Terms and conditions User agreement
- "Account" means your online stored value account which holds electronic money;
- "Customer Service" or "Customer Service Team" means those individuals employed by Syspay responsible for its customer service function who may be contacted at any time via our contact page.
- "Fees" means any and all Fees and charges levied by Syspay for your use of the Syspay Account and its services, as stated in the Fee Table on the website and which may be amended by Syspay from time to time;
- "Fees Schedule" means a schedule of Fees published on our website from time to time;
- "Merchant" means any commercial or business entity that is validly registered with Syspay;
- "SYSPAY Service" means the electronic money issuer and transfer service provided by Syspay;
- "SYSPAY", "We", "our", "us" means Syspay Ltd, a limited liability company incorporated in Malta bearing registration number C51532 and having its registered office located at 3B Wied Ghomor Street, St. Julians STJ 2041, Malta. Syspay is duly licensed by the MFSA to operate as an Electronic Money Institution in terms of the Financial Institutions Act (Chapter 376, Laws of Malta);
- "Syspay Exchange Rate" means the exchange rate used by Syspay on all currency exchange transactions as published on our website;
- "Transfer" means, as the context permits, (a) the debiting of an amount of electronic money from your Account and the concurrent crediting of such amount to a Merchant account or other Member account, as designated by you; or (b) the crediting of an amount of electronic money to your Account and the concurrent debiting of a Merchant account or other Member account, in each case less any applicable Fees.
- "Website" means the https://www.syspay.com/ website, or such other website through which SYSPAY may offer the Syspay Service from time to time.
2. Agreement between Syspay and account holder
- The Syspay website, and the Service, is operated by Syspay Ltd, a company registered in Malta with company number C51532 and with registered and head office at 3B Wied Ghomor Street, St. Julians STJ 2041, Malta, which offers an electronic money service in accordance with the applicable legislation of Malta. The Website address is https://www.syspay.com/.
- You acknowledge that in order for Syspay to accept your registration you must comply with its internal anti-money laundering policies and procedures and in terms of the said Registration Process you will be required to provide such information and/or documentation as Syspay may deem necessary or appropriate in order to comply with all applicable laws and regulations.
3. Your Syspay account
- You must be 18 years or older to use our services and by opening a Syspay Account you declare that you are 18 years or older. This does not apply to products for which We set a different age limit. We may require at any time that You provide evidence of your age.
- You may only open one Syspay Account unless we explicitly approve the opening of additional accounts.
- You may only open a Syspay Account if it is legal to do so in your country of residence. By opening an Account you represent and warrant to us that your opening of an Account does not violate any laws or regulations applicable to you. You shall indemnify us against any losses we incur in connection with your breach of this section.
- You warrant that all information you provide during the signup process or at any time thereafter is accurate and truthful for all intents and purposes.
- You may only add payment instruments (such as bank accounts, credit cards or debit cards) to your Syspay Account if you are the named holder of that payment instrument. We take any violation of this requirement very seriously and will treat any attempt to add a payment instrument of which you are not the named holder as a fraudulent act.
- Within 14 days of the date of opening your Syspay Account, you may close your Account at no cost by contacting Customer Service, however, if you have uploaded funds into your Syspay Account you may be required to provide identification documents before being able to withdraw funds. Transactions and fees for transactions undertaken before you close your Account (including those transactions that are not revocable and have been initiated but not completed before Account closure) will not be refunded.
- Your Syspay Account is an electronic money account which enables you to send and receive electronic payments.
- The electronic money on your Account is issued in accordance with the European Electronic Money Directive (Directive 2009/110/EC of 16th September 2009) and the Financial Institutions Act (Chapter 376, Laws of Malta), together with any other rules and regulations applicable in Malta and issued by the MFSA.
- You have the right to withdraw funds from your Syspay Account at any time, however, you may be required to confirm your identity beforehand. There is no minimum withdrawal amount but the funds on your Account must be sufficient to cover any applicable withdrawal fee. You can choose the method of withdrawal when submitting your withdrawal request.
