Online and mobile banking
This document outlines the terms and conditions for processing payments through your Business or Pro account (referred to as “Payment Processing Terms” or simply “Terms”). These Terms, along with your Business or Pro account terms, Fees pages, and other relevant conditions, form a binding agreement between:
You, the account holder; and
Us, the service provider.
In case of any conflict between the Business/Pro Terms and these Payment Processing Terms, the latter takes precedence. Undefined terms in this document will take the meaning outlined in the Business or Pro Terms, depending on the account type.
The service provider is licensed to issue e-money and regulated under the Electronic Money Regulations. The full Terms are available on the website and can be accessed through the Business dashboard or requested at any time.
For more details on how your account functions, including payment processing, you can consult the FAQs. While the FAQs provide helpful information, they are not part of the legal agreement.
We refer to the payment processing product provided under these terms as the “Services.”
To use the Services, you must maintain an active Business account. If your Business or Pro account is closed, access to the Services will be discontinued.
Additionally, you must apply and receive approval to use the Services. For Business customers, once your application is accepted, a “Merchant account” will be activated for you to access the Services. If you’re a Pro customer, the Services will be activated for your existing Pro account without the need to create a new one, as is done for Business customers.
To apply for using the Services as a Business customer, you must provide specific information about your business, such as your website, merchant category code, average and highest transaction amounts, monthly volumes, chargeback ratios, tax information, and more. If you apply as a Pro customer, similar information related to your “Neo Finance business activity” (whether as a freelancer or sole trader) is required. This data helps evaluate your application.
We may also perform additional checks by retrieving information from third-party providers, including credit agencies or background check services. By agreeing to these terms, you allow us to gather this information. Additionally, after your account is set up, we may ask for updated details if anything changes, or if any information becomes outdated.
The collected information is regularly reviewed to decide whether to activate or deactivate your Merchant account or continue offering services in your Pro account. For specific payment methods, we may also share relevant information with our payment partners.
Types of transactions you can process:
You cannot use the services to process any “Illegitimate Transactions.” This refers to any transaction that is inaccurate, incomplete, unauthorized by the customer, fraudulent, suspicious, or goes against the business purposes you’ve declared. It also covers transactions that are not legitimate commercial dealings for the sale of goods or services that are free from legal claims.
You are solely responsible for monitoring your transactions to ensure they are not Illegitimate Transactions. You must take action if you’re unsure, as you will bear the losses for any transactions deemed illegitimate.
Prohibited Business Activities:
You cannot use the services to engage in any business or activity that we have determined to be prohibited. Prohibited businesses include activities that benefit countries, organizations, or individuals that are embargoed or blocked by government sanctions lists, such as those maintained by OFAC, the European Commission, or other authorities.
Additionally, prohibited activities may involve attempting unauthorized access to systems, copying or reproducing any part of the services, transferring rights granted under the agreement, or reverse engineering the services. You must also ensure that neither you nor any third parties place undue strain on the services or interfere with their normal operation.
If you’re ever unsure about whether your business or a particular transaction qualifies as prohibited, it’s important to reach out for clarification to avoid issues.
You are fully responsible for managing your relationship with your customers. This includes ensuring the quality of your products or services, overseeing their delivery, handling customer support, managing refunds and returns, addressing disputes and chargebacks, and fulfilling any legal obligations to your customers.
We are not involved in your customer relationships or your business activities, meaning we do not handle issues related to your products or services, such as delivery problems, refunds, or customer support.
However, it’s crucial that your customers clearly understand the charges they are being billed for. To ensure this, when using our services, you must:
– Accurately communicate the nature and details of the transaction before submitting it for processing.
– Provide customers with a way to contact you if the product or service does not meet their expectations.
– Avoid using the services to sell products or services in a misleading or deceptive manner.
– Inform customers that we process payments on your behalf.
– Comply with consumer protection laws and offer reasonable return, refund, and cancellation policies, clearly explaining the process for accessing these options.
These responsibilities are referred to as your “Seller Obligations.”
To provide the services mentioned, we act as your agent in processing, receiving, and settling payments owed to you. This includes handling transactions, directing funds, and managing your account balances.
Payouts
Once a transaction is processed, funds are settled into your designated account (referred to as a “Payout account”), which may handle multiple currencies. The time it takes for payouts is determined by your Payout Schedule, and we reserve the right to adjust or withhold payments if certain conditions arise, such as suspicious activity, excessive disputes, or legal obligations.
