Status: June 2022
1. introduction
These Terms and Conditions (together with the Tariff and any other documents incorporated by reference, the "Agreement") set out the terms and conditions that apply to your Account, Card and any other related services provided to you ("Customer", "you", "your") in your capacity as a legal entity in relation to your business operations and the persons you designate ("Cardholders") by Paynetics AD ("Paynetics", "we", "us", "our") under this Agreement.
This agreement is a legal contract between you and Paynetics. It contains important information that may affect your rights, use of our services and your ability to get your money back. Please read all documents that form part of this agreement carefully and keep or download a copy of them for your records and future reference.
You may request a copy at any time during the term of this Agreement by contacting the Customer Relations Centre. By submitting your Card Order to Paynetics and clicking "I accept" in the relevant box, you indicate that you accept this Agreement.
You should read this agreement together with the privacy policy, which you can view here: https://paynetics.digital/privacy-and-security-policy/. Our Privacy Policy (as may be amended from time to time in accordance with its terms) together with this Agreement describes the basis on which we process, handle and disclose personal data that we collect about you either directly or from our authorised partners or that you provide to us or them.
1. DEFINITIONS
In this contract:
"Account" means any e-money payment account opened and maintained for You by Paynetics under this Agreement.
"App" means either the mobile app and/or the web app, depending on availability.
"ATM" means an automated teller machine (ATM) that can be used for cash withdrawals with a Card and sometimes for other payment and non-payment transactions.
"Business Debit Card" or "Card" means a corporate (business) Debit Mastercard© issued by Paynetics that is linked to your Account(s). The Card is a type of payment instrument that allows you to access the funds in your Account to make debit card payments. The card can be physical or virtual.
Card Organisation" means Mastercard International ("MasterCard"), VISA Europe ("VISA") or any other organisation that maintains a card payment system through which card payments are processed.
"Cardholder" means a person designated by you as the Cardholder who represents you or is your signatory or employee and who has been expressly approved by Paynetics.
"Faster Payments" is a payment system that enables the sending and receiving of payments in GBP in the UK between participating payment service providers.
"Mastercard" means Mastercard International Incorporated or its successor.
"Mobile App" means the mobile application developed by the Technical Provider and published on the Apple AppStore and Google PlayStore that allows you to access your Account and/or Card.
"Paynetics", "we", "us", "our" means:
(a) in the event that the payment services under this contract are provided in the United Kingdom: Paynetics AD, a company with its registered office and registered address at Ground Floor, 76A James Bourchier, Lozenets District, Sofia Municipality, Sofia, Bulgaria, registered with the Bulgarian Trade Register maintained by the Registry Agency under UIC number 131574695 ("Paynetics AD"), or such other UK authorised Paynetics entity as may be notified to You. For the purposes of the Services in the United Kingdom, Paynetics AD is an e-money institution deemed authorised and regulated by the Financial Conduct Authority under the Temporary Permissions Regime (firm reference number 900785) for the issuance of e-money and the provision of payment services in the United Kingdom. Details of the Temporary Permissions Regime, which allows firms established in the EEA to operate in the UK for a limited period while they apply for full authorisation, can be found on the Financial Conduct Authority's website; or
(b) Paynetics AD, where the payment services under this Agreement are provided in the EEA. For the purposes of the EEA Services, Paynetics AD is an electronic money institution that holds a licence to operate as an electronic money institution granted by the Board of Directors of the Bulgarian National Bank by Resolution 44 of 11 April 2016 and is entered in the register kept by the Bulgarian National Bank, which is available at http://www.bnb.bg/RegistersAndServices/RSPIPublicRegisters/index.htm accessible. The Bulgarian National Bank supervises the activities of Paynetics AD.
"PIN" means a unique four-digit personal identification number that can be used to confirm card payments.
"Technical Provider" means the operator that performs certain technical and operational functions in relation to our Services, including the operation of the Platform that connects Customers to Paynetics.
"Prohibited Transaction" means any of the transactions or activities listed below or posted on the Website from time to time:
1. any sales of "pyramids", Ponzi schemes or similar marketing or matrix schemes or other "get rich quick" schemes or high return investment schemes;
2. selling, supplying or buying illegal items or items that promote or facilitate illegal activities;
3. selling, supplying or buying counterfeit products or products that infringe intellectual property rights;
4. products or services for the processing or aggregation of payments by third parties;
5. money laundering;
6. financing terrorism or propaganda;
7. pornography, escort services and the sale and/or advertising of sexual services;
8. use of the card or account in a manner and/or for purposes that violate applicable laws and/or regulations of the card organisation or SEPA;
"SEPA" means the Single Euro Payments Area scheme that enables the sending and receiving of payments in EUR between participating payment service providers.
"Tariff" means the fees and limits applicable to Your Accounts, Your Card and any other services provided to You under this Agreement. The Tariff, as amended from time to time, is available on the Website.
"Web App" means the web application developed by the Technical Provider and hosted on a web server that allows you to access your Account and/or Card.
"Website" means the following website: https://www.corplife.at/
2. ABOUT OUR SERVICES
2.1 Your Accounts are held by Paynetics and the Card is issued to you by Paynetics. The value stored in your accounts is electronic money, also known as "e-money". Paynetics is not a bank and your account is not a bank account. The funds available in your account do not constitute a deposit. No interest accrues on your account balance. Your card is a debit card linked to your account, not a credit or charge card.
