

DISCLOSURE OF YOUR INFORMATION

We will not disclose your personal data to anyone except as described in this notice.

We may share your personal information with any company in the Fingate Group Limited group of companies.

We may share your personal information with third parties to provide you with the products we offer, with suppliers working on our behalf, where we have your permission, or where we are required or permitted to do so by law. We may also share your personal information with third parties to prevent crime and reduce risk, if required to do so by law, where we deem it appropriate to do so, to respond to legal process or to protect the rights or property of Fingate, our customers or others.

WHERE WE STORE YOUR PERSONAL DATA AND DATA SECURITY

The data that we collect from you may be transferred to, stored at and processed in a destination outside the European Economic Area ("EEA"). By submitting your personal data, you agree to this transfer, storing or processing. We will take all steps reasonably necessary to ensure that your data is treated securely and in accordance with this privacy notice.

If we have given you (or if you have chosen) a password, access code or any other secure means or access or authentication which enables you to access certain parts of our site, you are responsible for keeping this password confidential and complying with our instructions. You must not share credentials with anyone else, and you authorise Fingate to act upon instructions and information from any person that enters your credentials.

The transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our site; any transmission is at your own risk. Once we have received your information, we will use strict procedures and security features to try to prevent unauthorised access.

YOUR RIGHTS

Where applicable, you may have certain rights under data protection legislation, including the right to object to direct marketing and the right to see the personal information held about you and you may ask us to make any necessary changes to ensure it is accurate and up to date. If, where applicable, you would like a copy of the personal information we hold about you, please see the Contact Us section. There is a 10 EUR fee within the EU and, where applicable, fees for other jurisdictions are available on request. For a summary of the other rights available, please refer to the comprehensive privacy notice.

COOKIES

Our website uses “cookies” and other technologies, which store small amounts of information on your computer or device, to allow certain information from your web browser to be collected. Cookies are widely used on the internet and allow a website/portal to recognise a user’s device, without uniquely identifying the individual person using the computer. These technologies help to make it easier for you to log on and use the site, provide feedback to us as to which parts of the website you visit, so we can assess the effectiveness of the site and provide a better user experience or to serve Fingate adverts to you whilst browsing other sites.

For more information about cookies, including how to see what cookies have been set and how to manage, block and delete them, see www.allaboutcookies.org and our Cookies Policy, which is available on all of our websites. You may also be able to configure your browser not to accept cookies, although please bear in mind that this may affect your ability to use the services we provide.

CHANGES TO OUR PRIVACY NOTICE

Any changes we may make to our privacy notice in the future will be posted on this page and, where appropriate, notified to you by e-mail. Please check back frequently to see any updates or changes to our privacy notice.

CONTACT US

All comments, queries and requests relating to our use of your information are welcomed, or if you wish to exercise any of your rights, you should write to the address below, marked FAO Legal Department or contact us.

User Terms & Conditions

  1. About FINGATE

 

1.1. PaySecureCard is a trading name of PaySecureCard Kft Hungary , a company which is  incorporated under the laws of Hungary. We currently intend to apply to be authorised as an agent  by the FCA  under the Electronic Money Regulations 2011 for the issuing of electronic money.

    1. Scope of these Terms of Use

     

    2.1. These Terms of Use govern the opening, use and closure of your PSC Account and other related payment services as referred to herein. Together with our Privacy Policy, and any other terms and conditions referred to therein, they constitute the legal relationship between you and us. For the use of additional services you may have to accept additional terms and conditions as notified to you when you are ordering or using such services. You are advised to print or download and keep a copy of these Terms of Use for future reference. You can always view the current Terms of Use on our Website.

    2.2. You are also advised to read the answers to the “Frequently Asked Questions” which are published on our Website.

    2.3. Depending on the type of PSC Account you have, additional terms and conditions may apply as communicated to you at the appropriate time.

    1. Your PSC Account

    3.1. Your PSC Account is an electronic money account which enables you to send and receive electronic payments.

    3.2. The electronic money on your PSC Account is issued in accordance with the European Electronic Money Directive (Directive 2009/110/EC of 16 September 2009) and the relevant national legislation of Lithuania.

    3.3. Your PSC Account is denominated in a currency of your choice, as selected by you from the available currencies. You cannot change the currency of your PSC Account once you have attempted to process a payment.

    3.4. Subject to section 7, the electronic money held on your PSC Account does not expire but it will not earn any interest.

    3.5. You have the right to withdraw funds from your PSC Account at any time. However, you may be required to confirm your identity beforehand. There is no minimum withdrawal amount but the funds on your PSC Account must be sufficient to cover any applicable withdrawal fee. You can choose the method of withdrawal when submitting your withdrawal request.

    3.6. Electronic money accounts are not bank accounts. By accepting these Terms of Use you acknowledge that the UK’s Financial Services Compensation Scheme (FSCS) does not apply to your PSC Account. In the unlikely event that we become insolvent, you may lose the electronic money held in your PSC Account. However, we strictly adhere to the legal requirements under the European Electronic Money Directive 2009/110/EC and UK national legislation which are designed to ensure the safety and liquidity of funds deposited in electronic money accounts. For further information on how we safeguard customer funds, please visit our Website.

    3.7. The electronic money on a PSC Account belongs to the person or legal entity which is registered as the PSC Account holder. No person other than the PSC Account holder has any rights in relation to the funds held in a PSC Account, except in cases of succession. You may not assign or transfer your PSC Account to a third party or otherwise grant any third party a legal or equitable interest over it.

    3.8. Your PSC Account may be subject to upload, payment and withdrawal limits, depending on your country of residence, the verification status of your PSC Account and other factors used by us to determine such limits from time to time at our sole discretion.

