Last Update April 27, 2026
NECOCO CLIENT TERMS AND CONDITIONS
Valid as of 6th April 2026
PART 1: AGREEMENT…………………………………………………………………………………………………… 1
PART 2: CARD OBLIGATIONS……………………………………………………………………………………… 8
PART 3: TERMS OF USE……………………………………………………………………………………………… 10
SCHEDULE A: PAYNETICS CLIENT TERMS OF BUSINESS……………………………………….. 18
These terms and conditions govern the use of the Services as defined in this document, which are supplied by PAYNETICS AD (“Paynetics”) including the provision of an electronic money account for businesses and associated payment services, which are provided to you by Necoco Limited (“Necoco”, “we”) under Necoco’s brand Wireaccount, to any person whose application we approve (“Client”, “Introduced Client”, “you”, “your”), (each a “Party” and collectively the “Parties”).
By applying for and using Services as defined in this document, you confirm that you accept these Terms and Conditions, and that you agree to comply with them (including all the attached Schedules). If you do not agree to these Terms and Conditions (“Terms and Conditions”, “Client Terms of Business”, “Agreement”), you must not use our website, Services or make an application.
THE PARTIES AGREE AS FOLLOWS:
We will communicate with you in English (the language in which these Terms and Conditions were agreed with you on registration for your Account). Key information relating to your Transactions will be provided to you at the email address you register with us and/or in your Account. You may access, download and print this information at any time by logging in to your Account. In addition, you agree that we may provide notices or other information to you from time to time by posting it in your Account, emailing it to your registered email address, mailing it to your registered physical address, calling you by phone or sending you mobile messages. Notices to you by email or mobile messages shall be deemed given 24 hours after the email is sent, unless the sending party is notified that the email address is invalid. Notices sent by registered mail shall be deemed to have been received three days after the date of mailing.
1.1. Your Card or Account can be managed online at https://payments.wirelypay.com/ or via email to support@wireaccount.com or by phone to +357 25250507. To report your Cards lost or stolen please call +357 25250507/+353 (1) 5662345 or email: support@necoco.tech to contact customer service (“Customer Service”).
1.2. The issuer for Your IBAN Account and VISA provider of the Payment Services is Paynetics AD, a company incorporated in Republic of Bulgaria, under registration number 131574695 and having its registered office at 76A James Bourchier Blvd., 1407 Sofia, Republic of Bulgaria. Paynetics AD is an electronic money institution holding a license for operating as an electronic money company issued by the Board of Directors of the Bulgarian National Bank by Decision 44 of 11th April 2016, and is entered in the register kept by the Bulgarian National Bank, which is accessible on https://www.bnb.bg/RegistersAndServices/RSPIPublicRegisters/index.htm?toLang=_EN.
Paynetics AD is licensed by the Bulgarian National Bank to issue, distribute and redeem electronic money and to provide payment services, such as opening and maintaining payment accounts and issuing of payment cards, in accordance with the Payment Services Directive 2015/2366 (“PSD2”), the E-Money Directive 2009/110 (“EMD”) and the Bulgarian Payment Services and Payment Systems Act. The Bulgarian National Bank supervises the activities of Paynetics AD.
1.3. Necoco is the programme manager and Partner Platform of Paynetics . Necoco is registered in The Republic of Cyprus with registered office at Kavalas 24 Apt 301 2044, Strovolos Nicosia Cyprus
2.1. In these Introduced Client Terms of Business: (a) a reference to a clause is a reference to a clause in these Introduced Client Terms of Business; (b) headings are for reference only and shall not affect the interpretation of these Introduced Client Terms of Business; (c) the singular shall include the plural and vice versa; (d) a reference to a person includes a natural person, corporate or unincorporated body (whether or not having separate legal personality) and that person’s personal representatives, successors and permitted assigns; (e) a reference to a party shall include its personal representatives, successors and permitted assigns; (f) reference to a statute or statutory provision is a reference to it as amended, extended or re-enacted from time to time.
3.1. Necoco will make available to the Client such services as described by Necoco in the application process or on https://payments.wirelypay.com/ (“Website”) .
3.2. The Client agrees to Necoco providing all such information to Paynetics who has the right to check and verify the identity of the Client, its directors, beneficial owners and Authorised Users as required by law.
3.3. The Client acknowledges that a search of the available public registers may take place for antimoney laundering purposes on the individuals and legal entities.
3.4. The Client acknowledges that the individuals legal entities, may have their their personal details accessed by third parties for the specific purpose of anti-money laundering and countering the financing of terrorism (AML/CFT), identity verification and fraud prevention.
3.5. The Account is provided by NECOCO to the Client in accordance with the Necoco Account Terms and Conditions including Schedule A: Introduced Client Terms of Business. Services provided to the Client under this Agreement are for the sole use by the Client.
3.6. The Client can use the Account and Cards (where applicable) to make Transactions on the terms and conditions set out in the Necoco Client Terms and Conditions. A record of all Transactions relating to the Account can viewed on the Website or accessed via the Online Portal (as applicable).
3.7. The Client shall promptly notify Customer Service as soon as it becomes aware login and security information enabling access to its Necoco Services have been lost, stolen or compromised.
3.8. From time to time Necoco may carry out additional checks on the Client, including the identity of its directors, beneficial owners and the nature of its business in accordance with its Due Diligence Procedure and as required by law. Necoco may contact the Client or Paynetics (as applicable) for such purposes. The Client agrees to provide such information as necessary.
3.9. The Client shall comply with all legislation and regulation as it applies to the Client. Any failure to comply with relevant legislation or regulation shall be considered a material breach of the Agreement and may result in Necoco discontinuing the provision of the Services as set out in clause Error! Reference source not found..
3.10. The Client shall implement as appropriate Necoco’s reasonable security recommendations it notifies to the Client from time to time.
4.1. Access to the Services is restricted to individuals that have been designated by the Client as Authorised User/s.
4.2. The Client must notify Necoco of all individuals it wishes to be an Authorised User.
4.3. Each Authorised User is permitted to access and use the Services in accordance with these Client Terms of Business.
4.4. The Client will be responsible for training its Authorised Users in the appropriate use of Necoco Services.
4.5. The Client shall ensure its Authorised Users;
3.5.1 take all reasonable care to ensure Services access credentials, including login details to the Website, where applicable, are kept confidential to each Authorised User; and
3.5.2 do not share any information that would enable another party to access the Client’s Necoco Account.
4.6. The Client acknowledges and agrees that each Authorised User is authorised by the Client to act on its behalf. Necoco shall deem any instruction given by an Authorised User is an instruction given by the Client.
4.7. The Client is responsible to provide Necoco with KYC documents of each Authorised User. Necoco may refuse to accept any Authorised User at its sole discretion.
4.8. The Client will be responsible for timely notification to Necoco of any revocation of Authorised User access and will be liable for Transactions made, Fees incurred and use of Services by an Authorised User until Necoco has had three full Business Days to act on any received notice.
5.1. The Client can contact Customer Services if it has any queries about the Services. Information may be requested from the Client, including but not limited to, its Authorised Users, Personal and Identity details, Cardholders or Transaction information so that it can verify the identity of an Authorised User, the Cardholder and/or the Necoco Services provided to such Client.
5.2. Any information shared by the Client will be kept strictly confidential. Where such information is provided in connection to a service provided by a third party, for example, the Account, then the Client’s information will only be used in accordance with instructions of such third party and only for the purpose of providing Customer Services to the Client on behalf of such third party.
5.3. As part of Necoco’s commitment to providing a quality customer service, its managers may periodically monitor telephone communications between its employees and Clients to ensure that Necoco’s high quality service standards are maintained. The Client consents to such monitoring and recording of telephone communications and agrees to make its Authorised Users aware of such practice.
6.1. This Agreement shall commence on the date the Client receives confirmation from Necoco (where applicable) of its successful application for Services and shall continue until terminated by the Client, Necoco or Paynetics .
6.2. The Client may terminate this Agreement immediately by notifying Customer Services in writing by post or email.
6.3. Necoco may terminate this Agreement and close the Client’s Account(s) by providing the Client with at least two months’ notice.
6.4. Necoco may suspend or terminate this Agreement immediately if, for any reason, the Client (i) is unable to satisfy the Due Diligence Procedures, (ii) for breach of this Agreement, (iii) has provided false, incomplete or misleading information, (iv) has engaged in fraudulent, money laundering, terrorism financing or other illegal activity or we have reasonable suspicions in respect of same or (v) we are required to do so under any applicable law or regulation or at the direction of any regulatory, law enforcement or other competent authority. Necoco shall notify you as soon as possible, unless prohibited by law, of such suspension or termination of the Agreement.
6.5. This Agreement will automatically terminate when all Accounts of the Client are closed (for any reason).
6.6. Necoco may terminate or suspend this Agreement in whole or in part immediately by giving written notice to the Client, if Paynetics as the issuer, ceases to provide issuance of electronic money. Necoco may terminate this Agreement in whole or in part by giving written notice to the Client if its cooperation with Paynetics will be terminated.
6.7. On termination of this Agreement for any reason, any balance remaining in the Client’s Account(s) shall be returned to the Client in accordance with these Terms and Conditions. The Client shall pay immediately all outstanding Fees due (where applicable) under this Agreement and in the event of a negative balance in an Account, shall reimburse Necoco such amount equal to the negative balance.
7.1. The Introduced Client acknowledges all Intellectual Property Rights in the NECOCO Services are owned by Necoco or provided under licence of Paynetics . Necoco grants the Client a nonexclusive, royalty-free licence for the duration of this Agreement to access and use the Services only for the purpose contemplated by this Agreement.
7.2. Nothing in this Agreement shall operate to create or transfer any Intellectual Property Right to the Client.
8.1. Necoco will not be liable for the non-performance or failure to provide any part of the Services occurring as a result of any events that are beyond the reasonable control of Necoco, for example, but not limited to, fire, telecommunications or internet failure, utility failure, power failure, equipment failure, employment strife, riot, war, terrorist attack, non-performance of third party suppliers, acts of God such as storm or lightening damage, or other causes over which Necoco has no reasonable control.
9.1. The Services provided to the Client are personal to the Client. The Client cannot novate, assign or otherwise transfer this Agreement, any interest or right under this Agreement (in whole or in part) without the prior written consent of Necoco. This clause shall have proprietary effect .
9.2. The Client agrees Necoc may, in its sole discretion, assign, or transfer some or all of its rights and obligations or delegate any duty of performance set out in the documents forming this Agreement. Necoco may subcontract any of its obligations under this Agreement.
9.3. In the event of any transfer of this Agreement by Necoco to another service provider, Necoco will notify the Client no later than two months before the proposed transfer; if the Client does not want to transfer to the new provider, the Client must notify Necoco of its objection in writing to Customer Services. On receipt of such notification, Necoco will terminate this Agreement. Any balance remaining in the Client’s Account(s) will be returned to the Introduced Client.
10.1. Nothing in this Agreement will operate to limit either party’s liability with respect to fraud or for death or personal injury resulting from negligence, in either case whether committed by that party or its employees, agents or subcontractors.
10.2. Necoco makes no warranty that access to and use of the Services will be uninterrupted or error free.
10.3. The Client acknowledges and agrees that Necoco is not liable to the Client for any loss, liability or damages the Client suffers which result from, are related to, or in any way are connected with any fraud control, restriction measures, or other measures implemented from time to time including as required for compliance with legal and regulatory requirements.
10.4. Necoco shall not be liable to the Client for any loss or damage the Client may suffer as a result of any act or omission of an Authorised User or Cardholder or an Authorised User’s use or Cardholder’s use or inability to use of the Services.
10.5. The Client agrees to indemnify Necoco against any and all actions, claims, costs, damages, demands, expenses, liabilities, losses and proceedings Necoco directly or indirectly incurs or which are brought against Necoco if the Client, or an Authorised User, or a Cardholder has acted fraudulently, been negligent or has misused a Necoco or any of the services provided under this Agreement.
10.6. Necoco shall not be responsible in any way for any interest or claims of any third parties in respect of the Services, except as required by law or regulation.