2.2 The Financial Services Compensation Scheme does not apply to balances in your Accounts. Instead, Paynetics protects your funds through a process called "hedging" in accordance with the Company's regulatory requirements. Under this process, Paynetics keeps your money separate from our own funds and places it in a collateral account at a bank or covers it with an insurance policy or similar guarantee. Before we offer you any of our services, you must successfully complete our identity verification procedure. The process may involve you providing us with a valid passport/ID card of your legal representative(s) and ultimate beneficial owner(s) and a bank statement or other identification document together with the identity document provided in real time, or such other process as we may determine. We may use ID verification agencies or other automated platforms to verify your identity. We or the Programme Manager may ask you to provide additional information at any time during the term of this Agreement.
2.3 This contract will only become effective when you receive confirmation that Paynetics has approved your application. Prior to such confirmation, Paynetics shall not be obliged to provide the Services under this Agreement. Paynetics may refuse to approve an application and/or enter into a contract for its services for any reason.
2.4 The Account and the Card are issued to you in your capacity as a legal entity. You may designate natural persons who may use them - the Cardholders. The Cardholders may only use your Account and/or Card personally and may not give them to other persons for use. If a Cardholder provides a third party with access and/or other means to use the Account and Card, you will be fully liable for all transactions initiated by such third parties:
2.5 You and the Cardholders must not use your Account or Card for or in connection with (including sending or receiving proceeds from):
2.5.1. activities that do not comply with applicable laws or regulations, including but not limited to laws relating to money laundering, fraud, financial services or consumer protection; or
2.5.2 Prohibited Transactions under this Agreement.
2.6 You must ensure that the Cardholders comply with this Agreement. You are liable to Paynetics for the actions of the Cardholders.
3. RECEIPT/SENDING OF PAYMENTS
3.1 Upon the effective date of this Agreement, Paynetics shall establish and maintain:
3.1.1. a EUR account with a dedicated IBAN and one or more cards that can be used for sending or receiving payments via SEPA in EUR and for card payments and cash withdrawals in EUR; and/or
3.1.2. a GBP account with a specific IBAN, an account number with sort code and one or more cards that can be used for sending or receiving payments via Faster Payments in GBP and for card payments and cash withdrawals in GBP.
3.2 Limits may apply to your Account and Card, such as limits on the minimum charge to your Account, the maximum balance on your Account, the value of individual Account and/or Card payments or an aggregate value or number of payments in a given period. The applicable limits are set out in the Tariff and may be changed by us from time to time. To manage our risk, particularly in relation to money laundering, fraud or security concerns, we may also apply internal controls, including limits, to certain types of transactions from time to time, but we will not disclose these for security reasons.
4. LOADING CREDIT TO YOUR ACCOUNT
4.1 The minimum amount for topping up your account is indicated in the tariffs.
4.2 The balance on the account must not exceed the limits set out in the tariff.
4.3 Your Account can be funded in the following ways:
4.3.1 The EUR account can be topped up by receiving payments via SEPA;
4.3.2 The GBP Account can be topped up by receiving payments via Faster Payments.
4.4 The amounts received will be credited to your account immediately upon receipt by Paynetics.
4.5 Paynetics may refuse to execute an incoming payment and your account will not be funded if:
4.5.1. your account or payment exceeds any of the limits set out in the Tariffs;
4.5.2. your account is inactive, blocked or terminated;
4.5.3. the sender has provided incorrect/invalid account details for the payment;
4.5.4. Paynetics has reasonable suspicion that the payment is fraudulent, illegal or unauthorised;
4.5.5 Paynetics has reason to believe that the payment is a Prohibited Transaction.
4.6 If an incoming payment is rejected for any of the above reasons, the money may be returned to the sender without prior notice.
4.7 Paynetics will charge you a top-up fee each time your account is topped up, as set out in the Tariff.
5. MAKING PAYMENTS FROM YOUR ACCOUNT
5.1 You or the Cardholders must ensure that your Account has sufficient funds to cover the amount of a particular Payment and all applicable fees. Paynetics may refuse to execute a payment if your Account does not have sufficient funds to cover the amount of the payment and all applicable fees.
5.2 Paynetics will execute your/the Cardholder's payment instructions for payments from your Account on the same day they are received by Paynetics (or on the agreed day if this is in the future). The time of receipt of your/the Cardholder's payment instruction will be the time of receipt by Paynetics (usually the same day on which the payment is instructed) or, if the payment instruction states that the payment is to be made on a future day, the payment instruction will be treated as received on that day. You/the Cardholder cannot cancel a payment after you/the Cardholder has authorised it and Paynetics has received the payment instruction from you/the Cardholder. However, you/the Cardholder may cancel a future payment, such as a recurring Card payment, if you/the Cardholder notify Paynetics of the cancellation no later than the end of the business day before the payment is to be made via the App. Cancellation of a future payment, such as a recurring card payment, does not cancel the agreement with the organisation you are paying. You/the cardholder should inform the organisation collecting the payment of any changes to your/the cardholder's instructions.
5.3 Upon receipt of payment instructions from your Cardholder(s) for a payment from your Account (including Card Payments), Paynetics will credit the beneficiary's Account within the time limits set out below.
