- Contacting Us
- PSI Service
- PSI Merchant
- Account Activity
- Other User Obligations
- Your Liability - Actions We May Take
- Warranties, Liabilities and Disclaimers
- Complaints Procedure
- Business Account
If you have any questions about this document or any of your dealings with PSI, you can contact us via e-mail at email@example.com, via the "Contact Us" page on our website (https://www.ecopayz.com/) or you can call our Customer Support Team on +44 (0) 870 626 9580 or by fax on +44 (0) 870 626 9557. If you call the Support team please leave a message including:
- Your account number,
- Your name and surname,
- Your full telephone number, including country code,
- A brief message concerning your question, enquiry or complaint.
Currently our Customer Support Team is available 24/7.
"Account" means your online stored value account which holds electronic money;
"ecoPayz" is the brand name of PSI-Pay;
"Fees" means any and all fees and charges levied by PSI-Pay for your use of the PSI-Pay Service, all fees are shown under "General Questions" in the Help section of the website;
"Merchant" means any commercial or business entity that is validly registered with PSI-Pay and enabled to receive and send payments to Users;
"PSI Service" means the electronic money issuer, money transfer service and identity verification service provided by PSI in accordance with relevant United Kingdom regulations and legislation. For the purposes of this agreement this service operates under the brand name "ecoPayz";
"PSI", "we", "our", "us" means PSI-Pay Limited, a wholly owned subsidiary of PSI Ltd;
"PSI Exchange Rate" means the exchange rate used by PSI on all currency exchange transactions as published on our Website;
"Transfer" means, as the context indicates, either:
(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 User 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 User account, in each case less any applicable Fees.
"Website" means the website branded as ecoPayz at https://www.ecopayz.com/;
"You", "your" and
"yours" refers to the person accessing this site.
3.2. PSI may engage the services of one or more affiliates, subsidiaries, agents or subcontractors in order to fulfil its obligations.
4.1. PSI is an "Electronic Money Issuer" as defined in the European Union by the EC E-Money Directive and is authorised by the Financial Conduct Authority of the United Kingdom for the issuing of electronic money (FCA register number 900011). ecoPayz is a brand name of PSI-Pay Ltd. You acknowledge that:
(i) PSI is not a bank;
(ii) Accounts are not insured by any government agency; this means that in the unlikely event that PSI is unable to satisfy claims against it in relation to e-money there is no Financial Services scheme that will compensate Members;
(iii) PSI does not act as a trustee, fiduciary or escrow holder in respect of balances in your Account; and
(iv) PSI does not pay you interest on any balances in your Account.
4.2. Although your Account is not insured by any government agency, PSI strictly adheres to the legal requirements under the Electronic Money Directive and UK national legislation which are designed to ensure the safety and liquidity of funds deposited in electronic money accounts.
4.3. Although you are not required to keep a balance in your Account, if you do have a balance in your Account, funds representing that balance are segregated and pooled with funds representing the balances of other Members in an account held by PSI. Any interest earned on the pooled account will be the property of PSI.
5.1. In order to use the PSI Service, you must:
(i) be at least 18 years of age and of the age of majority in your country of residence. We may require at any time that you provide evidence of your age;
(ii) open an Account in accordance with the instructions provided to you during the application process;
(iv) not be registered in any country to which PSI does not provide the PSI Service.
You may only open a Merchant 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 the account does not violate any laws or regulations applicable to you. You shall indemnify us against any losses we incur in connection with this breach should it occur.
6.1. To become a Merchant, you must open an Account by providing all of the information requested in the Merchant Application Form.
A Merchant must maintain an active address, phone number and email address to become and remain a Merchant. You will not provide any false, inaccurate, incomplete or misleading information. You will not provide details relating to any name, bank account that you are not legally authorised to use.
You will promptly update your Account details on the Website if your name, address, email address, phone number, or bank account information changes. You will not be able to use the PSI Service until you have passed our identity and security validation and verification checks, which may entail a request for further information in accordance with anti-money laundering regulations.
When you open an account, you will choose a unique password and fill in the required password recovery information. In order to gain subsequent access to your Account, you must enter your user name and password in the "Login Page" and press the "Log in" button.
All transactions concluded where the correct login user name and password have been entered correctly will be regarded as valid, and we reserve the right to assume that a person who identifies himself by entering the correct login user name and password is the rightful Account holder.
If you have any indication or suspicion that your login details, password or other security features are lost, stolen, misappropriated, used without authorisation or otherwise compromised, you should change your password and contact us immediately. Any delay in notifying us may result in you being liable for any losses.