    1. Opening Your PSC Account

    4.1. In order to use our payment services you must first open a PSC Account by registering your details on our Website. As part of the signup process you will need to accept these Terms of Use and our Privacy Policy and you must have legal capacity to accept the same. If you order additional services, you may be asked to accept additional terms and conditions.

    4.2. If you are an individual, you must be 18 years or older to use our services and by opening a PSC Account you declare that you are 18 years or older. This does not apply to products for which we set a different age limit. We may require at any time that you provide evidence of your age.

    4.3. You may only open one PSC Account unless we explicitly approve the opening of additional accounts.

    4.4. You may only open a PSC Account if it is legal to do so in your country of residence. By opening a PSC Account you represent and warrant to us that your opening of a PSC Account does not violate any laws or regulations applicable to you. You shall indemnify us against any losses we incur in connection with your breach of this section.

    4.5. All information you provide during the signup process or any time thereafter must be accurate and truthful.

    4.6. You may only add payment instruments (such as bank accounts, credit cards or debit cards) to your PSC Account if you are the named holder of that payment instrument. We take any violation of this requirement very seriously and will treat any attempt to add a payment instrument of which you are not the named holder as a fraudulent act.

    4.7. During signup you will be asked whether you intend to use your PSC Account for private or commercial purposes. If you have any intention to use your PSC Account for commercial purposes, you must tell us, even if you use it also for private purposes. If you have stated that you will use your PSC Account for private purposes only, you must tell us immediately before, at any point in the future you use it for commercial purposes by contacting Customer Service. You are using your PSC Account for commercial purposes if you are receiving payments for or in connection with any business activity. We reserve the right to determine whether, in our reasonable opinion, you are using your PSC Account for commercial purposes. If you are using your PSC Account for commercial purposes, in addition to these Terms of Use, you shall be bound by our Merchant Terms and Conditions. If you are in any doubt about whether or not an activity amounts to a commercial activity, you should contact Customer Service.

    4.8. Within 14 days of the date of opening your PSC Account, you may close your PSC Account at no cost by contacting Customer Service, however, if you have uploaded funds into your PSC Account, you may be required to provide identification documents before being able to withdraw funds. Transactions and fees for transactions undertaken before you close your PSC Account (including those transactions that are not revocable and have been initiated but not completed before closure of your PSC Account) will not be refunded.

    1. Maintaining Your PSC Account

    5.1. You must ensure that the information recorded on your PSC Account is always accurate and up to date and we shall not be liable for any loss arising out of your failure to do so. We may ask you at any time to confirm the accuracy of your information or to provide documents or other evidence.

    5.2. We may contact you by e-mail or in other ways described in section 19 with information or notices regarding your PSC Account. It is your responsibility to regularly check the proper functioning of your e-mail account or other methods of communication that you have registered with your PSC Account and to retrieve and read messages relating to your PSC Account promptly. We shall not be liable for any loss arising out of your failure to do so.

    5.3. Fund uploads, payments received, payments sent and fund withdrawals are displayed in your online transactions history together with the fees charged. Each transaction is given a unique transaction ID and shown in the transaction history. You should quote this transaction ID when communicating with us about a particular transaction. You should check your PSC Account balance and transaction history regularly. You should report any irregularities or clarify any questions you have as soon as possible by contacting Customer Service.

    5.4. Subject to the provisions of section 8 below and without prejudice to the provisions of section 9.5(A), in order to claim a refund for an unauthorised or incorrectly executed payment transaction on your PSC Account you must notify us without undue delay after becoming aware of the unauthorised or incorrect transaction and in any event no later than thirteen (13) months after the debit date of the transaction.

    1. Keeping Your PSC Account Safe

    6.1. You must take all reasonable steps to keep your PSC Account password safe at all times and never disclose it to anyone. Our personnel will never ask you to provide your password to us or to a third party. Any message you receive or website you visit that asks for your password, other than the PSC Website or a PSC payment gateway on a merchant website, should be reported to us. If you are in doubt whether a website is genuine, you should contact Customer Service. It is advisable to change your password regularly (at least every three (3) to six (6) months) in order to reduce the risk of a security breach in relation to your PSC Account. We also advise you not to choose a password that is easily guessed from information someone might know or gather about you or a password that has a meaning. You must never allow anyone to access your PSC Account or watch you accessing your PSC Account.

    6.2. If you have any indication or suspicion of your PSC Account, login details, password or other security feature being lost, stolen, misappropriated, used without authorisation or otherwise compromised, you are advised to change your password. You must contact Customer Service without undue delay on becoming aware of any loss, theft, misappropriation or unauthorised use of your PSC Account, login details, password or other security features. Any undue delay in notifying us may not only affect the security of your PSC Account but may result in you being liable for any losses as a result. If you suspect that your PSC Account was accessed by someone else, you should also contact the police and report the incident.

    6.3. We may suspend your PSC Account or otherwise restrict its functionality on reasonable grounds relating to the security of the PSC Account or any of its security features or if we reasonably suspect that an unauthorised or fraudulent use of your PSC Account has occurred or that any of its security features have been compromised. We will notify you of any suspension or restriction and of the reasons for such suspension or restriction in advance or, where we are unable to do so, immediately after the suspension or restriction has been imposed, unless notifying you would be unlawful or compromise our reasonable security interests. We will lift the suspension and/or the restriction as soon as practicable after the reasons for the suspension and/or restriction have ceased to exist.

    6.4. You must take all reasonable care to ensure that your e-mail account(s) are secure and only accessed by you, as your e-mail address may be used to reset passwords or to communicate with you about the security of your PSC Account. In case any of the e-mail addresses registered with your PSC Accounts are compromised, you should without undue delay after becoming aware of this contact Customer Service and also contact your e-mail service provider.