Type of payment
Payments in EUR or GBP to an account in the UK or the EEA (including where there has been a currency conversion between EUR and GBP)
Payments in any other currency or to an account outside the UK or the EEA
Delivery to the recipient's account
No later than the end of the business day after the payment instruction is received
Varies, depending on the currency or country the payment is sent to
5.4 Paynetics will deduct the value of payments together with all applicable fees from the balance on the relevant currency Account. Payments from your Account by way of credit transfers in EUR or GBP will be deducted from your EUR or GBP Account respectively. Card payments in EUR or GBP will also be deducted from your respective currency Account. Card payments in any other currency will always be deducted from your Account at then prevailing currency conversion rates. If there is insufficient balance on the relevant GBP or EUR Account to complete the payment, including all applicable fees, funds will be automatically transferred from your Account in the other currency to your relevant currency Account at then prevailing currency conversion rates. If there is insufficient balance on both your EUR and GBP Accounts to complete the payment, including all applicable fees, payment will be refused. For further details of the applicable currency conversion rates and charges, please refer to clause 11.
5.5 You agree that you and the Cardholders will not attempt to interrupt or impair the functionality of our information system, including but not limited to the distribution of files containing viruses, corrupted files or other similar software that may be used to access, modify, delete or corrupt files.
6. ACCESS TO YOUR ACCOUNTS BY THIRD PARTIES
6.1 You may (provided you have given them your express consent):
6.1.1. providers of account information services (i.e. an online service that accesses one or more payment accounts to provide a consolidated overview of those accounts) to access information about your account; and/or
6.1.2. providers of payment initiation services (i.e. online services that enable a third party to initiate payments from the Account Holder's account on the Account Holder's behalf and at the Account Holder's request) to initiate payments (other than card payments) from your GBP and EUR accounts.
6.2 Only providers of account information or payment initiation services that are authorised by the Financial Conduct Authority or another European regulatory authority to provide the relevant service in the UK or an EU Member State can have access to your account. The Financial Conduct Authority's register (available at https://register.fca.org.uk/) indicates whether a provider is authorised in the UK and we recommend that you check this before using their services.
6.3 We will treat any instruction from such account information providers or payment initiation services as if it came from you. Some providers may use your account security information to provide their services. You should always consider the implications of sharing your security information.
6.4 We may deny access to your Account to providers of Account information or payment initiation services if we fear unauthorised or fraudulent access. We will inform you of the denial of access and the reasons for it in advance where possible or otherwise immediately afterwards (unless this would compromise our security measures or would be unlawful). Access to your account may be restored as soon as the reasons for denial of access are no longer justified.
7. INSTRUCTIONS FOR PAYMENTS FROM YOUR ACCOUNTS
7.1 In order for a payment to be properly made from your Account (including transfers to your other Accounts), you/the Cardholder must provide us with the following information when you/the Cardholder instruct us to make the payment (in addition to any other information we may request):
7.1.1. for payments from your GBP account to a UK account via Faster Payments: the name of the recipient, the account number, the payment amount and sort code and a payment reference;
7.1.2. for payments from your EUR account to an EEA account via SEPA: name of the beneficiary (beneficiary), IBAN, payment amount, currency and reason for the payment (this information is intended for the beneficiary), additional explanations;
7.1.3. for payments from your EUR account to an account outside the EEA via SEPA (to countries participating in SEPA): in addition to the information mentioned in 7.1.2, you/the cardholder must also provide the sender's (ordering party's) address and possibly also the BIC of the recipient's (beneficiary's) bank;
7.2 For payments of more than EUR 15,000 or the equivalent in another currency, the sender (originator) and/or the recipient (beneficiary) may also be required to provide a statement proving the origin of the funds; if you/the Cardholder provide us with false or incomplete information or refuse to provide information, we may refuse to execute the payment, the funds could be lost and irretrievable, or there could be a delay in the recipient receiving the payment.
7.3 You / the Cardholder instruct us and agree to a payment from your Account in one of the following ways:
7.3.1. the use of the app;
7.3.2. giving instructions to us via a third party (e.g. a payment initiation service provider);
7.3.3. use of Cards (see clause 10 below on how to instruct us to make payments using a Card);
7.3.4 Depending on the method you use, you or the Cardholder may be required to provide security details and/or use a specific authentication method. We will tell you which authentication methods can be used or if they are not possible for certain types of services. Paynetics reserves the right to change or introduce new authentication methods at any time, including for reasons relating to changes in the law, technical features of the Services or security.
7.4 Paynetics may refuse to execute an instructed payment from your Account if it does not comply with the requirements of this Agreement, including but not limited to any of the following circumstances:
7.4.1 Paynetics has reasonable grounds to suspect that the payment is unauthorised or involved in fraud or illegal activity;
7.4.2. the Cardholder's instruction is unclear, incorrect or incomplete;
7.4.3 Paynetics has reasonable grounds to suspect that a breach of this Agreement has occurred;
7.4.4 You/the Cardholder failed to use the required authentication method and/or provide the required security information;
7.4.5. the credit balance on the account is insufficient to cover the payment and all applicable fees;
7.4.6. the payment violates applicable limits;
7.4.7. carrying out your/your Cardholder's instruction could result in us breaching any law, regulatory authority order, code, card organisation rule or other duty applicable to Paynetics;
7.4.8. due to a technical impossibility to execute the payment;
7.4.9. Paynetics reasonably believes that the payment is in connection with a Prohibited Transaction.
7.5 If we refuse to execute the payment, we will inform you of this as soon as possible, unless this would not be unlawful. If possible, we will inform you of the reasons for refusing to execute the payment and, if these reasons relate to factual aspects, the procedure for correcting factual errors that led to such refusal.
7.6 Execution of a payment to or from your account (including card payments) may be delayed or refused due to Paynetics conducting security or legal compliance checks, including where Paynetics suspects that the payment is involved in fraudulent, illegal or unacceptable activity or is an unauthorised payment.