- The electronic money on a Syspay Account belongs to the person or legal entity which is registered as the Account holder. No person other than the Account holder has any rights in relation to the funds held in a Syspay Account. You may not assign or transfer your Syspay Account to a third party or otherwise grant any third party a legal or equitable interest over it.
- Your Syspay Account may be subject to upload, payment and withdrawal limits, depending on your country of residence and the verification status of your Syspay Account.
- Syspay reserves the right to suspend any transaction on Your Syspay Account where this is necessary, in Syspay's sole and absolute discretion, in order to comply with any applicable laws and regulations and any conditions to which Syspay's MFSA licence is subject.
4. Maintenance of the account
- You must ensure that the information recorded on your Syspay Account is always accurate and up to date and we shall not be liable for any loss arising out of your failure to do so. We may ask you at any time to confirm the accuracy of your information or to provide documents or other evidence.
- We may contact you by e-mail or in various other ways as described in section 13 with information or notices regarding your Syspay Account. It is your responsibility to regularly check the proper functioning of your e-mail account or other methods of communication that you have registered with your Account and to retrieve and read messages relating to your Account promptly. We shall not be liable for any loss arising out of your failure to do so.
- You should check your Account balance and transaction history regularly. You should report any irregularities or clarify any questions you have as soon as possible by contacting Customer Service.
- You are responsible for keeping Your Identification details and any payment details confidential. We shall not be liable in any manner whatsoever, for any unauthorized use of the Your identification details, payment details or of the You account by any third parties, unless such unauthorized use has occurred due to gross negligence on our part.
5. Uploading funds
- You can upload funds by visiting the Website, logging into your Account and following the relevant upload instructions. You may be presented with a number of different upload methods, depending on which payment instruments you have added to your Syspay Account and which payment methods are available in your country of residence. Upload methods are payment services provided by third party financial institutions (for example the issuer of the payment card you use to upload funds or third party direct banking service providers) and are not part of the Syspay service. Syspay does not guarantee the use of any particular upload method and may make available, make changes to or discontinue the acceptance of any particular upload method at any time. Syspay shall not be responsible for the upload payment until the uploaded funds are received by Syspay.
- You may be asked to answer security questions or to complete other activities that we may reasonably require to ensure proper authorisation of an upload transaction.
- You may allow a merchant that you wish to pay through Syspay on a regular basis (e.g. for a subscription service) to debit your Syspay account for each recurring payment. In this case you authorise Syspay to debit the payment instrument (e.g. your credit card or bank account) which you used to make the original payment also for each subsequent payment. You agree not to cancel or otherwise reverse such recurring transactions by simply contacting the issuer of the payment instrument (e.g. your credit card provider or bank). In order to cancel the recurring payments for the future, you should (a) contact Syspay and (b) notify the merchant from which you have purchased the goods or services that you have cancelled the recurring payment. You can also ask us to refund any past recurring payment provided that (a) the original authorisation given to us or the merchant did not specify the exact amount of the payment and (b) the amount of the payment exceeded the amount that you could reasonably have expected taking into account your previous spending pattern and the circumstances of the case. You must request such a refund within eight weeks from the date the funds were debited to your Syspay account.
- Uploaded funds will be credited to your Syspay Account on the same day as the funds have been received by Syspay. Some upload transactions, such as those by credit or debit card, direct debit or direct banking will be credited to your Account immediately, but are subject to reversal in case the actual funds do not reach Syspay within a reasonable time in which case Syspay will deduct such reversed transaction from the balance of your Syspay Account. If the Account balance is insufficient, we reserve the right to require repayment from you.
- For the purposes of an upload transaction through a payment instrument, Syspay is a payment recipient and not a payment service provider.