11.1. Necoco may make available certain management or other reporting or business administration functionality via the Website.
11.2. Necoco may from time to time amend, modify, replace or withdraw in whole or in part such reporting it provides without further notice.
12.1. Necoco will collect and retain personal information about the Client and each Authorised User and Cardholder to enable Necoco to deliver the Services, other services linked to it and deal with any enquiries that the Client may have about it. Necoco is the data controller of the personal information gathered by Necoco for such purpose. If Necoco uses a third party to provide a part of the Services then that provider will be the owner and controller of the personal information they require to collect in order to operate the relevant service. The use of personal information by third-party service providers will be set out in their service terms and conditions of use. Necoco will, at such third-party provider’s direction, process personal data on its behalf, for example, to enable Necoco to provide Customer Services to the Client.
12.2. Necoco processes personal information in accordance with relevant laws on the protection of personal data. Necoco may anytime share these data with Paynetics as the issuer of the Accounts.
12.3. If Necoco transfers the Client’s information to a third party in a country outside of the European Economic Area Necoco will ensure that the third party agrees to apply the same levels of protection that Necoco is legally obliged to have in place when Necoco processes personal data.
12.4. Further information about how Necoco uses personal information can be found in Necoco’s Privacy Policy; please contact Customer Services for a copy of this or read Privacy Policy on .
https://payments.wirelypay.com/
13.1. Necoco may amend or modify this Agreement by giving two months’ notice to the Client unless Necoco is required to make such a change sooner by law. All proposed changes will be posted on the Website and communicated to the Client by such other means that Necoco agreed with the Client, for example by email.
13.2. The Client has no obligation to accept such amendments proposed by Necoco.
13.3. The Client will be taken to have accepted any change to this Agreement that Necoco notifies to the Client unless the Client notifies Necoco otherwise before the relevant change takes effect. In such circumstances, Necoco will treat notice of objection by the Client as notification that the Client wishes to terminate this Agreement and the use of all Services immediately. All Accounts of the Client will be closed and any balance remaining in the Client’s Account will be returned to the Client. In such circumstances, the Client will not be charged a fee for the Account closure and return of any balance.
13.4. Account Migration from previous Provider Modurl: The client accept that upon migration, any Funds Balances, Data, Personal details, and any other information in relation to the history of accounts and/or Cards will be provided and moved to the new Issuing Provider upon accepting these Terms and Contitions.
14.1. In these Necoco Client Terms and Conditions, headings are for convenience only and shall not affect the interpretation of these Necoco Client Terms and Conditions.
14.2. Any delay or failure by Necoco to exercise any right or remedy under this Agreement shall not be interpreted as a waiver of that right or remedy or stop Necoco from exercising its rights at any subsequent time.
14.3. In the event that any part of this Agreement is held not to be enforceable, this shall not affect the remainder of the Agreement which shall remain in full force and effect.
14.4. The Client shall remain responsible for complying with this Agreement until its Account(s) are closed (for whatever reason) and all sums due under this Agreement have been paid in full.
14.5. This Agreement – and any contractual and non-contractual obligation pursuant hereto – is governed by the laws of the Republic of Cyprus and the Client agrees that any disputes hereunder (including non-contractual disputes) shall be under the exclusive jurisdiction of the competent Courts of Cyprus, or if any contractual and non-contractual obligation fall under Schedule A, shall be governed by the laws of Bulgaria and under the exclusive jurisdiction of the competent Courts of Bulgaria
1.1. The terms shall apply where Virtual Cards and/or Physical Cards are included within the Services.
2.1. For the purposes of these Client Terms and Conditions, a “Chargeback” means a refund of a Card Transaction after the Client (or Necoco on its behalf) successfully disputes the Card Transaction as permitted by the Card Scheme rules.
2.2. The Client shall provide Necoco all relevant information in relation to Virtual Card Transaction as may be required by Necoco to resolve the dispute in accordance with applicable law and, where applicable, to raise a Chargeback in accordance with Card Scheme rules through Paynetics .
2.3. The Client agrees that Card Scheme’s decision on the validity of the Chargeback is final and binding and that in the event a Chargeback is not successful or is subsequently reversed the Client will be liable for the amount of the disputed Card Transaction.
2.4. The issuer, shall at its discretion not refund a Chargeback to the Introduced Client until the relevant challenge periods have passed under the relevant Card Scheme rules unless it is required to do under relevant law or regulation.
3.1. Where corporate Cards are made available to the Client as part of Services, Client will be able to designate individuals as Cardholders permitted to use certain Cards.
3.2. The Client must notify Necoco of all individuals it wishes to be Cardholders and shall not permit any other person to use the Cards.
3.3. The Client shall be responsible for ensuring that each Cardholder is informed of the Necoco Account Terms and Conditions as they apply to the Cards and the Client shall ensure that the Cardholder complies with them.
3.4. In addition to clause 3.3 above, Client shall be responsible for ensuring that each Cardholder reads and accepts the Necoco Account Terms and Conditions, which shall be made available to the Cardholder by the Client. Client shall keep a record of each Cardholder’s confirmation given in accordance with this clause and shall promptly make such records available to Necoco on request.
3.5. The Client is responsible to provide Necoco with KYC documents of each Cardholder. Necoco may refuse to accept any Cardholder at its sole discretion.
3.6. The Client shall ensure its Cardholders take all reasonable care to keep any security credentials relating to the use of Cards, such as PIN or any access or similar codes, where applicable, confidential and in accordance with the Necoco Account Terms and Conditions and Paynetics AD Client Terms of Business (Schedule A). Where Cards are enabled to be registered/stored within third party apps/devices, the security credentials relating to those third party apps/devices will also be deemed to be security credentials relating to the use of Cards.
3.7. The Client acknowledges and agrees that each Cardholder is authorised by the Client to act on its behalf. Necoco shall deem any instruction given by a Cardholder with respect to Card Transactions as an instruction given by the Client and the Client shall be responsible for all actions and the use of Physical or Virtual Cards by any Cardholder.
3.8. In the event of any changes to this Agreement, Necoco Account Terms and Conditions, or if the Client’s Account and/or Card is suspended, cancelled or terminated, it is the Client’s responsibility to communicate any such changes and/or any information regarding the suspension, cancellation or termination to each Cardholder.
4.1. Necoco reserves the right to:
4.1.1. cease providing Cards as part of Services for any reason;
4.1.2. provide Cards issued under a different Card Scheme; and
4.1.3. cease or amend the ability for Cards to be registered/stored within one or more third party apps/devices.
4.2. Necoco shall provide to Client tokenisation services subject to, where applicable, prior approval of the Clients by the relevant tokenisation provider (Apple Pay and/or Google Pay). Necoco shall not be liable to the Client in the event approval is not granted or is later withdrawn by the relevant tokenisation provider.
Please read these Terms carefully before you agree to use an Account or any related services provided by or through us.
By accepting the Necoco Account Terms and Conditions you accept ALL the terms of the 1. Agreement, 2. Card Obligation and 3. Terms of Use, and Schedule A :Paynetics Introduced Client Terms of Business, or by agreeing to open an Account and/or using our services, you accept Necoco Client Terms and Conditions. If there is anything you do not understand, please contact Customer Services.
ALL the terms of the 1. Agreement, 2. Card Obligation and 3. Terms of Use constitute the entire agreement between Necoco and you.
3DS – means the EMV 3DS service offered by us for you or a Cardholder to use when you or a Cardholder make a purchase or place an order on the internet with your Card.
Account – The electronic money account provided by us in accordance with these Terms and Conditions.
Account Information Service Provider – means a third party payment service provider who is authorised by or registered with Bulgarian National Bank. or another European regulator to provide online account information services, who, with your permission will be able to access certain online account information on one or more payment accounts held by you to give you a consolidated view of your payment accounts.
Account Limits – any limit that applies in relation to your Account and/or Card, such as account maximum balance, and limits on receiving and sending payments from your Account as referred in paragraph 2.
Account Manager – The individuals elected by the Account Owner to be responsible for the management of the Account, also known as an “Authorised User”.
Account Owner – The individual (for consumer accounts) or entity legally responsible for an Account.
Agreement – The agreement for your Account made up of these Terms and Conditions
Application Programming Interface (API) – means the interfaces to directly instruct Client Accounts via the Client’s Platform’s own application.
AML Policy – Necoco’s written policy on anti-money laundering and counter terrorist financing as may be amended from time to time by Necoco.
Applicant – A customer who applies for Services but is yet to be accepted by Necoco as a Client.
Available Balance – The value of funds available on your Account.
Bacs Credit – Means Bacs Direct Credit. A service enabling organisations to make payments to an account which takes 3 Business Days for the funds to be cleared.
Business Days – Monday to Friday between the hours of 9am-5pm but does not include bank holidays, or public holidays in the Bulgaria and Cyprus.
Card – means a Virtual Card or a Physical Card.
Cardholder – means the individual authorised to use the Physical or Virtual Card issued to you.
Card Scheme -Mastercard and/or Visa or such other payment network through which Card Transactions are processed as may be made available to you from time to time.
Card Transaction –means a Virtual Card Transaction or a Physical Card Transaction.
CHAPS – the Clearing House Automated Payment System, a service enabling organisations to make same-day payments to an account within the UK, within the CHAPS operating days and times.
Chargeback has the meaning given to it in Part 2, clause 2 of these Terms and Conditions.
Consumer – means a natural person not acting in the course of its business or profession.
Confidential Information – any information (whether or not recorded in documentary form, or stored on any magnetic or optical disk or memory) relating to: the business, products, affairs, strategy, contracts, customer relationships, commercial pipelines, business contacts, prospective customers, existing customers, business models, customer pricing, management systems, business methods, corporate plans, maturing new business opportunities, research and development projects, marketing and sales information, sales targets and statistics, discount structures, suppliers and potential suppliers, source codes, computer programs inventions, know-how, technical specifications and other technical information relating to products and services.
Customer Services – The contact centre for dealing with queries about your Account.
Data Protection Laws – means all laws relating to the processing of Personal Data, privacy and security, including, without limitation, the EU Data Protection Directive 95/46/EC, (as may be amended from time to time) and the General Data Protection Regulations (EU) 2016/679 (“GDPR“) together with equivalent legislation of any other applicable jurisdiction, delegated legislation of other national data protection legislation, and all other applicable law, regulations and approved codes of conduct, certifications, seals or marks in any relevant jurisdiction relating to the processing of personal data including the opinions, guidance, advice, directions, orders and codes of practice issued or approved by a supervisory authority or the Article 29 Working Party or the European Data Protection Board.
Due Diligence Procedure – Necoco’s procedures for carrying out due diligence on Applicants and Clients in order to comply with its policies and regulatory obligations.
Faster Payment – A service allowing you to make and receive electronic GBP payments in the which is received by the recipient bank within 2 hours provided that the receiving organisation or bank is part of Faster Payments Scheme.
Information – Means any information related to the organisation, and any personal information related to Account Manager or the Cardholder.
Intellectual Property Rights – means without limitation all patents (including models and inventions), trademarks, service marks, trade names, internet designations including domain names, business names, copyrights, design rights, database rights, rights to or in computer software, know-how, trade secrets, rights to or in confidential information and all other intellectual property rights and rights or forms of protection of a similar nature or effect which may subsist anywhere in the world whether or not registered or capable of registration, together with all applications for registration of, and any licence to use, any of the foregoing and “Intellectual Property” shall be construed accordingly;
Client – Any client of Necoco which has been accepted by Necoco and whose account is operated by Necoco based on instructions the Necoco Platform receives from the Client (where relevant).
Merchant- means a merchant authorised to accept Card Scheme-branded Cards.
Necoco Account Terms and Conditions – This agreement, between Necoco and the Client which governs the terms on which the Client may use its Account or Card.
Services – those products, including but not limited to the Account described by Necoco in the application process.
One-Time Passcode – means the six-digit passcode sent to your mobile phone number by us, via SMS.
Online Portal – means the interface provided by Necoco, or Platform, for the Client to access via the public internet, subject to applicability based on the Client’s agreement and requirements agreed with Necoco, and can be used for the management of accounts.