8. DESCRIPTION OF THE MAP
8.1 Your Card is issued to you by Paynetics and is linked to your account in EUR and/or GBP held by Paynetics. Your Card can be used in your country of establishment or abroad.
8.2 The Card is issued under the Mastercard brand in accordance with a licence granted by Mastercard International.
8.3 Unless otherwise stated in this Agreement, your Card can be used to pay for goods or services at merchants (in shops, online or by phone) and for cash withdrawals at ATMs. If you have been issued with a Virtual Card, you can only use it to pay at online merchants. Your card can be used at all card acceptance terminals that bear the Mastercard logo and have the required functions.
8.4 Card payments are executed immediately after Paynetics receives the payment request.
8.5 The value of all Card Payments, including any applicable fees, will be deducted from your respective Account balance (see section 5.4).
8.6 You are responsible for any goods or services purchased with the Card. Any dispute with a merchant about a product or service purchased with the Card will be considered a dispute between you and the merchant and should be addressed directly to that merchant. Paynetics accepts no responsibility or liability for, and makes no warranties in relation to, the quality, safety, legality or otherwise of any goods or services purchased with the Card.
8.7 Paynetics shall not be liable if a Merchant refuses to accept a Card or if Paynetics has refused to make a payment in accordance with this Agreement.
8.8 The Card is the property of Paynetics as the Card issuer and cannot be transferred and/or made available to other persons.
9. ISSUANCE, RECHARGING, ACTIVATION AND REPLACEMENT OF THE CARD
9.1 Each Card has a validity period during which you/the Cardholder can use the Card. If your Card is physical, it expires on the last day of the month/year indicated on the front. If your Card is virtual, it will expire on the last day of the month/year indicated on the App or on the expiry date communicated to you by email. Any card payments initiated after the expiry date or cancellation of the card will not be authorised or executed.
9.2 Paynetics will issue the Card within 10 Business Days of accepting the Cardholder's application and, if the Card is not virtual, will deliver the Card to the Cardholder in person. If it is a Virtual Card, it will be made available to you/the Cardholder via the App immediately after your/the Cardholder's application has been approved by Paynetics.
9.3 The Physical Card will be delivered to you/the Cardholder in person and the Cardholder may be asked to present an identification document to collect it. The Cardholder must sign on the signature strip on the back of the Physical Card immediately upon receipt.
9.4 You/the Cardholder will receive a PIN to use with your Card. You/the cardholder can change your PIN at an ATM. You/the Cardholder should remember your PIN and then destroy the media on which it is stored. You and the Cardholder are required to keep all security data such as the PIN safe (see clause 14 below).
9.5 You can request Paynetics to issue a new Card in the following cases:
9.5.1. in the event of destruction or damage to the card;
9.5.2. in the event of loss, theft or other misappropriation of the card,
9.5.3. in the event of a forgotten PIN and
9.5.4. when your card expires. When your card expires, it will only be automatically replaced if your card has been used within the last two months before the expiry date.
9.6 If your Card is replaced due to loss or damage, if you forget your PIN or if your Card expires, you will be charged a replacement fee (see Tariff) which will be deducted from your Account. If your Card has been reported stolen or misappropriated, you will be charged a fee directly related to the cost of replacement (see Tariff). If your card has been reported lost, stolen or misappropriated but is later recovered, you should inform Paynetics immediately and destroy the card.
9.7 When you/the cardholder receive the card, it is inactive. You/the Cardholder must activate the Card before you can use it. Otherwise, all Card payments attempted by you/the Cardholder will be rejected. The Card can be activated online by following the activation instructions provided by us.
10. INSTRUCTIONS FOR CARD PAYMENTS
10.1 You / the Cardholder instruct us and agree that a Payment may be made with your Card in one of the following ways:
10.1.1. for cash withdrawals from ATMs: by entering a PIN;
10.1.2. when paying for goods or services in shops: by entering a PIN and/or signature on the receipt or by touching/waving the Card (or a device in which it is held) via a contactless payment card reader;
10.1.3. for online payments for goods or services online or by telephone: by providing your Card Details and a unique payment code or other security information or evidence when prompted.
10.2 Your consent to a Card Payment may relate to a one-off payment or a series of recurring payments with a Card (e.g. if you/the Cardholder provide your Card Details to a Merchant for future Card Payments) and may be for a fixed or variable amount.
10.3 Merchants in certain industries (e.g. car rental companies, hotels and other service providers) estimate the amount of the final Card payment to them and require a "pre-authorisation" or withholding of the estimated amount on the Card. Sometimes this withheld amount exceeds the final amount spent. In such cases, the amounts originally withheld will not be available to you/the Cardholder for up to 15 days until the final Card Payment Request is received by us or released by the Merchant. Paynetics can only release such amounts with the merchant's consent.
10.4 You and the Cardholders are responsible for providing correct and accurate instructions for the execution of a Payment. If the instructions provided by you or the Cardholders are incorrect, inaccurate or incomplete, Paynetics shall not be liable for any errors or inaccuracies in the transaction. If a payment is executed in accordance with the instructions provided by you/the Cardholders, it shall be deemed to have been executed correctly.
11. FEES AND EXCHANGE RATES
11.1 The fees applicable to your Account, Card and related services and/or transactions are set out in the Tariffs. All Fees are set in the currency of the relevant Card and/or Account to which they apply and will be deducted from the relevant Account.
11.2 Paynetics reserves the right to change the applicable fees in accordance with this Agreement (see also Clause 16). Changes to the reference exchange rate shall take effect immediately and without prior notice.