    6.5. Irrespective of whether you are using a public, a shared or your own computer to access your PSC Account, you must always ensure that your login details are not stored by the browser or cached or otherwise recorded. You should never use any functionality that allows login details or passwords to be stored by the computer you are using. 6.6. Additional products or services you use may have additional security requirements and you must familiarise yourself with those as notified to you.

    1. Closing Your PSC Account

    7.1. You may close your PSC Account at any time by contacting Customer Service.

    7.2. If your PSC Account holds a balance at the time of its closure, we will ask you to withdraw your funds within a reasonable period of time, during which your PSC Account will be accessible for the purpose of withdrawing the remaining balance only. After the expiry of this period you will not be able to access your PSC Account but you may withdraw any remaining funds by contacting Customer Service and requesting that the funds are sent to you in a manner that is reasonably acceptable for us. You may do so for a period of six years from the date of closure of your PSC Account but we suggest that you withdraw your remaining funds as soon as possible as they will not earn any interest while being deposited in your PSC Account. Your obligations with regards to keeping your PSC Account safe as set forth in section 6 shall continue to apply.

    7.3. We reserve the right to carry out any necessary money laundering, terrorism financing, fraud or other illegal activity checks before authorising any withdrawal of your funds, including in relation to returning any funds to you after you have closed your PSC Account.

    1. Uploading Funds

    8.1. You can upload funds by visiting the Website, logging into your PSC Account and following the relevant upload instructions. You may be presented with a number of different upload methods, depending on which payment instruments you have added to your PSC Account and which payment methods are available in your country of residence. Upload methods are payment services provided by third party financial institutions (for example, the issuer of the payment card you use to upload funds or third party direct banking service providers) and are not part of our service. We do not guarantee the use of any particular upload method made available, and may make changes to or discontinue the acceptance of any particular upload method at any time without following the procedure set out in section 18. Notwithstanding section 8.7 below, we shall not be responsible for the upload payment until the uploaded funds are received by us.

    8.2. You may be asked to answer security questions or to complete other activities that we may reasonably require to ensure proper authorisation of an upload transaction.

    8.3. If you choose an upload method using a payment instrument that may be subject to chargeback rights such as (but not limited to) credit or debit card or direct debit, you declare that you will not exercise such chargeback right other than for unauthorised use of the payment instrument or for a breach by us of these Terms of Use which would result in you having a right to a refund of the uploaded amount. Otherwise, you may not charge back any upload transaction or allow a chargeback of any upload transaction for reasons for which we are not responsible including (but not limited to) disputes with merchants for non-delivery of goods or services or insufficient balance on the payment instrument account. We reserve the right to charge you fees and expenses we incur in connection with such chargeback and any action undertaken to challenge the same. We may also charge you a chargebacks fee of 25 EUR.

    8.4. You may allow a merchant that you wish to pay through us on a regular basis (e.g. for a subscription service) to debit your PSC Account for each recurring payment. In this case you authorise us to debit the payment instrument (e.g. your credit card or bank account) which you used to make the original payment also for each subsequent payment. In order to cancel recurring payments for the future, you should (a) contact us and (b) notify the merchant from which you have purchased the goods or services that you have cancelled the recurring payment. You should not cancel or otherwise reverse such recurring transactions by simply contacting the issuer of the payment instrument (e.g. your credit card provider or bank) without following the cancellation steps mentioned in this section 8.4. Subject to section8.5, we will not be liable for any recurring payment(s) that are made before you have notified us of the cancellation and if your PSC Account balance goes into negative as a result of such payment(s), you will be liable to repay such amount to us.

    8.5. We will refund any past recurring payment(s) initiated by or through the merchant provided that (a) the original authorisation given to us or the merchant did not specify the exact amount of the payment and (b) the amount of the payment exceeded the amount that you could reasonably have expected taking into account your previous spending pattern and the circumstances of the case. You must request such a refund within eight weeks from the date the funds were debited from your PSC Account. You agree to provide us with such information as is reasonably necessary to ascertain whether the conditions for a refund described in this section 8.5 are satisfied. Within ten (10) Business Days of receiving a request for a refund or, where applicable, of receiving any further information we requested from you, we will either refund the full amount of the payment or provide you with justification for refusing to refund the payment indicating that you have a right to refer the matter to the Financial Ombudsman Service (details in section 22) if you do not accept the justification provided. 8.5(A). Automatic money transfers on a regular or recurring basis are not provided as part of the PSC iT money transfer service where the recipient does not have a PSC Account and therefore sections 8.4 and 8.5 shall not apply to that service.

    8.6. If a chargeback or reversal of an upload transaction results in a negative balance in your PSC Account, you will be required to repay such negative balance by uploading sufficient funds into your PSC Account. Failure to do so is a breach of these Terms of Use. Repayment of the negative balance is due immediately without notice. We reserve the right, at any time, to send you reminders or to take other debt collection measures including but not limited to mandating a debt collection agency or solicitors or to pursue the claim in court. We reserve the right to charge you the expenses we reasonably incur in connection with any debt collection or enforcement efforts.

    8.7. Uploaded funds will be credited to your PSC Account after the funds have been received by us. Some upload transactions, such as those by credit or debit card, direct debit or direct banking will be credited to your PSC Account immediately, but are subject to reversal in case the actual funds do not reach us within a reasonable time in which case we will deduct such reversed transaction from the balance of your PSC Account. If your PSC Account balance is insufficient, we reserve the right to require repayment from you.

    8.8. For the purposes of an upload transaction through a payment instrument, we are a payment recipient and not a payment service provider.

