General Terms and Conditions of
Status: April 17th, 2015 General Terms and Conditions of PayCash Europe S.A. 59, Boulevard Royale L-2449 Luxembourg Luxembourg (Hereafter referred to as “PayCash” or “we”) In order to register for PayCash you must read and agree to our terms and conditions. These apply exclusively to the services offered by PayCash. These terms and conditions are an integral part of any legal relationship between you and PayCash. The details of the legal relationship are being set out at the opening, using and closing of a PayCash account. 1. General 1.1 Scope and Subject matter PayCash Europe S.A., 59, Boulevard Royale, L-2249 Luxembourg, Luxembourg is an Electronic Money Institution in Luxembourg. PayCash is registered with the Luxembourg Trade and Companies Register under No. B 167594. PayCash is authorized by Commission de Surveillance du Secteur Financier 100, route d’Arlon, L-2991 Luxembourg as an Electronic Money Institution. PayCash’s service is limited to e-money, which does not qualify as a deposit or an investment service. Therefore, the customer’s money is not protected by the Luxembourg deposit guarantee schemes provided by the Association pour la Garantie des Dépôts Luxembourg (AGDL). The customer’s money is paid into a trusted account at the BCEE – Banque et Caisse d’Epargne de l’Etat in Luxemburg. By paying the money to the trusted account, the money is secured, even in the event of insolvency of PayCash. PayCash provides a platform including a mobile application for transactions using e-money (hereinafter referred to as “PayCash App”) to partners as well as consumers (partners and consumers together hereinafter referred to as “you” or “user”). Partner is an individual or legal entity or partnerships having legal capacity who act in their commercial or independent professional capacity when entering into a legal transaction (entrepreneurs). A consumer is any physical person who concludes a legal transaction for a purpose which cannot be attributed to their commercial or independent professional activities. The PayCash App allows you to transfer e-money. The agreement will be concluded in English. You can also contact us in German. PayCash is an independent service provider that facilitates e-money transfer. Via PayCash you can both send and receive e-money. In addition to these payment services PayCash offers further services that are closely connected to the process of sending and receiving e-money (for example receiving and redeeming vouchers or similar products). PayCash is a service that allows you to send and receive money and check your account balance with your mobile phone. The supplier of these services is PayCash, not your mobile services 1 provider. PayCash is not available in all countries. You can access the available countries at www.paycash.eu or in our latest PayCash app version.. You guarantee to be the holder of the phone numbers that you entered on PayCash and you are obliged to inform our customer service directly if your mobile number has changed or your mobile device has gone missing. It is your responsibility to take care of your mobile phone. Any emerging costs from your mobile services provider or a third parties, for example for text message (SMS) or data services will have to be covered by the user and are not subject to this agreement. 1.2 Data protection The protection of your personal data has highest priority for PayCash. For further information please see our privacy policy. The privacy policy describes how and for what purpose PayCash handles personal user information and how your data is protected. 1.3 Correspondence regarding the service and the agreement Messages regarding your agreement our services and with us can either be sent by mail to our headquarters to the following address: PayCash Europe S.A. 59, Boulevard Royale L-2449 Luxembourg Luxembourg or via e-mail to [email protected] . You can access these terms and conditions at www.paycash.eu and you reserve the right to request these terms and conditions at any time via e-mail. 1.4 Assignment You may not assign any rights and/or obligations of this agreement without the prior written consent of PayCash. Furthermore, your right to terminate the agreement under section 8.1 shall remain unaffected. 1.5 Amendments to the terms and conditions We reserve the right to change these terms and conditions, except the contractual main obligations, and the scope of services. You can request the latest version of the terms and conditions via [email protected] at any time or access it at www.paycash.eu . You will be notified by e-mail no later than two (2) months before the scheduled effective date of the new version of the terms and conditions. If you do not object to the validity of the new terms and conditions before taking effect, the new terms and conditions will be deemed to have been accepted. We will inform you of the importance of the two (2) months’ time limit, the right to object and the legal consequences of silence as well as your right to terminate without notice and free of charge separately in an appropriate manner. If we change these terms and conditions you reserve the right to terminate this agreement with immediate effect. 