TERMS AND CONDITIONS
In this agreement, "we", "us", "our" and "Payoma" means Payoma Limited. Payoma Limited is a company registered in England and Wales under company registration number 9016606. Payoma Limited is authorised as an Electronic Money Institution by the Financial Conduct Authority under the Electronic Money Regulations 2011 (FCA registration number 900217) and has its registered office at Level 18, 40 Bank Street, London, United Kingdom, E14 5NR.
In these Terms and Conditions:
1. About the Payoma Services
1.1. You must be at least 18 years old to be eligible to use the Payoma Services and have a Payoma Account.
1.2. The Payoma Services enable you to operate the Payoma Account and send and receive e-money online.
1.3. Once opened, and subject to satisfactory completion of our identification and verification procedure (as detailed in section 2.4), you can use your Payoma Account to:
(a) store e-money for your future use and management;
(b) pay for goods and services online; and
(c) send and receive money online.
1.4. The Payoma Account is operated and managed by Payoma. Your Payoma Account is not the same as a personal bank or deposit account. You will not earn any interest on your Balance.
1.5. You can cancel your use of the Payoma Services, including having a Payoma Account, at any time without notice and claim back (i.e. redeem) some or all of the funds you have loaded to your Payoma Account. Please see section 8 for more information.
1.6. The Payoma Services enable you to log on using your Security Details (as defined in section 2.6) through the Website and access and manage your Payoma Account, which includes:
(a) checking your Balance;
(b) loading your Payoma Account up to the limit set out in the Fees and Limits Summary;
(c) retrieving information about your Payoma Account, including checking its Transaction history; and
(d) viewing information about the Payoma Services, including notifications from us, user manuals and our contact information.
1.7. Payoma provides you with access to the Website subject to you complying with these Terms and Conditions, and any other requirements which may apply to your use of the Payoma Services and the Website from time to time. Detailed instructions on how the Website can be used to manage your Payoma Account are available on the Website itself.
2. Using the Payoma Services
2.1. To use the Payoma Services and open a Payoma Account you must register via the Website and follow the registration instructions. During the registration process you will be asked to:
(a) provide your required personal details including your name, date of birth, phone number, residential address and email address;
(b) create a password and set other security details for using the Payoma Services; and
(c) read and accept these Terms and Conditions.
2.2. You must maintain an active phone number and email address in order to continue to use the Payoma Services.
2.3. You will be required to provide details of your Funding Account, in order to link your Funding Account to your Payoma Account.
2.4. In order to open your Payoma Account and have access to the full range of Payoma Services available to you, Payoma will carry out certain identification and address verification procedures. To carry out the identification and address verification, you will need to supply certain documents to establish and verify your identity (for instance, a government issued photographic ID such as a passport), as required by law.
2.5. Payoma may refuse, at its discretion, to provide all or any part of the Payoma Services to you without giving any reason. We may also request additional information from you in order to verify your identity.
2.6. Once you complete the identification and address verification procedure to our satisfaction we will issue you with a unique user identification number (the "Password"). You will be required to confirm your email address and your Password when authorising a Transaction. The combination of your email address and your Password (together the "Security Details") are very important as you will need them each time you wish to use the Payoma Services.
2.7. You agree to ensure that your registration details are true and accurate at all times and you must notify us of any change to your registration details as originally supplied.
3. Adding money to and withdrawing money from your Payoma Account
Adding money to your Payoma Account
3.1 Subject to satisfactory completion of any identification and verification checks, you can add (i.e. load) funds to your Payoma Account by:
(a) wire transfer from your Funding Account; or
(b) credit or debit card.
3.2. Any amounts loaded to your Payoma Account and received by us between 09:00 and 17:00 CET on a Business Day will be credited to your Payoma Account immediately and will be available for you to use on the same Business Day. If amounts are loaded to your Payoma Account and received by us after 17:00 CET on a Business Day, they will be credited to your Payoma Account on the next Business Day
3.3. You can load your Payoma Account up to the limits set out in the Fees and Limits Summary. Your Balance must never exceed the limits specified in the Fees and Limits Summary. Detailed instructions on how to add money to your Payoma Account are set out on the Website.
3.4. We reserve the right to refuse to accept any particular loading transaction or to disable any particular loading method without notice in the interests of fraud prevention.
3.5. A Fee may apply for each load that you make. Please see the Fees and Limits Summary for details of when a load Fee will apply and how much it will be.