11.3 If a payment is received on or sent from your Account in a currency other than the Account currency (including transfers between your Accounts in different currencies), the payment amount will be converted into the currency of the destination Account using an exchange rate consisting of a reference rate (available in the App) plus the conversion fee set out in the Tariffs. The exchange rate is determined at the time Paynetics receives the payment (for payments to the account) or the payment instruction (for payments from the account).
11.4 If a Card Payment is made in a currency other than the currency of the Account from which it is debited, the amount of the Card Payment will be converted into the currency of the Account using the reference exchange rate applied by MasterCard® (available at https://www.mastercard.co.uk/en-gb/personal/get-support/convert-currency.html), plus the currency conversion fee specified in the Card Payment Tariffs. The exchange rate is set on the day the card payment is processed. The exchange rate is not set by Paynetics and fluctuates throughout the day, i.e. it may change between the date of the card payment and the date of processing. Paynetics provides information on the website about the total cost of currency conversion for card payments, expressed as a percentage mark-up on the latest available euro reference rate issued by the European Central Bank.
12. NEGATIVE BALANCE
12.1 If an action results in a negative balance on your account, you must reimburse Paynetics the amount of the negative balance immediately upon request. Paynetics is entitled to offset the amount of the negative balance against the credit balance on other accounts held by you, including subsequently loaded credit balances. Paynetics may block accounts and Cards until the negative balance has been fully refunded and take legal action against you to recover this amount.
13. COMMUNICATION PROCESSES
13.1 The Contract is made in English and all communications between you and us will be in English unless otherwise expressly agreed in this Contract.
13.2 Your representatives, persons authorised by you and the Cardholders may receive information electronically about payments made with the Card/Account.
13.3 We may communicate with you (including sending you information or notices in relation to this Agreement) by any of the following methods:
13.3.1. via the app;
13.3.2. by e-mail;
13.3.3. by telephone (including sending an SMS);
13.3.4. by writing to your home address.
We will tell you if any of these methods of communication are not available. We will also tell you if you need any technical requirements or software to communicate with us.
13.3.5 We will use the contact details you last gave us to communicate with you. If any of your contact details change, you must notify Paynetics as soon as possible by updating your details via the App. Any notifications, invitations or other communications sent to your last known email address to Paynetics will be deemed delivered.
13.3.5 You can contact Paynetics via the Customer Relations Centre (see contact details in clause 21).
13.3.6 Paynetics will provide you with information about your Account and Card transactions and charges in the form of electronic statements accessible via the App. Statements are not provided in paper form. Information about your Account and Card will be updated when activity has occurred with the Account and/or Card, including information about any fees charged. From the time you access the account statement via the App, you will be deemed to have been informed of the transaction in question. You will be charged for obtaining additional information or for obtaining information in a manner other than described herein.
14. SAFETY MEASURES
14.1 You and the Cardholders must use your Card and Account in accordance with the terms and conditions set out in this Agreement. You and the Cardholders have an important obligation to do all that you and the Cardholders can reasonably do to keep your Account and Card safe and to notify Paynetics of any loss, theft, misappropriation or unauthorised use of the Card or Account immediately after becoming aware of it, as described below.Your obligations and the Cardholders' obligations to keep your Account and Card safe and secure
14.2 You/the Cardholder(s) will be provided with or will be able to set up certain security details (such as your Card PIN and a password, passcode or other credentials that can be used to access or make payments with your Account or Card via the App). You/the Cardholder must:
14.2.1. take all reasonable steps to keep your Account, Card and Security Data secure;
14.2.2. not write down your security details (e.g. PIN or password) unless you do so in a way that makes it difficult for others to recognise them;
14.2.3. not record security information such as the PIN on the card or keep such information with the card;
14.2.4. not to disclose and/or allow anyone else (other than authorised providers of account information services or payment initiation services) to use your security information such as user IDs, passwords or PINs in any way;
14.2.5. keep your Card and any personal devices (mobile phones, computers, tablets) that may be used to access your Account, Cards or Security Data secure and do not allow others to use them to make payments;
14.2.6. not to choose security details such as a PIN or password to access your Card or Account that are easy for someone to guess, such as letters or numbers that are
14.2.6.1. can be easily associated with you, e.g. your telephone number or date of birth;
14.2.6.2. are part of the data printed on the card;
14.2.6.3. consist of the same digits (1111) or sequence of consecutive digits (1234); or
14.2.6.4. are identical to a previously selected PIN/password.
14.2.7. use up-to-date virus, malware and spyware software and a firewall on all devices used to access your Account or Cards to reduce the risk of security breaches.
Your reporting obligation
14.3 If your Card has been retained by an ATM, you must notify Paynetics immediately. If Paynetics is unable to return the Card to you, Paynetics will issue you with a new Card as a replacement.
14.4 You must notify the Paynetics Customer Relations Centre (using the contact details set out in clause 21) immediately if:
14.4.1. your Card is lost, stolen or misappropriated; or
14.4.2. you believe that your Card or Account has been used without authorisation or that another person is able to use or access your Account, Card or Security Data. Paynetics will use all reasonable endeavours to stop the use of the Account and/or Card by blocking the Account and/or Card payments upon receipt of notice from you.
