Terms and Conditions

ELECTRONIC PAYMENT SOLUTIONS LTD

Terms and Conditions

(version 1.02, dd. 25 September 2019)

IMPORTANT INFORMATION: This document together with the information given with your application set out the terms and conditions which apply to your business account(s) with us, ELECTRONIC PAYMENT SOLUTIONS LTD, Office 526, Mocatta House, Trafalgar Place, Brighton BN1 4DU, United Kingdom. Please read these terms and conditions carefully before activating or using your account. Present terms and conditions shall apply to all Customers.

DEFINITIONS

Account - a non-deposit non-interest bearing pre-paid electronic account with ELECTRONIC PAYMENT SOLUTIONS LTD.

Available Balance - the value of unspent funds loaded onto your Account and available to use.

BIC code(s) - Bank Identifier Code means a standard format code managed by SWIFT now called Business Identifier Codes (BIC) which is used to uniquely identify banks and financial institutions globally - it who and where they are. This code is used when transferring money between banks, in particular for international wire transfers or SEPA payments.

Business account - same as Account.

Business Day - Monday to Friday, 09:00hrs to 17:00hrs GMT, excluding bank and public holidays in the UK.

Customer - The person who has applied successfully for an Account and associated Payment Service. The Customer is the legally and financially responsible person to whom we provide the Payment Services.

ELPASO - Trading name of ELECTRONIC PAYMENT SOLUTIONS LTD.

E-money - Electronic money is monetary value, the digital equivalent of cash, issued by an e-money institution and stored on or allocated to an electronic device issued and usable for payments.

Fee - The price paid by the Customer for the Payment Services.

IBAN - An IBAN or International Bank Account Number is part of a new international standard that has been adopted as part of the SEPA (Single Euro Payments Area) agreement.

Know Your Business - Know Your Business due diligence checks on corporate entities, their directors and beneficial owners as per Anti Money Laundering regulatory requirements.

Know Your Customer - Know Your Customer – personal due diligence checks as per Anti- Money Laundering regulatory requirements.

Limitation Period - Where applicable means the period of 6 years following termination of this Agreement.

Payment Services - Means all payment and e-money services and any related services available to the Customer through the use of the Account.

SEPA - The Single Euro Payments Area (SEPA) is a payment integration initiative of the European Union to help simplify the process of bank transfers. 

SWIFT - The Society for Worldwide Interbank Financial Telecommunication provides a network that enables financial institutions worldwide to send and receive information about financial transactions in a secure, standardized and reliable environment.

Transaction - A payment that is made by the use of the Payment Services.

“We”, “us” or “our” - ELECTRONIC PAYMENT SOLUTIONS LTD as the e-money issuer and regulated entity.

“You” or “your” - The Customer and/or any person who has been provided with an Account for use in accordance with these Terms and Conditions.

1. Contact Us

Your Account can be managed online at https://www.elpaso.co.uk. In can also use email support@elpaso.co.uk or phone +44 (0) 1273 004 434. At any time during the contractual relationship, you shall have the right to receive, on request, these terms and conditions free of charge.

2. Your Agreement with Us

2.1. These are the terms & conditions of the agreement between us and you (Agreement).

2.2. Your Account and Payment Service are provided by ELPASO. ELPASO is registered in England and Wales under Company Registration Number is 11070048. Registered Office: Office 526 Mocatta House, Trafalgar Place, Brighton BN1 4DU, United Kingdom.

2.3. ELPASO is authorized and regulated as an e-money issuer by the Financial Conduct Authority registration number 900873.

2.4. Details of the ELPASO authorization license by the Financial Conduct Authority are available on the public register at https://register.fca.org.uk/.

2.5. These terms and conditions govern the relationship between us and you for the provision of the Payment Services by us to you. This Agreement also contains important warnings and information that may affect your rights and your ability to recover your money. By activating your Account, you shall be deemed to have accepted and fully understood the terms and conditions set out in this Agreement and you agree to comply with these by your use of the Account and/or by indicating your acceptance.