Partner Platform – means Necoco platform that is permitted by Paynetics to introduce and act on behalf of Introduced Clients, and permitted by you to act as an Authorised User.
Payment Initiation Service Provider – means a third party payment service provider authorised by or registered with De National Bank of Bulgaria or another European regulator to provide an online service to initiate a Transaction at your request on your Account.
Physical Card – means a physical card-based payment instrument issued by us to you which uses the Card Scheme payments network, as well as any version or record of such an issued payment instrument stored on an app or other platform, and which may be used to make Physical Card Transactions.
Physical Card Transaction – means the use of a Physical Card to make a payment to a Merchant.
Regulator – Bulgarian National Bank to issue, distribute and redeem electronic money and to provide payment services, such as opening and maintaining payment accounts and issuing of payment cards, in accordance with the Payment Services Directive 2015/2366 (“PSD2”), the E-Money Directive 2009/110 (“EMD”) and the Bulgarian Payment Services and Payment Systems Act. The Bulgarian National Bank supervises the activities of Paynetics AD.
SEPA – the Single Euro Payments Area is the area where citizens, companies and other economic actors can make and receive payments in euro, within Europe, whether within or across national boundaries under the same basic conditions, rights and obligations, regardless of their location. SEPA is driven by the European Commission and the European Central Bank, amongst others, as a key component of the EU Internal Market. SEPA shall be deemed to encompass the countries and territories which are part of the geographical scope of the SEPA Schemes, as listed in the EPC List of SEPA Scheme Countries, as amended from time to time.
SEPA Credit Transfer – a service allowing you to make and receive non urgent EUR electronic payments within SEPA provided that the receiving organisation or bank is part of the scheme.
SEPA Instant Credit Transfer – a service allowing you to make and receive near real time EUR electronic payments within SEPA provided that the receiving organisation or bank is part of the scheme.
SEPA Transfers – means, together, SEPA Credit Transfer and SEPA Instant Credit Transfer.
SWIFT – the global member-owned financial telecommunications system used to facilitate the secure transfer of messages, including payment instructions, between financial institutions.
SWIFT Inbound Payment – an inbound payment (in such currencies as may be supported by the Services from time to time) made via SWIFT.
SWIFT Outbound Payment – an outbound payment (in such currencies as may be supported by the Services from time to time) made via SWIFT.
SWIFT Payments – means, together, SWIFT Inbound Payments and SWIFT Outbound Payments (and SWIFT Payment shall be construed accordingly).
Transaction – any debit, credit or other adjustment to an Account that affects the balance of monies held in it, including a Card Transaction.
TPP (Third Party Provider) – means an Account Information Service Provider or a Payment Initiation Service Provider.
we, us, our or Necoco – Necoco Limited, a company registered in the Republic of Cyprus with number HE421114, whose registered office is at Promachon Eleftherias, Office 8 – 9, ELLINAS BUILDING, 4103 Ayios Athanasios, Limassol, Cyprus.
Virtual Card – means a virtual card-based payment instrument consisting of (amongst other things) a unique 16 digit account number issued to you which uses the Card Scheme payments network, as well as any version or record of such an issued payment instrument stored on an app or other platform, and which may be used to make Virtual Card Transactions.
Virtual Card Transaction – means the use of a Virtual Card to make a payment to a Merchant. Website – means the customer portal that Clients can login to in order to use the Necoco’s Services. you, your – The Account Owner, also referred to as a Client.
2.1 Limits may apply to the balance on your Account at any time, the maximum value of an individual payment Transaction, maximum Virtual Transaction value per Card, the maximum aggregate value of all payment Transactions made from your Account or Cards in a particular time period e.g. during any one Business Day and the maximum number of payment Transactions made from your Account over a particular timeframe. Your Cards may also have certain Card Transaction types disabled, such as cash withdrawals at an ATM.
2.2 The limits and restrictions that apply to your Account and Card will be communicated to you during the Account set-up process and/or before the Card is issued to you (as applicable). These limits may also change over time based on your Account and/or Card usage; any such change will be communicated to you. You can check the limits at any time by contacting Customer Services. You should not make a payment Transaction request which exceeds such.
2.3 From time to time a Card Transaction may be authorised which exceeds the limit or restriction applicable to your Account or Card, for example when it is used in an offline environment for example but not limited to payments for or on transport (purchases on a train, aeroplane, underground or toll payments). In such circumstance, a negative balance on your Account may occur. In this case the process in paragraphs 5.15 to 5.17 inclusive will apply.
2.4 Certain Merchants may require verification that the funds held on your Account will cover the Card Transaction amount and will place a “pre-authorisation” on your Card. This amount will be unavailable to you until the Card Transaction is completed or released by the Merchant. The pre-authorisation allows the Merchant up to 30 days to claim and settle any funds owed to them from the Card. Examples include but are not limited to hotels and rental cars. If there are insufficient funds available on your Account, Necoco must support to make this settlement, which may result in a negative balance on your Account. In this case the process in paragraphs 5.15 to 5.17 inclusive will apply.
2.5 To manage our risk, particularly with respect to money laundering, fraud or security concerns, we also apply internal controls, including limits, to certain types of payment. We change these as necessary but for security purposes, we do not disclose them.
3.1 Your Account is an electronic money account (and therefore is not a traditional bank account) and the electronic money and any Card associated with it is provided to you by us. Your rights and obligations relating to the use of this Account are subject to these Terms and Conditions between you and us, and between you and Paynetics , therefore the relations are separate..
3.2 The types of Transactions enabled for your Account will be explained to you before or during the application process, or as subsequently enabled by us. The terms of these Necoco Account Terms and Conditions applicable to specific Transactions or payment types (for example, Cards) apply only to the extent that such Transactions or payment types are enabled for your Account.
3.3 This Agreement is written and available only in English and we undertake to communicate with you in English regarding any aspect of your Account.
3.4 You agree that we or Paynetics may communicate with you by e-mail or telephone for issuing any notices or information about your Account and therefore it is important that you ensure you keep your e-mail address and mobile phone number updated.
3.5 You can request a copy of these Terms and Conditions at any time by contacting Customer Services.
3.6. By accepting these Terms and Conditions, you acknowledge that the Bulgarian, Cypriot or any other European Deposit Guarantee Scheme or other government sponsored insurance does not apply to funds held in the Account.
4.1 Your Account will be opened on your behalf by Necoco. You may only hold an Account so long as you remain an approved client of Necoco, that provided you with your account details.
5.1 Your Account can receive bank transfers and other payment types as added and notified to you by Necoco from time to time. Subject to paragraph 5.3, we will credit your Account when we receive the funds which could be up to three Business Days after the payment being instructed, depending on how the payment was sent.
5.2 Your Account can also receive internal transfers from other Necoco Accounts issued by Paynetics , which apply instantly.
5.3 An incoming payment will not be credited to your Account if:
5.3.1 the Account has reached the Account Maximum Balance or Account Limits; or
5.3.2 the Account is blocked or terminated; or
5.3.3 the sender has provided incorrect/invalid Account Details for your Account; or
5.3.4 we suspect the payment to be fraudulent.
5.4 If we are unable to credit your Account for any of the reasons in paragraph 5.3 then the funds may be sent back to the sender without a prior notification to you.
5.5 Your Account will be configured and operated by Necoco. You agree that Paynetics may take instructions from Necoco regarding the operation of your Account, including the creation of beneficiaries and instruction of payments, on your behalf. If you disagree with any actions taken by Necoco these should be discussed directly with Necoco. Necoco has no liability for actions taken by the Client on Online Portal. You are responsible for all actions of the Account Manager and any Cardholder in relation to the Account and/or Card(s).
5.6 Your Account can make payments out to external bank accounts via SEPA Transfer, Faster Payments, SWIFT Payments (if selected and available) and other methods as added and notified to you by Necoco from time to time. With regard to SEPA Transfers, these will be automatically processed as inbound and outbound SEPA payments via SEPA Instant Credit Transfers where possible. In the event that such payments cannot be processed via SEPA Instant Credit Transfers, the payments will default to being made via SEPA Credit Transfers.
5.7 Where Cards are made available to you, your Account can be used to fund Card Transactions. You or your Account Manager can request a Virtual Card or a Physical Card to be issued to you via the Online Portal.
5.8 Where a Virtual Card or Physical Card is issued to you, you may be able to register and/or store the details of the Card within third party apps and/or devices and to use those third party apps/devices to initiate payments with your Card. When you first register your Card within a third party app/device we support, you may be required to verify that it is you requesting the registration of the Card. If you do not do this, you may not be able to register and use your Card through the third party app/device.
5.9 The value of any Card Transaction, together with any applicable fees and charges, will be deducted from your Account upon receipt of the authorisation request from the Merchant.
5.10 If the Card Transaction is made in a currency other than the currency the Card is denominated in, the Card Transaction will be converted to the currency of the Card by the relevant Card Scheme at a rate set by it on the day we receive details of the Card Transaction. The exchange rate varies throughout the day and is not set by us. You can check the relevant Card Scheme rate as follows.
Mastercard Card Scheme rate at: https://www.mastercard.co.uk/en-gb/consumers/get-support/convert-currency.html; VISA Card Scheme rate at: https://www.visa.co.uk/support/consumer/travel-support/exchange-rate-calculator.html.
5.11 If you use the Card to make a purchase online you may be asked by the Merchant to use 3DS. Physical Cards are automatically enrolled for use with 3DS. When you use 3DS, you agree that the following shall apply in relation to your use of the Card:
5.11.1 You must provide us with your mobile phone number before you can use 3DS. You must ensure that your mobile phone can receive SMS at the time of your purchase.
5.11.2 When you use 3DS to purchase from a participating Merchant, you will be presented with an electronic receipt and the One-Time Passcode will be sent to your mobile phone.
5.11.3 Without your One-Time Passcode, you will not be able to make purchases from participating Merchants.
5.11.4 If you update your mobile phone number then you must notify us immediately of your new details, to ensure our records are correct.
5.11.5 The One-Time Passcode is valid for the purchase you received it for. You are responsible for the security and confidentiality of your One-Time Passcode and must not share it with anyone else.
5.11.6 You will be responsible for any fees or charges imposed by your mobile phone service provider in connection with your use of 3DS.
5.12 A Transaction is deemed to be authorised by you, when you or your Account Manager:
5.12.1 enters the security information on the Online Portal to confirm a Transaction is authorised, or when it is instructed via API with the relevant security credentials;
5.12.2 when you or your Account Manager submits a request for a creation of a Virtual Card via the Online Portal, you shall be deemed to have authorised any subsequent Virtual Card Transaction made using such Virtual Card up to the authorisation value specified when creating the request for creation of the Virtual Card;
5.12.3 when you or the Cardholder (i) enter a PIN or provide any other security credentials; (ii) sign a sales voucher; (iii) provide the Physical Card details and/or provide any other details as requested; (iv) wave/swipe the Physical Card over a card reader; or
(v) insert the Physical Card into a card device or an ATM;
5.12.4 when you give instructions through a third party (such as the recipient of a Payment Initiation Service Provider).
Once the Transaction is confirmed, we cannot revoke the Transaction save for in those circumstances set out in paragraph 5.13 below.
5.13 You can cancel any Transaction which is agreed to take place on a date later than the date you authorised it, provided that you give us notice to cancel no later than close of business on the Business Day before the Transaction was due to take place. Notifying us doesn’t ensure that the transaction will be successfully cancelled.
5.14 Cancelling a recurring Card Transaction with us will not cancel the agreement with the organisation you are paying. It is your responsibility to tell the organisation collecting the payment about the changes to your instructions.
5.15 If for any reason whatsoever, a negative balance arises because a Transaction is completed when there are not enough funds on your Account for that Transaction, you shall reimburse the negative balance amount immediately, unless circumstances described in sections 5.16 and 5.17 apply. You agree that once we make this negative balance known to you, we will charge you the amount of negative balance and you must repay it immediately. We may set-off the amount of the negative balance against any funds on your Account, including any subsequently loaded funds. Until we are reimbursed this negative balance amount, we may arrange for your Account, including Card(s) to be suspended. We may also report the negative balance to credit reference agencies.
