OKTO

Merchants Terms and Conditions

Valid as of 20 November 2020

IMPORTANT INFORMATION: These terms and conditions (“Agreement”) govern the use of the Payment Services defined in Clause 1, which are supplied by PCSIL Card Services (Ireland) Limited, Front Office, Scurlockstown Business Park, Trim, Co. Meath, C15 K2R9, Ireland whose details are in Clause 2 (hereinafter “PCSIL”), through their distributor NETLINK SA whose details are in Clause 2.6 (hereinafter “OKTOPAY”) ( “PCSIL” and “OKTOPAY” jointly to be referred to “we”, “us”, “our”) to any person whose application we approve (“Merchant”, “you”, “your”). Words that begin with a capital letter have the meaning given either where they first appear in this Agreement or in Clause 1. This Agreement includes the terms of our PCSIL Privacy Policy.

By activating your IBAN, you agree that you have read and understood the terms of this Agreement (a copy of which you may download and store at any time). This Agreement shall commence at that time and continue unless cancelled under Clause 10 or terminated under Clause 12. We reserve the right to change this Agreement by giving 2 months’ notice to you in accordance with Clause 18.  If we do this, you may terminate this Agreement immediately and without charge before the proposed changes take effect, otherwise you shall be deemed to have accepted such changes when the 2 months’ notice expires. However, you agree that changes to the Applicable Exchange Rate may be applied immediately and at the rate quoted via the Payment Service at the time of the relevant Transaction. Please also read the conditions of redemption, in Clause 11 before activating your IBAN.

We will communicate with you in English (the language in which this Agreement was agreed with you on registration for your Account). Key information relating to your Transactions will be provided to you at the email address you register with us and/or in your Account. You may access, download and print this information at any time by logging in to your Account. In addition, you agree that we may provide notices or other information to you from time to time by posting it in your Account, emailing it to your registered email address, mailing it to your registered physical address, calling you by phone or sending you mobile messages. Notices to you by email or mobile messages shall be deemed given 24 hours after the email is sent, unless the sending party is notified that the email address is invalid. Notices sent by registered mail shall be deemed to have been received three days after the date of mailing. You may contact us as specified in Clause 2.

You may request a copy of any legally required disclosures (including this Agreement) from us via the contact details in Clause 2, and we will provide this to you in a form which enables you to store the information in a way that is accessible for future reference for a period of time adequate for the purposes of the information and which allows the unchanged reproduction of the information stored via, for example; our website, your Account or by email.

 

1. Definitions & Interpretation

In this document, if we use words that start with a capital letter, that means the word has been defined in this ‘Definition & Interpretation’ section.

“Account” or                   a data account in our systems where we record your Available Balance,

“E-Wallet”                        Transaction Data and other information from time to time;

 

“Account Closure            has the meaning given in the published OKTOPAY Pricing;

Fee”

 

“Account Information   an online service to provide consolidated information on one or

Service”                            more payment accounts held by the payment service user with another payment service provider                                  or with more than one payment service provider;

 

“Account Information   the supplier of an Account Information Service;

Service Provider” or

“AISP”

“Applicable Exchange    the exchange rate available on PCSIL website

Rate”                                 https://prepaidfinancialservices.com/en/exchange-rates;

“ATM”                               an automated teller machine is an electronic telecommunications device that enables Customers to perform financial transactions, particularly cash withdrawal, without the need for a human cashier, clerk or bank teller;

“Authorised                     any person to whom you authorise us to access your Account;

Person”

“Available Balance”       the amount of E-money issued by us to you but not yet spent or redeemed;

“Business Day”                Monday to Friday, 0900hrs to 1700hrs GMT +2, excluding bank and public holidays in Greece or Cyprus;

“Card”                               a prepaid Mastercard card issued by PCSIL and linked to Consumers’ Account, which can be used to spend    their Available Balance wherever Mastercard cards are accepted;

“Merchant Due               the process we are required to go through to verify the identity of our

Diligence”                         Merchants;

“Merchant Funds            the segregated bank account where we hold relevant funds corresponding

Account”                          to your Available Balance in accordance with the safeguarding provisions of the Electronic Money Regulations 2011;