2.6. Your Payment Services may not be activated unless we have been provided with the required information so that we may identify you and can comply with all applicable KYC and anti-money laundering requirements. We shall keep records of such information and documents in accordance with all applicable legal and regulatory requirements.

2.7. Reference to a currency (e.g. Euros € or Sterling £) shall mean that amount or the local currency equivalent in which your Account is denominated.

2.8. The Available Balance on your Account will not earn any interest.

2.9. The Payment Services are prepaid payment services and not a credit or bank product, you must, therefore, ensure that you have a sufficient Available Balance to pay for each purchase, payment that you make using the Payment Services (including value-added tax and any other taxes, charges and fees that are applicable). If for any reason a Transaction is processed and the Transaction amount exceeds the Available Balance, you must repay us the amount of such excess immediately and we shall be entitled to stop any existing or subsequent Transactions from proceeding.

2.10. Only persons over 18 years of age are entitled to register for the Payment Services.

3. Service Limits

3.1. Transactions may be restricted by an Account type, individual usage patterns, and payment risk profiles. For anti-money laundering and anti-fraud reasons we reserve our rights to change particular payment restrictions (including from those published or included herein) without notice and to the extent required to meet our regulatory obligations.

3.2. When sending funds to your account with us, we recommend that senders use the SEPA transfer payment method to send funds to your individual account and associated IBAN. If this is not an available option, you are responsible for checking all of the details and references when sending funds as we will not be responsible to do so.

3.3. We cannot be held liable for the payment process or fees associated with the bank(s) and or intermediary bank(s) to process payments from you to us. Any fee(s) charged to us, not limited to receiving, processing or crediting a payment for you will be deducted by us before crediting the remaining balance to you.

3.4. You are responsible for checking and confirming payment details and fees before making a payment to us.

3.5. ELPASO will credit payments received to your account at least once a day and before the end of the business day (Monday – Friday only). ELPASO will process payments received after the cut off period will be processed the next working day and you will hold ELPASO free and clear from any responsibility in this regard.

4. Use of the Services

4.1. You can use the Payment Services up to the amount of the Available. If the Available Balance is insufficient to pay for a Transaction, it will not be completed.

4.2. The value of each Transaction and the amount of any fees or charges payable by you under this Agreement will be deducted from the Available Balance.

4.3. Once a Transaction is authorized it cannot be withdrawn.

4.4. In order to protect you and us from fraud, we will seek for electronic authorization before processing any Transaction.

4.5. We may refuse to authorize any use of the Payment Services which could breach these terms and conditions or if we have reasonable grounds for suspecting that you or a third party have committed or are planning to commit fraud or any other illegal or unpermitted use of the Payment Services.

4.6. Your ability to use or access the Payment Services may occasionally be interrupted, for example, if we need to carry out maintenance on our website. Please contact Customer Services via our website to notify us of any problems you are experiencing using your Account and we will endeavor to resolve any problem.

5. Foreign Currency Exchange

5.1. You can exchange Electronic Money in your Account to another currency and link it to a payment transaction by using the exchange function. The currencies which you are able to purchase and use for a further payment are limited to those set out on the ELPASO Dashboard and are subject to change from time to time without us being required to provide you with notice.

5.2. Using the FX request button on the ELPASO Dashboard, you will be informed of

5.2.1. the amount of Electronic Money you will use to purchase the required foreign currency;

5.2.2. the amount and the foreign currency you wish to purchase;

5.2.3. the exchange rate of a transaction between Electronic Money you sell and the foreign currency you buy for further payment transaction.

5.3. In order to submit the Foreign Currency Exchange request, you have to supply payment details for the payment transaction in foreign currency and accept details of the transaction pursuant to clause 5.2. By entering into these Terms, you accept sole responsibility for entering into the Exchange. ELPASO will not be responsible for any losses you incur as a result of you using this function.

5.4. The request to enter into a Foreign Currency Exchange will be accepted when we confirm to you that the Foreign Currency Exchange has been entered into, on the ELPASO Dashboard.