5.16 Where a negative balance arises because of an error on the part of a Merchant where the Card Transaction occurred, we will seek to recover the negative balance amount from the Merchant.
5.17 Where a negative balance arises because of an error on the part of the recipient of the payment or us, we will seek to recover the negative balance amount from the person who made the error.
5.18 The Available Balance on your Account will not earn any interest.
5.19 You can check the balance and Transaction history of your Account at any time by contacting Customer Services, or the Online Portal if you have relevant access details.
5.20 You will access to your Account statement at any time setting out information relating to individual payment Transactions.
6.1 You can instruct a TPP to access information on your Account or initiate certain Transactions from your Account provided such TPP has identified itself to us and it has acted in accordance with the relevant regulatory requirements. We will treat any instruction from an TPP as if it was from you or an Account Manager.
6.2 We may deny a TPP access to your Account if we are concerned about unauthorised or fraudulent access by that TPP. Setting out the reason for such denial. Before doing so, we will tell you that we intend to deny access and give our reasons for doing so, unless it is not reasonably practicable, in which case we will immediately inform you afterwards. In either case, we will tell you in the manner in which we consider most appropriate in the circumstances. We will not tell you if doing so would compromise our security measures or would otherwise be unlawful.
6.3 If you have provided consent to a TPP to access the data in your Account to enable them to provide account information services to you or initiate Transactions on your behalf, you consent to us sharing your information with the TPP as is reasonably required for them to provide their services to you. You must let us know if you withdraw this permission and we recommend you let the TPP know. On notification from you, we will not provide such TPP access to your Account or the data in it.
7.1 You may close your Account by contacting Customer Services. Please refer to terms relating to your need to maintain your Account.
7.3 On termination of the Agreement for any reason, these Terms and Conditions will automatically terminate, and your Account will be closed and any Cards issued to you will be cancelled.
7.4 Any Available Balance remaining on the Account after Account closure will be transferred to your nominated bank account via SEPA Transfer. If for any reason this is not possible, such Available Balance will remain yours and you may at any time request a refund by contacting Customer Services. You will not have any access to your Account from the date of Account closure and this Agreement will terminate.
8.1 You are responsible for understanding and complying with the Agreement including these Terms and Conditions.
8.2 We may at any time suspend, restrict or refuse to authorise any use of your Account, Cards (including cancelling Card(s)) or refuse to process your instructions or authorise any particular Transaction where:
8.2.1 we are concerned about the security of or access to your Account and/or your Card;
8.2.2 we know or suspect that that your Account and/or Card is being used in an unauthorised or fraudulent manner;
8.2.3 we need to do so in order to comply with the law or otherwise for regulatory or crime prevention purposes;
8.2.4 the Transaction would breach the limits applicable to your Account and/or Card;
8.2.5 you, the Account Manager or the Cardholder breach an important part of these Terms and Conditions, or repeatedly breach any term in this Agreement and fail to resolve the matter in a timely manner.
8.3 If we cancel, suspend or restrict your Account and/or Card(s), or otherwise refuse to execute a payment order to or to initiate a Transaction, we will, without undue delay and provided we are legally permitted to do so, notify you of the refusal, suspension or cancellation (as applicable). If possible, we will provide the reasons for the refusal to execute the Transaction and/or suspending the use of your Account and/or Card and where those reasons relate to factual matters, the procedure of rectifying any factual errors that led to the refusal.
8.4 You, the Account Manager or Cardholder must not:
8.4.1 allow another person to use security information related to the Account, Cards, and/or app/device you use to make Transactions, write down password(s) or any security information unless this is done in a way that would make it impossible for anyone else to recognise any of that information, or 8.4.2 disclose passwords or any security information, or otherwise make them available to any other person, whether verbally or by entering them in a way that allows them to be observed by others.
8.5 You must take all reasonable steps to keep your Account and password(s) and any other security-related details safe, including the security-related details relating to any app and/or devices you have registered or stored your Card on, at all times. If you visit a website or receive a message that asks for your password, other than the Necoco website, this should be reported to us. If you are in doubt whether a website is genuine, you should contact Customer Services. If you have any indication that your Account, password or other security information has been compromised, you must immediately change your password and notify us as soon as possible.
8.6 In the event that a Transaction was not authorised by you, your Account Manager, a Cardholder or by a TPP on your behalf, please refer to Schedule A: The Paynetics Introduced Client Terms of Business. Necoco will provide to Paynetics all the information available related to such transaction if requested. 8.6.1 8.6 will not apply and you will bear all losses and liability for:
8.6.2 all Transactions that take place as a result of you or the Account Manager or Cardholder acting fraudulently or failing to comply with these Terms and Conditions with intent or gross negligence. Any such Transactions and any fees and charges relating to such Transactions will be deducted from the Available Balance on your Account.
8.6.3 all Transactions that the Account Manager or Cardholder makes on your behalf as per this Agreement, along with those made by a TPP authorised by you to initiate a Transaction.
8.6.4 all unauthorised Transactions that arise from the use of lost or stolen Physical Cards, the Account or Card security information such as but not limited to the Online Portal log in details, API security details, Card number and CVV, if you, the Account Manager or Cardholder fail to keep the security features of the Account, Cards and/or app/device where your Card is registered/stored safe.
8.7 It is your responsibility to keep us updated of changes to your Information, including e-mail address and mobile numbers. Failure to do so may result in us being unable to contact you regarding your Account or to let you know about changes to these Terms and Conditions.
8.8 If you request to recall a Transaction due to an error or mistake caused other than by Necoco, we reserve the right to charge you (i) a handling fee of €50 per recall and (ii) any fee payable by Necoco to a third-party bank or institution for handling the recall.
8.9 You agree to indemnify and hold harmless, us, Necoco, Paynetics and our distributors, partners, agents, sponsors, and service providers and their group companies from and against the costs of any legal action taken to enforce this Agreement, including these Terms and Conditions and/or any breach of these Terms and Conditions by you.
9.1 If you (or an Account Manager or Cardholder) have a reason to believe that (i) a Transaction on your Account was unauthorised or was made incorrectly, (ii) a Physical Card is lost or stolen; or (iii) someone else (other than TPP) knows the security credentials or otherwise has unauthorised access to your Account and/or Card, you must inform us immediately by contacting Customer Services. After you notify us, we will replace security credentials, as appropriate.
9.2 We will investigate your claim of unauthorised or incorrectly executed Transactions, provided at all times that you have notified us without undue delay of becoming aware of such incorrectly executed or unauthorised Transaction and in any case within the timeframes required by the Card Scheme rules if the incorrect Transaction relates to a Card Transaction and for all other Transactions within 13 months of the date of the relevant Transaction. We will not be liable for any unauthorised or incorrectly executed Transactions notified to us after this period.
9.3 If you dispute a Transaction, please refer to Schedule A: The Paynetics Introduced Client Terms of Business. Necoco will assist Paynetics with investigation related to the disputed transaction.
9.4. If an incorrect Transaction is paid into your Account that should not have, the funds will be, where possible, immediately sent back to the bank acting for the person from whose account the Transaction was made. In such circumstance you agree to return the funds to us and provide such assistance that we require in recovering the amount from you. If we cannot recover the funds, we are required to provide sufficient details about you and the incorrect payment to the bank or institution that sent the payment to enable them to recover the funds.
9.5 You will be liable for all Transactions made from your Account if you (or the Account Manager or the Cardholder) have acted fraudulently or have failed with gross negligence:
9.5.1 to keep the security credentials used to access or use your Account and/or Card safe and secure or otherwise failed to comply with these Terms and Conditions in relation to the safety of your Account and/or Card; or 9.5.2 failed to notify us in accordance with 9.1 above.
9.6 You may be entitled to a refund where a Transaction from your account which was initiated by payee provided that:
9.6.1 the authorisation did not specify the exact amount;
9.6.2 the amount of Transaction exceeded the amount you could reasonably have expected (taking into your previous spending pattern and other relevant circumstances). We may ask you to provide such information as is reasonably necessary for us to determine if this is correct; and
9.6.3 you asked for a refund within 8 weeks of the date the Transaction was debited to your Account.
10.1 We may change these Terms and Conditions by providing you with at least two months’ prior notice by e-mail (provided you have supplied us with an up-to-date e-mail address).
10.2 If you do not agree with the changes to the Terms and Conditions, you may at any time within the two months’ notice period notify us and these Terms and Conditions will be terminated and your Account closed free of charge. If you do not notify us to the contrary during this period then you will be deemed to have accepted the change and it will apply to you when it comes into force.
10.3 If any part of these Terms and Conditions are inconsistent with any legal requirements then we will not rely on that part but treat it as if it did actually reflect the relevant legal requirement. If we need to make operational changes before we can fully comply with the new regulatory requirement, we will make those changes as soon as reasonably practical.
11.1 We can terminate your Account at any time if we give you two months’ notice and transfer any Available Balance at the time to your nominated bank account without a charge, or
11.2 We can suspend or terminate your Account at any time with immediate effect (and until your default has been remedied or the Agreement terminated) without any prior notice to you if:
11.2.1 we discover any of the Information that we hold for you is false, misleading or materially incorrect; or
11.2.2 if you, the Account Manager, the Cardholder or a third party has engaged in fraudulent activity, money laundering, terrorism, terrorism financing or other illegal activity in connection with your Account or we have reasonable suspicions in respect of same; or
11.2.3 if you have reached your Account Limit; or
11.2.4 you or the Account Manager have breached these Terms and Conditions; or
11.2.5 we are required to do so under any applicable law or regulation or at the direction of any regulatory, law enforcement or other competent authority.
11.3 In the event that we do suspend or terminate your Account then if we are able to do so, we will tell you in advance otherwise we will let you know immediately afterwards (to the extent we are permitted by law).
11.4 We can suspend or close your Account if your Account or Card monthly fee is not settled within 45 days of the last payment due. You agree, that Account monthly fee may be charged against any funds on your Account/s or using any alternative funding method you provided, ie. Credit/debit/prepaid card, bank account, voucher, etc..
12.1 Our liability in connection with this these Terms and Conditions (whether arising in contract, tort (including negligence), breach of statutory duty or otherwise) shall be subject to the following exclusions and limitations:
12.1.1 We shall not be liable for any default resulting directly or indirectly from any cause beyond our control, including but not limited to, a lack of funds;
12.1.2 We shall not be liable for any loss of profits, loss of business, or any indirect, consequential, special or punitive losses; 12.1.3 where sums are incorrectly deducted from your Available Balance due to our default, our liability shall be limited to payment to you of an equivalent amount to that which was incorrectly deducted from your Available Balance;
12.1.4 in all other circumstances of our default, our liability will be limited to transferring any Available Balance to your nominated bank account.
12.2 In circumstances where sums are incorrectly deducted from your Available Balance due to our fault, if we require your support to enable us to recover the incorrect deduction, you agree to provide us with all assistance that we reasonably require.
12.3 Nothing in these Terms and Conditions shall exclude or limit our liability for death or personal injury resulting from our negligence or fraud.
12.4 To the extent permitted by law, all conditions or warranties implied by law, statute or otherwise are expressly excluded.
12.5 The above exclusions and limitations set out in this paragraph shall apply to any liability of our affiliates and other suppliers, contractors, agents or distributors and any of their respective affiliates (if any), to you, which may arise in connection with these Terms and Conditions.
13.1 Some personal data will be necessary for us to provide you with the Account and services under this Agreement. Necoco is a Data Controller and shall only use your personal data for this purpose. Please see the Privacy Policy (please contact Customer Services for details of where to access this) for full details on the personal data that we hold, how we will use it and how we will keep it safe. Necoco will at all times comply with Data Protection Laws.
13.2 We will retain details of individual transactions for five years from the date on which the particular transaction was completed. We will maintain all other records for five years from which we have ceased to provide you with any product or service.