Withdrawing money from your Payoma Account
3.6. You can also withdraw (i.e. unload) money from your Payoma Account at any time, provided that there are sufficient funds in your Payoma Account to cover the withdrawal amount plus applicable Fees. Please see section 12 for further details.
4. Using the Payoma Services
4.1. Once opened and loaded, and subject to technical availability in each case, you can use your Payoma Account to:
(a) pay for goods and services with any online merchant who either indicates on their website that they accept payments from Payoma Accounts] or who features in our list of compatible merchants available on our Website from time to time;
(b) send money to other Payoma Accounts; and
(c) receive funds from other Payoma Accounts.
4.2. When you select the option on a merchant's website to pay using your Payoma Account, you will be re-directed to the Website where you will be required to input and/or confirm your [Security Details] and any other details required to complete the Merchant Payment.
4.3. You must make sure that there are sufficient funds in your Payoma Account to cover the amount of any Transaction together with any applicable Fees. It is your responsibility to make sure that there are enough funds in your Payoma Account before you authorise a Transaction.
4.4. Your Payoma Account must never have a negative Balance. If there are insufficient funds in your Payoma Account to cover a Transaction you have authorised we will not approve that Transaction. Similarly, if as a result of a Transaction one or more of the limits set out in the Fees and Limits Summary will be exceeded, the Transaction will not be approved.
4.5. Detailed instructions on how to use your Payoma Account are set out on the Website and you will need to follow these instructions when using your Payoma Account.
4.6. We will deduct the value of your Transactions from the Balance in your Payoma Account. We will also deduct any applicable Fees from your Payoma Account at the time of any relevant transaction. Please see the Fees and Limits Summary for details of our Fees.
4.7. if you have not satisfactorily completed the identification and verification procedure there will be restrictions on your use of your Payoma Account. You will only be able to load funds up to the limit set out in the Fees and Limits summary. You will not be able to send, receive or withdraw funds from you Payoma Account until the identification and verification procedure has been concluded. Please refer to the Fees and Limits summary for details.
4.8. You can use the Payoma Services by logging in through the Website using your Security Details. Once logged in, and subject to technical availability, you can manage your Payoma Account through the Website.
4.9. By accessing and continuing to use any of the Payoma Services you agree to be bound by these Terms and Conditions and any applicable policies and guidelines notified to you from time to time. If you do not agree with any part of the Terms and Conditions (including the policies and guidelines notified to you) you should stop using the Payoma Services immediately.
4.10. The Website will be accessible 24/7 except that from time to time access to the Website may be limited, restricted or temporarily withdrawn, for technical reasons, including, without limitation, improvement, modification or maintenance work which requires restricted or interrupted access to the Website.
4.11. You may not, without our express consent, allow any other individual to access the Website on your behalf or otherwise disclose your Security Details to any other person.
5. Authorising Transactions
5.1. Authorisation will be requested for all Transactions at the time of each Transaction. A Transaction will be regarded as authorised by you where you consent to us executing the Transaction by:
(a) for Merchant Payments, providing your [Security Details] and confirming the Transaction details when directed by the merchant's website to the Website to conclude the Transaction;
(b) for Send Payments, submitting your instructions for the transfer on the Website and confirming the Unique Identifier of the payee, payee's username / e-mail address and providing your [Security Details];
(c) for Withdraw Payments, submitting your instructions for the transfer on the Website and confirming the Unique Identifier of the Funding Account
and we will take such steps as your consent for us to execute the Transaction.
5.2. You cannot withdraw (or revoke) your authorisation for a Transaction once we have received it.
5.3. A Transaction instruction will be received by us as follows:
(a) for Merchant Payments, at the time you authorise the Transaction by correctly providing your [Security Details] on our Website;
(b) for Send Payments, at the time we receive the request from you in accordance with section 6.1(b) above; and
(c) for Withdraw Payments, at the time we receive the request from you in accordance with section 6.1(c) above.
5.4. Where you authorise Payoma between 09:00 and 17:00 CET on a Business Day (or [between 09:00 and 15:00 CET on a Saturday]) to execute a Send Payment, the money will normally be credited to the payee's Payoma Account immediately, provided that there are sufficient funds in your Payoma Account to cover the amount of the Send Payment and any applicable Fees. Any instructions received after 17:00 CET on a Business Day (or [15:00 CET] on a Saturday] will be treated as having been received on the next Business Day.