6. Managing & Protecting Your Account

6.1. You are responsible for any Username, PIN number and Account passwords. Do not share your Account security details with anyone.

6.2. You must keep your Account, PIN, Username, and Password safe and not disclose it to anyone else.

6.3. The Payment Services may only be used by the Customer.

6.4. If you believe that someone else knows your Account security details, you should contact us immediately.

7. Identity Verification

7.1. You must notify us within 7 days of any change in the Account address or your other contact details. You can notify us by contacting Customer Services who may require you to confirm such notification in writing. You will be liable for any loss that directly results from any failure to notify us of such a change as a result of undue delay, your gross negligence or fraud. We will need to verify your new Account address and shall request the relevant proofs from you.

7.2. We reserve the right at any time to satisfy ourselves as to your identity and address (for example, by requesting relevant original documents) including for the purposes of preventing fraud and/or money laundering. In addition, at the time of your application or at any time in the future, in connection with your Account, you authorize us to perform electronic identity verification checks directly or using relevant third parties.

8. Cancelling Services

8.1. If you are the Customer and you wish to cancel the Payment Services at any time, you must request cancellation online by informing us of your wish to cancel and to claim a refund of your unused funds by emailing us. You must e-mail us from the e-mail address you provided when registering your Account. Our Customer Services department will then suspend all further use of your Payment Services.

8.2. Once we have received all the necessary information from you (including KYC) and all Transactions and applicable fees and charges have been processed, we will refund to you (Customer) any Available Balance less any fees and charges payable to us, provided that:

8.2.1. you have not acted fraudulently or with gross negligence or in such a way as to give rise to reasonable suspicion of fraud or gross negligence; and

8.2.2. We are not required to withhold your Available Balance by law or regulation, or at the request of the police, a court or any regulatory authority.

8.3. If following reimbursement of your Available Balance, any further Transactions are found to have been made or charges or fees incurred or we receive a reversal of any prior funding transaction, we will notify you of the amount and you must immediately repay to us such amount on demand as a debt.

9. Termination or Suspension of Your Account

9.1. We may terminate your use of the Payment Services with prior notice of at least 2 months.

9.2. We may terminate or suspend, for such period as may reasonably be required, your use of the Payment Services at any time, without prior notice:

9.2.1. in the event of any fault or failure in the data information processing system;

9.2.2. if we reasonably believe that you have used or are likely to use the Payment Services or allow them to be used, in breach of this Agreement or to commit an offense;

9.2.3. if any Available Balance may be at risk of fraud or misuse;

9.2.4. if we suspect that you have provided false or misleading information;

9.2.5. By order or recommendation of the police or any relevant governmental or regulatory authority.

10. Our Liability

10.1. Notwithstanding any contrary provisions of imperative law, all obligations incumbent upon ELPASO are obligations to endeavor to act in its own best interests, as opposed to providing a peculiar result. Besides, ELPASO’s responsibility limits itself to intentional faults as well as serious oversights consequently committed.

10.2. Without prejudice to the other declarations of non-responsibility and restrictions stated in these terms of use, ELPASO will not, under any circumstances, be held responsible for losses resulting from a fortuitous event.

10.3. The circumstances listed hereinafter constitute a case of force majeure: all the events, foreseeable or not, that are reasonably out of ELPASO’s control; in this respect, this list is non-exhaustive of force majeure cases.

10.3.1. A technical fault affecting ELPASO’s IT system through a computer virus, or other problems or incidents affecting computers’ components, hardware, software or resulting from a system overload, that ELPASO was not reasonably able to foresee;

10.3.2. Power failure, fire, flooding and all other natural disasters (whether or not the relevant authorities consider them as such);

10.3.3. A strike by ELPASO’s staff, or by one of the suppliers’ or third parties’ staff;

10.3.4. Operations carried out on the instructions of persons with de facto power in the event of a war, disturbances, strikes or occupation of territory by foreign and illegal forces;

10.3.5. Decisions taken by the UK authorities, or another country;

10.3.6. Errors, system malfunctions or others affecting UK and foreign telecommunication services (including the provision of internet access), postal services, private transport services, as well as all the public service providers as defined in Directive 2000/31/CE of June 8, 2000 on certain legal aspects relating to public services, such as e-commerce, on the national market; as well as 

10.3.7. The failure to perform contractual obligations affecting ELPASO’s suppliers, including for instance the partner banks that ELPASO chose to carry out foreign exchange transactions inherent to the Services, or to carry out payments in relation to these.