Reserves
To mitigate risks, a Reserve is withheld from each transaction, which will be released after a specified time. The percentage and holding period can be adjusted based on factors like increased disputes or changes in your business activity.
Multi-Currency Processing
We may allow payments and settlements in different currencies. Currency exchange rates and fees will apply at the time of the transaction, and if reversed, the exchange rate at the time of reversal will be used.
Clearing
Funds from transactions are held in pooled accounts with banking partners. You have no direct rights to these accounts, and funds only become accessible once deposited into your Payout account.
Security Interest
You grant us a lien and security interest over funds from transactions processed for you. This gives us the right to seize or withhold funds if you owe us money. Additionally, we may debit any account you hold with us, including your personal accounts if necessary.
Dormant Accounts
If your account remains inactive and funds are left unclaimed for an extended period, we may be required by law to treat them as abandoned and possibly transfer them to the relevant government authority after notifying you where applicable.
This ensures clarity on the responsibilities and mechanisms in place regarding payment processing and account management.
Disputes, Refunds, and Chargebacks
Even when a transaction is authorised, it can still be subject to disputes, chargebacks, or reversals initiated by the customer. As a merchant or business owner, you are responsible for any disputes or chargebacks associated with your transactions.
Transaction Reversals
If a transaction is reversed, the amount that was initially credited to your account will be deducted and returned to the customer. This can occur for several reasons, such as:
The transaction was connected to an Illegitimate Transaction or involved a Prohibited Business.
A breach of the terms and conditions.
A third-party payment processor (e.g., card networks) has invalidated the charge.
Funds were settled to you erroneously or without proper authorisation.
A claim under a Buyer Protection Policy
If you handle pre-orders for products or services that are not immediately deliverable, you must contact us before accepting such payments. Reversals might occur if the delivery of products or services is delayed or unsatisfactory.
Challenging Reversals
In some cases, you may have the opportunity to challenge a reversal by submitting evidence. We may request further information to evaluate the legitimacy of your challenge, and this information may be shared with third-party processors. However, we cannot guarantee a successful outcome, and a challenge may be denied for various reasons.
Once a transaction is reversed, it cannot be resubmitted. Additionally, duplicate charges on disputed transactions are not permitted.
This ensures a framework for managing disputes and reversals to protect both you and your customers while complying with legal and regulatory requirements.
Your Security Obligations
You are required to comply with the Payment Card Industry Data Security Standards (PCI-DSS) and, if applicable, the Payment Application Data Security Standards (collectively known as the “PCI Standards”). These standards mandate that any data related to payment cards or transactions is kept secure, with limited access only for authorised personnel.
The specific actions needed to comply with these standards will depend on how your business implements the services. You can refer to the PCI-related documentation for detailed guidance on securely using the services in compliance with the PCI Standards.
In case you store or handle Account Data (such as card account numbers or expiration dates), your system must meet the PCI Standards. If you do not comply or fail to provide proper documentation, your Merchant Account may be suspended or the agreement terminated.
Additionally, Sensitive Authentication Data (like CVC or CVV2) must never be stored under any circumstances.
Our Security Obligations
As part of our services, we also comply with applicable PCI Standards, ensuring that our systems and processes are periodically validated by a qualified security assessor (QSA).
These Terms take effect as soon as you accept them. They will remain in force until they are either modified or until you or the service provider exercises the right to terminate them.
Ending the Terms
For Business Customers: You can end the agreement at any point by providing one month’s notice.
For Neo Finance Pro Customers: You may end the agreement by closing your account, but you’ll need to settle any outstanding balances due to the service provider.
The service provider can terminate the agreement by giving two months’ notice or without notice if:
You breach the Terms and fail to resolve it within seven days.
You breach any laws.
There are concerns about fraud, anti-money laundering, or credit risk.
Your chargeback ratio exceeds acceptable limits.
Consequences of Termination
If the agreement ends:
You must complete or refund all pending transactions.
Remove all service logos from your website unless you have a separate license.
All licenses granted under these Terms will end.
You will still be liable for any outstanding obligations.
Changing the Terms
The service provider may introduce new products or services without changing this agreement, and will inform you before you use them.
For other changes, you will receive two months’ notice. If you do not agree, you may close your account within the notice period.
You are not allowed to change these Terms.