5.5. Where you authorise Payoma between 09:00 and 17:00 CET on a Business Day to execute a Withdraw Payment the payment should be received by the credit institution holding your Funding Account or the issuer of your credit / debit card on the following Business Day, provided there are sufficient funds in your Payoma Account to cover the amount of the Withdraw Payment and any applicable Fees. Any instructions received after 17:00 CET on a Business Day will be treated as having been received on the next Business Day.
5.6. You should ensure that you have provided us with the correct Unique Identifier for Send Payments and Withdraw Payments and a reference that will allow identification of the payment.
6. Blocking your use of the Payoma Services and refusing Transactions
6.1. We may at any time suspend or restrict or your use of the Payoma Services, block your Payoma Account or refuse to process your Transaction instructions for reasons relating to the following:
(a) we are concerned about the security of your Payoma Account and / or the Website;
(b) we suspect your Payoma Account is being used in an unauthorised or fraudulent manner;
(c) we reasonably suspect that you are acting in breach of these Terms and Conditions; or
(d) we need to do so to comply with the law;
6.2 If we do this, we will inform you by email, where practicable before doing so, and, if not, immediately afterwards, giving our reasons, unless informing you would compromise reasonable security measures or would be otherwise unlawful.
6.3. We will unblock your Payoma Account and / or remove any restrictions on your use of the Payoma Services as soon as practicable after the reasons for stopping its use cease to exist. We will inform you by email when we have unblocked your Payoma Account or lifted any restrictions on your use of the Payoma Services.
6.4. We may refuse to approve a Transaction:
(a) if you do not have enough money loaded on to your Payoma Account at the time of a Transaction to cover the amount of the Transaction and any applicable Fees;
(b) we believe that you are acting in breach of these Terms and Conditions;
(c) we believe that a Transaction is potentially suspicious or illegal; or
(d) because of errors, failures (whether mechanical or otherwise) or refusals by merchants, payment processors, card networks or payment schemes processing Transactions.
6.5. If we do this, we will inform you by [e-mail] at the earliest opportunity and in any event by the end of the Business Day following the day we have received the Transaction request giving our reasons and explaining how you can correct any information we hold that led to our refusal to approve a Transaction, unless informing you would compromise reasonable security measures or be otherwise unlawful.
6.6. You may correct any information we hold and which may have caused us to refuse a Transaction through logging in to the Website or by contacting us using any Contact Method.
7. Ceasing to use the Payoma Services and closing your Payoma Account
7.1. You have the right to cease using the Payoma Services and close your Payoma Account at any time without notice by letting us know using one of the Contact Methods. Once you have notified us that you wish to cease using the Payoma Services and close your Payoma Account you must not attempt to use your Payoma Account or authorise any further Transactions. Any funds remaining in your Payoma Account (after deduction of any applicable cancellation Fees) will be returned to your Funding Account within 5 Business Days subject to any identity checks required in connection with the return of funds being satisfactorily completed.
7.2. We may cancel the contract with you for any reason by giving you at least two months written notice.
7.3. We may cancel the contract with you, suspend or end your use of the Payoma Services (including closing your Payoma Account) immediately:
(a) if you break an important part of these Terms and Conditions, or repeatedly break these Terms and Conditions and fail to resolve the matter in a timely manner;
(b) if you act in a manner that is threatening or abusive to our staff or anyone acting on our behalf;
(c) if you fail to pay when due any Fees or charges that you have incurred; or
(d) in the event of your death.
If we do this, we will do so as soon as we are permitted to do so (by law or our security measures) by email and you must stop using the Payoma Services.
7.4. We may also cancel the contract with you, suspend or end your use of the Payoma Services (including closing your Payoma Account) immediately if we believe that either 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 (by law or by our security measures) to do so by e-mail and you must stop using the Payoma Services.
7.5. If we stop your use of the Payoma Services and close your Payoma Account you must tell us what you want us to do with any unused funds, and unless you do so, we will return any funds to your Funding Account. Please note we may need to verify your identity in order to comply with applicable legal and regulatory requirements, including anti-money laundering and terrorist financing requirements.
7.6. You will not be entitled to a refund of money you have already spent on Transactions authorised or pending, or any Fees which become due before your Payoma Account is closed.