10.4. In the case that ELPASO is held responsible, by virtue of this Agreement, and unless otherwise specified by Law, its responsibility will be limited to losses necessarily, foreseeably and inevitably caused by ELPASO, and will under no circumstances lead to the payment of compensation for losses incurred (for instance, and without limitations: financial loss, sales loss, loss related to reputation or other aspects, or the client’s incurred loss as a result of legal action initiated by a third party).

10.5. Notwithstanding any contrary provisions of imperative law, ELPASO’s liability in accordance with these clauses will always be limited to the transaction and exchange charges paid to ELPASO within the framework of the Service, for which its responsibility compels it to.

10.6. The client acknowledges the eventual volatility in foreign exchange rates. ELPASO will not be held responsible with respect to the client for eventual losses resulting from the fluctuation of foreign exchange rates.

10.7. Under no circumstances will ELPASO be held responsible with respect to the client for eventual losses resulting, in whole or in part, from the client’s failure to fulfill their obligations. ELPASO may not be held responsible for the eventual inaccuracy of the information willingly or unwillingly given by the client within the framework of the use of the platform.

10.8. If a client commits a breach of their obligations or runs the risk of failing to comply with one of their obligations regarding ELPASO (for instance in an eventual restructuring procedure subject by court order, or any other similar collective payment procedure), the client’s liabilities and future obligations, of any kinds, regarding ELPASO, will be due immediately.

10.9. The client will not be entitled to any compensation. Even so, all due amounts owed to ELPASO, as well as ELPASO’s obligations regarding the client (if they are not in the same currency denominations), are connected and will be mutually deducted by ELPASO (and ELPASO only), including the case of insolvency proceedings, restructuring order, seizure or other situation entailing the related creditors’ equity rights (multiple affiliations), in compliance with the mandatory provisions of applicable UK law.

10.10. ELPASO may pronounce, on its own initiative, on the reconciliation of claims owed to the client, as well as all the amounts towards which it remains indebted. If necessary, the currency exchange required within the framework of this compensation will be carried out following the applicable exchange rate available on the date of the exchange.

10.11. ELPASO will not be held responsible towards the client in any way or by any means regarding damages and any direct or indirect losses incurred by the client or third party, resulting from the refusal of the client’s request, regardless of its nature.

11. Payment Disputes

11.1. We aim to provide customers with easy access to our customer services team who receive the record, investigate and respond to complaints.

11.2. We take complaints very seriously and value the opportunity they provide to assist us in reviewing the way we do business and helping us meet our customers’ expectations. Our primary aim is to resolve any complaints that you may have as quickly and effectively as we can and consequently have documented the steps to be taken below. In the first instance, your initial communication will be with our Customer Support Team. We expect our Customer Support Team to respond to your complaint within five working days. You can contact our Customer Care Team using the details in clause 1. Email to support@elpaso.co.uk or phone +44 (0) 1273 006 003.

11.3. If having received a response from our Customer Care Team you are unhappy with the outcome, please contact the Complaints Officer of ELPASO, Office 526 Mocatta House, Trafalgar Place, Brighton BN1 4DU, United Kingdom, directly in writing via email on complaints@elpaso.co.uk.

11.4. If the Complaints Officer is unable to respond to your complaint immediately, you will receive confirmation that your complaint has been received and a formal investigation will be conducted. It is anticipated that you will receive a formal response to their findings within four weeks.

11.5. If the Complaints Officer of ELPASO is unable to resolve your complaint and you wish to escalate your complaint further, please contact the Financial Ombudsman Service at South Key Plaza, 183 Marsh Wall, London, E14 9SR. Details of the service offered by the Financial Ombudsman Service are available at financialombudsman.org.uk.