“E-money”                      monetary value issued by us to your Account on receipt of funds on your behalf in our MerchantFunds Account, equal to the amount of funds received;

“European Economic     the European Union (“EU”) member states, as well as Iceland,

Area” or “EEA”                Liechtenstein and Norway;

“Fees”                               the fees payable by you for the Payment Services as specified in the attached Fees & Limits Schedule;

“IBAN”                              an International Bank Account Number used to identify bank accounts for the purposes of international payments;

“Merchant”                     a retailer who accepts Payment for the sale of goods or services to you;

“Payment”                       a payment for goods or services using a Card;

 

“Payment Initiation       an online service to initiate a payment order at the request of the payment

Service”                            service user with respect to a payment account held at another payment service provider;

“Payment Initiation       a payment service provider who supplies a Payment Initiation Service;

Service Provider”

or (“PISP”)

“Payment Services”       the services supplied by PCSIL to you under this Agreement, including issuing Cards and Accounts; and executing Transactions;

 

“PCSIL IBAN”                   a virtual IBAN issued by PCSIL bank service provider that PCSIL allocate to your Account which can be used by you or others for the purpose of making a SEPA Transfer of funds that will result in a credit of the relevant funds to your Account;

 

“Redemption Fee”         means the fee applied by PCSIL for the return of funds to an IBAN Account holder following a request for redemption by an IBAN Account holder under this Agreement, as specified in the attached Fees & Limits Schedule;

 

“SEPA Transfer”              a facility whereby you instruct PCSIL to send Euros to a bank account elsewhere in the Single Euro Payments Area (“SEPA”), quoting the IBAN of the intended recipient of the funds;

“Transaction”                  a Payment, a Transfer or a SEPA Transfer;

“Transfer”                        a transfer of E-money from one Account to another Account;

 

2. Contact and Regulatory Information

2.1 Your Account can be managed through your OKTO merchant app provided by OKTO.

2.3 PCSIL is authorised and regulated as an e-money issuer by the Central Bank of Ireland registration number C175999.

2.4 Details of the PCSIL authorisation by the Central Bank of Ireland is available on the public register at http://registers.centralbank.ie/DownloadsPage.aspx .

2.5 PCSIL Card Services (Ireland) Limited acts as the programme issuer.

2.6 NETLINK SA (trade name OKTOPAY) is the programme manager. NETLINK SA is registered in Greece with registered office at 10-12, Dorilaiou street, Athens, Greece.

2.7 PCSIL is licensed as an Affiliate member with the Mastercard Scheme. Mastercard is a registered trademark of Mastercard International Incorporated.

 

3. Type of Service, Eligibility and Account Access

3.1 You will have only one Account where your Available Balance is located.

3.2 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 Merchant Due Diligence requirements. We shall keep records of such information and documents in accordance with all applicable legal and regulatory requirements.

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

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

3.5 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 from time to time to pay for your Transactions and applicable Fees. 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.

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

3.8 Each time you seek access to the Account we will ask for your Access Codes (as defined in Clause 7). As long as the correct Access Codes are entered, we will assume that you are the person giving instructions and making Transactions and you will be liable for them, except to the extent provided for in Clause 7. We can refuse to act on any instruction that we believe: (i) was unclear; (ii) was not given by you; or (iii) might cause us to breach a legal or other duty; or if we believe the Payment Service is being used for an illegal purpose.

3.9 We will do all that we reasonably can to prevent unauthorised access to the Account. As long as you have not breached the other terms contained in this Clause 3 or Clause 7, we will accept liability for any loss or damage to you resulting directly from any unauthorised access to the Account pursuant to Clauses 13 and 14 of this Agreement.

 

4. Service Limits, Transfers & SEPA Transfer Payment

4.1      Transactions may be restricted by Account type, individual usage patterns and payment risk profiles. Cards are issued in accordance with regulatory limits and conditions. 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.

4.2      Simplified Due Diligence may be restricted to domestic ATM access, along with reduced annual maximum load limits and capped annual withdrawal limits. These limits will be subject to Scheme and regulatory requirements.