- You must not make an upload through a payment instrument if you are not the named holder of that payment instrument. We take any violation of this requirement very seriously and will treat any attempt to use a payment instrument of which you are not the named holder as a fraudulent act. Without prejudice to claiming further damages, if we are required to return funds uploaded from a payment instrument that is not in your name, we may charge an administration fee as described in our fee schedule.
- Uploads may be subject to upload limits due to security and legal requirements. These limits are set dynamically depending on your verification status and the upload method you want to use. You should be aware that depending on your verification status your upload limits may be higher than your withdrawal or spending limits. You can view these limits at any time in the relevant section of your Account profile.
- Uploads are subject to upload fees and currency conversion depending on which upload method and payment instrument is chosen. Please see our fee schedule for more details.
6. Sending Funds
- To send a payment you are required to authorise the payment with your login and password. We may also ask you additional security questions related to you or your Account.
- Every recipient of a payment you wish to send through Syspay must have a valid Syspay unique identifier.
- If you are asked to provide the recipient's Syspay unique identifier, you must take great care to properly type the exact unique identifier to which you wish to send money. Syspay uses a unique Syspay Identifier to determine the intended recipient of the payment which you instruct us to process. Other information you provide along with this identifier may be disregarded and we shall not be liable for any error you make when entering the recipient's Syspay identifier.
- You can make recurring payments by setting up a recurring payment order on your Account. You can cancel your recurring payment order for future payments at any point by logging into your Account and deleting it. You will not be able to cancel transactions that have already been credited to the recipient.
- Payments are subject to payment limits due to security and legal requirements. These limits are set dynamically depending on your verification status. You can view these limits at any time in your Account Profile. You should ensure that your limits are sufficient to cover the payment you intend to make as well as any applicable fees including service fees and currency conversion fees. You should be aware that the recipient of a payment may also be subject to spending and withdrawal limits and that this may affect the recipient's access to the funds you intend to send.
- Sending payments is subject to fees and currency conversion charges depending on the type of payment you make and the type of Account you hold. Please see our fee schedule for more details.
7. Receiving funds
- If you receive funds into your Syspay Account, we will send you a notification e-mail and display the payment as a "Receive Money Transaction" in your transactions history. You should regularly reconcile incoming payments with your own records.
- Receipt of payments to your Account does not necessarily mean that these transactions cannot be reversed. Syspay reserves the right to reverse a payment in case the payer or the payer's bank or payment service provider has charged back or otherwise reversed (or is reasonably likely to charge back or otherwise reverse) an upload or other payment which was used to fund the payment to you.
- The receipt of payments is subject to fees and currency conversion, depending on the type of payment you receive and the type of Account you have. Please see our fee schedule for more details.
8. Withdrawing funds
- You can request a withdrawal of all or part of the funds held in your Syspay Account at any time. To do this you must log into your Account and select a withdrawal method and enter the amount to be withdrawn. Withdrawal methods are payment services provided, at least in part, by third party financial institutions (for example, the bank where you hold a bank account). Syspay does not guarantee the availability of any particular withdrawal method and may make available, make changes to or discontinue a particular withdrawal method at any time as long as there is at least one withdrawal method available to you. Where the withdrawal payment is received by you through the involvement of a payment service provider (such as the bank where you hold a bank account), Syspay shall not be responsible for the withdrawal payment once the withdrawn funds are received by your payment service provider nor for the fees your payment provider may apply to the transaction.
- Your Account is subject to withdrawal limits. These limits are adjusted dynamically depending on the type of identification documentation we hold on you. You can view your withdrawal limits at any time in your Account profile. Before uploading any funds into your Account, you must ensure that your current withdrawal and spending limits meet your withdrawal and spending requirements as we legally cannot allow you to exceed these limits.
- If your withdrawal request exceeds the current limit, we may decline your request and instead require you to send us documents verifying your identity and address prior to allowing a withdrawal of funds or to otherwise cooperate with us to verify your identity.