11.6. You must provide us with all the receipts and information that are relevant to your claim.

11.7. If our investigation shows that we have incorrectly deducted money from your Available Balance, we shall refund the amount to you. If we subsequently establish that the refunded amount had been correctly deducted, we may deduct it from your Available Balance and may charge you an Investigation Fee. If you do not have sufficient Available Balance, you must repay us the amount immediately on demand.

12. Personal Data

12.1. We are the data controller for your personal data and will process personal data given to us in connection with your Account in order to administer your Account and provide you with services relating to the Account and this Agreement. We may also use your personal data for marketing purposes and for market research purposes, in accordance with applicable legislation and our Privacy Policy.

12.2. We may check your personal data with other organizations, and obtain further information about you in order to verify your identity and comply with applicable money laundering and governmental regulations. A record of our inquiries will be left on your file. In accordance with our Privacy Policy and applicable legislation, we may provide personal data supplied by you to certain named third parties (including data processors) for the purpose of performing our obligations and exercising our rights under this Agreement, including third parties located outside the European Union where different data protection standards may apply. We may also disclose your personal data as required by law or any competent authority.

12.3. By agreeing to these terms and conditions, you acknowledge and agree to our processing of your personal data in this way.

12.4. You have the right to receive certain information concerning the personal data we hold about you and to rectify such data where it is inaccurate or incomplete.

12.5. You have also seen our Privacy Policy document and acknowledge and agree to the provisions thereof (as amended from time to time).

12.6. If you have elected to opt-in to receive email and SMS marketing, we may share your information with third parties so they can contact you directly by telephone or email about their products and services.

13. Changes to the Terms and Conditions

We may update or amend these terms and conditions (including our Fees & Limits Schedule). Notice of any changes will be given on the website or by notification by e-mail or by means of mobile device at least 2 months in advance. By continuing to use the Payment Services after the expiry of the 2-month notice period you acknowledge that you indicate your acceptance to be bound by the updated or amended terms and conditions. If you do not wish to be bound by them, you should stop using the Payment Services immediately in accordance with our cancellation policy (see clause 8).

14. Funds Protection

Your funds are safeguarded by law. In the event that ELPASO became insolvent your e-money funds are protected against claims made by any other creditors. 

15. Fees

All fee and limits can be found on your customer secure login area. We reserve the right, at any time, in our sole discretion, to reduce and/or waive any fees charged in connection with your account, without notice.

16. Miscellaneous

16.1. We may assign our rights, interest or obligations under this Agreement to any third party (including by way of merger, consolidation or the acquisition of all or substantially all of our business and assets relating to the Agreement) upon 2 month’s written notice. This will not adversely affect your rights or obligations under this Agreement.

16.2. We do not intend that any of the terms of this Agreement will be enforceable by a person, not a party to it, except that Schemes and their affiliates may enforce any right granted to it under this Agreement.

16.3. Any waiver or concession we may allow you will not affect our strict rights and your obligations under this Agreement.

16.4. You agree that you will not use the Payment Services in an illegal manner and you agree to indemnify us against any claim or proceeding brought about by such illegal use of the Payment Services.

16.5. This Agreement and the documents referred to in it, constitute the entire agreement and understanding of the parties and supersede any previous agreement between the parties relating to the subject matter of this Agreement.

16.6. All changes to the customer will be communicated by us. The most up to date terms and fees can be found on our website and your customer secure login area.

17. Regulation & Law

17.1. The Payment Services and Account are payment products and not deposit, credit or banking products, as such they are not covered by the Financial Services Compensation Scheme.

17.2. To the fullest extent permitted by law and without affecting your legal rights as a consumer, this Agreement and any dispute or claim arising out of or in connection with it or its subject matter or formation (including non-contractual disputes or claims) shall be governed by, and construed in accordance with, the laws of England & Wales and the courts of England & Wales shall have exclusive jurisdiction in relation to the same.

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