4.3      You can make a Transfer to another Account by signing into your Account and following the relevant instructions.

4.4      When sending funds to your Account with PCSIL, we recommend that you or other senders make a SEPA Transfer using your PCSIL IBAN.

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

4.6      You are responsible for checking and confirming payment details and fees before making a payment to us or to your Account.

4.7      PCSIL will credit payments received to your Account at least once a day and before the end of the Business Day. Amounts received after the cut off period will be processed the next Business Day and you will hold PCSIL free and clear from any responsibility is this regard.

4.8      You may be asked to provide us with evidence of source of funds in order for us to meet our regulatory requirements, in which case you agree to provide that evidence promptly. You represent and warrant to us that the evidence you provide to us is up to date, complete and accurate.

4.9    Where enabled, you may be eligible to instruct companies to create regular SEPA Transfers from your Irish issued and registered Account. You will be responsible for ensuring that the correct details are provided in order for the SEPA Transfer to be created for you. You must ensure at all times that you have a sufficient balance on your Account to allow for the funds to be debited from your Account. You are responsible for checking the terms and conditions that have been provided to you by the SEPA Transfer originator. PCSIL and/or OKTOPAY reserve(s) the right to decline or terminate any SEPA Transfer instruction(s) that you have requested.

4.10    You may incur a charge for unpaid SEPA Transfers if there are not enough funds in your Account to pay an incoming SEPA Transfer request.

5. Use of the Payment Services

5.1 You can use the Payment Services up to the amount of the Available Balance for Transactions.

5.2 The value of each Transaction and the amount of any Fees payable by you under this Agreement will be deducted from the Available Balance.

5.3 Once a Transaction is authorised, the relevant payment order may not be withdrawn (or revoked) by you after the time it is received. A Transaction will be deemed to have been received by us at the time you authorise the Transaction as follows:

 

• For Consumers’ Payments to you, at the time we receive the payment order for the Transaction from you, and
• A payment order for a Transfer or SEPA Transfer is provided to and received by us at the time it is issued by you via the Account;

5.4 Where a revocation of an authorised payment is agreed between us and you, we may charge a Fee for revocation.

5.5 We will ensure that the amount of a SEPA Transfer is credited to the payment service provider of the payee by end of the Business Day following the time of the receipt of your payment order.

5.6 In order to protect Consumers and us from fraud,  you may seek electronic authorisation before processing any Payment. If you are unable to get an electronic authorisation, they may not be able to authorise consumers’ Payment.

5.7 We may refuse to authorise 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 un-permitted use of the Payment Services.

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

5.9 Except as required by law, we shall not be responsible, and you will be solely responsible, for compiling and retaining your own copy of the data in your Account and your activities in connection with this Agreement. Upon the termination of this Agreement for any reason, we shall have no obligation to store, retain, report, or otherwise provide any copies of, or access to, the Transaction data or any records, documentation or other information in connection with any Transactions or the Account.

5.10 You agree to only use the Payment Services for lawful purposes and to adhere at all times to all laws, rules, and regulations applicable to the use of the Payment Services, including the terms of this Agreement.

5.11 You may not use the Payment Services to receive or transfer any funds on behalf of any other natural person or legal entity.

 

6. Access by Third Party Providers

6.1 You may consent to regulated third party providers (PISPs or AISPs) accessing your Account online to make payments or obtain information about balances or Transactions on your Account.

6.2 The PISPs and/or AISPs must be appropriately registered and authorised in accordance with PSD2. You should check with the regulatory authority of the relevant country before giving consent to the relevant PISP/AISP.

6.3 Any consent you give to a third-party provider is an agreement between you and it, we will have no liability for any loss whatsoever, as a result of any such agreement.

6.4 Before giving consent, you should satisfy yourself as to what degree of access you are consenting to, how it will be used and who it may be passed on to.

6.5 You should make yourself aware of any rights to withdraw the consent of access from the third-party provider and what process it has in place to remove access.