7.7. If you close your Payoma Account, once all Transactions, Fees and charges have been deducted, we will arrange for any unused funds to be refunded to you.
8. Keeping your Payoma Account and your Security Details secure
8.1. You should treat your Payoma Account with the same level of care and diligence as you would your personal bank account. Your Security Details are confidential to you, you must memorise them and you must not write them down or disclose them to anyone.
8.2. If you suspect that your Security Details are known to another person or otherwise believe that your Payoma Account has been compromised you must change your Security Details immediately and follow the instructions set out in section 10 below. If your Security Details become comprised you could lose some or all of your Balance in the same way as if you lost cash in your wallet or purse.
8.3. We recommend that you regularly check your Balance and Transaction history by logging on through the Website. Details of your Transactions will show up immediately and will set out:
(a) information relating to each Transaction which will enable it to be identified;
(b) the amount of the Transaction shown in the currency in which the Transaction was paid or debited to your Payoma Account;
(c) the amount of Fees for the Transaction; and
(d) the date the Transaction is authorised.
9. Reporting unauthorised or incorrectly executed Transactions
9.1. If you know or suspect that your Security Details are known to an unauthorised person or if you think a Transaction which has been processed was not in fact authorised by you, you must tell us immediately by calling us via Skype on payoma.com.
9.2. If you think a Transaction that was authorised by you has been incorrectly executed, you must contact us immediately at email@example.com. You may be required to complete and return a declaration form to us promptly.
9.3. We will refund any unauthorised or incorrectly executed Transaction immediately unless we have any reason to believe that the incident may have been caused by your breach of these Terms and Conditions, your gross negligence or if we have reasonable grounds to suspect that it has been caused by your fraud.
9.4. If our investigations show that a Transaction reported by you as unauthorised or incorrectly executed was in fact authorised by you, or you have acted with intent or gross negligence, we may reverse any refund made and you may be liable for any loss we suffer from your use of your Payoma Account. We may also charge you a Fee for our investigation, to the extent permitted by law.
9.5. When you notify us of an incorrectly executed Transaction in accordance with section 9.2 above, we will investigate the circumstances. If you ask us to, we will make immediate efforts to trace the Transaction and will notify you of the outcome. We are liable for the correct execution of the Transaction and any charges and interest that you have had to pay as a consequence of the non-execution or defective execution of the Transaction unless we can prove that the Transaction was received by the intended recipient or their payment services provider. If our investigation shows that the amount of the Transaction was not received by the intended recipient or their payment services provider, we will refund the difference to you without undue delay and restore your Payoma Account to the state that it would have been in had the incorrect or defective payment transaction not taken place.
10. Refunding Transactions
10.1. We are liable to you for the correct execution of a Transaction. You may be entitled to a refund of a Transaction if:
(a) you did not authorise the Transaction in accordance with these Terms and Conditions;
(b) we are responsible for an incorrectly executed Transaction which you notified us of in accordance with section 10 above; or
(c) you notified us of the unauthorised/incorrectly executed Transaction without delay and at the very latest within 13 months of the debit date.
10.2. You may still be entitled to a refund if you failed to notify us of an incorrectly executed Transaction in accordance with section 10 above if we failed to provide you with information regarding your Transaction in accordance with section 9.3.
10.3. We will refund the amount involved, where required by law, immediately and otherwise, within 10 Business Days of receipt of your claim or of any further information we may request to confirm your right to a refund.
10.4. You may not be entitled to a refund for non-execution or defective execution of a Transaction which was due to you providing incorrect details required under section 6.1 above or if you incorrectly identify the intended recipient, including the merchant, under a Transaction. In such case, we will make reasonable efforts to recover the sums involved. We may charge you a Fee for our efforts in recovering such sums.
11. Withdrawing funds from your Payoma Account
11.1. You have the right to withdraw funds from your Payoma Account at any time in whole or in part and this can be done by logging in through the Website.
11.2. In order to process your Withdraw Payment request, we may ask you to provide us with documents, evidence and other information to verify your identity to enable us to comply with applicable legal and regulatory requirements.
11.3. We may also charge a withdrawal Fee (as set out in the Fees and Limits Summary) if:
(a) you are requesting a Withdraw Payment before termination or expiry of these Terms and Conditions;
(b) you cancel these Terms and Conditions before any agreed termination date; or
(c) you request a Withdraw Payment more than one year after the date of the termination of these Terms and Conditions.