1.6 Availability 2 PayCash’s services (platform and mobile application) are available 24 hours a day, 365 days per year with an average annual availability of 95% (hereinafter referred to as “SLA”) for use (“System Term”). PayCash will notify you in a timely fashion if maintenance is required as and therefore PayCash is not available. Platform downtimes due to maintenance will not be applied to the SLA. PayCash is not responsible for Internet- or web-related downtimes, especially downtimes during which PayCash, the platform and the mobile application cannot be accessed through the Internet due to technical or other problems that are beyond our control (e.g. force majeure, third party fault, etc.). 2. Registration 2.1 Legal pre-conditions and economic beneficiary The services provided by PayCash can only be used by registered users. In order to be registered, the person is required to be trading for their own account and domiciled/registered in one of the available countries. You can access the list of available countries at www.paycash.eu or in the latest version of the PayCash app.. By signing up our agreement, you declare and acknowledge that you are the true beneficial owner of all funds and monies which shall be used under PayCash App and that you do not act as a representative for any other third party or economic beneficiary. To use PayCash you must have a valid e-mail address. 2.2 Registration To be able to use our services, you first have to open a PayCash account by entering your data either to our website or to the PayCash App on your mobile phone. As part of the registration procedure, you must read and accept our terms and conditions as well as our privacy policies. If you order additional services, you may be asked to accept additional terms and conditions. After the registration we will send you a confirmation of your registration by e-mail with these terms and conditions and a confirmation link. To complete the registration process you will need to click the link. The contract comes into effect upon clicking the confirmation link. 2.3 Number of PayCash accounts You are not allowed to open more than one account unless we have explicitly agreed to it in writing. 2.4 Obligations of the user The user is obliged: To only submit information and data to PayCash that is complete and correct. PayCash can ask the user at any time to verify the accuracy of the information submitted and may request further documents or evidence proving the accuracy of the information. To only use the actual first name and surname and to not use pseudonyms or stage names. To only use PayCash services when domiciled in the countries listed on our website which you can access at www.paycash.eu . To opening and using the PayCash account only for trading for user’s own account. 3 To keep all registration data and any other data required correct and up-to-date at all times. This includes in particular the account information and any credit card numbers. Not to let any third party make use of the account, to keep the access data in a safe place and not to tell any third person about it (for further information see section 8). 2.5 Payment instruments You may only add payment instruments to your PayCash account if you are the named holder of that payment instrument. Payment instruments are accounts (such as bank accounts, credit cards or debit cards) which are used for debit bookings (PayCash account charge) and/or booking of credit notes (PayCash pay-out). Any attempt to add a payment instrument of which you are not the named holder is considered a fraudulent act and we shall take legal steps against such usage. 2.6 14-day closing request Within the first 14 days after the opening of your PayCash account, you have the right to close the account by way of written declaration to our customer service without any costs arising for you. In case the user had charged his PayCash account with e-money, or processed payments, the account shall be credited upon conclusion of the closing request. Prior to payments of any credit balance the user may have to verify the account (see section 2.8). The right of revocation in Section 9 for consumers remains unaffected. 2.7 Account types We offer two kinds of accounts: private accounts and business accounts. In principle each user can only be either holder of a private account or holder of a business account. If the customer wishes to have both a business and a private account, you are required to submit a request in writing to our customer service. A private account shall be exclusively used for private purposes. A business account on the other hand may not be opened for private purposes, but only for commercial activities or by a company. 2.8 Account verification You can verify your PayCash account. To use a higher transaction volume PayCash may request verification. In order to verify your account you have the following options: a) Add a bank account to your PayCash account on our website or using the PayCash App. You’ll receive a credit on your bank account for verification. In the following step enter the message or PIN from the field “purpose of the transfer” to the field in the section “verification of bank account” on our website or using the PayCash App. b) Alternatively you can make a payment by bank transfer or via sofortueberweisung.de which will be debited from the bank account. Furthermore PayCash may request additional information from you for verification purposes. We can ask you to provide us with identity documents via email, fax, and postal mail or by uploading them to our website. If you are the holder of a business account, additional information must be supplied (for example a current extract from the Commercial Register). If the user achieves the “verified” status, it only means that the user has executed all steps listed above successfully. PayCash does not take responsibility for the customer and whether he conducts his business correctly. 