6.6 To the extent permitted by law or regulation and subject to any right to refund you may have under this Agreement, between you and us, we are not responsible for any actions that the relevant third party takes in relation to suspending or terminating your use of their service or for any resulting losses. We are also not responsible for, or a party to, any agreement that you enter into with any relevant third party. You should make sure that you read and comply with such agreement or other applicable policies and note that this Agreement will continue to apply between us including to any Payment Services and our Fees as stated continue to apply.

6.7 Where appropriate, we may deny access to your Account, to any third party where we consider such access to be a risk of money laundering or terrorism financing, fraud or other criminal activity. Should we need to take these actions and where possible, we will give reasons for doing so unless restricted by law or for internal security reasons.

7. Managing & Protecting Your Account

7.1 You are responsible for the safekeeping of your username and password for your Account (“Access Codes”).

7.2 Do not share your credentials with anyone. You must keep your credentials safe.

7.3 Do not share your Access Codes with anyone except an Authorised Person. If you disclose the Access Codes to any Authorised Person, you are responsible and liable for their access, use or misuse of the Account, their breach of the terms of this Agreement or disclosure of the Access Codes.

7.4 The Payment Services may only be used by you or an Authorised Person.

7.5 You must not allow any other person to use the Payment Services except Authorised Persons.

7.6 Failure to comply with Clauses 7.2 and/or 7.3 may affect your ability to claim any losses under Clause 13 in the event that we can show that you have intentionally failed to keep the information safe or you have acted fraudulently, intentionally, with undue delay or with gross negligence. In all other circumstances your maximum liability shall be as set out below at Clause 14.

7.7 If you believe that someone else knows your Account security details, you should contact us immediately in accordance with Clause 12.

8. Identity Verification

8.1 If you enter into Transactions over the internet, some websites require you to enter your name and address. In such cases you should supply the most recent address which has been registered with us by you as the Account address. The Account address is also the address to which we will send any correspondence.

8.2 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.

8.3 We reserve the right at any time to satisfy ourselves as to your identity and home 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 authorise us to perform electronic identity verification checks directly or using relevant third parties.

9. Expiry & Redemption

9.1 Your funds are available for redemption by contacting us at any time. We reserve the right to request identification documentation in order to ensure redemption is performed in strict accordance with applicable law.

9.2 When redemption is requested by you before the termination of this Agreement in accordance with clause 11, or more than one (1) year after the date of termination of this Agreement in accordance with clause 11, we shall charge a Redemption Fee.

9.3 Provided that your request for redemption is made less than 12 months following the date on which this Agreement ends under Clause 11, redemption will not incur any Redemption Fee. If you make a request for redemption more than 12 months after the date on which this Agreement ends under Clause 11 an Account Closure Fee may be charged (where specified).

9.4 We shall have the absolute right to set-off, transfer, or apply sums held in the Account(s) in or towards satisfaction of all or any liabilities and Fees owed to us that have not been paid or satisfied when due.

9.5 We shall have the absolute right to close your Account and submit a chargeback claim for the relevant Transactions if your Account is in negative standing for more than 60 days. If our chargeback is successful, funds paid to your Account may only be used to credit your Account, and your Account will remain closed.

9.6 If your Account is inactive (including without limitation no access to the account or payment Transactions) for at least 2 consecutive years and has an Available Balance, we may (but we are not obliged to) notify you by sending an e-mail to your registered e-mail address and give you the option of keeping your Account open and maintaining or redeeming the Available Balance. If you do not respond to our notice within thirty (30) days, we will automatically close your Account and initiate a Transfer of your Available Balance to the last payment account notified by you to us (your “Nominated Bank Account”).

 

10. Termination or Suspension of Your Account and/or Processing of Transactions

10.1 We may terminate this Agreement and your use of the Payment Services with prior notice of at least 2 months.

10.2 This Agreement and your use of the Payment Services will end when your ability to initiate all Transactions ceases.

10.3 We may terminate or suspend, for such period as may reasonably be required, your use of the Payment Services in whole or in part at any time or the processing of any Transaction(s) if:

1. there is any fault or failure in the relevant data processing system(s);
2. 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 offence;
3. any Available Balance may be at risk of fraud or misuse;
4. we suspect that you have provided false or misleading information;
5. we are required to do so by law, the police, a court or any relevant governmental or regulatory authority;
6. we are required to fulfil our legal obligations in relation to the fight against money laundering and financing of terrorism;
7. there is suspicion of unauthorised or fraudulent access to or use of your Account or that any of its security features have been compromised, including the unauthorised or fraudulent initiation of a Transaction;
8. we have reasonable grounds to believe you are carrying out a prohibited or illegal activity;
9. we are unable to verify your identity or any other information pertaining to you, your Account or a Transaction.