- Withdrawals are subject to withdrawal fees and currency conversion depending on which withdrawal method and payment instrument is chosen. Please see our fee schedule for more details.
- For the purposes of a withdrawal transaction, Syspay is a payer and not a payment service provider.
- You must not make a withdrawal to a bank account or other payment instrument if you are not the named holder. We take any violation of this requirement very seriously and will treat any attempt to use a payment instrument of which you are not the named holder as a fraudulent act. Without prejudice to claiming further damages, if we are required to investigate an upload from a payment instrument that is not in your
name, we may charge an administration fee as described in our fee schedule.
- You must ensure that the payment details you enter when withdrawing funds are correct and complete. Syspay will not be liable for withdrawn funds being sent to the wrong payment instrument where this is due to you providing incorrect payment details. When withdrawing to a bank account, you must ensure that the account number, sort code, IBAN and/or BIC/SWIFT are correct. If you have withdrawn funds to the wrong payment instrument, you may request that we assist you in reclaiming the funds, however, we will charge you an administration fee of 25 EUR for doing so and we cannot guarantee that the reclaim efforts will be successful.
9. Account closure
- You may close your Syspay Account at any time by contacting Customer Service.
- If your Account holds a balance at time of account closure, we will ask you to withdraw your funds within a reasonable period, during which your Account will be accessible for the purpose of withdrawing the remaining balance only. If you do not withdraw funds within the set time period, we may (but will not be obliged to) send you a cheque to the address registered in your Syspay Account profile and charge you the fee applicable to cheque withdrawals (including applicable foreign exchange fees). It is your responsibility to keep your address data up to date and we shall not be liable for any loss arising from your failure to do so.
- Closing your Account does not extinguish the personal data we hold on you and we will continue to store such data, including transaction history, for a minimum period of six (6) months as required by law.
10. Dispute service
Unauthorised or Incorrectly processed transactions
- In the event of an unauthorised, non-executed or incorrectly executed payment transaction You must let Us know without undue delay in accordance with section 13. You are only entitled to a repayment under section 10.2 if You notify Us without undue delay, and in any case no later than 55 days after the debit date. This time limit does not apply if We have not provided or made available the required transaction information to You. Contact details specific to Your country of residence can be found on Our Website at https://www.syspay.com/
- Where You are entitled to a repayment, We will refund the amount of any unauthorised, non-executed or defective payment transaction and, where applicable, restore Your Account to the state it would have been in had the unauthorised payment transaction not taken place. In practice this means that e-money to the value of the payment transaction will be credited to Your Account.
- In any case We will, on Your request, make immediate efforts to trace the payment transaction and notify You of the outcome.
11. Warranties and Liabilities
- Transaction times: We shall make reasonable efforts to ensure that all transactions are processed in a timely manner. However, the processing of transactions is dependent on a number of factors outside of Our control and as such We are not able to make any other warranties, representations or terms regarding the amount of time transactions will take. Provided We have used reasonable efforts to process promptly We will not be liable for any loss You or anyone else suffers as a result of transaction processing times.
- Availability: Whilst We strive for continuous availability, we may not be available at all times or without any errors. We may conduct reasonable maintenance (leading to downtime) as required.
- Products and taxes: We are not responsible in any way for the Products or for any site from which they are purchased, or for any charges, taxes or other duties relating to the transactions. The Merchants are solely responsible for all information in relation to the Product, for the Products themselves and their supply and sale to You.
- (a) any use of the Service or Your Account by any person using Your details, other than arising after You have notified Us that You believe that Your password or user name has become known to another person or is being or is likely to be used in an unauthorised way;
- (b) any misuse of the Service, Your Account or the Website;
- (c) any fraud in relation to the stored balance in Your Account by Yourself or a third party; and
- (d) any claim made against Us by a Merchant in circumstances where You have insufficient funds or otherwise have failed to make a payment to that Merchant, other than such circumstances have been directly caused by Our negligence, wilful default or fraud.