4 2.9 Access security 2.9.1 Password security You must keep your account password secure at all times and commit not to communicating it to any third person. PayCash will never request a password from you outside the login area. You are required to change your password on a regular basis and adhere to the following rules: Never write down your password or store it electronically or in any other place. Never allow any third person to access your PayCash account and never let anyone watch you accessing your PayCash account. Do not pick a password that can be guessed easily by any third person. Do not pick a password with a meaning. Never enter your password outside the login area of the PayCash App or outside the login area of the PayCash website. 2.9.2 Password no longer secure You are required to change your password if you have any indication or suspicion of your login details, password or other security feature being lost, stolen, misappropriated, used without authorization or otherwise compromised. Furthermore you must notify the PayCash customer service immediately and communicate the loss or password insecurity to enable PayCash to block your account. 2.9.3 Account blocking for security reasons PayCash is allowed to block or limit your account at any time if there is evidence of fraud or misuse of your account. 2.9.4 Security of your email account Every user ensures that his email account is secure and he will never share his password with third parties, since PayCash will use this email account for password resets or for security related information. Alternatively PayCash sends a new password via postal mail to the address entered in the account. Simultaneously the user may be asked to verify his identity. Should the user have the suspicion that his email address may be insecure we recommend the user to immediately contact the PayCash customer service. 2.9.5 Storage of log in data The user should make sure that when accessing his PayCash account from a public computer or from a computer that is used by several people, not to save, record or keep his password on the computer. When using PayCash from his own computer, the user should make sure that he is the only one who has access to this device. 2.9.6 Safety of technology / software Before using PayCash services the user shall each time ensure that customary security precautions – if applicable – such as anti-virus software and firewall software are installed on the system he is 5 using and that these, like the system software being used, are updated regularly to eliminate security risks for PayCash transfers. The user may find further safety recommendations on the PayCash website. 3. General conditions for payments with e-money 3.1 e-money PayCash is a service that allows you to send and receive money and check your account balance as well as your history of transactions with your mobile phone. 3.2 Requirements for the transfer of e-money To carry out payment transactions via e-money it is necessary that both users taking part in the transaction have installed the PayCash App on their mobile phones and have registered with their account information on the PayCash App and both have a working internet connection. 3.3 Sufficient funds PayCash is not obliged to execute payment orders for which there are insufficient funds or credit limits and/or other payment instruments have not been agreed upon. 3.4 Sending e-money When using e-money as payment for a service or a product you are initiating a payment order to PayCash. For the initiation of the payment order the user (paying user) enters any amount up to the applicable transaction limits to the application in the payment mode and then presses the button “pay now”. Thereby the order is placed and the user requests a session TAN or a code for an immediate payment execution. PayCash provides you with a temporary session TAN (60 seconds) in form of a 2D barcode to execute the payment irrevocably. If the 60 seconds expire without using/scanning the code by the recipient of the payment and without transferring the code successfully, both code and order expire. In this case, the PayCash account of the user will not be charged. For further processing of the payment as the submitter of e-money you will have to make the session TAN or the code in form of a 2D barcode accessible to the recipient for scanning. By scanning the code generated by PayCash the recipient accepts the payment instrument. After having scanned the code successfully the recipient orders the execution of the transaction using the PayCash App. The transaction is verified on our server and the amount of the payment is being transferred from the submitter’s account to the account of the recipient. The execution of a payment will take effect immediately and cannot be revoked. 