10.4 Where it is practicable and lawful for us to do so or would not compromise reasonably justified security reasons, we will notify you via email of the suspension or restriction and the reasons for it before such measures take place or immediately thereafter.

10.5 We will reinstate your Account or execute the relevant Transaction(s) as soon as practicable after the reasons pursuant to Clause 11.3 no longer apply or exist.

10.6 If you wish to terminate the Payment Services at any time, you must request termination and the return of your Available Balance by email to our address in Clause 2 from the email address registered in your Account. Our Customer Services department will then suspend all further use of your Payment Services.

10.7 Once we have received all the necessary information from you (including any MerchantDue Diligence) and all Transactions and applicable Fees and charges have been processed, we will refund to the you any Available Balance less any Fees and charges payable to us, provided that:

i. 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

ii. 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.

10.8 If, following reimbursement of your Available Balance 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.

 

11. Misappropriation of Your Account

11.1 If  you think someone is using your Access Codes without your permission:

i. you must contact us as soon as possible and you must provide us with your Account number and either your Username and Password or some other identifying details acceptable to us so that we can be sure we are speaking to you; and

ii. Provided we have obtained your consent to close the Account, we will then provide you with a new Account loaded with an amount equivalent to your last Available Balance.

11.2 We can only take steps to prevent unauthorised use of the Payment Services if you can provide us with the Account number and Username and Password and if you can produce sufficient details to identify yourself and the relevant Account.

11.3. You agree to help us, our agents, regulatory authorities and the police if we suspect that the Payment Services are being misused.

 

12. Liability for Unauthorised or Incorrectly Executed Transactions

12.1 Subject to Clauses 13.2, 13.3 and 13.6, we will reimburse you in full for all unauthorised Transactions sent from your Account immediately and in any event no later than the end of the following Business Day after noting or being notified of the Transaction (except where we have reasonable grounds for suspecting fraud), provided that you have informed us of the unauthorised Transaction without undue delay after becoming aware of the Transaction and in any event, no later than 13 months after the Transaction was executed. Where applicable, we shall restore your Account to the state in which it would have been had the unauthorised Transaction not taken place, so that that the credit value date shall be no later than the date the amount had been debited.

12.2 You may be liable for losses relating to any unauthorized Transactions up to a maximum of €50 resulting from the resulting from  the misappropriate of your Account, unless the misappropriation was not detectable to you prior to payment (except where you acted fraudulently) or was caused by acts or lack of action of our employee, agent, branch or service provider.

12.3 You are liable for any losses incurred by an unauthorised Transaction if you have acted fraudulently or failed either intentionally or through gross negligence, to use your Account in accordance with the terms of this Agreement or to keep your Access Codes confidential and secure in accordance with Clause 7.

12.4 You shall not be liable for losses incurred by an unauthorised Transaction which takes place after you have notified us of a compromise of your Access Codes according to Clause 7, unless you have acted fraudulently, or where we have failed to provide you with the means to notify us in the agreed manner without delay on you becoming aware of misappropriation or unauthorised use of your Account.

12.5 We shall not be liable for a refund or losses incurred by an incorrectly or non-executed payment Transaction if the details of the payee’s account provided by you were incorrect or we can prove that the full amount of the Transaction was duly received by the payment service provider of the payee.

12.6 We shall not be liable for any unauthorised or incorrectly executed Transactions in case the Transaction was affected by abnormal and unforeseeable circumstances beyond our reasonable control or where we acted in accordance with a legal obligation.

12.7 Where we are liable for the incorrect execution of a Transfer or SEPA Transfer that you receive under this Agreement, we shall immediately place the amount of the Transaction at your disposal in accordance and credit the corresponding amount to your Account no later than the date on which the amount would have been value dated, had the Transaction been correctly executed.

