iPaymix Card Terms & Conditions - Soletrader CardsThese terms and conditions (the "Terms and Conditions") represent the user agreement ("Agreement") which is entered into by and between You (the "Cardholder", "You", "Your") and Finance Incorporated Limited, a private limited liability company, duly registered and organised under the laws of Malta with registration number C558338, having its registered address at Capital Business Centre, Block A, Floor 2, Triq taż-Żwejt, San Ġwann, SGN 3000, Malta, being a financial institution authorised and regulated by the Malta Financial Services Authority in accordance with the Financial Institution Act 1994 (Chapter 376 of the Laws of Malta), regulating the issuing of electronic money and the provision of payment services ('iPaymix', 'Paymix' 'We', 'Us', 'Our').
The Card, any Additional Cards and the iPaymix Sole Trader Accounts are operated by Finance Incorporated Limited.
These Terms and Conditions apply to the use of Your iPaymix Sole Trader Card.
A copy of these Terms and Conditions (as may be amended from time to time) is available at all times from Our Website: www.iPaymix.com. We do not provide Terms and Conditions in paper form except where You request for a copy of these Terms and Conditions to be mailed to You by contacting us as set out in Section 14 of these Terms and Conditions.
In these Terms and Conditions:
"Sole Trader Account" means Your eWallet Account which shall be provided to You as a Business Customer in accordance with these Terms and Conditions and through which the electronic money shall be stored and shall be accessible, and shall be denominated in Euro;
"Card" shall mean any valid payment instrument issued under a Card Association bearing the Card Association Marks and issued by a card issuing member of that Card Association pursuant to the Card Association Rules of that Card Association and shall include "Additional Cards" where the context admits or requires.
"Card Association" or "Card Scheme" shall mean (a) MasterCard Inc.; (b) any other association or entity added which facilitates the clearing and settlement of transactions; and (c) and any successor organisation or association of any of the above, in relation to which Finance Incorporated Limited is registered as a member or otherwise authorised to process transactions;
"Card Association Marks" shall mean the names, logos, service marks, trademarks, trade names, taglines or any other property designations belonging to any Card Association;
"Cardholder" shall mean shall mean You, being the person to whom a Card has been issued as an iPaymix Sole Trader Account holder.
"Cashback transactions" are card transactions available at specific retail stores whereby, during debit card transactions, the customer can request to add an extra amount to the purchase price and receive the added amount in cash.
"Offline transactions" are card transactions which can be authorised even though the merchant has not at the time of sale contacted us for an authorisation.
"Online Portal" means the online management system made available by iPaymix on Our Website and accessible by You which enables You to manage the information and functionality relating to Your Sole Trader Account.
"Online Transactions" are card transactions which can be authorised whenever merchant has at the time of sale contacted us for an authorisation.
"iPaymix Sole Trader Card" means the iPaymix Card that is issued to You as an iPaymix Sole Trader Account Holder and which is connected to Your iPaymix Sole Trader Account.
"Shortfall" arises in the event that there are insufficient funds on the Card when a transaction is completed.
"Website" or "Our Website" means : https://www.ipaymix.com/
"Working Day": means Monday to Friday, excluding Bank Holidays in Malta.
"You" means the iPaymix Sole Trader Account Holder and Cardholder properly authorised as a user of the Card.
1. The iPaymix Card
The iPaymix Sole Trader Card gives You the freedom to access Your funds online and offline anytime and anywhere a MasterCard (or such other Card Scheme as is offered by iPaymix from time to time) card is accepted.
Before using the Card, You need to make sure there are sufficient funds loaded on it. The iPaymix Sole Trader Card is a reloadable prepaid Card. It is to be used in conjunction with Your iPaymix Sole Trader Account.
The iPaymix plastic Card can be used as a 'contact' card, meaning it can be inserted into contact terminals (such as ATM or Chip & Pin terminals) and as Well as a 'contactless' card, meaning it can also be used at contactless terminals (such as those found at station gates, toll way gates bus terminals or retailers' contactless payment terminals).