3.5 paying e-money via PayCash Direct If you pay via the function PayCash Direct at PayCash partners who offer this payment option, you grant PayCash a payment order for the amount of money quoted by the PayCash partner. For the generation of a PayCash Direct 2D_BarcCode no indication of a monetary amount is required by the payer. For placing an order the user (paying user) selects the payment method “PayCash Direct” in the PayCash App. Hereby the user requests a session TAN or 2D-BarcCode for an irrevocable execution of the payment. Provided sufficient coverage of the PayCash account of the paying user, PayCash executes payments up to an amount of EUR 10.00 via PayCash Direct without an additional 6 confirmation by the paying user. For amounts greater than EUR 10.00 the paying users also has to confirm the transaction in the PayCash App. Subsequent to the order of the paying user generates PayCash a time-restricted Session-TAN in form of an irrevocable 2D barcode to execute the payment. After expiration of the time limitation without using the code, the code expires, i.e. no scan takes place by the recipient of the payment (cash processing user) and no successful passing of the code using the PayCash App of the payee to the server of PayCash takes place, the code expires and thus the order. Your PayCash account is not debited in this case. For further processing the payment, you, as sender of e-money, have to make the session-TAN or the code in the form of 2D bar codes accessible to the receiver for photocopying or scanning. The beneficiary agrees by photocopying or scanning your generated PayCash 2D barcodes on the selected payment method. Immediately following the successful operation of photocopying or scanning, the payee commissions through the PayCash app with active remote data transmission link the payment to be processed by PayCash for the amount specified by the payee. On the server, a check is performed and the requested amount is transferred from the sender account to the account of the recipient. The execution of the payment is immediate and cannot be revoked. After a successful transaction both the paying user and the receiver receive a confirmation by PayCash. The respective payments shall only be executed if the relevant funds are available on the payer’s account. In case the requested amount is bigger than EUR 10.00 the paying user confirms the execution of the payment. 3.6 Receiving e-money You can receive e-money using the PayCash App. The recipient of e-money submits a booking request to PayCash. This booking request needs the intrinsic, anticipated approval of the paying user whose account is being charged the amount requested. This anticipated approval has been given by the payer by requesting the generated irrevocable session TAN, in form of a 2D barcode, from PayCash. The recipient sends – with the assistance of the payer – a booking request to PayCash. The recipient scans the 2D barcode of the paying user. Therefore the user applies the “cash in” function by pressing the button “cash in”. This session TAN is transferred automatically to the PayCash server. The server checks the authenticity of the payment conditions and at a positive result the transaction is being processed. The payment process is finalized. Submitter and recipient receive a confirmation notice through the PayCash App. 3.7 Transaction limits for sending and receiving e-money For every PayCash account there is an initial transaction limit (sending and receiving e-money) at an amount of EUR 500,00 per year and EUR 50,00 per calendar month starting from the day of the first payment processed through your PayCash account. Within PayCash’s risk management framework PayCash can implement additional limitations to minimize the risk of fraud and default. You can alternate your transaction limit after verifying your PayCash account (see section 2.8). After verifying, your transaction limit (for sending and receiving e-money) will be increased to EUR 150,00 monthly or EUR 2.500,00 within one calendar year. PayCash will reserve the right to adjust this limit without prior notice based on the risk profile of the individual user and in accordance with the applicable regulatory framework. PayCash reserves the right to adjust this limit. You will be notified by e-mail no later than two (2) months before the scheduled effective date of the new limit. If you do not object to the validity of the new limit within two (2) months of them taking effect, the new limit will be deemed to have been accepted. We will inform you of the importance of the two (2) month time limit, and the right to object, the legal consequences of silence as well as your right to terminate without notice and free of charge separately in an appropriate manner. 7 3.8 Defaults – Consequences for the receiving user Receiving e-money through your PayCash account does not mean this transaction cannot be cancelled. PayCash reserves the right to reverse a payment in case the payer has charged back or otherwise reversed a charging or other payment which was used to fund the payment to you. A payment order is considered closed even if it has been cancelled due to default. 3.9 Defaults – Consequences for the paying user Paying with e-money through your account does not mean that this transaction cannot be cancelled. PayCash reserves the right to reverse a payment in case the paying user or the credit institute or the payment provider has cancelled a payment or is likely to cancel or reverse the process. A payment order is considered closed even if it has been cancelled due to default. Payments can only be cancelled if the cancellation is due to an insufficient balance on the PayCash account. 