    8.9. You must not make an upload through a payment instrument if you are not the named holder of that payment instrument. We take any violation of this requirement very seriously and will treat any attempt to use a payment instrument of which you are not the named holder as a fraudulent act. Without prejudice to claiming further damages, if we are required to return funds uploaded from a payment instrument that is not in your name, we may charge an administration fee of 10 EUR per upload return.

    8.10. Uploads may be subject to upload limits due to security and legal requirements. These limits are set dynamically depending on your verification status and the upload method you want to use. You should be aware that depending on your verification status your upload limits may be higher than your withdrawal or spending limits. You can view these limits at any time in the relevant section of your PSC Account profile.

    8.11. Uploads are subject to upload fees and currency conversion fees depending on which upload method and payment instrument is chosen. Please see section 14 for details.

    1. Sending Payments

    9.1. To send a payment you are required to authorise the payment with your login details and password. We may also ask you additional security questions relating to you or your PSC Account. If your PSC Account is protected by additional security measures such as password tokens, you need to follow the instructions provided to you with such additional security measures. If your PSC Account is enabled to make mass payments, the procedure to make such payments will be communicated to you in the relevant integration manual.

    9.2. Every recipient of a payment you wish to send through us must have a valid means that we can use for their identification. For most of our services that means of identification will be a valid e-mail address but other means of identification may be required for our other services (for example for the PSC iT money transfer services, we may require you to provide us with the recipient's mobile telephone number).

    9.3. If you are asked to provide details of the recipient’s e-mail address or other means of identification, where applicable, you must take great care to properly type the exact details of who you wish to send money to. We use those details as the unique identifier to determine the intended recipient of the payment which you instruct us to process. Other information you provide along with the recipient’s means of identification may be disregarded and we shall not be liable for any error you make when entering the recipient’s means of identification.

    9.4. If the e-mail address of the intended recipient is registered with us, the funds will be instantly credited to the PSC Account associated with that e-mail address, unless you use the PSC Escrow Service as described in section 13. Once funds are credited to the recipient’s PSC Account, the transaction becomes irreversible.

    9.5. If the recipient’s e-mail address is not registered with us, we will send a notification e-mail to that e-mail address with instructions on how to claim and receive the payment. If the recipient does not claim the payment within 14 days, the transaction will be cancelled and the funds will be returned to you. You may also cancel the transaction at any time before the funds have been credited to the recipient’s PSC Account. To cancel a transaction you should log into your PSC Account, locate the relevant transaction in your transactions history and select “Cancel”.

    9.5(A). To provide a money transfer using our PSC iT money transfer service, we may use third party intermediaries to complete the money transfer to a recipient if the recipient does not have a PSC Account. Therefore when providing this service the funds will be instantly credited to the PSC Account of the relevant intermediary. That intermediary shall then be responsible for ensuring the onward transmission of the payment to the recipient. As a consequence, sections 9.4 and 9.5 shall not apply to the PSC iT money transfer service. Without prejudice to section 16.4, our obligations under these Terms of Use for the onward transmission of funds shall be complete once such funds have been credited by us to the PSC Account of the relevant intermediary. As a consequence, once such credit has been made by us, we shall not be responsible for the onward transmission of such funds by that intermediary.

    9.6. You can make recurring payments by setting up a recurring payment order on your PSC Account. You can cancel your recurring payment order for future payments at any point by logging into your PSC Account and deleting it. You will not be able to cancel transactions that have already been credited to the recipient. Automatic money transfers on a regular or recurring basis are not provided as part of the PSC iT money transfer service where the recipient does not have a PSC Account and therefore this section 9.6 shall not apply to that service.

    9.7. Payments are subject to payment limits due to security and legal requirements. These limits are set dynamically depending on your verification status. You can view these limits at any time in your PSC Account profile. You should ensure that your limits are sufficient to cover the payment you intend to make as well as any applicable fees including service fees and currency conversion fees. You should be aware that the recipient of a payment may also be subject to spending and withdrawal limits and that this may affect the recipient’s access to the funds you intend to send.

    9.8. Sending payments is subject to fees and currency conversion fees depending on the type of payment you make and the type of PSC Account you hold. Please see section 14 for details.

    1. Receiving Funds

    10.1. If you receive funds into your PSC Account, we will send you a notification email and display the payment as a “Receive Money” transaction in your transactions history. You should regularly reconcile incoming payments with your own records.

    10.2. You should be aware that receipt of funds to your PSC Account does not necessarily mean that these transactions cannot be reversed. We reserve the right to reverse a payment in case the payer or the payer’s bank or payment service provider has charged back or otherwise reversed (or is reasonably likely to charge back or otherwise reverse) an upload or other payment which was used to fund the payment to you.

    10.3. If a person received a payment notification from us indicating that someone has sent them funds to an email address that is not registered, they will not be credited with the payment until it has been claimed in accordance with the instructions laid out in the notification email. Until then, there will be no contractual or fiduciary relationship between us and the intended recipient. The funds remain those of the sender.

    10.4. You can request a payment from someone by using the “Receive Money” service within your PSC Account. You must only use this service for undisputed amounts that a person owes you and that are due for payment in full. You may not use this service more than once for the same payment you request. This service may not be used as a debt collection or enforcement tool. If the person that owes you the payment asks you not to use PSC “Receive Money” service to request payment from them, you must comply with this request regardless of the merits of your claim. When using this service, you must ensure that you have the right to contact the person you are claiming from. You are strictly prohibited from requesting money by using the “Request Money” service within your PSC Account from someone that does not owe you the amount requested; would be ineligible to open a PSC Account (for example , minors); or has not given or has withdrawn his or her consent to receive a request for payment via the “Request Money” service and we shall have the right to claim any damages or losses arising out of your breach of this section.