The iPaymix Sole Trader Card is issued in Euro and will not earn any interest on any funds loaded thereon.
2. Applying For, Activating and Loading Your Card
To be eligible for an iPaymix Sole Trader Card You must have an iPaymix Sole Trader Account with Us.
If You are applying for an iPaymix Sole Trader Card, You have the option to:
Have Your Card directly connected to Your iPaymix Sole Trader Account, therefore no loading is required. Funds for purchases made with Your Card will automatically be debited from Your iPaymix Sole Trader Account. As long as You have sufficient funds in Your iPaymix Sole Trader Account to cover Your purchases and any fees, the Card can give You instant access to Your money; or
For additional security reasons, have Your iPaymix Sole Trader Card issued separately from Your iPaymix Sole Trader Account. This will be a prepaid Card ("iPaymix Sole Trader Prepaid Card"). You will be able to complete purchases or withdraw at an ATM up to the amount You load from Your iPaymix Sole Trader Account to Your iPaymix Prepaid Card Account.
Your iPaymix Sole Trader Card can be used through 'contact' and 'contactless' terminals. However in order to activate the 'contactless' interface and be able to use it through 'contactless' terminals, You must first perform an online transaction through the 'contact' interface.
By using the iPaymix Sole Trader Card You are agreeing to these Terms and Conditions.
3. Using Your Card
iPaymix may at any time block Your Card whenever:
> We are concerned about the security of Your iPaymix Sole Trader Account or Card(s);
> We suspect Your iPaymix Sole Trader Account or Card(s) are being used in an unauthorised or fraudulent manner; or
> We need to do so to comply with the law or the requirement of MasterCard (or other applicable Card Scheme).
In the event that We have blocked Your Card(s), We shall notify You as soon as practical or when We are permitted to do so.
We cannot guarantee that a merchant will accept Your Card(s).
The value of Your transactions will be deducted from the balance on Your Card as soon as the transactions are made and authorised by Us in accordance with Section 4.
iPaymix may refuse to authorise a transaction:
> if We are concerned about security of Your Card or We suspect Your Card is being used in an unauthorised or fraudulent manner;
> if sufficient funds are not loaded on Your iPaymix Sole Trader Account or Your Prepaid Card at the time of a transaction to cover the amount of the transaction and any applicable fees;
> if there is an outstanding Shortfall on the Card;
> if We have reasonable grounds to believe that You are acting in breach of this Agreement;
> if We believe that a transaction is potentially suspicious or illegal (for example, if We believe that a transaction is being made fraudulently); or
> because of errors, failures (whether mechanical or otherwise) or refusals by merchants, payment processors or payment schemes processing transactions.
If We refuse to authorise a transaction, We will, if practicable, notify You immediately unless it would be unlawful for us to do so.
Any applicable fees shall be deducted from Your iPaymix Sole Trader Account or Your iPaymix Sole Trader Prepaid Card Account as soon as they become payable by You. See the Our Pricing section of Our Website for details of Our fees: https://www.ipaymix.com/fees.php
4. Authorising Transactions
Card transactions at point of sale ("POS") will be regarded as authorised by You when You follow the instructions provided by the merchant or retailer to authorise the transaction, which may include:
> entering Your PIN or providing any other security code;
> signing a sales voucher;
> providing the Card details and/ or providing any other details as requested;
> waving or swiping the Card over a card reader;
> Cash withdrawal transactions will be regarded as authorised by You once You insert a Card and enter Your PIN to request a cash withdrawal at an ATM and when You make a request for a cash advance at any bank counter or at any retail store offering cashback facility. Depending on the type of cash withdrawal, a fee will be applicable as shown in the fee section of our Website.
Authorisation for a transaction may not be withdrawn (or revoked) by You once it is received.