4. Balance and account information 4.1 Account balance You can check your current account balance at any time by logging in to the PayCash website or the PayCash app. You agree to view your account status online or using the PayCash and to print out your account statement. PayCash does not send out physical account statements by postal mail. 4.2 Payment orders In addition to your current account balance that you can check through logging in to your PayCash account, you are informed about specific payments, especially payments related to the functions “charge” and “pay out”, via email. Your account statement, containing all the information about your transactions and settlements, can be downloaded and printed out at any time from the PayCash website. PayCash provides your account statement on a monthly basis as a file that can be downloaded from your account. Details to all your payment orders are available online for a period of 12 months. If you wish to receive detailed information about your PayCash account or any other additional information is made available to you, fees according to the “table of fees” (see section 7.1) apply. 4.3 Calculating a credit balance PayCash shall be entitled to charge you for all fees, costs, or amounts whatever owing by you. The amounts will be debited from your credit balance. 4.4 Securing the customer’s money The customer’s money is paid into a trusted account at the BCEE – Banque et Caisse d’Epargne de l’Etat in Luxemburg. By paying the money to the trusted account, the money is secured, even in the event of insolvency of PayCash. 8 4.5 Guarantee It is understood and the user specifically agrees that the money he has paid into the trusted account at the BCEE – Banque et Caisse d’Epargne de l’Etat in Luxembourg as set forth in section 4.4 above shall serve as a guarantee to secure all present and future, conditional and limited claims that PayCash shall hold against such user from previous transactions. 5. Charging / Paying out of the PayCash account 5.1 Reference account The reference account is a bank account at a credit institute, of which the PayCash user is the holder. The account must be held in Euro. Should the reference account not be held in Euro, PayCash reserves the right to close your account and charge you the costs that may arise. 5.2 Charging The notion “charging” means a deposit to your PayCash account. You can charge your account by logging in to your account on the PayCash website or the PayCash App and follow the instructions. Your PayCash account balance will be increased by the charging process. By transferring and charging money from your bank account, a credit card or a similar system to your PayCash account, you create e-money. We can offer you various ways for charging. Those methods depend on the payment instruments (debit or credit card, remittance, SEPA Direct Debit, or similar services) you added to your PayCash account. Charging methods are payment services offered by credit institutes and are as such dependent on the credit institute. The charging methods are not part of the services provided by PayCash. PayCash cannot guarantee the availability of certain charging methods and reserves the right to offer certain charging methods, change or cancel them at any time. PayCash is not liable for money that has not yet been received by PayCash. 5.3 E-Mandate for SEPA Direct Debit When registering your PayCash account or the first execution of a SEPA direct debit to charge your PayCash account, you grant PayCash a SEPA E-Mandate by clicking the corresponding option in the app. You hereby acknowledge that PayCash may collect from you initiated debits in favor of your PayCash account from your bank account or bank account reference and instruct your bank to redeem this debit. You also confirm that, for the redemption of the SEPA Direct Debit the appropriate bank account has sufficient credit and you are still responsible for costs incurred due to non-payment of a debit. The pre-notification period for the submission of SEPA direct debits at your bank is 1 day: i.e. we will inform you by e-mail 1 day before the redemption of the direct debit about the amount to be collected. 5.4 Authorization of charging To ensure a proper authorization of a charging process, you may be asked to answer security questions or to complete other activities to verify your identity. 9 5.5 Chargebacks and cancellations In the case of a payment default or a situation which could lead to a payment default, e.g. when a payment that had been credited to your account has been cancelled, you are liable for the amount and for any fees that may arise. A payment default is one of the following events: return debit note or credit card chargeback, a payment has not been approved by the rightful account holder. When a chargeback occurs PayCash may appeal against it. The credit card provider not PayCash takes the final decision whether the chargeback was rightful. A payment order is considered closed, even if cancelled in case of a payment default. In the event of a default we will charge the amount (including applicable fees) to your PayCash account. If a cancellation or chargeback leads to a negative balance on your PayCash account you are required to repay such negative balance by charging sufficient funds into your PayCash account. Any omission of this settlement will cause a violation of these terms and conditions. Repayment of the negative balance is due immediately and has to be submitted no later than 7 days after the date on which the negative balance occurred according to your history of transactions, otherwise the user will be in default. We reserve the right to balance the user’s payments with our oldest due claim against the customer. PayCash will take special measures to prosecute rights and claims. In this context you are obliged to bear the costs arising from a rightful prosecution. You have the right to prove that a lower amount of loss was incurred. You are obliged to agree to the transmission of your address data by your local bank to us in case of chargebacks. 