14.5 Paynetics may restrict, block or deactivate the Card or Account if:
14.5.1. Paynetics has concerns about the security of the Card or Account or the security data associated with it;
14.5.2. Paynetics becomes aware or suspects that the Account, the Card or the associated security data is being used in an unauthorised, unlawful or fraudulent manner;
14.5.3. Paynetics reasonably believes that it must do so in order to comply with the law or a court order in an applicable jurisdiction, the instructions of a Card Organisation or any other regulation or duty applicable to Paynetics;
14.5.4. this Agreement is terminated for any reason;
14.5.5. you request us to do so;
14.5.6. you have materially breached any term of this Agreement.
14.6 We will, where possible, notify you before restricting, blocking or deactivating your Account or Card and of the reasons for doing so. If it is not possible for us to notify you beforehand, we will notify you immediately afterwards. We will not notify you if doing so would compromise our security measures or would be unlawful.
14.7 The blocking of your Card and/or Account will be lifted or reactivated (or replaced) as soon as possible once the reasons for the blocking no longer exist.
Communicating with you about fraud or security threats
14.8 We may need to contact you urgently in the event of suspected or actual fraud or a security threat to your Account, Card and/or Security Data. We may do this by using a text message, telephone, email or other secure method. When we contact you, we may also provide you with information on how to minimise the risk to your Account, Card or Security Data depending on the nature of the security threat. However, we will never ask you to provide your full security details (such as PIN, password or passcode) or ask you to transfer money to a new account for security reasons.
15. LIABILITY & REFUND
15.1 You must notify Paynetics in writing of any unauthorised or incorrectly executed payment on your Card or Account immediately after you become aware of such unauthorised or incorrectly executed payment and in any event no later than two months after the date on which the payment was charged to your Account/Card. You may notify us of any such unauthorised or incorrectly executed payment by contacting the Customer Relations Centre (see clause 21 for further details). You will be deemed to be aware of an unauthorised or incorrectly executed payment from the time you access the relevant statement in the App. Paynetics will not be liable for unauthorised or incorrectly executed payment transactions under this clause 15 if Paynetics has not received notification within two months of the date on which your account/card was debited.
15.2 If you notify us of an unauthorised or incorrectly executed payment in accordance with clause 15.1, you may be entitled to a refund of the amount as described below. Paynetics will verify the authenticity of the payment, its proper recording and reporting, and whether the transaction was affected by a technical malfunction or other defect. As you are not a User, you agree that Articles 78 and 80 of the Bulgarian Payment Services and Payment Systems Act (or the corresponding provisions of UK law, if applicable) do not apply to your relationship with Paynetics under the Contract.
15.3 If Paynetics detects an unauthorised transaction and there is no reasonable suspicion that you/the Cardholder have acted fraudulently, Paynetics will refund the value of the unauthorised transaction to you within the statutory time limits. If necessary, Paynetics will restore your account/card to the status it would have been in if the unauthorised transaction had not taken place.
15.4 If you are entitled to a refund for an incorrectly made or unauthorised payment, we will make the refund to you as soon as possible after we receive your request or any additional information we request to verify your entitlement to a refund. However, if after making the refund we conclude that you were not entitled to the refund, we will be entitled to deduct the refund amount from your Account and reserve the right to recover the value of the refunded payment by other legal means.
15.5 If Paynetics detects an unauthorised transaction and there is no reasonable suspicion that you/the Cardholder have acted fraudulently, Paynetics will refund you the value of the unauthorised transaction within the statutory time limits. If necessary, Paynetics will restore your account/card to the status it would have been in if the unauthorised transaction had not taken place.
15.6 The provision in Article 15.3 shall not apply and you shall bear all losses, irrespective of their amount, in connection with unauthorised transactions if you/the Cardholder caused them by fraud or failure to perform one or more obligations under the Agreement.
15.7 In cases where it is found that the notification under Article 15.1 is unjustified, you must pay a fee in accordance with the Tariff.
Unauthorised payments from your account or card
15.8 You will not be entitled to any refund and will bear all losses, irrespective of their amount, in connection with any unauthorised payment if:
15.8.1. the payment was authorised by you/the cardholder;
15.8.2. you have acted fraudulently;
15.8.3. you have failed to comply with one or more of your obligations under this Agreement (e.g. in relation to keeping your Account and Card safe or notifying us of unauthorised payments).
Non-executed or incorrectly executed payments from your account or card
15.9 If Paynetics fails to make a payment from your Account or with a Card or makes an incorrect payment, Paynetics will promptly refund the amount of the payment (including any fees to restore the Account to the level it would have been at had the incorrect payment not been made) unless Paynetics can prove that the recipient's payment service provider received the payment (in which case it will be liable). In this case, Paynetics will, at your request, make reasonable efforts to trace the payment and inform you of the outcome.
15.10. Paynetics shall not be liable for payments made in accordance with the payment instructions given by you. If the payment instruction given by you was incorrect or incomplete (e.g. if you made a mistake in providing the beneficiary's account details), Paynetics will use reasonable efforts to recover the payment amount. Paynetics may charge you a fee for such recovery as set out in the Tariffs. If Paynetics is unable to recover the payment amount, Paynetics will provide you with the relevant payment information upon your written request.
Late or incorrectly executed payments to your account
15.11. If a payment is received into your account in error (e.g. by mistake), Paynetics may retain the payment and return it to the sender if it considers this appropriate. In any event, Paynetics is obliged to provide the sender's payment service provider with certain information about you and the payment so that it can recover the funds.