A transaction (the payment order) will be received by us as follows:
> for purchases and ATM transactions, at the time We receive the transaction instruction from the merchant acquirer or ATM operator;
> for other transactions which are communicated directly to us, at the time We are asked to complete the transaction.
Transactions (payment orders) executed through the Card(s) may be subject to spending limits which We shall agree with You for each Card, where applicable.
Where a merchant requests/takes a 'pre-authorisation', the merchant will be reserving the amount he intends to collect. This amount will be reserved from Your available balance until such time that the merchant requests settlement following completion of the transaction and the funds will then be collected from Your account. Generally merchants request settlement within a maximum of thirty (30) days but for some purchases such as mail order, Your account may not be debited until the goods are despatched, which may be longer than thirty (30) days. You must at all times make allowances for this in Your spending to prevent Your account falling into a debit balance.
If You make a transaction in a currency other than the currency in which Your Card was issued, We reserve the right to apply an exchange rate tolerance factor whereby We will hold funds up to 10% higher than the merchant amount requested. Foreign exchange rates can fluctuate and the rate that applies one day will not necessarily be the same on any other day. Where a Transaction is executed through the Card(s) in a currency other than EURO, We will inform You of the percentage mark-up exchange rate over the latest ECB reference rate applied. You can access the latest currency conversion rates published on Our Website under the 'Fx fee' section: https://www.ipaymix.com/fees.php
If there are insufficient funds in Your Sole Trader Account or Card at the time of a transaction is received by us, to cover the amount of the transaction and any applicable fees, the transaction will be declined.
Your Card enables You to carry out Offline transactions. You must at all times make allowances for this in Your spending to prevent Your account falling into a debit balance.
A Shortfall shall be reimbursed by You unless it is due to an error on the part of the merchant/retailer where the Card was presented, in which case We suggest that You first seek the Shortfall from the merchant/retailer or alternatively file a charge back. In the event You file a charge back, a fee will be applicable as shown in the fee section of Our Website.
You agree that once We make a Shortfall known to You, We may charge such amount to Your iPaymix Sole Trader Account or against any funds which You may subsequently load onto Your iPaymix Prepaid Card or to Your iPaymix Sole Trader Account. Until We are reimbursed the Shortfall amount, We will suspend Your Card and any Additional Card. In addition, We reserve the right to charge You an administration fee for each transaction that You make using Your Card that results in a Shortfall or increases the Shortfall amount on Your Card as shown in the fee section of our Website.
5. Cancellation and Expiry
This Agreement will continue indefinitely unless terminated. The Cardholder shall be able to terminate the Agreement without incurring any termination charges; subject to any early termination charges (in accordance with the table of fees, if applicable) if the contract has been in force for less than six months when terminated.
Upon termination, iPaymix shall provide to You, on paper or another durable medium and at no cost, a statement setting out the following information, which shall cover a period of thirteen (13) months prior to the termination:
(a) a reference enabling You to identify each transaction and, where appropriate, information relating to the payee;
(b) the amount of the transaction in the currency used for the instruction;
(c) the amount of any charges for the transaction;
(d) where applicable, the exchange rate used in the transaction and the amount of the transaction after that currency conversion;
(e) the debit value date.
Upon termination, charges for any Services levied by iPaymix shall be proportionately reimbursed to You.
You agree to pay any amounts to Us which have not been taken out of Your account at the date of closure, and any charges incurred.
Termination shall in no case affect any rights, obligations, liability or any claims whatsoever, which may have accrued before the termination or that shall the termination due to their nature.
Your Card is valid for three years. You will not be able to use Your Card after its expiry date. However, when it expires, unless We are instructed otherwise, We will issue You with a replacement card.
You have the right to cancel Your Card at any time without notice by contacting our Customer Support. You will be asked to confirm that You have destroyed Your Card.