5.6 Re-crediting of charged amounts When you charge your PayCash account or make a deposit the amount will be credited to your PayCash account immediately after the money was received by PayCash. Some charge 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 PayCash within a reasonable time in which case PayCash will deduct the amount of the canceled transaction from your account balance. If the transaction of re-crediting leads to a negative balance of your PayCash account, you are required to repay such negative balance by charging sufficient funds into your account. Repayment of the negative balance is due immediately and has to be submitted no later than 7 days after the date on which the negative balance occurred according to your history of transactions, otherwise the user will be in default. In the course of this transaction through a payment instrument PayCash is the receiver of the payment and not the provider of the respective payment services. 5.7 Recharching through the automatic charging function The automatic charging function by PayCash will be activated automatically, when you credit your PayCash account. You have the option to deactivate the automatic charging function. With automatic charging the same amount is charged via the same payment method that you used in the first use of the recharging function. You can change the automatic recharging amount at any time. The minimum amount for automatic recharging is EUR 5,00. The charging occurs when your balance falls below the set limit. 10 You can change or deactivate the automatic recharging function in the settings of the PayCash App at any time. 5.8 Acceptance of payment instruments PayCash only accepts payment instruments to charge an account, if the holder of the PayCash account is also the holder of the payment instrument. PayCash 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 charged from a payment instrument that is not in your name, we may charge an administration fee listed in the separate „table of fees”, which can be accessed at any time at www.paycash.eu . 5.9 Limits for charging money For security reasons and for statutory provisions, payment procedures for charging money onto accounts may be restricted. These limits are set dynamically depending on your verification status and the payment instrument you want to use. Dependent on your verification status PayCash can set your crediting limits higher than your spending limits or payout limits. You can check the status of your limits anytime on your PayCash account. 5.10 Charging fees Charging fees may occur , depending on the chosen charging method and the payment instrument, while charging your PayCash account; these are listed in our “Price and service specifications” at www.paycash.eu. PayCash cannot make any statements concerning fees that the provider of your payment instrument raises. 5.11 Withdrawal You can withdraw your credit balance from your PayCash account to your verified bank account. The transfer of e-money from a PayCash account to your bank account can be regarded as cash out e-money. 5.12 Withdrawal limits Before you start cashing e-money by withdrawing it from your PayCash account, PayCash reserves the right to verify the identity of the account holder. PayCash is performing these checks to minimize the risk of fraud and default. If you withdraw e-money from your PayCash account, the payment order is executed within one bank working day. Within the framework of our risk management and our statutory obligations we can check the payment order to prevent money laundering. Once PayCash identifies a risk in the payment process, PayCash reserves the right to define the payment instruments available for the transfer of the amounts to be withdrawn from the PayCash account or to reject the payment order completely. 5.13 Temporarily retained payments a) PayCash can retain a payment you received temporarily, if we believe there is a significantly increased default risk related to this payment. An increased default risk exists for chargebacks, credit card chargebacks or certain penalties. b) You agree that PayCash is allowed to withhold the payment and that you submit the needed information with PayCash to estimate the risk of a default. 11 c) If you do not agree with the retention of the payment, you are allowed to close your PayCash account. If your account is being closed for whatever reason, we can withhold the retained payment for a period of 60 days after meeting all the payment obligations from this agreement. 6. Period and termination of this agreement 6.1 Agreement Period The agreement shall be established for an indefinite period. 6.2 Termination by the user Except as provided in section 6.3 you can terminate this agreement at any time by canceling your account within the log in area on the PayCash website. The cancellation is immediately followed by the settlement of your account and termination of this agreement. Please transfer any credit balance from your PayCash account to your reference account, before closing. Any credit balance after the settlement of the account will be transferred automatically to your reference account. The right of extraordinary termination for good cause remains unaffected. 