Payments initiated by the payee
15.12. If you or the Cardholder authorise a payment initiated by or through the Payee without knowing the final amount of the payment (e.g. a Card payment initiated by the merchant when renting a car or booking a hotel room), you have the right to request a refund of such payment from Paynetics, provided all of the following conditions are met:
15.12.1. you have requested a refund within 8 weeks from the date your Paynetics account was debited;
15.12.2. at the time of authorisation to make the payment, the exact amount was not specified; and
15.12.3. the amount of the payment exceeds the amount that you could reasonably have expected taking into account your previous spending pattern, the terms of this Agreement and the particular circumstances of the case. If the amount of the payment has increased due to the currency exchange, even though the reference exchange rate agreed with Paynetics has been applied, this does not constitute a valid reason.
15.13. Within 10 working days of receipt of your refund request or, where applicable, of any further information requested by Paynetics, Paynetics will refund the full amount of the payment to you or inform you that the refund has been refused, together with the reasons for the refusal and where you can complain if you do not accept those reasons. The refund will include the full amount of the payment backdated to the date your account was debited.
15.14. You are not entitled to a refund of payments initiated by or through a payee if:
15.14.1. you have given your consent to make the payment directly to Paynetics; and
15.14.2. Paynetics or the payee has informed you of the impending payment at least 4 weeks before the payment.
General liability
15.15. Paynetics shall not be liable to you for any damage or loss arising out of or in connection with
15.15.1. the use of the card or account by you/the cardholder not in accordance with the contract;
15.15.2. payments made in accordance with information or instructions provided by you that were incorrect, inaccurate or incomplete;
15.15.3. unusual or unforeseeable circumstances beyond Paynetics' control, the consequences of which could not be avoided despite Paynetics' best efforts;
15.15.4. the refusal of a merchant, an ATM or any other person to accept the Card or any other Account Payment;
15.15.5. malfunction of a mobile device or other equipment, software or services required for the successful technical execution of a transaction and which are beyond the control of Paynetics;
15.15.6. compliance with applicable legal or regulatory requirements or rules or guidelines established by the Card Organisation;
15.15.7. if you/the Cardholder act fraudulently or with gross negligence;
15.15.8. loss of revenue, goodwill, foregone benefits or anticipated savings;
15.15.9. any loss or damage which is neither a direct result nor a direct consequence of a breach of this Agreement by Paynetics; or
15.15.10. loss or damage caused by a virus, denial of service attack or other technologically harmful material that may infect a computer or other device, software programs, data or other proprietary material associated with the Card, the Account and this Agreement;
15.15.11. the quality, safety, legality or other aspects of any goods and/or services purchased with the Card or Account or any potential dispute between you and the provider of such goods/services;
15.15.12. the refusal by Paynetics to accept or execute payments or the restriction, blocking or deactivation of your Account and/or Card under this Agreement;
15.15.13. loss or damage for which Paynetics is not liable under the law.
15.16. Nothing in this Agreement shall limit or exclude Paynetics' liability for fraud, gross negligence or any other liability which cannot be excluded or limited by law.
15.17. You and the Cardholders are responsible for the use of the Card and the Account in accordance with this Agreement. They shall be liable to Paynetics for all losses and damages caused by their improper and/or non-contractual use.
16. AMENDMENTS TO THIS AGREEMENT
16.1 Paynetics may amend this Agreement, including the charges set out in the Tariff, as set out below for reasons which may include (but are not limited to) the following:
16.1.1. changes to the Products or Services or introduction of new Products or Services under this Agreement.
16.1.2. taking back a specific part of our products or services.
16.1.3. changes in market conditions or operating costs affecting Paynetics.
16.1.4. changes in technology, our systems and/or payment methods.
16.1.5. make this Agreement clearer or more favourable to you; or
16.1.6. changes in laws, regulations, codes or rules applicable to Paynetics.
16.2 Paynetics may notify you of changes to this Agreement, including the Tariff, by posting on the Website, the App and/or by email and the date on which such changes will take effect. The changes will take effect immediately.
16.3 If you do not agree with the changes to this Agreement, you have the right to terminate this Agreement. Paynetics will assume that you have accepted the changes unless you notify Paynetics by email within 14 days of publication on the website/app/receipt that you do not accept those changes. If you have notified Paynetics that you do not accept the changes, this Agreement will terminate.
16.4 Paynetics will not notify you of any changes involving an extension of the scope of services, changes that are more favourable to you or reproductive changes to the legal acts.
17. TERM OF THE AGREEMENT. TERMINATION. TERMINATION. TERM OF VALIDITY OF THE CARD
17.1 This Agreement shall come into force when Your Application is approved by Paynetics. This Contract shall remain in force until terminated in accordance with its terms.
17.2 This Agreement may be terminated by you:
17.2.1. by notifying Paynetics that you do not accept any amendments to this Agreement pursuant to clause 16.3;
17.2.2. request Paynetics in writing to terminate this Agreement at any time.
17.3 This Agreement may be terminated by Paynetics:
17.3.1. be terminated with 1 month's notice;
17.3.2. immediately if:
17.3.2.1. you/the Cardholder breach a material term or persistently violate the terms of this Agreement;
17.3.2.2. Paynetics has reasonable grounds to suspect that your Account, Card or any of its services are being used for fraudulent or illegal purposes or in an unauthorised manner or for Prohibited Transactions;
17.3.2.3 Paynetics is required to do so in order to comply with a law or regulation or a requirement of a regulatory authority or card organisation;
17.3.2.4. Paynetics reasonably believes that the continued use of your Account or Card could result in Paynetics being in breach of any applicable law or regulation, code or other duty applicable to Paynetics or subject Paynetics to any adverse action, reprimand, fine or penalty by any regulatory body, law enforcement agency or other governmental authority or card organisation.