Also, We do not monitor the type of Products purchased or whether Products can be legally purchased by the users of the Service. As such We are not liable for any unlawful Products including any sales of age-regulated products to minors.
- (a) loss of profits, revenue, opportunity, bargain or sales;
- (b) losses causes by incorrect payments resulting from Your instructions;
- (c) losses caused by payments made by a third party who passes all reasonable identity and verification checks;
- (d) losses caused by a recipient's decision not to accept a payment made through the Service;
- (e) losses caused by delays, losses, errors, or omissions in any telecommunications or other data transmission system, or any other system outside of Our control;
- (f) losses arising out of the acts or omissions of other providers of telecommunication services or for faults in or failures of their networks and equipment or anything that is outside of Our control;
- (g) losses arising from the Website, the Service or Your Account not being continuously available or arising from Our reasonable maintenance (which may lead to downtime) of the Website or Service; or
- (h) indirect, consequential and special damages.
- Liability not excluded: We do not exclude Our liability for death or personal injury caused by negligence, for fraudulent misrepresentation or for anything else that cannot be excluded under applicable law including to the extent that any exclusion or limitation is not permitted under applicable laws and regulations.
- Cap on liability: Subject to sections 11.1 through 11.6 above Our liability in contract is capped at the greater of (a) the amount of fees You paid to Us as per our fee schedule in the 12 months prior to the liability arising; or (b) the value of the transaction or the stored balance giving rise to the dispute or (c) Â£250.
- Separate provisions: Each provision of this section 11 operates separately in itself and survives independently of the others.
- By Us: We reserve the right to close Your Account and terminate the Contract at any time:
- (a) by providing You with two months notice unless the provision of notice is legally prohibited or would compromise reasonable security measures and payment of any unrestricted funds held in custody, where:
- (i) We are no longer providing the Service to users in the country in which You are resident or from which You use the Service; or
- (ii) the provision of the Service to You by Us is no longer commercially viable
- (b) immediately by giving notice:
- (ii) where We are required to do so by law (for example, where the provision of the Service to You is, or becomes, unlawful).
- Redemption of funds: Redemption of all stored funds on termination shall be made in accordance with section 10, entitled "Account Closure Reference". Redemption will be made to the bank account details as stored within Your Account. We may (but will not be obliged to) send you a cheque to the address registered in your Syspay Account profile and charge you the fee applicable to cheque withdrawals (including applicable foreign exchange fees). It is your responsibility to keep your address data up to date and we shall not be liable for any loss arising from your failure to do so.
13. Complaints and communications
- Contact Syspay First. If a dispute arises between you and Syspay, our goal is to learn about and address your concerns and, if we are unable to do so to your satisfaction, to provide you with a neutral and cost effective means of resolving the dispute quickly. Disputes between you and Syspay regarding our Services may be reported to Customer Service online through the Syspay Customer Service at any time, or by calling the Customer Service telephone number located on the Syspay website(s) and by logging into your Account.
- ECC-Net, Consumer Complaints. If you have a complaint to make about us, you may choose to escalate it by contacting one of the following:
Any action taken by the Consumers Complaints Unit at the MFSA under this clause shall be without prejudice to the right of a consumer, within the meaning of the Consumer Affairs Act, to submit a claim to the Consumer Claims Tribunal established under that Act, or to exercise any other rights under that Act.
- a. European Consumer Centre (ECC-Net). You may obtain further information regarding the ECC-Net and how to contact them at (http://ec.europa.eu/consumers/redress_cons/)
- b. Consumers Complaints Unit at the MFSA. This service can be found via the website of the MFSA and will direct you to a portal page where you may wish to log a complaint: http://mymoneybox.mfsa.com.mt/pages/default.aspx.