    10.5. The receipt of payments is subject to fees and currency fees, depending on the type of payment you receive and the type of PSC Account you have. Please see section 14 for details.

    1. Prohibited transactions

    11.1. It is strictly forbidden to send or receive payments as consideration for the sale or supply of: tobacco products, prescription drugs, drugs and drug paraphernalia, weapons (including without limitation, knives, guns, firearms or ammunition), satellite and cable TV descramblers, pornography, adult material, material which incites violence, hatred, racism or which is considered obscene, government IDs and licences including replicas and novelty items and any counterfeit products, unlicensed or illegal lotteries or gambling services (including without limitation the use of or participation in illegal gambling houses), unregistered charity services, items which encourage or facilitate illegal activities, prepaid debit cards or other stored value cards that are not associated with a particular merchant and are not limited to purchases of particular products or services, third party processing or payment aggregation products or services, multi-level marketing, pyramid selling or ponzi schemes, matrix programmes or other “get rich quick” schemes or high yield investment programmes, goods or services that infringe the intellectual property rights of a third party, un-coded/miscoded gaming, timeshares or property reservation payments (On and Off Plan). We reserve the right, in our sole discretion, to add categories of prohibited transactions by adding such categories either to these Terms of Use or an acceptable use policy published on the Website.

    11.2. It is strictly forbidden to make payments to or to receive payments from persons or entities offering illegal gambling services, including (but not limited to) illegal sports betting, casino games and poker games. We may suspend or terminate your PSC Account at any time or refuse to execute or reverse a transaction if we believe that you directly or indirectly use or have used your PSC Account for or in connection with illegal gambling transactions. Countries where online gambling is illegal include the United States of America, Turkey, China, Malaysia and Israel. This list is not exhaustive and it is your responsibility to ensure that you do not use our services for transactions that may be considered illegal in your jurisdiction.

    11.3. You may not use our services if you are residing in any of the following countries: Afghanistan, Cuba, Eritrea, Iran, Iraq, Kyrgyzstan, Libya, North Korea, South Sudan, Sudan, or Syria. This list is not exhaustive and we may in our sole discretion decide to discontinue or restrict our services in other countries at any time and without prior notice. We reserve the right to suspend or terminate your PSC Account at any time if we reasonably believe to be required to do so by law or in order to comply with recommendations issued by a relevant government authority or recognised body for the prevention of financial crime.

    11.4. It is strictly forbidden to use your PSC Account for any illegal purposes including but not limited to fraud and money laundering. We will report any suspicious activity to the relevant law enforcement agency. You are prohibited from using your PSC Account in an attempt to abuse, exploit or circumvent the usage restrictions imposed by a merchant on the services it provides.

    11.5. You may only accept payments for certain categories of business after approval from us in our sole discretion. Such business categories include but are not limited to: money exchange or remittance businesses, including but not limited to bureaux de change, currency exchanges and purchase of travel money; the collection of any form of donations or payments to charitable or not-for-profit organisations; dealing in natural resources such as jewels, precious metals or stones; live streaming the sale or supply of alcoholic beverages; the sale of supply of dietary supplements and alternative health products; any other business category published in an acceptable use policy on the website from time to time. In case you are in doubt whether your business falls under any of the above categories, you must contact Customer Service. We reserve the right in our sole discretion, to add business categories requiring approval by adding such categories either to these Terms of Use or an acceptable use policy published on the website.

    11.6. If you conduct or attempt to conduct any transaction in violation of the prohibitions contained in this section 11 or without the necessary approval under section 11.5, we reserve the right to: reverse the transaction; and/or close or suspend your PSC Account; and/or report the transaction to the relevant law enforcement agency; and/or claim damages from you; and charge you an administration fee of up to 150 EUR in case we apply any of the above.

    11.7. It is your and not our responsibility to ensure that you only send payments to or receive payments from persons or entities for the sale or supply of goods and services that you may provide or receive in compliance with any applicable laws and regulations. The mere fact that a person or entity accepts payments through us is not an indication of the legality of the supply or provision of their goods and services. If you are in doubt as to the legality of a supply or purchase, you should not continue with your payment.

    1. Withdrawing funds

    12.1. You can request a withdrawal of all or part of the funds held in your PSC Account at any time. To do this you must log into your PSC Account and select a withdrawal method and enter the amount to be withdrawn. Withdrawal methods are payment services provided, at least in part, by third party financial institutions (for example, the bank where you hold a bank account). We do not guarantee the availability of any particular withdrawal method and may make changes to or discontinue a particular withdrawal method at any time without following the procedure set out in section 18 as long as there is at least one withdrawal method available to you. Where the withdrawal payment is received by you through the involvement of a payment service provider (such as the bank where you hold a bank account), we shall not be responsible for the withdrawal payment once the withdrawn funds are received by your payment service provider.

    12.2. Your PSC Account is subject to withdrawal limits. These limits are adjusted dynamically depending on the type of identification documentation we hold on you. You can view your withdrawal limits at any time in your PSC Account profile. Before uploading any funds into your PSC Account, you must ensure that your current withdrawal and spending limits meet your withdrawal and spending requirements as we legally cannot allow you to exceed these limits.

    12.3. If your withdrawal request exceeds the current limit, we may decline your request and instead require you to send us documents verifying your identity and address prior to allowing a withdrawal of funds or to otherwise cooperate with us to verify your identity.

    12.4. Withdrawals are subject to withdrawal fees and currency conversion fees depending on which withdrawal method and payment instrument is chosen. Please see section 14 for details.