6.3 Termination of this agreement by PayCash PayCash can cancel this account and thereby terminate this agreement at any time with 2 months’ prior notice. The right of extraordinary termination for good cause remains unaffected. Good cause shall be deemed to exist, in particular, when you violate essential terms of these terms and conditions. In this case we will inform you and give you the opportunity to withdraw all undisputed amounts. 6.4 Limits to termination This agreement may not be terminated to prevent an account check or identity check. Should you nonetheless make any attempt of cancelling your account, PayCash is allowed to retain your credit balance up to 60 days for protection against payment default. This includes payments received by direct debit, bank transfers, returned direct debits, contractual penalties, fines or fees. After the termination of this agreement the PayCash user remains responsible for all obligations related to activities regarding the account. 7. Fees 7.1 Table of fees By using the PayCash services certain charges listed in the separate „table of fees”, which can be accessed at any time at www.paycash.eu will apply. All fees include the applicable Luxembourg value added tax (VAT) rate. 7.2 Terms of payment All fees shall become due immediately. Instances of off-setting or any other deductions are not permitted. PayCash deducts the fees of any transactions within 24 hours after the transaction on your PayCash account. 12 8. Liability of PayCash and User 8.1 Liability of user for unauthorized payment transactions 8.1.1 General In case of unauthorized payment transactions PayCash is not entitled – except for cases listed in section 8.1.2 – to claim for the reimbursement of expenses. PayCash will refund user the payment amount immediately and, if the amount has been debited from an account of the user, to restore the payment account to the status it would have had if the unauthorized payment transaction had not taken place. 8.1.2 Use of a lost, stolen or otherwise missing authentication medium If unauthorized payment transactions made prior to the blocking notification are attributable to the use of a lost, stolen or otherwise missing authentication medium, the user is liable for losses suffered by PayCash as a result up to an amount of EUR 150. In the case of unauthorized payment transactions made before the blocking notification due to the misuse of an authentication medium without the latter being lost, stolen or otherwise missing, the user is liable for losses suffered by PayCash as a result up to an amount of EUR 150 if the user has culpably breached his obligation to safely store the personalized security features. If the user is a partner, he shall be liable for losses resulting from unauthorized payment transactions over and above the liability limit of EUR 150 set out in paragraphs 1 and 2, if the Partner has negligently or intentionally breached his notification obligations and duties of care and attention as described in these terms and conditions. The user is not obliged to compensate for any losses under paragraphs. 1, 2 and 3 if the user was unable to deliver the blocking notification described in Section 2.9.2. because PayCash had not ensured that the notification could be delivered and the loss has arisen as a consequence thereof. In cases where unauthorized payment transactions are made prior to the blocking notification and the user has intentionally or in gross negligence breached his duties of care and attention under these conditions or has acted with fraudulent intent, the user shall be fully liable in respect of any losses incurred as a consequence thereof. Liability for losses incurred during the period to which the transaction limit relates shall be limited in each case to the amount of the agreed transaction limit. 8.2 Limitation of PayCash’s liability 8.2.1 Liability in case of malice and great negligence Any claims of users for damages are excluded. This does not apply to claims for damages by the user due to injury to life, limb or health or due to the violation of material contractual obligations (cardinal obligations) and the liability for other damages based on intentional or grossly negligent breach of duty by us, our legal representatives or vicarious agents. Cardinal obligations within the meaning of these terms and conditions are obligations that permit the proper execution of the agreement and the achievement of its purpose and on the compliance of which the user can regularly rely. 13 8.2.2 Liability in case of substantial duties In case of violation of material contractual obligations PayCash is liable only to the typical contractual, foreseeable damage if this was caused by simple negligence, unless there are claims for damages by the user due to injury to life, limb or health. 8.2.3 Product liability Claims under the German Product Liability Act [Produkthaftungsgesetz] remain unaffected. The same applies for the liability of PayCash under section 675z German Civil Code [Bürgerliches Gesetzbuch]. 