We may at any time suspend the functionality of your account if we suspect that is has been accessed without your authorisation or we suspect that it has been otherwise compromised.
7.1. Opening your Account:
(i) purchase electronic money to be credited to your Account so that you may make transfers to, and receive transfers from Users; and
(ii) redeem electronic money from your Account.
7.2. Adding to your Account:
In order to purchase electronic money, you may choose from one or more payment options available to you depending on your country of residence. You must also complete the information requested, including passing all identity and security validation and verification checks. Your Account may be subject to deposit, transfer and withdrawal limits, depending upon your country of residence and the verification of your identity.
PSI shall not be responsible for the purchase payment until the funds are received by PSI. Deposited funds will be credited to your Account on the same day as the funds have been received by PSI. Some transactions, such as those by credit/debit cards will be credited to your account immediately, but are subject to reversal in case the actual funds do not reach PSI within a reasonable time in which case PSI will deduct such reversed transaction from the balance of your Account.
7.3. Representing uncleared funds:
Notwithstanding the foregoing, certain purchase options may entitle you to have electronic money credited to your Account prior to your purchase payment and Fees being cleared by your designated financial institution. In such case, we may periodically re-present such uncleared payments to your financial institution. In addition we may debit the applicable insufficient funds charge and such uncleared payment from your Account, obtain it from your designated financial institution or otherwise collect it from you. We will tell you before we do this, unless we are not able or permitted to do so in which case we will tell you afterwards.
Repayment of the negative balance is due immediately and without notice, however, we reserve the right, at any time, to send you reminders or to take other debt collection measures including but not limited to mandating a debt collection agency or solicitors or to pursue the claim in court. We reserve the right to charge you the expenses we reasonably incur in connection with any debt collection or enforcement efforts.
7.4. Transaction limits:
We reserve the right to impose limits on the purchase and transfer amounts and the frequency you may use such options.
You authorise us to debit from your Account any applicable Fees at the time of any transfer. When making transfers, you may not designate an amount in excess of the balance in your Account at the time the request is made plus the applicable Fees. If you attempt to do so, your transfer request will be denied. We will tell you if your transfer request has been denied, before we process the transaction unless we are not able or permitted to do so in which case we will tell you afterwards.
The amount of any transfer received will be credited to your Account balance, less any applicable Fees. If a transfer credited to your Account is reversed by the sender prior to you transferring or redeeming any part of it, the amount of the transfer will be returned to the sender and no Fees will be owed by you.
If during the transfer request you are asked to provide the recipient's email address, you must take great care to type this information correctly. PSI uses the email address as the unique identifier to determine the intended recipient of the payment which you instruct us to process. PSI shall be not liable for any error you make when entering the recipients email address.
If a person receives a notification from PSI indicating that someone has sent them funds to an email address that is not registered, the beneficiary will not be credited with the payment until it has been claimed in accordance with the instructions laid out in the notification email. Until then, there will be no contractual or fiduciary relationship between PSI and the intended recipient. The funds remain those of the sender.
You may check you balance by logging in to your Account. We do not charge any fees for checking your online balance and transactions.
You may redeem all or a portion of the balance of electronic money in your Account (excluding amounts that have not been cleared by your financial institution) at par value, in the currency which is specified in the PSI Merchant Agreement, by selecting one of the redemption methods available to you in your country of residence set out in the "Withdraw" page of our Website. You will be able to redeem any uncleared amounts once they clear.
If your withdrawal request exceeds the current limit, we may decline your request and instead require you to send us documents verifying your identity prior to allowing a withdrawal of funds. We will process the redemption request immediately provided all identity and security validation and verification checks are successfully completed, which we will conduct as soon as reasonably practicable.
Depending on the method of redemption you choose, a Fee may be applicable which will be deducted from the balance in your Account prior to redemption. You may not redeem funds less than EUR10 or its equivalent in other currencies other than in return for goods and or services.
You must ensure that the payment details you enter when redeeming your funds are correct and complete. PSI will not be liable for withdrawn funds being sent to the wrong payment instrument where this is due to you providing incorrect payment information. You must ensure that the account number, sort codes, 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.
Where the redemption payment is received by you through the involvement of a payment service provider, for example a bank were you hold an account, PSI will not be responsible for the redemption payment once the funds are received by the payment service provider.
PSI will not be held liable or responsible in any way for the quality or provision goods and services provided in return for electronic money using the Account and PSI does not provide any warranty or guarantee for those goods and services.