12.8 Where we are liable for the incorrect execution of a Payment, Transfer or SEPA Transfer by you as payer, we shall, without undue delay, refund to you the amount of the non-executed or defective Transaction, and, where applicable, restore the debited Account to the state in which it would have been had the defective Transaction not taken place.

12.9 In the case of a non-executed or defectively executed Payment Transfer or SEPA Transfer by you as payer, we shall, regardless of whether we are liable, on request, make immediate efforts to trace the Transaction and notify you of the outcome, free of charge.

12.10 The right to a refund under this Clause 13 does not apply where you have given consent directly to us for the Payment to be made and, if applicable, information on the Payment was provided or made available to you by us in an agreed manner for at least four weeks before the due date.

12.11 If you are not satisfied with the justification provided for refusing the refund or with the outcome of your claim for a refund, you may submit a complaint to us or contact the complaints authority as described in Clause 15.

12.12 If at any time 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 a Fee. If you do not have sufficient Available Balance, you must repay us the amount immediately on demand.

12.13 Where any request, Transaction, disputed Transaction, arbitration or reversed Transaction involves third party costs, you remain liable for these and they will be deducted from your Account or otherwise charged to you.

13. General Liability

13.1 Without prejudice to Clause 13 and subject to Clause 14.4;

i. neither party shall be liable to the other for indirect or consequential loss or damage (including without limitation loss of business, profits or revenues), incurred in connection with this Agreement, whether arising in contract, tort (including negligence), breach of statutory duty or otherwise;

ii. we shall not be liable:

1. 1. if you are unable to use the Payment Services for any valid reason stated in this Agreement;
   2. for any fault or failure beyond our reasonable control relating to the use of the Payment Services, including but not limited to, a lack of Available Balance or fault in or failure of data processing systems;
   3. for any loss, fault or failure relating to the use of a Third-Party Provider as stated in Clause 6.3, 6.6 and 6.7 of this Agreement,
   4. for any dispute you might have with an other user of the Payment Service where you acted with:

13.1.ii.4.1. undue delay

13.1.ii.4.2. fraudulently; or

13.1.ii.4.3. with gross negligence (including where losses arise due to your failure to keep us notified of your correct personal details)

13.2 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 by you, your Authorised Person(s).

13.3 You are solely responsible for your interactions with other users of the Payment Service. We reserve the right, but have no obligation, to monitor or mediate such disputes.

13.4 To the fullest extent permitted by relevant law, and subject to Clause 13 and Clause 14.5, our total liability under or arising from this Agreement shall be limited in all circumstances of our default, our liability will be limited to repayment of the amount of the Available Balance.

13.5 Nothing in this Agreement shall exclude or limit either Party’s liability in respect of death or personal injury arising from that party’s negligence or fraudulent misrepresentation.

13.6 No party shall be liable for, or be considered in breach of this Agreement on account of, any delay or failure to perform as required by this Agreement as a result of any causes or conditions which are beyond such Party’s reasonable control.

 

14. Dispute Resolution

14.1 We are committed to providing an excellent customer experience for all our Merchants. If we do not meet your expectations in any way, we want to have the opportunity to put things right.

14.2 In the first instance, your initial communication will be with our Customer Services Team who can be contacted by Email to Customer Support (visible/accessible on the website www.oktopay.eu). Our Customer Services Team will listen to your needs and will do their best to solve your issue promptly and fairly. We value the opportunity to review the way we do business and help us meet our customers’ expectations.

14.3 If having received a response from our Customer Services Team you are unhappy with the outcome, please contact the Complaints Team of PCSIL, Front Office, Scurlockstown Business Park, Trim, Co. Meath, C15 K2R9 in writing via email on pcsilcomplaints@prepaidfinancialservices.com

14.4 Once received, the Complaints Team will conduct an investigation and you will receive a response of its findings within 15 Business Days of receipt of the complaint. In exceptional circumstances where we are unable to reply within the first 15 Business Days, we will reply providing a reason for the delay and deadline for response, not more than 35 Business Days after first receipt of complaint.