8.3 Liability of legal representatives and agents The limitations of Clauses 8.2.1 and 8.2.2 also apply in favor of our legal representatives and vicarious agents if claims are asserted directly against them. 14 9. Instruction on the Right of Revocation for Consumers 9.1 Right of revocation Right of Revocation You may revoke your contractual declaration within 14 days, without stating reasons, in text form (e.g. letter, fax, e-mail). The period commences after reception of these instructions in text form, however not before the contract is concluded and not before we have fulfilled our information obligations under Article 246 Sec. 2 in connection with Sec. 1 Par. 1 No. 8 through 12 and Par. 2 No. 2, 4 and 8 as well as Article 248 Sec. 4 Par. 1 EGBGB. In order to meet the deadline, the timely dispatch of the revocation is sufficient. The revocation must be addressed to: PayCash Europe S.A. 59, Boulevard Royale L-2449 Luxembourg Luxembourg Consequences of Revocation In the event of effective revocation, the mutually received performance and any taken emoluments (e.g. interest) must be returned. If you are entirely or partially unable to return us the received performance and any emoluments (e.g. benefits of use), or if you can return them in a deteriorated condition only, you must provide us with compensation for the value to the according extent. This may lead to you having to fulfill the contractual payment obligations for the time period until the revocation after all. Obligations to return payments must be fulfilled within 30 days. For you, this time period commences upon dispatch of your revocation declaration, for us it commences upon its receipt. Special Notices Your right of revocation lapses prematurely if the contract is entirely fulfilled at your express request before you have exercised your revocation right. In the event of revocation of a distance contract concerning a financial service, you also cease to be bound by an added contract concerning a service if such contract concerns an additional service provided by us or a third party on the basis of an agreement between us and such third party. End of Instruction on the Right of Revocation 9.2 Prerequisites for right of revocation The right of revocation only applies for consumers. If you are a partner the right of revocation as described in Sec. 9.1 will not apply. 15 10. Final provisions 10.1 Applicable Law/Designated Court/ Place of jurisdiction a) For Consumers This agreement is governed by the laws of the Federal Republic of Germany. Consumer’s domicile is the place of jurisdiction. If you do not have a general place of jurisdiction in Germany or in another Member State of the European Union, or if you have moved your permanent residence abroad following the effective date of these terms and conditions, or if your residence or usual place of residence is not known at the time an action is brought, the exclusive venue for any disputes arising out of this agreement is the registered place of business of PayCash. b) For Partners The Agreement is subject to German law, excluding of the UN Convention on Contracts for the International Sale of Goods. The Parties submit to the jurisdiction of the courts at PayCash’s registered head office for all disputes arising out of or in connection with this Agreement. PayCash is also entitled to bring claims at the user’s place of performance. 10.2 Protective clause If individual terms of this contract should not be legally effective or should lose their legal effect later or should a loophole become evident in this contract, then the legal effect of the remaining terms is not affected by this. The parties undertake, in particular, to make an appropriate regulation which most closely approximates to the sense and purpose of this agreement. 10.3 Miscellaneous If a user has a complaint to make about PayCash, he may choose to escalate it by contacting one of the following: Commission de Surveillance du Secteur Financier (CSSF) The CSSF is the authority responsible for the prudential supervision of companies in the financial sector in Luxembourg. You can contact the CSSF at 110 Route d’Arlon L-2991 Luxembourg. Customers may obtain further information regarding the CSSF and how to contact them at: http://www.cssf.lu/index.php?&L=1; 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/. 16 Price list for end user – 18 September 2012 – Page 1 / 1 Account opening and close Download the app – free Registrate a PayCash account – free Resolute the PayCash account – free Transactions Transaction between a private person and dealers – free Transaction between a private person and an other private person – free Charging the PayCash account Charging the PayCash account via credit card* – free Charging the PayCash account via Instant Transfer* – free Charging the PayCash account via direct debit* – free * When charging fees may apply as apart of the performing financial institution. Please check with your bank about any costs incurred. To cash out on reference account Cash out (from € 5.00) on legitimized bank account – free Chargebacks Chargeback or failed direct debit – 5,00 € Chargeback by credit card – 10,00 € Blockage the PayCash Account Blocking the PayCash account because of theft (if a police report send in) – free Blocking the account by request of the customer – 15,00 € Access and password Receive a new password via e-mail – free Receive a new password via mail – 5,00 € Transaction summaries Electronic Transaction Summary (via app) – free Written transaction summaries (per request) – 5,00 € 17
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