We will take reasonable steps to ensure that redeemed funds are received by you within five (5) business days of the redemption request. However, we shall not be liable for delays in the redemption of funds where those delays are caused by any third party involved in the redemption.
7.8. Security validation & verification checks:
You acknowledge that certain of our electronic money purchase, transfer and redemption options require different types of identity and security validation and verification checks, including use of third party validation and verification systems, and you agree to submit to such identity and security validation and verification checks if you choose such options. You also acknowledge that certain of our electronic money purchase, transfer and redemption options impose certain minimum and maximum limits and these are indicated when you view the various options on the applicable webpage on our Website.
7.9. Closing your Account:
You may close your account at any time by contacting our business support team and letting them know that you wish to close your account (please see the 'Contact Us' details at Section 1 of this document). You will remain liable for all obligations relating to your Account even after your Account has been closed. Closing your account does not mean that we delete the personal data that we hold on you and we will continue to store such data, including transaction history, for a minimum period of 5 years as required by law.
We may close your account or any payment service associated with it by giving you 1 month prior notice.
7.10. Unclaimed Balances on a Dormant Account:
If you do not access your Account for a period of 9 months, it will be closed. After closure, we will attempt to notify you using the last contact details you provided to try to send you any funds in redemption of the balance in your Account. If that information is not correct and we are unable to complete the payment to you, the Available Balance on your Account will remain yours for a period of 6 years from the date your Account is closed after which point the electronic money credited to your Account will be forfeited.
8.1. You are responsible for the payment of all applicable Fees. Fees are indicated in the PSI Merchant Agreement signed separately. If you are unclear as to any applicable Fee, please contact our Business Support Team prior to completing any transaction. All Fees are due immediately and are subject to change at any time.
Whenever a currency conversion is required to complete a transaction, PSI will automatically calculate the currency conversion using rates provided by http://www.oanda.com/ and add a currency conversion fee of 2.99%. The currency conversion fee may be subject to change; however, PSI-Pay Ltd will notify you 2 months before of any changes are due to take effect.
The charges for settlements from the MERCHANT ACCOUNT to the MERCHANT bank account are as follows unless otherwise agreed between PSI and the Merchant:
(a) In the event that the amount ordered to be transferred from the MERCHANT Account to the MERCHANT Bank Account is less than EUR 10,000.00 (or billing currency equivalent), the MERCHANT shall cover costs in the amount of EUR 35 (or billing currency equivalent);
(b) In the event that the amount ordered to be transferred from the MERCHANT Account to the MERCHANT Bank Account shall be EUR 10,000.00 (or billing currency equivalent) or more, but shall be less than EUR 100,000.00 (or billing currency equivalent) the MERCHANT shall cover costs in the amount of EUR 80 (or billing currency equivalent);
(c) In the event that the amount ordered to be transferred from the MERCHANT Account to the MERCHANT Bank Account is equal to or exceeds EUR 100,000.00 (or billing currency equivalent), the MERCHANT shall cover costs in an amount equal to 0.2% of the amount of such transfer;
(d) It is hereby agreed that in the event that the due amount ordered to be transferred from the MERCHANT Account to the MERCHANT Bank Account is in any currency other than EUR, then solely for the purpose of calculating the transfer costs due under Section this 8.1., such amount will be deemed to be converted into EUR in accordance with the exchange rate of the EUR against such currency as shall be in effect on the date on which the funds are transferred.
Without limiting our rights or remedies, if you do cancel or charge back your bank transfer in such circumstances, you are responsible for refunding the payment. We may, at our discretion, recover the amount of the charge back by reducing your Account balance or otherwise collecting such amount from you. We reserve the right to charge you fees and expenses we incur in connection with such chargeback and any action undertaken to challenge the same.
10.1. You are prohibited from engaging in any of the following:
(i) using the PSI Service to obtain a cash advance from your credit card (or assisting others in such activity);
(ii) using the PSI Service in a manner that may amount to an abuse of a bank's reversal process, credit card system or a violation of a credit card association rules;
(iii) using the PSI Service for any purpose contrary to laws, contract, statutes or regulations applicable to you, including without limitation, those concerning money laundering, fraud, criminal activity, financial services, unfair competition or consumer protection;
(iv) sending unsolicited email or similar methods of mass messaging (spam);
(v) tampering, hacking, modifying, damaging, interfering with or otherwise corrupting the security or functionality of the PSI Service, or attempting to do any of the foregoing;
(vi) infringing PSI's or any third party's intellectual property rights; and
(vii) refusing to cooperate in any investigation to confirm your identity or any information you provide us.