13.3 You must update any changes to your Information by contacting Customer Services.
13.4 If we discover that the Information we hold about you is incorrect, we may have to suspend or cancel your Account until we can establish the correct Information, in order to protect us both.
13.5 If you or the Account Manager allow or give consent to an Authorised Third Party Provider to access your Account to provide their services, you should know that we have no control over how an Authorised Third Party Provider will use your information nor will we be liable for any loss of information after an Authorised Third Party Provider have access to your information.
14.1 Complaints regarding any element of the service provided by us can be sent to Customer Services.
14.2 All complaints will be subject to our complaints procedure. We will provide you with a copy of our complaints procedure upon request and, if we receive a complaint from you, a copy of our complaints procedure will automatically be posted or emailed to you.
14.3 In most cases we will provide a full response by email to your complaint within 10 Business Days after the date we receive your complaint. In exceptional circumstances where we are unable to respond in full to your complaint, we will inform you of this giving our reasons for the delay and the timeframe within which you will receive a full reply, which in any event shall be within thirty-five days of the date we received your complaint.
14.4 If we fail to resolve your complaint to your satisfaction any disputes must be submitted to the exclusive jurisdiction of the competent courts in Cyprus. You can also contact Cyprus Ombudsman at http://www.ombudsman.gov.cy/ombudsman/ombudsman.nsf/index_gr/index_gr?opendocument.
15.1 Any delay or failure to exercise any right or remedy under these Terms and Conditions by us shall not be construed as a waiver of that right or remedy or preclude its exercise at any subsequent time.
15.2 If any provision of these Terms and Conditions is deemed unenforceable or illegal, the remaining provisions will continue in full force and effect.
15.3 You may not assign or transfer any of your rights and/or benefits under these Terms and Conditions and you shall be the sole party to the contract between us. You will remain liable until the Account issued to you is terminated. We may assign our rights and benefits at any time without prior written notice to you. We may subcontract any of our obligations under these Terms and Conditions.
15.4 No third party who is not a party to these Terms and Conditions has a right to enforce any of the provisions in these Terms and Conditions.
15.5 You can obtain a copy of this Agreement at any time by contacting Customer Services.
15.6 These Terms and Conditions – including any contractual and non-contractual obligations hereto – are governed by the laws of the Republic of Cyprus and you agree to the exclusive jurisdiction of the Courts of Cyprus.
15.7 This Account is not covered by a compensation scheme.
These terms and conditions (together with the Tariff and any other documents incorporated by reference, the “Agreement”) set out the terms and conditions that apply to your Account, Cards and any other associated services provided to you by Paynetics AD (“Paynetics”, “we” “us”, “our”) under this Agreement.
This Agreement constitutes a legal contract between you and Paynetics. It contains important information that may affect your rights, use of any of our services and your ability to recover your money. Please read all of the documents forming part of this Agreement carefully and keep a copy or download a copy of them for your records and future reference.
This Agreement shall be governed by and construed in accordance with the laws of Republic of Bulgaria, without giving effect to conflict of law principles, and subject to mandatory provisions under the laws of your country of residence. To the extent that the Bulgarian law is in conflict with laws of your country of residence, the law of Republic of Bulgaria shall prevail to the maximum extent possible. If not prohibited by the laws of your country of residence, disputes shall be settled by the Bulgarian courts.
You can request a copy of this Agreement at any time throughout its duration by contacting our Customer Relations Centre. By submitting your order for an Account or an Account with a Card to Paynetics and by clicking “I Agree to Paynetics AD Cardholder Terms and Conditions” in the relevant box, you indicate that you have accepted this Agreement.
You should read this Agreement alongside our Privacy Policy which you can view here: https://paynetics.digital/privacy–andsecurity–policy/. Our Privacy Policy (as it may be amended from time to time in accordance with its terms), together with this Agreement, describes the basis upon which any personal data we collect about you, either directly or from our authorised partners or that you provide to us or them, will be processed, handled, and shared by us.
In this Agreement:
“Account” or “Paynetics Account” means a payment account opened and maintained for you by Paynetics under this Agreement, which is used for the execution of payment transactions and/or card payments. The Account is denominated in EUR and is allocated an International Bank Account Number (IBAN).
“Agreement” shall mean this document together with:
“App” or “Necoco App” means the mobile App, which is provided by Necoco Limited and is accessible from Google Play Store and Apple’s App Store or other relevant mobile app stores and through which we provide you with payment services as described hereunder.
“ATM” means an automated teller machine that can be used for cash withdrawals using a Card, and sometimes for other payment and non-payment transactions.
“Blocking the Card” means a temporary discontinuation of the Card service by Paynetics resulting in an objective impossibility to use the Card. Paynetics shall keep a record of blocked cards. You will also be able to block (temporarily and permanently) the Card via the Necoco App in accordance with the terms of this Agreement.
“Business Day” means a day (excluding Saturdays and Sundays) on which the banks in Republic of Bulgaria generally are open in for normal business.
“Card” means any debit Visa© card issued to you by Paynetics that is linked to your Account. The Card is a type of payment instrument which allows you to access the Account`s balance to make debit card payments. The Card may be physical or virtual. “Card Organization” means VISA Europe (‘VISA’) or any other association or organisation maintaining a card payment system applicable under this Agreement, including any affiliate, subsidiary or successor company of any of them, of which Paynetics is a member and is entitled to issue cards and accept payments, including using Cards accepted by such Card Organisation.
“Card Payment” means a payment made by you as the Cardholder using the Card including: a transaction at a physical POS terminal; ATM transaction; an Internet transaction using a virtual POS terminal, whereby the balance onto your Account is debited with the amount of the Card Transaction, together with the applicable fees, if any.
“Competent Authority” means a body acting in accordance with defined statutory functions and exercising public authority and public power for the purposes of payment services, electronic money, or other financial regulation, including, the Bulgarian National Bank (“BNB”), the European Banking Authority (“EBA”).
“Credit transfer” means a national or cross-border payment service for crediting a payee’s payment account with a payment transaction or a series of payment transactions from a payer’s payment account by the payment service provider which holds the payer’s payment account, based on an instruction given by the payer.
“CVC2” means a three-digit code or password for Secure Internet Payments issued for each card. CVC2 is a strictly personalised code for access to funds available on the Card, which is entered using a virtual POS terminal. Each CVC2 entry using a virtual POS terminal serves to prove the identity of the Cardholder.
“Deactivating the Card” means the final discontinuation of the Card service by Paynetics.
“End User”, “Cardholder”, “you”, “yours” means a natural person who has been approved by Paynetics, has accepted this Agreement for the provision of Paynetics` payment services by clicking “I Agree to Paynetics AD Cardholder Terms and Conditions” in the relevant box upon installation of the Necoco App and uses the payment services of Paynetics as provided for in the present Agreement.
“Identification” or “KYC Procedure” means an identity verification procedure that requires at least provision of a valid passport / ID card and bank statement or other identification document, as well as a selfie of the person, together with the presented identity document in real time.
“Necoco” means Necoco Limited, a limited liability company incorporated and existing under the laws of Cyprus with seat and registered office address at: 24 Kavalas Str., SPI COURT 21 building, Flat/Office 301, Strovolos 2044, Nicosia, Cyprus, registered in the Register of Companies of Cyprus on 29th April 2021 under company number HE421114, which is the operator that performs certain technical and operational functions in relation to our services, including the operation of the Necoco App, which connects you with Paynetics. Necoco is entered into the register under art. 19 of the Bulgarian Payment Services and Payment Systems Act (PSPSA), kept by the Bulgarian National Bank (BNB), agent of Paynetics AD for the territory of the Republic of Cyprus, and is a subcontractor of Paynetics AD for the territory of the rest of the EU and EEA.
“Payment transaction” means an act, initiated by the payer or on his behalf or by the payee, of placing, transferring or withdrawing funds, irrespective of any underlying obligations between the payer and the payee.
“P2P Transfer/ P2P Transaction” means an act initiated by you and other Necoco App’s accountholder as a payer of transferring funds from Account within Necoco App to a beneficiary/payee`s payment Account within Necoco App.
“Paynetics”, “we”, “us”, “our” means:
Paynetics AD, a company incorporated in Republic of Bulgaria, under registration number 131574695 and having its registered office at 76A James Bourchier Blvd., 1407 Sofia, Republic of Bulgaria. Paynetics AD is an electronic money institution holding a license for operating as an electronic money company issued by the Board of Directors of the Bulgarian National Bank by Decision 44 of 11th April 2016, and is entered in the register kept by the Bulgarian National Bank, which is accessible on https://www.bnb.bg/RegistersAndServices/RSPIPublicRegisters/index.htm?toLang=_EN. Paynetics AD is licensed by the Bulgarian National Bank to issue, distribute and redeem electronic money and to provide payment services, such as opening and maintaining payment accounts and issuing of payment cards, in accordance with the Payment Services Directive 2015/2366 (“PSD2”), the E-Money Directive 2009/110 (“EMD”) and the Bulgarian Payment Services and Payment Systems Act. The Bulgarian National Bank supervises the activities of Paynetics AD.
“PIN” means a unique six-digit personal identification number, which can be used to confirm Card payments.
“POS (Point of Sale, Point of Service) Terminal” means a device where the Card is used to pay for the purchase of goods or services in commercial premises.
“Privacy Policy” means our privacy policy which you can view here: https://paynetics.digital/privacy–and–security–policy/ and which, together with this Agreement, describes the basis upon which any personal data we collect from you, either directly or from our authorised partners or that you provide to us or them, will be processed, handled and shared by us, as may be amended from time to time in accordance with its terms and as further explained and defined in this Agreement. If there is any discrepancy between the terms of our Privacy Policy and the relevant policies and/or terms and conditions of our partners in relation to our services and our treatment of your data then the provisions of our Privacy Policy shall apply.
“Prohibited Transaction” means any of the transactions or activities, as listed below or as may be subsequently made available on the Website from time to time:
“SEPA” means Single Euro Payments Area scheme, which allows sending and receiving payments in EUR between participating payment service providers.
“Strong Customer Authentication” or “SCA” means an authentication method based on the use of two or more elements categorized as knowledge (something only the user knows), possession (something only the user possesses) and inherence (something the user is) that are independent, in that the breach of one does not compromise the reliability of the others, and is designed in such a way as to protect the confidentiality of the authentication data. SCA is performed when you access your Account online, you initiate an electronic payment transaction or carry out any action through a remote channel which may imply a risk of payment fraud or other abuses.
“Tariff” means the tariff adopted by Paynetics for the fees collected by Paynetics for payment transactions performed with the Account or Card. The Tariff may define the transaction limits for Account and Card operations.
The Tariff, as amended from time to time, is available on the Website.
“Virtual POS Terminal” means a logically defined POS terminal device by which payment of goods and services are performed via the Internet.
“Visa” means Visa Europe or its successors.
“Website” means the following website: https://necoco.tech/
Your Account is opened and maintained by Paynetics and the Card is issued to you by Paynetics. Paynetics is not a bank, and your Account is not a bank account. The funds available in your Account are not a deposit. No interest will accrue on your Account balance. Your Card is a debit card linked to your Account, it is not a credit or charge card.
The Bulgarian Deposit Insurance Fund or any other applicable compensation scheme or fund do not apply to funds held in your Account/Cards. Instead, Paynetics protects your funds through a process known as ‘safeguarding’, in line with its regulatory requirements. In this process, Paynetics keeps your money separate from our own funds and places it in a safeguarding account with a bank or covers it by an insurance policy or a comparable guarantee.
Before we provide any of our services to you, you will have to successfully complete our process for verifying your identity. The process may involve you providing us with a valid passport / ID card, residence permit and a bank statement or other identification documents, as well as a selfie, together with the presented identity document in real time, or any other procedure we may specify. We may use ID verification agencies or other automated platforms to verify your identity. We or Necoco may require you to provide additional information at any time for the duration of this Agreement.
This Agreement will only become effective once you receive a confirmation that Paynetics has approved your application. Paynetics will not be obliged to provide any of the services under this Agreement before such confirmation is provided. Paynetics may refuse to approve any application and/or enter into an agreement for its services for any reason.