17.3.2.5 you become bankrupt or insolvent or are subject to an event or circumstance having an analogous or similar legal effect;
17.3.2.6. in other cases provided for by law or by the contract.
17.4 If this Agreement is terminated for any reason, your and the Cardholders' right to use the Account and the Card will be terminated, your Account will be closed and the Card will be deactivated. All fees and other amounts due to Paynetics under the Agreement, if any, will become due upon termination. You may request the return of any remaining balance on your Account in accordance with clause 18.
17.5 You are responsible for all payments made prior to the termination of this Agreement, for any liabilities arising therefrom and for all other obligations in connection with the use and maintenance of the Account or Card prior to such termination.
18. REPAYMENT
18.1 You may redeem all or part of the E-Money held in your Account at any time during the term of this Agreement by requesting a refund from Paynetics. Upon termination of this Agreement, you may only request a full refund of the remaining e-money in your Account. You may request redemption of the e-money by contacting the Customer Relations Centre. You must provide Paynetics with details of an account [which must be in your name] into which the redemption is to be made and any other details we may require. Paynetics may require you to provide satisfactory confirmation of your identity and address before making the refund.
18.2 All refunds will be paid in the currency of your Account in which the remaining e-money is held at the exchange rate prevailing at the time the refund is processed.
18.3 A redemption fee (see Tariff) shall be charged for each redemption request to cover the redemption costs in accordance with the Tariff.
18.4 Paynetics will not refund the remaining value of the E-Money in your Account if you make the redemption request more than 6 years after the date of termination of this Agreement.
19. COMPLAINTS
19.1 If you wish to complain about Paynetics' services under this Agreement, you may contact the Paynetics Customer Relations Centre.
19.2 Further information about how we deal with complaints can be found on the website. At your request, or if we receive a complaint from you, we will provide you with a copy of our complaints procedure. In most cases Paynetics will investigate your complaint and provide a full response within 15 working days of receiving it. In exceptional circumstances where Paynetics is unable to provide a full response to your complaint within this timeframe, Paynetics will send you a provisional response setting out the reasons for the delay and the timeframe within which you will receive a full response, which in all cases will be within 35 business days of the date of receipt of your complaint.
19.3 If the Payment Services under this Agreement are provided in the United Kingdom and Paynetics has not provided a full response to your complaint within the time limit set out above, or has not resolved your complaint to your satisfaction, you may refer your complaint to the Financial Ombudsman Service (Exchange Tower, London E14 9SR, telephone 0800 023 4567, email complaint.info@financial-ombudsman.org.uk). For more information on the services offered by the Financial Ombudsman Service, see www.financial-ombudsman.org.uk.
19.4 If the Payment Services under this Agreement are provided in the EEA and Paynetics has not fully responded to your complaint within the time limit set out above or has not resolved your complaint to your satisfaction, you may refer your complaint to the Payment Disputes Committee at the Consumer Protection Commission (1000, Sofia, 1 Vrabcha Str, fl. 4, Bulgaria). For more information on the services offered by the Payment Disputes Settlement Committee, see www.kzp.bg and https://abanksb.bg/pkps/pkps-contacts-En.html.
20. MISCELLANEOUS
20.1 If the Payment Services under this Agreement are provided in the United Kingdom, this Agreement shall be governed by English law. All disputes relating to this Agreement shall be finally settled by an English court.
20.2 If the Payment Services under this Agreement are provided in the EEA, this Agreement shall be governed by Bulgarian law. All disputes relating to this Agreement shall be finally settled by a Bulgarian court.
20.3 Pursuant to Article 46(5) of the Bulgarian Payment Services and Payment Systems Act (LPSPS), the Parties agree that Articles 47-66 of the LPSPS (or, where applicable, equivalent provisions of UK law) shall not apply to their relationship. Any amendments to the Agreement, the Agreement and the Tariff will be made in accordance with Article 16. Pursuant to Article 67(4) of the LPSPS, the Parties agree that Articles 68(1), 70(4) and (5), the term in Articles 77(1), 78, 80, 82(2) and (3), 85, 91, 92 and 93(1) of the LPSPS (or, where applicable, equivalent provisions under UK law) shall not apply to their relations but only the relevant provisions of the Treaty and the Agreement into which they are incorporated by reference.
20.4 Paynetics may transfer or assign its rights and obligations under this Agreement to another company or person at any time. If the transfer means that another organisation will provide the Services under this Agreement to you instead of Paynetics, Paynetics will notify you of the transfer and the date on which the transfer takes effect. Unless otherwise stated in the notice, the terms and conditions of this Agreement will be binding on you and the transferee from the effective date of the transfer as if the transferee were the original party to the Agreement. This does not affect your statutory rights in relation to this Contract or the services provided under this Contract.
20.5 You may not transfer or assign your rights or obligations under this Agreement to any other person or entity without Paynetics' prior written consent.
20.6 If any court or competent authority determines that any particular provision of the Contract (or part of any provision) is invalid, illegal or unenforceable, that provision (or part of it) shall be deemed to be non-existent to the extent required and the validity and applicability of all other provisions of the Contract shall not be affected thereby.
21. CENTRE FOR CUSTOMER RELATIONS
21.1 You can contact the Paynetics Customer Relations Centre using the contact details provided below. For monitoring purposes, we may record any conversation with the Customer Relations Centre.
21.1.1 Contact us if you have any questions about our services (open Monday to Friday from 9.00 to 17.00, EET):
21.1.1.1. by telephone: 0043 676 633 9008
21.1.1.2 By e-mail: service-lunch@corplife.at