If You cancel Your Card, once all transactions and fees have been deducted, We will arrange for any balance on Your prepaid card account to be refunded to You. A Refund Fee may be charged unless You have arranged to transfer the balance to a Sole Trader/Sole Trader Account managed by us.
iPaymix may ask You to stop using Your iPaymix Sole Trader Card and any Additional Card and to destroy it.
iPaymix may at any time refuse to issue or replace a Card whenever:
- We are concerned about the security of Your iPaymix Sole Trader Account or Card(s) We have issued to You or another eWallet Account to which You are connected;
- We suspect Your iPaymix Sole Trader Account or Card(s) are being used in an unauthorised or fraudulent manner; or
- We need to do so to comply with the law or the requirement of MasterCard (or other applicable Card Scheme).
We may also cancel Your agreement for any reason by notifying You, subject to giving You two (2) months' notice in the following scenarios:
- if this agreement or Your card expires on a set date and We have not agreed to renew this Agreement;
- if You break an important part of this agreement, or repeatedly break the agreement and fail to resolve the matter in a timely manner;
- if You fail to pay fees or charges that You have incurred or fail to put right any shortfall.
We may also cancel this Agreement or suspend Your Card or Sole Trader Account immediately if We believe Your Card is deliberately being used by You to commit fraud or for other illegal purposes. If We do this We will tell You as soon as We are permitted to do so.
If Your Card is cancelled, We will immediately block Your Card so it cannot be used.
You should treat Your Card like cash. If it is lost or stolen, You may lose some or all of Your money on Your Card or Sole Trader Account, in the same way as if You lost cash in Your wallet or purse. As a result, You must keep Your Card safe and not let anyone else use it. If You are issued with a PIN, You should memorise the PIN, then destroy the notification. You must keep Your PIN secret at all times. You should not write Your PIN down or reveal it to anyone. You can change Your PIN to something more memorable at most ATM machines by following the on screen instructions or request a PIN change from our Web portal.
We recommend that You check the balance on Your Card regularly online through our Web Portal. We will provide You with Your Card balance and a statement of recent transactions on our secure page at any time.
Your statement will show the information outlined Section 18 of these Terms and Conditions.
You must either block Your Card through our Web portal or tell us without undue delay by calling our 24 hour Customer Support if You know or suspect that a Card is lost or stolen or that the PIN is known to an unauthorised person or if You think a transaction has been incorrectly executed.
Provided You notify Us and You have not acted fraudulently or with gross negligence We will refund the amount of any transactions which our investigations show are not authorised by You.
You must also inform Us as soon as possible of any change in Your name, address, phone number or e-mail address. If We contact You in relation to Your Card, for example, to notify You if We are concerned about security of Your Card or We suspect Your Card is being used in an unauthorised or fraudulent manner, We will use the most recent contact details You have provided to Us.
We will not be liable to You if Your contact details have changed and You have not notified us accordingly or updated Your profile through Our Online Portal.
We will not be liable for any loss arising from:
> a supplier refusing to accept Your Card; or
> our compliance with legal and regulatory requirements; or
> loss or corruption of data unless caused by our wilful default.
We are also not liable for:
> business interruption, loss of revenue, goodwill, opportunity or anticipated savings;
> any indirect or consequential loss.
The Cardholder shall be obliged to bear the losses relating to any unauthorized payment transactions up to a maximum of Euro 50 if this would have been the result of loss / stolen card/s or from the misappropriation of said card/s. This shall not apply if:
(a) the loss, theft or misappropriation of the card/s was not detectable to the cardholder(s) prior to a payment, except where the cardholder(s) has acted fraudulently; or
(b) the loss was caused by acts or lack of action of an employee, agent or branch of Finance Incorporated Limited or of an entity to which its activities were outsourced.
If Our investigations show that any disputed transaction was authorised by You, or You have acted fraudulently or with gross negligence (for example by failing to keep Your Card or PIN secure), You may be liable for any loss We suffer because of the use of the Card.