14.5 If the Complaints Team is unable to resolve your complaint and you wish to escalate your complaint further, please contact the Financial Services and Pensions Ombudsman at Lincoln House, Lincoln Place, Dublin 2,D02 VH29. Details of the service offered by the Financial Services and Pensions Ombudsman are available at https://www.fspo.ie/ or alternatively you can lodge your complaint in your country of domicile with the Online Dispute Resolution process at https://ec.europa.eu/consumers/odr/main/index.cfm?event=main.home.show&lng=EN

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

 

15. Your Personal Data

15.1 PCSIL is a registered Data Controller with the Data Protection Commission in Ireland.

15.2 In order for us to provide you with the services relating to your Account, we are required to collect and process personal data about you and Authorised Persons, with your consent or on a legal basis to meet our obligations for Anti-Money Laundering legislation or other governmental organisation. Where applicable, if an Account holder is under 16, then parental consent is explicitly required.

15.3 Your consent will be sought for collection of your data and you have the right to agree or decline. Where you decline consent for the collection and processing of your data, we reserve our right to discontinue service due to our obligations as a financial services institution.

15.4 We may disclose or check your personal data with other organisations 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 enquiries will be left on your file.

15.5 We may pass your personal data on to third-party service providers contracted to PCSIL in the course of dealing with your Account. Any third parties that we may share your data with are obliged to keep your details secure, and to use them only to fulfil the service they provide you on our behalf. Where we transfer the personal data to a third country or international organisation, we ensure this is done securely and that they meet a minimum standard of data protection in their country.

15.6 You have the right to receive information concerning the personal data we hold about you and to rectify such data where it is inaccurate or incomplete. You have the right to object to or withdraw any consent you have given for certain types of processing such as direct marketing.

15.7 Your data will be retained for 6 years after the end of the provision of services to you, where your data will be destroyed in compliance with the requirements of the General Data Protection Regulation.

15.8 In the event that you wish to make a complaint about how your personal data is being processed by us (or third parties as described in 16.5 above), or how your complaint has been handled, you have the right to lodge a complaint directly with the supervisory authority and PCSIL’s Data Protection Officer.

15.9 Our Privacy Policy provides full details on your rights as a data subject and our obligations as a data controller. Please read this document carefully and ensure you understand your rights.

 

16. 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 our website, or by e-mail notification, or by SMS 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 and terminate this Agreement in accordance with Clause 9before the changes take effect.

 

17. Miscellaneous

17.1 We may assign or transfer 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 months’ written notice. This will not adversely affect your rights or obligations under this Agreement.

17.2 Nothing in this Agreement is intended to confer a benefit on any person who is not a party to it, and therefore no such person shall have any right under Irish Legislation, but this Clause do not affect a right or remedy of a third party which exists or is available apart from that Legislation.

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

17.4 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.

18. Funds Protection

All relevant funds corresponding to your Available Balance are segregated from our funds and held in the Customer Funds Account in accordance with the safeguarding requirements of the Electronic Money Regulations 2011 by law. In the event that we became insolvent those funds are protected against claims made by any of our creditors.

19. Regulation & Law

20.1 The Payment Services and the issue of an Account are payment services and not deposit, credit or banking products and are not covered by the Deposit Guarantee Scheme.

20.2 This Agreement shall be governed by and interpreted in accordance with the laws of Ireland, and any dispute or claim in relation to this Agreement shall be subject to the non-exclusive jurisdiction of the Irish courts.

20. OKTOPAY Services Pricing:
    

    Using your account IBAN **
    Service	Fixed Fee (EUR)	Commision %
    Request Free IBAN	Free	-
    Order Unique Merchant IBAN	Free	-
    Incoming SEPA Transfer to IBAN	Free	-
    Outgoing SEPA Transfer	4.99	-

21. OKTOPAY Merchant Limits:
    

    PCSIL IBAN Limits	SEPA Incoming/Outgoing	Day	1,000,000.00 €
    		Month	2,000,000.00 €
    		Year	3,500,000.00 €
    		Transactions/Day	20