11.4. Following a Withdraw Payment request from you we will return the withdrawal amount to your Funding Account
12. Our liability
12.1. We will not be liable to you for any loss arising from:
(a) any abnormal or unforeseen circumstances outside of our control, where we could not have avoided those consequences even though we made all efforts to do so;
(b) any merchant refusing to accept payment using your Payoma Account;
(c) any failure of any device, equipment, software or services which are required for accessing the Website successfully or for the technical execution of a Transaction over which we have no control; or
(d) our compliance with applicable legal or regulatory requirements.
12.2. We will also not be liable for:
(a) business interruption or for loss of revenue, reputation, goodwill, opportunity or anticipated savings; or
(b) any loss or damage whatsoever which does not stem directly from our breach of this agreement.
12.3 We will use reasonable efforts to make the Payoma Services available to you, but we will not be liable to you if all or any part of the Payoma Services are unavailable at any time.
13. These Terms and Conditions and changes to them
13.1. The most up to date version of these Terms and Conditions is available on the Website. You can ask us for a copy of these Terms and Conditions at any time which we will send to your e-mail address.
13.2. We reserve the right to change these Terms and Conditions at any time. We will take into account your interests affected by the intended changes and will only make changes that we consider reasonable. We will inform you of any intended change of the Terms and Conditions and provide you with the planned new version of the Terms and Conditions via firstname.lastname@example.org. Any change is subject to two months prior written notice. If you do not agree with the proposed change you can cancel these Terms and Conditions and close your Payoma Account in accordance with section 8 above, without charge. If you do not cancel these Terms and Conditions and close your Payoma Account or express your disagreement with the respective change within two months from receipt of our notice, you are deemed to have approved the change of the Terms and Conditions.
14. Fees and Usage Restrictions
All Fees, charges and usage restrictions relating to the Payoma Services are detailed in the Fees and Limits Summary which is available on the Website. By accepting the Terms and Conditions and using the Payoma Services you agree to pay all applicable Fees as set out in the Fees and Limits Summary.
15. Your details
You confirm that all and any information you provide us with during registration for the Payoma Services is true, accurate and up-to-date. You must let us know as soon as possible if you change your name, residential address, e-mail address or mobile phone number. If we contact you in relation to your Payoma Account we will use the most recent contact details you have provided to us.
Unless otherwise stated anywhere in these Terms and Conditions, any information or notifications under these Terms and Conditions will be communicated to you via email@example.com
17. Data Protection and how we use your information
17.2. If we suspect that we have been given false or inaccurate information, we may record our suspicion together with any other relevant information.
17.3. You must not give us personal information about someone else (such as alternative named contacts) without first getting his or her consent for it to be used and disclosed for such use. When you provide such third party information we will assume he or she has consented, although we may still ask for confirmation.
We may assign our rights and obligations under these Terms and Conditions to another company at any time, on giving you two months' prior written notice of this. If we do this, your rights under these Terms and Conditions will not be affected.
19.1. If you have a complaint about the Payoma Services please tell us by emailing us at firstname.lastname@example.org so that we can investigate the circumstances for you. Any complaints you have will be dealt with quickly and fairly.
19.2. If we do not resolve your complaint about your Payoma Account, you can refer it to the UK Financial Ombudsman Service who offer a free complaints resolution service available by telephone on: from inside the UK: 0300 123 9123 or 0800 023 4567; from other countries: +44 20 7964 0500 on Monday to Friday, 09:00 to 21:00 CET and on Saturday 10:00 to 14:00 CET or by post at South Quay Plaza, 183 Marsh Wall, London E14 9SR, or by email: email@example.com. The UK Financial Ombudsman Service is also available in a number of different languages and if you need it you will be put in touch with a translator when you contact the UK Financial Ombudsman Service.
19.3. Your Payoma Account is an e-money product and as such it is not covered by the Financial Services Compensation Scheme. No other compensation scheme exists to cover losses claimed in connection with your Payoma Account.
20. Disputes with merchants
If you have any disputes about purchases made using your Payoma Account, 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 using your Payoma Account. Once you have used your Payoma Account to make a purchase we cannot stop that Transaction.
21. Governing law and language
These Terms and Conditions are governed by English law and are subject to the exclusive jurisdiction of the English Courts. These Terms and Conditions are in English and all communications with you will be in English.