To be eligible for our Account and associated services, you must be: (a) 18 years of age or over; (b) EU/EEA resident; (c) you must have passed all our identification procedures and checks; (d) you must have provided us with a valid email address and telephone number; (e) you must not have committed a violation of this Agreement and (f) you must not have another profile in the App with which you have already successfully passed the identification procedure. We can close your Account/cancel your Cards or stop providing our services if we find out you are not eligible for it.
The Account and Card are issued to individuals only. You may only use your Account and Card personally and do not have the right to transfer their use to anyone else. In case you allow access to or provide any other means to use your Account or Card to any other person, you will bear full responsibility for all payments initiated by them.
You must not use your Account or Card for or in relation to (including sending or receiving proceeds from): any activities which do not comply with any applicable laws or regulations, including but not limited to laws relating to money laundering, terrorist financing, fraud, financial services or consumer protection; Prohibited Transaction under this Agreement; or trading or business purposes.
When this Agreement becomes effective, Paynetics will set up, upon your request, and maintain an Account in EUR with a dedicated IBAN and one or more Cards in EUR, associated to the Account, which Account may be used for receiving and sending payments in EUR via SEPA to an account in the EEA and for Card payments and cash withdrawals in EUR.
You can have only one Account in EUR and up to two (2) cards in total – one virtual and one physical Card, which are linked to your Account.
Limits may apply to your Account and Card, such as limits on minimum load amounts to your Account, the maximum balance that can be held on your Account, the value of individual Account and/or Card payments or an aggregate value or number of payments in a particular time period. The applicable limits are as set out in the Tariff and may be changed by us from time to time. To manage our risk, particularly with respect to money laundering, fraud, or security concerns, we may also apply internal controls, including limits, to certain types of transactions from time to time but for security purposes, will not disclose them.
The minimum load amount to top up your Account is indicated in the Tariff.
The balance of the Account should never exceed the limits set out in the Tariff.
You can load your Account using one of the following methods: via incoming SEPA Credit transfers; through P2P Transactions; by Card payment with a credit or debit card, issued by another payment service provider in the EEA.
The first load can be done only via a SEPA Credit transfer from an account in EUR you have in your own name in another EU/EEA bank or payment services provider.
The received funds will be credited to your Account immediately after Paynetics receives the funds unless Paynetics has a valid reason not to top up your Account, in accordance with clause 4.5. below.
Paynetics may refuse to execute an incoming payment and your Account will not be credited if: your Account or payment breaches any of the limits as set out in the Tariff; your Account is inactive, blocked or terminated;
this is your first load and it is not done via SEPA Credit transfer from an account in your own name in another EU/EEA bank or payment services provider;
the sender has provided incorrect/invalid Account details for payment;
you are not the legitimate holder of the credit or debit card used for loading your Account under clause 4.3.3. above, i.e. the card is not issued in your name;
Paynetics reasonably believes the payment is fraudulent, illegal or unauthorized;
Paynetics reasonably believes the payment is related to a Prohibited Transaction.
If an incoming payment is refused for any of the reasons set out above, the funds may be sent back to the sender without prior notice to you.
Paynetics may charge you a top up fee every time your Account is loaded as set out in the Tariff.
Paynetics shall have the right to charge a one-off fee for processing an account attachment order in the event that the Account has been subject to garnishment by a competent authority in accordance with the applicable legal procedure.
Where Paynetics and the payee are the same entity, Paynetics may collect from the Paynetics Account held with it, amounts owed by the Account Holder to Paynetics on the basis of the Account Holder’s prior written consent. By accepting these Terms and Conditions, the Customer provides its prior written consent for Paynetics to collect ex officio from the Customer’s Paynetics Account or from any other account in the name of the Account Holder maintained by Paynetics any amounts owed by the Customer to Paynetics. Paynetics shall notify the Account Holder of the grounds, the amount, and the value date of the amount collected from the respective Paynetics Account.
You must make sure that your Account has sufficient funds available to cover the amount of a given Payment Transaction and all applicable fees. Paynetics may refuse to perform any given Payment Transaction or Credit Transfer if your Account does not have sufficient balance to cover the amount of the payment and all applicable fees.
Paynetics will execute your payment instructions for payments from your Account on the same day it receives them (or the future day agreed if it is in the future). The time of receipt of your payment instruction is when Paynetics receives it (which will typically be on the same day you instruct the payment) or, if the payment instruction specifies the payment is to take place on a future day, then your payment instruction will be treated as received on that future day. Payment instructions received on a Business Day after 15:00 PM CET (16:00 PM EET) or on a holiday/non-working day, will be considered as received on the following Business Day. Where the payment transaction is executed between payment service providers licensed by the Bulgarian National Bank, or between a payment service provider and a branch of a payment service provider operating in the Republic of Bulgaria, the account of the payee’s payment service provider will be credited within the same Business Day. You cannot cancel a payment after you have authorized it and Paynetics has received your payment instruction for it, except that you can cancel a future payment, such as a recurring Card payment and if you notify Paynetics of cancellation no later than the end of the business day before the payment is due to be made via the App. Cancelling a future dated payment such as a recurring Card payment with us will not cancel the agreement with the organization you are paying to. You should tell the organization collecting the payment about the changes to your instructions.
After receiving your payment instruction for payment from your Account (including Card payments), Paynetics will credit the recipient’s account within the timescales set out below.
|
Type of payment |
Delivery to the recipient’s account |
|
Payments in EUR from your Paynetics Account to another Paynetics account. |
Immediately upon receipt of the payment order by Paynetics, if there is enough balance onto the Account to cover the amount of the transaction together with the applicable fees. |
|
Payments in EUR to an account in the EEA. |
No later than the end of the business day after your payment instruction is received. Payment instructions received on a Business Day after 15:00 PM CET (16:00 PM EET) or on a holiday/non-working day, will be considered as received on the following Business Day. |
When you are the payee, your Paynetics Account will be credited with the relevant amount on the day of receipt of the amount onto an account in the name of Paynetics, in its capacity as a payee`s payment services provider. If the amount has been received onto an account in the name of Paynetics after 15:00 PM CET (16:00 PM EET) on a Business Day or on holiday/non-working day, it shall be considered that the amount has been received on the next Business Day.
In order to comply with the applicable law or court order in any applicable jurisdiction, the instructions provided by a Card Organisation or any other rule or duty applicable to Paynetics, Paynetics reserves the right to request additional documents and information, including original paper copies, regarding a particular Payment Transaction or Credit Transfer carried out from or to your Account. In the event that you fail to comply with your undertaking under the preceding sentence, Paynetics may refuse or delay the execution of the relevant payment transaction. In such cases, Paynetics shall not be liable for any damages or losses of any nature suffered as a result of a refused and/or delayed Payment Transaction or Credit Transfer.
Paynetics will deduct the value of payments together with all applicable fees from the balance on your Account. Payments from your Account by way of Credit transfers in EUR will be deducted from your Account in EUR. Card payments in any other currency will always be deducted from your Account at the prevailing currency conversion rates at the time of the transaction. If there is insufficient balance on your Account to complete the payment, including all applicable fees, the payment will be refused. See clause 11 for more detail on the applicable currency conversion rates and fees.
You may choose to allow (and provided you have given them your explicit consent): providers of account information service (i.e., an online service which accesses one or more payment accounts to provide a consolidated view of such accounts) to access information on your Account; and/or
providers of payment initiation service (i.e. an online service which allows a third party to initiate payments on behalf of the account holder from their account and at their request) to initiate payments (other than Card payments) from your Account. Only those providers of account information or payment initiation services that are authorized with the BNB or by another European regulator to provide the relevant service in an EU member state, as applicable, can be given access to your Account. The EBA established a central register accessible at EUCLID – Register (europa.eu) that contains information about payment and electronic money institutions authorized or registered within the EU and the EEA countries, which provide account information or payment initiation services. In addition, each EU member State has established a register of authorized or registered payment and electronic money institutions at national level where information is updated on regular basis.
We will treat any instruction from such providers of account information or payment initiation services as if it was from you. Some providers may use your Account security details to provide their service. You should always consider the possible implications of sharing your security information.
We can deny providers of account information or payment initiation services access to your Account if we are concerned about unauthorized or fraudulent access. We will notify you of the denial of access and the reasons for it beforehand, if possible, or otherwise immediately afterwards (unless doing so would compromise our security measures or would be unlawful). The access to your Account may be restored once the reasons for denying the access no longer justify such denial. GIVING INSTRUCTIONS FOR PAYMENTS FROM YOUR ACCOUNT
You give us instructions and consent to a payment from your Account in one of the following ways: using the App;
giving us instructions via a third party (such as payment initiation service provider); using Cards (see clause 10 below on how you instruct us to make payments using a Card);
Paynetics adheres to the requirement for SCA set forth in the applicable law. You may be required to provide security details, such as your PIN, and/or use a particular authentication method depending on the method you use. We will tell you which authentication can be used or if they are unable for any particular types of service. Paynetics reserves the right to change or introduce new authentication methods at any time, including for reasons relating to changes in the law, technical characteristics of the services or security.
For a payment from your Account to be properly executed, you must provide us the following information when you instruct us to make the payment (in addition to any other information we may ask for):
For Credit Transfers, P2P Transactions and Virtual POS Terminal operations your instruction will be considered given when you access the App on your mobile device (something that you possess) and:
For Credit Transfers – submit a payment order containing information about the IBAN of your Account, beneficiary`s (payee`s) name, IBAN of beneficiary`s payment account, amount, execution date, reason for payment, additional clarifications, and confirm the payment order by entering your 6-digit security code (something that you know);
For P2P Transactions – enter the phone number of the Paynetics account holder you want to make the transfer to, then enter the amount, reason for payment and confirm the payment order by entering your 6-digit security code (something that you know). The P2P payment order can be executed only if you and the beneficiary have active Paynetics` accounts within Necoco
App;
For Virtual POS Terminal operations (purchases of goods and services on the Internet, e-commerce transactions on 3D secure merchants` websites) – you give an instruction for the execution of the payment operation by entering your Card details (unique number, cardholder`s name, validity term and CVC2/CVV2 code) and by confirming the payment order as follows: you will receive a notification about the purchase on your mobile phone device (something that you possess), in order to see it you should access the App by entering your 6-digit security code (something that you know) or via Face ID or Touch ID (something that you are), then you should confirm the payment order by selecting the notification and entering your 6-digit security code (something that you know).
For ATM and Physical POS Terminal operations – you give an instruction for the execution of the payment operation by inserting in or tapping the Card over the ATM/POS terminal device and entering a PIN.
For any payments above EUR 15,000 or its equivalent in another currency (or any other amount as, from time to time, provided for in the applicable law and regulations): the sender (originator) and / or recipient (beneficiary) could also be required to provide a declaration to prove the origin of funds. If you provide us with incorrect or incomplete information or refuse to provide information, we may refuse to execute the payment, the funds could be lost and irrecoverable or there could be a delay in the recipient receiving the payment.
Paynetics may refuse to carry out any instructed payment from your Account if it does not meet the requirements of this Agreement, including, but not limited to any of the following circumstances:
Paynetics reasonably suspects that the payment is unauthorized or involved in fraud or illegal activity; your instruction is unclear, incorrect or incomplete;
Paynetics reasonably believes that there has been a violation of this Agreement;
you have failed to use the authentication method and/or provide security information required; there are insufficient funds in the Account to cover the payment and any applicable fees; the payment violates any applicable limits;
carrying out your instruction might cause us to break the law, order of a regulatory body, code, rule of Card Organisation or other duty applicable to Paynetics;
due to a technical impossibility to carry out the payment;
Paynetics reasonably believes payment is related to a Prohibited Transaction.
If we refuse to execute the payment, we will notify you as soon as possible unless it would be unlawful for us to do so. If possible, we will provide the reasons for refusal to execute the payment and where those reasons relate to factual matters, the procedure for rectifying any factual errors that led to such refusal.