    12.5. For the purposes of a withdrawal transaction, we are a payer and not a payment service provider.

    12.6. You must not make a withdrawal to a bank account or other payment instrument if you are not the named holder. We take any violation of this requirement very seriously and will treat any attempt to use a payment instrument of which you are not the named holder as a fraudulent act. Without prejudice to claiming further damages, if we are required to investigate a withdrawal to a payment instrument that is not in your name, we may charge an administration fee of up to 10 EUR.

    12.7. You must ensure that the payment details you enter when withdrawing funds are correct and complete. We will not be liable for withdrawn funds being sent to the wrong payment instrument where this is due to you providing incorrect payment details. When withdrawing to a bank account, you must ensure that the account number, sort code, IBAN and/or BIC/SWIFT are correct. If you have withdrawn funds to the wrong payment instrument, you may request that we assist you in reclaiming the funds. However, we will charge you an administration fee of up to 25 EUR for doing so and we cannot guarantee that the reclaim efforts will be successful.

    1. PSC Escrow service

    13.1. Payments through us may be made subject to our Escrow service. This allows you to make a payment to a recipient conditional on your approval of the transaction at a later time.

    13.2. Additional terms and conditions apply to the use of the Escrow service. More details on the Escrow service are available on the website. If you opt for a payment through the Escrow service, you agree to be bound by the terms and conditions which apply to the Escrow Service in addition to these Terms of Use.

    13.3. Our Escrow service is not provided as part of the PSC iT money transfer service where the recipient does not have a PSC Account and therefore sections 13.1 and 13.2 shall not apply to that money transfer service.

    1. Fees

    14.1. Fees depend on whether you are using your PSC Account for personal or commercial purposes.

    14.2. Transaction related fees can be viewed at any time in the "Fees" section of our website. Additional fees apply to PSC Accounts used for commercial purposes in accordance with the applicable terms and conditions referred to in section 4.7 above. You should print or download and keep a copy of the "Fees" section together with a copy of these Terms of Use. For clarity, the "Fees" section forms part of these Terms of Use. Fees are subject to change in accordance with section 18. Under certain circumstances we may charge additional fees as set out in sections 8.3, 8.9, 11.6, 12.6 and 12.7.

    14.3. Your transactions may be subject to currency conversions. If you make a payment from your PSC Account denominated in one currency to a PSC Account denominated in another currency, you will be asked to either make the payment in the currency of your PSC Account or in another currency. If you choose the currency of your PSC Account, then the recipient will pay the fee for the conversion into the currency of his or her PSC Account. If you choose the currency of the recipient’s PSC Account, you will pay the fee for the currency conversion into the currency of the payment. If you choose a currency that is neither the currency of your PSC Account nor the currency of the recipient’s PSC Account then you will pay the fee for the conversion into the currency of the payment, and the recipient will pay the fee for the conversion of the payment currency into the currency of his or her PSC Account.

    14.4. For every currency conversion, we will apply our then current wholesale exchange rates which are updated regularly. Changes in these exchange rates may be applied immediately and without notice. We apply a foreign exchange fee, which is displayed in the "Fees" section of the Website and which is expressed as a percentage applicable in addition to the transaction fee.

    14.5. Our Fees are either expressed as a percentage of the transaction or as a fixed amount in EUR. Where fixed fee amounts are displayed in a currency other than EUR, this is for information purposes only. If fees are deducted from a balance or a transaction denominated in a different currency, the EUR fee amount will be converted into an equivalent fee in that other currency based on the PSC wholesale exchange rates applicable at the time and available under the "Currency Conversion Fees" section of the "Fees" section and then deducted. We will not apply a foreign exchange fee on currency conversions of fees.

    14.6. Fees payable by you will be deducted from your PSC Account balance and you hereby authorise us to do the same. Transaction fees will be charged when the transaction is executed. If your PSC Account balance is insufficient to cover the fees, we may refuse to execute the payment. Reversal or chargeback fees will be deducted when incurred.

    14.7. If the deduction of fees results in a negative PSC Account balance, you will be required to repay such negative balance by uploading sufficient funds into your PSC Account. Failure to do so is a breach of these Terms of Use. Repayment of the negative balance is due immediately without notice. However, we reserve the right at any time to send you reminders that you need to upload funds or to take other debt collection measures including but not limited to instructing a debt collection agency or solicitors or to pursue the claim in court. We reserve the right to charge you expenses we have reasonably incurred in connection with any debt collection or enforcement efforts.

    1. Your Data

    15.1. The processing of your data is governed by our Privacy Policy which can be found on our Website. By accepting these Terms of Use, you also agree to the terms of our Privacy Policy. You should print and keep a copy of the Privacy Policy together with these Terms of Use.

    15.2. As a default, you will receive e-mail newsletters that will inform you about new product features, events, promotions, special deals etc. By accepting these Terms of Use, you agree to receive such e-mail newsletters on a regular basis. If you do not wish to receive any newsletters from us, you can opt out at any time by logging into your PSC Account and changing the appropriate setting in your PSC Account profile. You can also opt out of receiving newsletters by contacting Customer Service. Any e-mail newsletter you receive will also give you the option to unsubscribe from any future newsletter.

    1. Liability

    16.1. In case of an unauthorised payment or a payment that was incorrectly executed due to an error by us, we shall at your request immediately refund the payment amount including all fees deducted therefrom. This shall not apply:

     

    16.1.1. where the unauthorised payment arises from your failure to keep the personalised security features of your PSC Account safe in accordance with section 6 in which case you shallremain liable for the first 50 EUR (or equivalent in the currency of your PSC Account) unless section 16.1.3 applies;

     

    16.1.2. if you fail to notify us without undue delay of any loss of your password or other event that could reasonably be expected to have compromised the security of your PSC Account after you have gained knowledge of such event in which case you shall remain liable for losses incurred up to your notification to us;

     

    16.1.3. if the transaction was unauthorised but you have compromised the security of your PSC Account with intent or gross negligence in which case you shall be solely liable for all losses; or

     

    16.1.4. if you fail to dispute and bring the unauthorised or incorrectly executed transaction to our attention within 13 months from the date of the transaction.