10.2. It is your responsibility to keep your Account identification, secure identification, password, security questions and answers and other information specific to your Account confidential and in a safe and secure place. We will consider any transaction as authorised by you where any or part of this information has been provided. Should another person gain access to your Account by passing all identification and security validation and verification checks, we are entitled to treat any transaction conducted by that person as valid and authorised by you and are not responsible for any loss or damage you may incur as a result. The authorisation of a transaction can include authorising any single transaction, a series of recurring transactions (including transactions for an indefinite period) or pre-authorising future transactions of a certain or uncertain amount.
It is your responsibility to ensure that you do not use our services for any transaction that may be considered illegal in your jurisdiction.
We may at our sole discretion decide to discontinue or restrict our services in other countries at any time and without prior notice. We reserve the right to suspend or close your account at any time if we reasonably believe we are required to do so by law or in order to comply with recommendations issued by a relevant government authority or recognised body for the prevention of crime.
10.3. If you apply for and are issued with ecoCard Payment Card you will be required to acknowledge and agree to be bound by the prevailing version of the ecoCard Payment Card Terms and Conditions. These may be found on the ecoPayz website and will be displayed to all users who apply for the ecoCard Payment Card.
10.4. You are fully responsible for any goods or services bought or sold by you that are settled through your use of the PSI Service.
10.5. You are fully responsible for the instructions you give PSI.
10.6. You acknowledge and agree that all electronic money purchases, transfers or withdrawals into or out of your Account are final and not reversible. PSI cannot arrange for your Account to be refunded where you believe the purchase, transfer or withdrawal was made in error.
11.2. You acknowledge and accept that: (i) when speaking to customer service agents at PSI, your call may be monitored and/or recorded for quality assurance purposes, security and fraud detection purposes; (ii) for fraud and security purposes your records are kept by PSI even after your Account is closed; and (iii) for identity validation and verification purposes, the following information may be provided to Merchants to or from whom you transfer funds: name, Account number, jurisdiction, postal code, Email address, and/or IP address.
11.3. You further acknowledge that any information you receive through this Service about another User will be kept confidential and will only be used in connection with this Service.
12.1. At our discretion, we may limit access to your Account (including without limitation, placing a hold on funds in your Account, limiting your ability to send or redeem, transfer or withdraw electronic money from your Account, limiting your payment sources) or close your Account, at any time and for any reason, including but not limited to the following:
(b) if we have reasonable grounds to believe that your Account has been used in connection with unauthorised or unusual credit card or bank account use, including without limitation, notice of same by your bank or credit card issuer;
(c) abuse by you of the reversal or charge back process provided by your bank or credit card company;
(d) receipt in your Account of potentially fraudulent funds;
(e) refusal to cooperate in an investigation or to provide adequate confirmation of identity or other identity or security information when requested;
(f) initiation of transactions that may be considered to be cash advances or assisting in cash advances;
(g) your Account has been used or allegedly used in or to facilitate fraudulent or other illegal activity;
(h) return of a payment for insufficient funds in the bank account;
(i) we believe that your Account or activities pose a security, credit or fraud risk to us; and
(j) to comply with money laundering or terrorist financing investigations conducted by government authorities, agencies or commissions.
12.2. If we close your Account, we will notify you first either by phone or email according to the most recent phone number or email address with which you have provided us, and pay to you any unrestricted or undisputed funds in your Account (being funds not involved or otherwise connected with the circumstance giving rise to the limitation or closure).
13.1. PSI reserves the right to validate and verify any of the information you provide.
13.2. Without limiting section 7, PSI shall make reasonable efforts to ensure that requests for debits and credits involving bank accounts and cheque issuances are processed in a timely manner. However, a number of factors, several of which are outside of our control, will contribute to when the processing will be completed. We make no representations or warranties regarding the amount of time needed to complete processing, such as delays in the banking system or your local mail service. We make no representations or warranties as to continuous, uninterrupted or secure access to the PSI Service, which may be affected by factors outside our control, or may be subject to periodic testing, repair, upgrade or maintenance.
13.3. We assume that prior to opening your Account, you have determined that opening and maintaining your Account does not violate any law or regulations in your country of residence and jurisdiction. You warrant that you are not violating any laws or regulations by your use of the PSI Service and you agree to indemnify PSI, its affiliates, subsidiaries, agents and subcontractors, from and against any and all liability that might arise from your use of the PSI Service in violation of any law or regulation.