- Governing Law and Jurisdiction. This Agreement and the relationship between us shall be governed by Maltese law. For complaints that cannot be resolved otherwise, you submit to the non-exclusive jurisdiction of the Maltese courts arising out of or relating to this Agreement or the provision of our Services without prejudice to your right to also initiate a proceeding against Syspay in that context before the competent courts of and in Malta. In simple terms, "nonexclusive jurisdiction of the Maltese courts" means that if you were able to bring a claim arising from this Agreement against us in Court, an acceptable court would be a court located in Malta, but you may also elect to bring a claim in the court of another country instead. Maltese law will apply in all cases.
Notwithstanding the above, a dispute that cannot be resolved otherwise may, at Your discretion (i.e. the holder of electronic money), be referred to arbitration in accordance with the provisions of the Malta Arbitration Act (Chapter 387 of the Laws of Malta). The appointing authority and administrator shall be the Malta Arbitration Centre, and one arbitrator shall be appointed in such disputes.
- No Waiver. Our failure to act with respect to a breach by you or others does not waive our right to act with respect to subsequent or similar breaches.
- Indemnification/re-imbursement. You agree to defend, re-imburse or compensate us (known in legal terms to "indemnify") and hold Syspay, our other companies in our corporate group, the people who work for us or who are authorised to act on our behalf, harmless from any claim or demand (including legal fees) made or incurred by any third party due to or arising out of your or your employees' or agents' breach of this Agreement, breach of any law and/or use of the Services.
- Fees depend on whether you are using your Account for personal or commercial purposes.
- Your transactions may be subject to currency conversions. If you make a payment from your Syspay Account denominated in one currency to a Syspay Account denominated in another currency, you will be asked to either make the payment in the currency of your own Account or in any other currency. If you chose the currency of your own Account, then the recipient will pay the fee for the conversion into the currency of his or her Account. If you chose the currency of the recipient's Account, you will pay the fee for the currency conversion into the currency of the payment. If you chose a currency that is neither the currency of your own Account nor the currency of the recipient's Account then you will pay the fee for the conversion into the currency of the payment, and the recipient will pay the fee for the conversion of the payment currency into the currency of his or her Account.
- For every currency conversion, Syspay will apply the conversion rate as displayed on our Website. In addition we will apply a foreign exchange fee, which is also displayed in the Fees section of the Website and which is expressed as a percentage applicable in addition to the transaction fee.
- Our Fees are either expressed as a percentage of the transaction or as a fixed amount in EUR. Where fixed fee amounts are displayed in a currency other than EUR, this is for information purposes only. If fees are deducted from a balance or a transaction denominated in a different currency, the EUR fee amount will be converted into an equivalent fee in that other currency based on the conversion rate applicable at the time and then deducted.
- Fees payable by you will be deducted from your Syspay Account balance. Transaction fees will be charged when the transaction is executed. If your Account balance is insufficient to cover the fees we may refuse to execute the payment. Reversal or chargeback fees will be deducted when incurred.
15. Privacy and data
- Syspay collects, stores and processes your data in accordance with the Maltese Data Protection Act. No data is stored by us outside the European Economic Area (EEA), however, in order to provide you with certain cross border services we may have to share your data with entities outside the EEA. By making payments to or by accepting payments from persons or entities outside the EEA, you consent to our sharing of your data with entities outside the EEA as far as this is reasonably necessary for the proper execution of payments or provision of our services.
- If you detect any error in the data we hold on you, you should correct the data in your Account profile or, where this is not possible, by contacting Customer Service.
- After termination of your Syspay Account for any reason, we will continue to hold your personal Account data for a period of six (6) months or such other period as prescribed by applicable law.
16. Data Security
SysPay Ltd. is responsible for the security of the cardholder data in its possession or that it will otherwise store, process or transmit on behalf of its merchants, or to the extend that they could impact the security of their cardholder data environment. Furthermore, any storage, processing or transmission of such data will be done in accordance with PCI-DSS standards.