The execution of any payment to or from your Account (including Card payments) may be delayed or refused due to the performance of Paynetics’ security or legal compliance checks, including if Paynetics suspects that the payment is involved in fraudulent, illegal, or unacceptable activities or constitutes an unauthorized payment.
Your Card is issued to you by Paynetics and is linked to your Account, maintained by Paynetics. Your Card can be used in your country of residence or abroad. You will be entitled to 1 (one) virtual Card, based on Paynetics` approval, and 1 (one) plastic Card.
Cards are issued under the Visa brand, pursuant to license granted by Visa Europe.
Unless specified otherwise in this Agreement, your Card can be used to pay merchants for goods or services (whether in-store, online or over the phone) and for cash withdrawals at ATMs. If you have been issued with a virtual Card, it can only be used to pay merchants online and for contactless payments by tapping/waving the device where the Card is held over a card reader for contactless payments. Your Card can be used at all card acceptance terminal devices bearing the Visa logo which maintains the necessary functions.
Card payments will be executed immediately after Paynetics receives the payment request.
The value of all Card payments, including all applicable fees, will be deducted from your Account balance, you will be responsible for all goods or services purchased with the Card. Any dispute with a merchant about a product or service purchased with the Card will be considered a dispute between you and the merchant and should be addressed directly to that merchant. Paynetics does not accept any responsibility or liability for the quality, safety, legality, or any other aspect relating to and does not provide any warranties regarding such goods or services purchased with the Card.
Paynetics will not be liable if a merchant refuses to accept a Card or if Paynetics has refused to execute a payment in accordance with this Agreement.
The Card is property of Paynetics as a card issuer and cannot be transferred and/or made available to anyone else.
Each Card has a validity period within which you may use the Card. If your Card is physical, it will expire on the last day of the month/year indicated on its back. If your Card is virtual, it will expire on the last day of the month/year indicated on the App. All Card payments initiated after the expiration or cancellation of the Card will not be authorized or executed.
Paynetics will issue the Card within 10 business days from the date your application is accepted and, if the Card is not virtual, will deliver it to you personally. Paynetics shall not be responsible for any delayed delivery caused by the courier service. If your Card is virtual, the Card will be made available to you via the App immediately after your application is approved by Paynetics. The physical Card will be personally delivered to you, and you may be required to produce an ID document to collect it. You must sign on the signature strip on the reverse side of the physical Card immediately after receiving it.
You will be provided with a PIN to use with your Card. You can change your PIN at an ATM or via the App. You should memorize your PIN and then destroy the media on which it is recorded. You have important obligations to keep your security details such as PIN safe (see clause 14 below).
You may request Paynetics to issue a new Card in the following cases: in case of destruction or damage to the Card;
in case of loss, theft, or other misappropriation of the Card; in case of a forgotten PIN, and upon expiry of your Card’s validity period.
If your Card is replaced because it was lost or damaged, or in case of a forgotten PIN or upon expiry of your Card’s validity period, you will be charged a Card Replacement Fee (see Tariff) which will be deducted from your Account. If your Card has been reported stolen or misappropriated, you will be charged a fee that is directly related to the cost of replacement (see Tariff). If your Card has been reported lost, stolen, or misappropriated but later is found, then you should immediately inform Paynetics about it and destroy the Card.
When you receive the physical Card it will be inactive. You have to activate the Card before using it. Otherwise, any Card payments attempted by you will be rejected. The Card can be activated online by following the instructions for activation provided to you.
The Card can be activated by you through the Necoco App.
Paynetics shall have the right to block your Card if any of the circumstances described in clause 7.4 occur. GIVING INSTRUCTIONS FOR CARD PAYMENTS
You give us an instruction and consent to a payment made using your Card using any one of the following methods:
in case of cash withdrawal from an ATM: by entering a PIN;
in case of payment for goods or services in-store: by tapping/waving the Card (or a device where it is held) over a card reader for contactless payments, and by entering a PIN; in case of online payments for goods or services online or via the phone: as described in clause 7.2.1.3. above.
Your consent for a Card payment may cover a single payment or a series of recurring payments on a Card (such as where you give your Card details to a merchant to be used for Card payments in the future) for a set or variable amount.
Merchants in certain business sectors (e.g. car rental companies, hotels and other service providers) estimate the amount of the final Card payment to them and require to “pre-authorise” or withhold the estimated amount on the Card. Sometimes, that withheld amount may exceed the final amount spent. In such cases, the initially withheld funds will not be available to you for up to 15 days until the final Card payment request is received by us or released by the merchant. Paynetics may release such amounts only with the merchant’s consent.
You are responsible for providing correct and accurate instructions for execution of a payment. If the instructions provided by you are incorrect, inaccurate, or incomplete, Paynetics will not be liable for errors or inaccuracies in the transaction. If a payment is carried out in accordance with the instructions provided by you, it will be deemed to have been correctly executed.
Fees that apply to your Account, Card, and associated services and/or transactions are as set out in the Tariff. All fees are determined in EUR and will be deducted from your Account.
Paynetics reserves the right to change the applicable fees in accordance with this Agreement (see further clause 16). Changes in the reference exchange rate will apply immediately without prior notice.
If a Card payment is in a currency other than the currency of the Account, then the amount deducted will be the amount of the Card payment converted to the currency of the Account using the reference exchange rate applied by Visa® (available at Currency Converter – Exchange Rate Calculator | Visa) plus the currency conversion mark-up fee set out in the Tariff. The exchange rate shall be determined on the date that the Card payment is processed. The exchange rate is not set by Paynetics and varies throughout the day meaning it may change between the date the Card payment is made and the date it is processed. We provide information on the total currency conversion charges applicable with respect to Card Payments, expressed as a percentage mark up over the latest available euro foreign exchange reference rates issued by the European Central Bank.
If any action results in a negative balance in your Account/Card, you must reimburse Paynetics the amount of the negative balance immediately upon request. Paynetics may charge the amount of the negative balance against any subsequently loaded funds. Paynetics may suspend your Account and Cards until it is reimbursed for the negative balance in full and may take legal action against you to recover such amount.
The Agreement is executed in English and all communications between you and us will be in English, unless expressly agreed otherwise in this Agreement.
Your representatives or persons authorized by you may receive information about the payments made with the Card/Account electronically.
We can communicate with you (including to provide any information or notifications in relation to this Agreement) using any of the following methods:
via the App; by email;
by phone (including by sending you an SMS); by writing to your home address.
We will tell you if any of these communication methods are not available. We will also tell you if you need any technical requirements or software to communicate with us.
We will use the contact information you have most recently given us to communicate with you. If any of your contact details change, you must inform Paynetics about it as soon as possible by updating your details via the App. All notifications, invitations or other notices sent to your last email address last known to Paynetics will be deemed to have been delivered successfully.
You can contact our Customer Relations Centre (see contact details at clause 20).
Paynetics will provide information about your Account and Card transactions and fees by means of electronic statements which will be accessible on the App. Statements will not be provided on paper. You should carefully review your Account and Card transaction information regularly. Your statements will remain available on the App for you to access for 1 (one) year. You may wish to download or print your statements for your future reference. You will be charged a fee (see Tariff) if you ask us to provide additional information or provide it in a different manner than as described here.
You must use your Card and Account in accordance with the terms and conditions set out in this Agreement. You have important obligations to do everything you reasonably can to keep your Account and Card safe and to notify Paynetics of any loss, theft, misappropriation or unauthorised use of the Card or Account immediately after becoming aware of it as further described below. Your obligations to keep your Account and Card safe
You will be provided with or will be able to set up certain security details (such as your Card PIN and any password, passcode or other login details which can be used to access or make payments with your Account or Card via the App). You must:
take all reasonable measures to keep your Account, Card and security details safe;
not write down any of your security details (such as PIN or password) unless it is done in a way to make it difficult for anyone else to recognize them;
not record security details such as PIN on the Card or keep such information together with the Card;
not to disclose to and/or allow anyone else (other than authorised providers of account information services or payment initiation services) to use in any manner whatsoever your security details such as user identifiers, passwords or PINs;
keep your Card and any personal devices (mobile phones, computers, tablets) that can be used to access your Account, Cards or security details secure and not let anyone else use them to make payments;
not choose security details such as PIN or password to access your Card or Account that is easy for someone to guess such as letters or digits that:
14.2.6.1. are easily associated with you, for example your telephone number or date of
birth;
14.2.6.2. are part of the data imprinted on the Card;
14.2.6.3. consist of the same digits (1111) or the sequence of running digits (1234); or 14.2.6.4. are identical to previously selected PIN/password.
use up-to-date virus, malware, and spyware software and a firewall on any devices used to access your Account or cards to reduce the risk of security breaches. Your obligation to notify us
If your Card has been withheld by an ATM, you must immediately notify Paynetics. If Paynetics is not able to return the Card to you, Paynetics will issue a new Card to replace it.
You must immediately notify our Customer Relations Centre (using contact details at clause 20) if: your Card is lost, stolen or misappropriated; or
you believe there has been unauthorised use of your Card or Account or anyone else may be able to use or access your Account, Card or security details to access them.
Paynetics will make all reasonable efforts to stop the use of Account and/or Card by blocking the Account and/or Card payments after receiving a notification from you.
Paynetics may restrict, block or deactivate the Card or Account if:
Paynetics is concerned about the security of the Card or Account or the security details relating to them;
Paynetics becomes aware or suspects that the Account, Card or security details relating to them are being used in an unauthorised, unlawful or fraudulent manner;
Paynetics reasonably believes it needs to do so to comply with the law or court order in any applicable jurisdiction, the instructions provided by a Card Organisation or any other rule or duty applicable to Paynetics;
if for the purposes of complying with the applicable law or court order in any applicable jurisdiction, the instructions provided by a Card Organisation or any other rule or duty applicable to Paynetics, Paynetics has requested the provision of certain information and/or documents by you but you did not provide them or provided false information and/or documents;
if you provided false information and/or documents for the purposes of becoming a customer of Paynetics or during the lifetime of this Agreement;
this Agreement is terminated for any reason; you request us to do so; you have breached any term of this Agreement in a material way.
We will, if possible, notify you before restricting, blocking or deactivating your Account or Card that we will do so and the reasons for it. If we are unable to notify you beforehand, we will notify you immediately afterwards. We will not notify you if doing so would compromise our security measures or would be unlawful.
Your Card and/ or Account will be unblocked or re-activated (or replaced) as soon as possible after the reasons for blocking cease to exist.
You can also block your Cards through the Necoco App, if you believe that your Card has been lost, stolen, misappropriated or there has been unauthorized use of your Card. You will have two options – to temporarily block the Card, which option enables you to unblock the Card after the reasons for blocking cease to exist, or to activate “total block”. If you choose “total block” you will not be able to unblock your Card after the reasons for blocking cease to exist. In that case you will have to request issuance of a new Card.
You agree you will not make any attempts to interrupt or impair the functionality of our information system, including but not limited to, not to spread files containing viruses, damaged files or other similar software which may be used for accessing, modifying, deleting, or damaging data files.
We may need to contact you urgently in the event of suspected or actual fraud or security threats to your Account, Card and/or security details. To do so, we may use an SMS, telephone, e-mail, or another secure procedure. When we contact you, we may also give you information on how you can minimize any risk to your Account, Card or security details depending on the nature of the security threat. But we will never ask you to disclose your full security details (such as PIN, password or passcode) or ask you to transfer money to a new account for security reasons.
You must notify Paynetics in writing of any unauthorized or incorrectly executed payments on your Card or Account without undue delay after becoming aware of such unauthorized or incorrectly executed payment and in any case no later than 13 months from the date the payment was debited to your Account. You can notify us of such unauthorized or incorrectly executed payments by contacting our Customer Relations Centre (see clause 20 for details).
If you notify us of an unauthorized or incorrectly executed payment in accordance with clause 15.1, you may be entitled to receive a refund of the funds as detailed below. Paynetics will verify the authenticity of the payment, its proper recording and reporting, and whether the transaction has been affected by a technical malfunction or other defect.