You are responsible for the use of Your Card and any Additional Cards and for any fees and charges that they may incur.
8. Force Majeure
iPaymix shall not be responsible or liable for any losses arising out of any delay in or interruption of the performance of its obligations under this Agreement due to any act of God, act of governmental authority, act of the public enemy or due to war or terrorism, the outbreak or escalation of hostilities, riot, civil commotion, insurrection, labour difficulty in relation to a third party (including, without limitation, any strike, or other work stoppage or slow down), severe or adverse Weather conditions, communications line failure, or other similar cause beyond the reasonable control of iPaymix so affected at the time such causes arise ("Force Majeure Event"). iPaymix shall be excused from its performance of its obligations for the duration of such Force Majeure Event provided that it shall at all times use all reasonable endeavours to mitigate the effects of such Force Majeure Event. If a Force Majeure Event continues for a period exceeding fifteen (15) consecutive Business Days then You will be entitled to terminate this Agreement without further charges.
9. Refunding Transactions
You may be entitled to claim a refund in relation to transactions where:
- the transactions was not authorised under this agreement;
- We are responsible for a transaction which was incorrectly executed and notified us in accordance with Section 6 above;
Any claim for refund, subject to the circumstances outlined above, made after this timeframe will not be considered.
10. Changes to the Terms & Conditions
We may change these terms at any time by giving You sixty (60) days' notice before the change is due to take effect (unless any change is solely to Your advantage when it can be effected immediately).
Any change will automatically take effect and You will be taken to have accepted the notified change unless You tell us that You do not agree to the change. In that event, We will treat that notice as notification that You wish immediately to cancel the Card(s). In such circumstances We will refund any balance on the card(s) in accordance with Section 5 above and the Refund Fee will be waived.
A table of Our relevant fees is available on Our Website: https://www.ipaymix.com/fees.php
We do not charge any fees for checking Your on-line balance and transactions.
However when You use Your Card at an ATM for balance enquiries, You may be subject to applicable fees, surcharge rules and regulations of the relevant ATM, or other financial institution or association.
If We decide to increase or impose any new fees, We will notify You at least sixty (60) days before such changes take effect.
If We suspect that We have been given false or inaccurate information, We may record Our suspicion together with any other relevant information. Sole Trader data may also be transferred confidentially to other organisations involved in issuing or operating Your Card so that We can administer Your Card correctly.
We may obtain information about You to help Us verify Your identity for fraud prevention and/or money laundering. All Sole Trader information given by You may be checked with fraud prevention agencies and other organisations involved in crime prevention and may be used for the investigation of fraudulent activity and crime prevention to meet Our obligations under the card scheme regulations, and if You have given false or inaccurate information and We suspect fraud We will record this.
We may monitor and/or record telephone calls We have with You or any Additional Cardholder to help Us maintain and improve the quality of Our Customer Service or as required by applicable law.
13. Disputes with Retailers
If You have any disputes about purchases made using Your Card, You should settle these with the person You bought the goods or services from. We are not responsible for the quality, safety, legality or any other aspect of any goods or services purchased with Your Card. Remember that once You have used Your Card to make a purchase We cannot stop that transaction.
If You require further clarifications about Your prepaid cards, please do not hesitate to submit Your query to firstname.lastname@example.org via electronic communication or by post to the Head Office situated at Capital Business Centre, Entrance A, Floor 2, Triq Taż-Żwejt, San Ġwann, SGN 3000, Malta.
Alternatively, You can also call Our Customer Support on +356 2247 0099 and We will do our best to assist You with any queries You might have.
To report Your cards lost or stolen, kindly block Your card directly through the Web portal or call us immediately on +356 2247 0000.
The support hours shall be from 8am to 5pm (CET).
We may record or monitor telephone calls and monitor electronic communications (including emails) between us so that iPaymix can check Instructions and make sure that iPaymix are meeting its service standards and complying with all applicable laws and Regulations.