    16.2. Section 16.1.1 shall not apply to transactions made after you have notified us in accordance with section 6.2 in which case we shall remain liable and refund any unauthorised transaction immediately to you.

    16.3. Without prejudice to the foregoing, you are asked to check the transactions history of your PSC Account regularly and frequently and to contact Customer Service immediately in case you have any questions or concerns.

    16.4. In the case of any incorrect or misdirected payment, we shall take reasonable measures to assist you with tracing and recovering such payments.

    16.5. Subject to the foregoing, we shall not be liable for any disruption or impairment of our service or for disruptions or impairments of intermediary services on which we rely for the performance of our obligations hereunder, provided that such disruption or impairment is due to abnormal and unforeseeable circumstances beyond our reasonable control or the control of the intermediary affected.

    16.6. We shall not be liable for any indirect or consequential losses including but not limited to loss of profit, loss of business and loss of reputation. We shall not be liable for any losses arising from our compliance with legal and regulatory requirements.

    16.7. Nothing in these Terms of Use shall operate to exclude liability for death or personal injury due to negligence or for fraud or fraudulent misrepresentation or for any statutory liability that cannot be excluded or amended by agreement between the parties.

    16.8. Our obligation under these Terms of Use is limited to providing you with an electronic money account and related payment services and does not make any statement in relation to or endorsement of the quality, safety or legality of any goods or services provided by a PSC customer or intermediary.

    16.9. We shall not be liable for the assessment or payment of any taxes, duties or other charges that arise from the underlying commercial transaction between you and another PSC customer.

    16.10. Indemnification/re-imbursement. You agree to defend, reimburse or compensate us and hold us and our other companies in our corporate group harmless from any claim, demand, expenses or costs (including legal fees, fines or penalties) that we incur or suffer due to or arising out of your or your agents' breach of these Terms of Use, breach of any applicable law or regulation and/or use of the services. This provision shall survive termination of the relationship between you and us.

    1. Termination and suspension

    17.1. We may terminate your PSC Account or any payment service associated with it by giving you two months’ prior notice. You may terminate your PSC Account with us at any time. Different termination provisions may apply if you use your PSC Account for commercial purposes as set out in section 4.7 above.

     

    17.2. Together with a termination notice or at any time thereafter we may give you reasonable instructions on how to withdraw remaining funds.

     

    17.3. If your PSC Account is subject to a reserve, termination of your PSC Account will not affect our right to hold the reserve and to make deductions therefrom for the time agreed.

     

    17.4. We may at any time suspend or terminate your PSC Account without notice in case:

     

    17.4.1. you breach any condition of these Terms of Use or any other condition applicable to specific services covered by separate terms and conditions;

     

    17.4.2. you violate or we have reason to believe that you are in violation of any law or regulation that is applicable to your use of our services; or

     

    17.4.3. we have reason to believe that you are in any way involved in any fraudulent activity, money laundering, terrorism financing or other criminal activity. 17.5. We may suspend your PSC Account at any time if:

     

    17.5.1. we reasonably believe that your PSC Account has been compromised or for other security reasons; or

     

    17.5.2. we reasonably suspect your PSC Account to have been used or is being used without your authorisation or fraudulently; and we shall notify you either prior to the suspension or, if prior notification is not possible under the circumstances, promptly after the suspension unless we are prohibited by law to notify you.

    1. Changes to these Terms of Use

    18.1. These Terms of Use and any additional terms and conditions that may apply are subject to change. Changes will be implemented with prior notice from us under the procedure set forth in this section.

    18.2. We shall give notice to you of any proposed change by sending an email to the primary email address registered with your PSC Account.

    18.3. The proposed change shall come into effect two (2) months after the date of the change notice, unless you have given us notice that you object to the proposed changes before the changes come into effect. Changes that make these Terms of Use more favourable to you shall come into effect immediately if so stated in the change notice. Changes to exchange rates shall come into effect immediately without notice and you shall not have the right to object to such a change.

    18.4. If you object to the changes, they will not apply to you. However, any such objection shall constitute a notice by you to terminate and close your PSC Account. Your PSC Account will be closed in accordance with the provisions of section 7 above.

    1. How we communicate

    19.1. We usually contact you via email. For this purpose you must at all times maintain at least one valid email address in your PSC Account profile. You are required to check for incoming messages regularly and frequently. Emails may contain links to further communication on our website. Any communication or notice sent by email will be deemed received by you on the same day if it is received in your email inbox before 4.30 pm on a Business Day. If it is received in your email inbox after 4:30pm on a Business Day or at any other time, it will be deemed received on the next Business Day.

    19.2. Where legislation requires us to provide information to you on a durable medium, we will either send you an email (with or without attachment) or send you a notification pointing you to information on our website in a way that enables you to retain the information in print format or other format that can be retained by you permanently for future reference. You are required to keep copies of all communications we send or make available to you.

    19.3. You can request a copy of the current Terms of Use or any other contractual document relevant to you by contacting Customer Service.

    19.4. In order to view emails you need a computer with email software that can display emails in HTML format. We may also send you attachments in Adobe Systems Inc.’s Portable Document Format (PDF), for which you need Adobe’s Acrobat Reader, which can be downloaded for free at www.adobe.com.

    19.5. We will never send you any emails with executable files attached or with links to any executable files. If you receive any email with such attachments, you should delete the message without clicking on the attachment. If you are unsure whether a communication is originating from us, please contact Customer Service.