If you are entitled to a refund for an incorrectly executed or unauthorized payment, we will refund you as soon as possible upon receipt of your claim or any additional information we may request in order to investigate your right to a refund. However, if after we refund you, our investigation leads us to reasonably believe that you were not entitled to the refund, we will have the right to deduct the amount of the refund from any funds on Accounts you hold with us and reserve the right to recover the value of the refunded payment by any other legal means. Unauthorized payments from your Account or Card
If Paynetics establishes you have not authorized a payment from your Account or using your Card (for example, someone else made it) and there are no reasonable grounds for suspecting that you acted fraudulently, Paynetics will refund the value of the unauthorised payment by no later than the end of the business day after you notify Paynetics of the unauthorised payment. The refund will include any fees to restore your Account to the position it would have been at if the unauthorized payment was not made. Paynetics may hold you responsible for up to the first EUR 50 for services provided in the EU, incurred as losses with respect to unauthorized payments arising from the loss, theft or misappropriation of your Card or security details before you notify Paynetics.
You will not be entitled to a refund, and you will bear all losses, irrespective of their amount, relating to an unauthorized payment if:
the payment was authorized by you; you have acted fraudulently;
you have intentionally or with gross negligence failed to comply with one or more of the obligations under this Agreement (for example, with regards to keeping your Account and Card safe or to notify us of any unauthorized payments).
Without prejudice to the provisions of the clauses 4.5, 7.4, 9.8 and 14.5, if Paynetics fails to execute or incorrectly executes a payment from your Account or made using a Card, Paynetics will promptly reimburse the amount of the payment (including any fees to restore the Account to the position it would have been at if the defective payment was not made), unless Paynetics can show that the recipient’s payment service provider has received the payment (in which case they will be liable). In this case, at your request, Paynetics will make reasonable efforts to trace the payment and inform you about the outcome. Paynetics may charge you a fee for investigating the payment with other payment services providers.
Paynetics will not be liable for any payment executed in accordance with the payment instructions given by you. If the payment instruction you have given us was incorrect or incomplete (for example, you have made a mistake in giving us the recipient’s account details), Paynetics will make reasonable efforts to recover the payment amount. Paynetics may charge you a fee for any such recovery as indicated in the Tariff. If Paynetics is not able to recover the payment amount, Paynetics will, on your written request, provide you with the relevant information about the payment.
Without prejudice to the provisions of the clauses 4.5, 7.4 and 14.5, If Paynetics has received a payment for your Account but has not executed or incorrectly executed the payment (for example, where Paynetics is responsible for crediting your Account with the received payment later than it should have been), Paynetics will immediately credit your Account with the correct amount (including any fees to restore the Account to the position it would have been at if the payment was executed correctly and in time).
If a payment is received in your Account incorrectly (for example, by mistake), Paynetics may, where it considers reasonable to do so, hold the payment and return it to the sender. In any case, Paynetics is obliged to provide certain information to the sender’s payment service provider about you and the payment to enable them to recover the funds.
If you authorize a payment initiated by or through the payee without knowing the final amount of the payment (for example, a Card payment initiated by the merchant when renting a car or booking a hotel room), you have the right to request Paynetics for a refund of such payment, provided that all of the following conditions are met: you have asked for a refund within 8 weeks from the date on which your Account was debited; at the time of authorization to execute the payment, its exact amount was not specified; and
the amount of the payment exceeded the amount you could have reasonably expected, taking into account your previous spending patterns, the terms of this Agreement and the case-specific circumstances. If the amount of the payment increased because of the currency exchange when the reference exchange rate agreed with Paynetics has been applied, it will not be a valid reason.
At the request of Paynetics, you must provide information to show the conditions above have been met.
Within 10 business days of receiving your request for a refund, or, where applicable, of receiving the further information Paynetics requested, Paynetics will refund the full amount of the payment or inform you of the refusal to refund it, together with the grounds for refusal and the authorities to which you can complain if you do not accept those grounds. The refund will include the entire amount of the payment which will be dated back to the date on which your Account was debited.
You will not be entitled to a refund of any payment initiated by or through payee when: you have given your consent to perform the payment directly to Paynetics; and
where applicable, Paynetics or the payee has informed you about the upcoming payment at least 4 weeks before it was due to be made.
Paynetics will not be liable to you for any damages or losses arising from or relating to: your failure to use the Card or Account in accordance with this Agreement;
any payments executed in accordance with the information or instructions provided by you which were incorrect, inaccurate or incomplete;
any unusual or unforeseeable circumstances beyond the control of Paynetics, the consequences of which could not be avoided despite Paynetics’ best efforts;
refusal of a merchant, ATM or any other person to accept the Card or any other Account payment;
malfunction of a mobile device or other equipment, software or services required for the successful technical performance of an operation which is beyond the control of Paynetics;
compliance with the applicable legal or regulatory requirements or any rules or guidelines provided by the Card Organisation or Competent Authority;
you acting fraudulently or with gross negligence; loss of revenue, goodwill, lost benefits or expected savings;
any loss or damage which is not a direct result nor a direct consequence of a breach of this Agreement by Paynetics; or any loss or damage caused by a virus, Denial of Service attack dissemination or other technologically harmful material that may infect a computer or other device or equipment, software programs, data or other proprietary material in connection to the Card, Account and this Agreement;
the quality, safety, legality or any other aspect of goods and/or services purchased using the Card or Account or any possible disputes arising between you and the provider of such goods/services;
Paynetics refusing to accept or execute any payment or restricting, blocking or deactivating your Account and/or Card in accordance with this Agreement or with the law; loss or damage beyond Paynetics’ responsibility by law.
None of the terms of this Agreement will limit or exclude Paynetics’ liability for fraud, gross negligence or any other liability which cannot be legally excluded or limited by law.
You are responsible for the use of the Card and Account in accordance with this Agreement. You will be liable to Paynetics for all losses and damages caused by their improper and/or non-compliant use that does not comply with this Agreement.
Paynetics may make changes to this Agreement, including the fees set out in the Tariff, as set out further below for reasons which may include (but are not limited to): changes to the products or services or introducing new products or services under this Agreement; withdrawal of a particular part of our products or services; changes in market conditions or operating costs that affect Paynetics; changes in technology, our systems and/or payment methods; making this Agreement clearer or more favourable to you; or changes in relevant laws or regulations, or codes or rules that apply to Paynetics.
Paynetics will notify you about any changes to this Agreement, including the Tariff, and the date on which such changes shall take effect, by posting a notice on the Website, via the Necoco App and/or via email, at least 2 months before the changes take effect. Paynetics can make immediate changes, without notice to you, to the exchange rates used to convert Card payments where such changes are the result of changes in the reference rate, we have disclosed to you, or the changes are clearer or more favourable to you. When we notify you directly in the App about forthcoming changes to this Agreement, we will send an active notification (push notification) to your device, which you can open after logging into the App, and which will contain information about the upcoming changes, including when they will come into force and where you can view them.
If you do not approve of the changes to this Agreement, you have the right to terminate this Agreement free of charge by informing Paynetics before the changes take effect. Paynetics will treat you as having accepted the changes unless you inform Paynetics that you do not approve these changes before they take effect.
This Agreement will become effective when your application is approved by Paynetics. This Agreement will remain valid until it is terminated in accordance with its terms.
You can cancel your Account and Card and terminate this Agreement within 14 days of the date you receive confirmation your application has been approved by Paynetics by contacting our Customer Relations Centre. You will not be charged for cancelling within this period and the funds in your Account will be returned to you in accordance with clause 17.5. You will not be entitled to a refund of any payments and associated fees made from your Account or using the Card up to the date you notify Paynetics of the cancellation.
This Agreement can be terminated by you: notifying Paynetics you do not accept changes to this Agreement in accordance with clause 16.3; notifying Paynetics of the cancellation of this Agreement in accordance with clause 17.2; providing Paynetics a written request for termination of this Agreement at any time.
This Agreement can be terminated by Paynetics: providing you 2 months’ notice of termination of this Agreement; with a notice addressed to you and having an immediately effect if:
you breach an important term or persistently breach the provisions of this Agreement;
Paynetics reasonably believes that your Account, Card or any of its services is being used for any fraudulent or illegal purposes or in an unauthorised manner or for Prohibited Transactions;
Paynetics is required to do so to comply with any law or regulation or a requirement by a Competent Authority or a Card
Organisation;
Paynetics reasonably believes that continuing to permit use of your Account or Card may cause Paynetics to breach any applicable law or regulation, code or other duty applicable to it or expose Paynetics to any adverse action, censure, fine or penalty from any
Competent Authority, law enforcement or other governmental agency or Card Organisation; you become bankrupt or deceased; in other cases, provided by law or in the Agreement.
If this Agreement is terminated for any reason, your right to use the Account and Card will be terminated, your Account will be closed, and Card will be deactivated. All fees and other amounts due to Paynetics under the Agreement, if any, will become payable on termination. You can request return of the remaining balance onto your Account in which case any fees due for the transfer will be deducted from the balance onto your Account. You may be required to provide information and/or documents to Paynetics for the purposes of the transfer, such as evidencing the ownership of the account to which the remaining balance is to be sent. If there are not enough funds onto your Account to cover the fees for the transfer, you should cover such fees for the transfer to be executed.
You will be responsible for all payments performed prior to termination of this Agreement, their resulting liabilities and any other obligations relating to the use and servicing of the Account or Card prior to such termination.
If you wish to complain about Paynetics services under this Agreement, you can do so by contacting our Customer Relations Centre.
You can find more information on how we handle complaints at https://www.paynetics.digital/complaints. We will provide you with a copy of our complaints procedure on your request or if we receive a complaint from you. In most cases, Paynetics will review your complaint and provide a full response within 15 business days from the date the complaint is received. In exceptional circumstances, where Paynetics is unable to respond to your complaint in full within that timeframe, Paynetics will send you a holding response with reasons for the delay and the timeframe within which you will receive a full response, which in any case will be within 35 business days from the date your complaint was received.
If Paynetics fails to provide a full response to your complaint within the time limit referred to above or has failed to resolve your complaint to your satisfaction, you may refer your complaints to the Payment Disputes Conciliation Committee with the Commission for Consumer Protection (1000, Sofia, 1 Vrabcha Str, fl. 4, Bulgaria, phone: +359 2 933 05 77). Details of the service offered by the Payment Disputes Conciliation Committee are available at www.kzp.bg and https://abanksb.bg/pkps/pkpscontacts–En.html. MISCELLANEOUS
This Agreement shall be governed by the Bulgarian law. Any disputes relating to this Agreement will be finally settled by the competent Bulgarian court.
Paynetics may transfer or assign its rights and obligations under this Agreement to another company or individual at any time. If the transfer means that another organisation will be providing the services under this Agreement to you instead of Paynetics, Paynetics will give you notice of the transfer and the date when the transfer will take effect. Unless specified otherwise in the notice, the terms of this Agreement will be binding on you and the transferee as if the transferee was the original party to this Agreement from the date the transfer takes effect. This will not affect any of your legal rights relating to this Agreement or the services provided under it.
You cannot transfer or assign any of your rights and obligations under this Agreement to another individual or company without Paynetics’ prior written consent.
If a court or competent authority establishes that a certain provision in the Agreement (or any part of any provision) is invalid, illegal or unenforceable, such provision (or part of it) shall be deemed to be non-existent to the extent necessary, but the validity and applicability of all other provisions of the Agreement shall not be affected.
You can contact our Customer Relations Centre using the contact details set out below. For monitoring purposes, we may record any conversation with the Customer Relations Centre.
Contact us about our services, open from 9:00 AM to 18:00 PM EET (8:00 AM to 17:00 PM CET), from Monday to Friday:
20.1.1.1. by App, chat as applicable
20.1.1.2. by email: support@necoco.tech
20.1.1.3. by writing at: Necoco Limited, 24 Kavalas Str., SPI COURT 21 building, Flat/Office 301, Strovolos 2044, Nicosia, Cyprus;
Report lost, stolen or misappropriated Cards (available 24 hours a day, 7 days per week):
20.1.2.1. Via the App by selecting your Card and selecting “Report my card as lost or
stolen”;
20.1.2.2. By phone at +35725250507.
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