We only provide information to You in the English language.
iPaymix may contact You by post, telephone, fax or email using the latest address, telephone number or email address You have given Us. It is Your responsibility to ensure that iPaymix have Your current contact details. If You do not inform iPaymix promptly of a change to Your details, the security of Your information could be put at risk.
If iPaymix believe that there is any doubt about the address which You have provided, iPaymix may suspend the operation of Your Sole Trader Account (without liability for the consequences of so doing) until Your address is confirmed to Our satisfaction. We will normally contact the contact person named in Your Application Form subject to any legal requirements or unless You request otherwise.
For further information, You may visit Our Website: https://www.ipaymix.com/
Our aim is to provide the highest possible standard of service to all Our customers. If, however, You wish to make a complaint about Our services or any other issue, please contact Us by submitting a complaint in writing addressed to Finance Incorporated Ltd, Capital Business Centre, Entrance A, Floor 2, Triq Taż-ŻWejt, San Ġwann, SGN 3000, Malta or via electronic mail on email@example.com. Alternatively, You can also call Our Customer Support on +356 2247 0000 and provide them with full details of Your complaint. We will then investigate the situation and try to resolve the issue as quickly as possible.
If You remain dissatisfied with Our full response regarding Your Prepaid Card or Our other Services, You can write to: The Office of the Arbiter for Financial Services at the following address:
St Calcedonius Square
Phone Number +356 2124 9245 (Freephone from Malta 80072366)
16. Right of Assignment
We may assign the benefit and burden of these terms and conditions to another company at any time, on giving You sixty (60) days' prior notice of this. If We do this, Your rights will not be affected.
We reserve the right at any time to transfer the balance on Your prepaid card account to a new Card provided by another prepaid Card issuer. We will notify You sixty (60) days' before such transfer of the new prepaid Card arrangements and the new prepaid Card terms and conditions. Unless You advise us within the said notice period that You do not want a new prepaid Card from the new prepaid Card issuer, You agree that We can automatically transfer the balance on Your prepaid Card to a new prepaid Card provided by the new prepaid Card issuer.
This Agreement is concluded in English. All communications with You will be in English.
Statements (including such information relating to payments made out of the Sole Trader Account as is required under the Central Bank of Malta Directive No 1 The Provision and Use of Payment Services) will be made available through Our Online Portal.
You may therefore generate on an ad hoc basis and at any time, transaction history reports for which no fees shall apply and which shall cover the following information:
Once a payment has been made:
- Date of receipt of the Instruction
- Transaction reference number
- Information relating to the payee, where appropriate
- Amount of the Transaction, the currency and the exchange rate used
- Any charges levied
- Rolling balance of the Account.
Once a payment has been received:
- Credit value date
- Transaction reference number
- Information transferred with the Transaction
- The amount of the Transaction, the currency and the exchange rate
- Any charges levied
- Rolling balance of the Business Account.
Ad hoc statements in paper form can be prepared for You by Us at Your request and for which there may be a fee.
You are expected to check each statement and notify Us immediately of any errors or queries.
19. Governing Law
These terms and conditions will be construed in accordance with laws of the Republic of Malta and subject to the jurisdiction of the courts of the Republic of Malta.
20. Company Details
Finance Incorporated Ltd is a company registered in Malta, with Company Registration Number C 55838 and registered address at Capital Business Centre, Block A, Floor 2, Triq Taz-Zwejt, San Gwann, SGN 3000, Malta. Finance Incorporated Limited is a financial institution licenced to issue electronic money under the Third Schedule (Electronic Money Institutions) to the Financial Institutions Act (Chapter 376 of the Laws of Malta) and is authorised and regulated by the Malta Financial Services Authority (MFSA). Further information regarding Finance Incorporated Limited's status as a regulated entity can be found on https://www.mfsa.mt/financial-services-register (identification PMX).