    19.6. We will communicate to you in English and will always accept communications made to us in English. You can choose your preferred language from the list of supported languages in your PSC Account profile and we will send you automated email notifications and communications regarding changes to these Terms of Use in your chosen language. For non-standard communication, we reserve the right to communicate with you in English. Documents or communications in any other languages are for convenience only and shall not constitute an obligation on us to conduct any further communication in that language.

    19.7. Apart from communicating via email, we may contact you via letter or telephone, where appropriate. If you use any mobile services, we may communicate with you via SMS. Any communication or notice sent by post will be deemed received three days from the date of posting for UK post or within five days of posting for international post. Any communication or notice sent by SMS will be deemed received the same day.

    19.8. You may contact us at any time by sending a message to Customer Service via the “Email Support” facility on our Website or by calling +44 203 308 2520.

    1. Complaints

    20.1. Any complaints about us or the services we provide should be addressed to us in the first instance by contacting Customer Service. You should clearly indicate that you are wishing to make a complaint to us. This helps us to distinguish a complaint from a mere query. We send you a complaint acknowledgement by post or by email within 48 hours of receiving your complaint in accordance with our complaints procedure. You may request a copy of our complaints procedure at any time by contacting Customer Service.

    20.2. We endeavour to provide you with an answer or resolution to your complaint within the timeframes as outlined by the Financial Ombudsman Service. Should this not be possible due to unforeseen circumstances or lack of information, we will contact you.

    20.3. If your complaint is not resolved to your satisfaction, you may contact the Financial Ombudsman.

    1. Miscellaneous

    21.1. No person other than you shall have any rights under these Terms of Use and the provisions of the Contracts (Rights of Third Parties) Act 1999 are expressly excluded.

    21.2. Your PSC Account is personal to you and you may not assign any rights under the Terms of Use to any third party.

    21.3. Your PSC Account is operated in Lithuania and these Terms of Use shall be governed by and interpreted in accordance with the laws of Lithuania. Any dispute under these Terms of Use or otherwise in connection with your PSC Account shall be brought exclusively in the courts of Lithuania except where prohibited by EU law.

    21.4. If any part of these Terms of Use is found by a court of competent jurisdiction to be invalid, unlawful or unenforceable then such part shall be severed from the remainder of the Terms of Use, which shall continue to be valid and enforceable to the fullest extent permitted by law.

    1. Definitions

    Various terms in these Terms of Use have a defined meaning as follows:

    • “Business Day” means any day other than a Saturday or a Sunday or a public or bank holiday in Lithuania • “Customer Service” means our customer service, which you can reach by sending a message through the “Contact Us” facility on the website.
    • “Escrow service” means our secure payment system which can be used to hold funds in a secured intermediary trust account until a transaction concludes. Details are available on our website
    • “Fees” means the charges payable by you to us for using our services
    • “Financial Ombudsman Service” means the services provided by the Financial Ombudsman Service.
    • “Privacy Policy” is the PSC's policy governing the processing of personal data which is available on the website, as may be amended from time to time
    • “PSC” means PaySecureCard Kft. Hungary whose registered office is at XXXX
    • “PSC Account” means the electronic money account you open and maintain through the PSC website
    • “PSC iT money transfer service” means the money transfer service further details of which can be found on the PSC website
    • “Terms of Use”, means these PSC Account Terms of Use, published on the website and as may be amended from time
    • “We”, “us”, “our” means PSC
    • “You”, “your” means you, the natural person or legal entity in whose name the PSC Account is opened and maintained

     

     

AML POLICY AND KYC POLICY

 

Introduction

Money laundering is the movement and disguise of cash or other assets generated from illegal activities through legitimate financial institutions or businesses so as to conceal the source of the funds or make it appear that the source of the funds is, in fact, legitimate.

Both international and EU regulations require us to implement effective internal procedures ensuring that anti-fraud, anti-money laundering, and anti-terrorist financing measures are in place.

 

EU & UK  AML Legal and Regulatory Framework:

 

  1. The Money Laundering, Terrorist Financing and Transfer of Funds Regulations 2017 (SI 2017 No. 692)

 

  1. The Proceeds of Crime Act 2002 (as amended by the Crime and Courts Act 2013 and the Serious Crime Act 2015)

 

  1. The Money Laundering Regulations 2007 (SI 2007 No. 2157)

 

  1. The Terrorism Act 2000 (as amended by the Anti-Terrorism, Crime and Security Act 2001, the Terrorism Act 2006 and the Terrorism Act 2000 and Proceeds of Crime Act 2002 (Amendment) Regulations 2007).

 

The Money Laundering Regulations 2017 transposes the European Union’s 4th Anti Money Laundering Directive (the ‘4th AML Directive’) which sets out a risk based approach which is tailor made to the business being carried out by us; and The Joint Money Laundering Steering Group (JMLSG) Guidance for the UK Financial Sector on the prevention of money laundering/combating terrorist financing.

 

One of the ways which we ensure that it is not an unknowing accomplice to money launderers is to carry out customer due diligence (hereinafter referred to as “CDD”) at the point of on-boarding new customers, as well as on an ongoing basis.



Our KYC policy and CDD procedure aims first and foremost at identifying the individuals and persons with whom we are doing business, and which companies and the persons behind them are sending and receiving funds. This applies to any transfer or transaction in any fiat denominated currency, or in the case of any conversion from virtual currencies into fiat money. This is ensured by establishing to the best extent possible:

 

  • that clients have valid and adequate proof of identification, proof of residence;
  • that we are able to maintain records of identification information;
  • that we are ible to determine that clients are not known or suspected terrorists or criminals by checking their names against lists of known or suspected terrorists and criminals;
  • closely monitoring clients’ money transactions.