13.5. Neither PSI nor any of its affiliates, subsidiaries, agents or subcontractors shall be responsible for any claim, loss or damage suffered or incurred by you or any third party unless it has been caused as a direct result of our negligence or wilful misconduct; provided that under no circumstances shall PSI, its affiliates, subsidiaries, agents or subcontractors be liable for any claim, loss or damage caused or alleged to be caused by any of the following:
(a) errors made by you or any Merchant or other User in sending or receiving transfers or withdrawals, such as making a transfer to an unintended person or transferring an incorrect amount;
(b) use of your Account by another person who passes all identity and security validation and verification checks;
(c) any fraud or misrepresentation made by a Merchant or User, even if the Merchant or Member passes all identity and security validation and verification checks;
(d) errors or omissions in our Website content;
(e) misuse or inability to use our Website, whether due to reasons within our control or not;
(f) delays, losses, errors or omissions caused by the failure, interruption, infiltration or corruption of any hardware, software or other telecommunications or data transmission system;
(g) interception or seizure compelled by law; and
(h) circumstances beyond our reasonable control.
13.6. In no event shall PSI, its affiliates, subsidiaries, agents or subcontractors be liable to you or any third party for any indirect, special, consequential, punitive or incidental damages, loss of profits, loss of use of data or interruption of business, whether based on negligence, wilful misconduct, tort, contract (including without limitation fundamental breach or breach of a fundamental term) or any other theory of law.
13.7. We disclaim any and all liability for any goods or services bought or sold by you that are settled through your use of the PSI Service, including any charges, taxes or other duties in relation to such goods or services,
13.9. PSI retains all right, title, and interest in and to all trademarks, trade names, logos, website designs, text, content and graphics, and any use, reproduction, modification, distribution by you is prohibited.
13.10. Any liability of PSI-Pay Ltd under this agreement to the merchant, whatever the basis of liability, will not exceed in aggregate the difference between (I) the amount of fees PSI-Pay Ltd received from the Merchant during the month in which the liability accrued, and (II) assessments and offsets against such fees which arose during that month. If more than one month is involved, the aggregate amount of PSI-Pay Ltd’s liability will not exceed the lowest amount determined in accordance with the previous sentence for any month involved.
13.11. Notwithstanding anything herein, the service is provided “as is”. PSI-Pay Ltd makes no representations or warranties of any kind, whether express, implied, statutory or otherwise regarding the service or the ecoPayz Payment System, including, without limitation, any warranty that the service or the ecoPayz Payment System will be uninterrupted, error free or free of harmful components, or that any information and data, including the merchant’s data, will be secure or not otherwise lost or damaged. Except to the extent prohibited by law, PSI-Pay Ltd disclaims all warranties, including any implied warranties of merchantability, satisfactory quality, fitness for a particular purpose, non-infringement, or quiet enjoyment.
14.2. Complaints about PSI or the services we provide should be communicated to us in the first instance by contacting the Customer Support team. Please state that you wish to make a complaint so that we are able to distinguish this from a query. We will confirm receipt of your complaint within 5 business days.
14.3. In order to make sure that your complaint can be investigated and resolved as quickly as possible, please make sure you give us the following information:
- Your name, address and account number,
- A clear description of your concern or complaint,
- Tell us what you would like us to do to put it right,
- Copies of any relevant documents (for example emails sent by or to you),
- An email address and a daytime telephone number where we can contact you.
PSI will work with you to try to resolve your complaint immediately. We need to understand exactly what the problem is - the more information you can give us the better.
14.4. If you would like a copy of PSI’s Internal Complaints Handling Procedures then please request a copy from firstname.lastname@example.org.
14.5. If, at the end of the PSI procedures, you are still unhappy then you can request a review from the UK’s Financial Ombudsman Service (FOS). The Financial Conduct Authority (FCA) has established the Financial Ombudsman Service to perform independent reviews on any eligible complaints made by Account holders which companies like PSI are unable to resolve to the consumer’s satisfaction.
ecoPayz is a brand of PSI-Pay Ltd. PSI-Pay Ltd is authorised by the Financial Conduct Authority (FCA) under the Electronic Money Regulations 2011 (FCA register number 900011) for the issuing of electronic money. PSI-Pay Ltd registered office is at Afon Building, Worthing Road, Horsham, West Sussex, RH12 1TL, England.