Caxton FX Mastercard Corporate Prepaid Card Terms and Conditions
These terms and conditions apply to Your corporate prepaid Card. You should read them carefully before accepting them. You accept them by ticking the box “I confirm that I have read, understood and agree to the Caxton FX Limited (“CFX”) prepaid Currency Card terms and conditions” as part of Your online registration. In these terms and conditions “You” or “Your” means the named Organisation and the Cardholder(s). “We”, “Us” or “Our” means the Company, Valitor Payment Services Limited or the Programme Manager, as the context may require.
In these terms and conditions (“Agreement”) the following words and expressions have the following meanings:
“Account” means Your Caxton FX Mastercard Business account which is linked to the use of Your Card(s) and is maintained for Your Card(s);
“Agreement” means Your submitted application and this Agreement of open-ended duration between You and Us incorporating these terms and conditions, as amended from time to time and any other document which You are required to sign for the provision of the Account and Mastercard Business Traveller Card(s);
“ATM” means an automated teller machine;
“Authorised Administrator” means the person(s) nominated by You (the organisation) to administer the Card(s) on Your behalf.
“Cardholder” means an individual to whom a Card(s) is supplied by You (the organisation) under these Terms and Conditions.
“Authorised” means an act of authorising the payment transfer by using the Card together with (i) the PIN or with (ii) the CVV code and Expiry Date or with (iii) the signature of the Cardholder;
“Available Balance” means the value of unspent funds loaded onto Your Account, belonging to the Company and available for use by the Cardholder in a Card Currency;
“Business Day” means a day other than a Saturday or Sunday on which banks are open for business in the UK;
“Card” means any or all of the following, as the context suggests: (1) a Card, which is a personalised Mastercard corporate prepaid card provided by Us to You, (2) any Card provided by Us to You as replacement for a Card;
“Card Currency” means 1. GBP 2. EUR 3. USD 4. AUD 5. CAD 6. NZD 7. HKD 8. CHF 9. JPY DKK 11. ZAR 12. PLN 13. SEK 14. NOK 15. HUF;
“Cardholder Services” means [email protected] or +44 20 7201 0528;
“Card Not Present” means a contract (subject to exceptions) concerning goods or services concluded between a supplier and a company under an organised distance sales or service provision scheme run by the supplier who, for the purpose of the contract, makes exclusive use of one or more means of distance communication up to and including the moment at which the contract is concluded. Where “distance communication” is any communication by which, without the simultaneous physical presence of the supplier and the consumer, may be used for the conclusion of a contract between those parties;
“DIRECTOR” means a person who has been validly appointed as a Director to the Company;
“EEA” means European Economic Area;
“E-money” means electronic money as defined in clause 6 and as defined section 2(1) of the Electronic Money Regulations 2011 (as amended from time to time);
“Expiry Date” means the expiry date printed on the Card;
“Fees & Limits Schedule” means the schedule contained herein;
“Fee” means any fee payable by the Cardholder, as referenced in the Fees & LimitsSchedule;
“Issuer” means Valitor Payment Services Limited;
“KYB” means Know Your Business, which stands for requirements for knowledge of and information on customers of regulated entities or for regulated activities in order to comply with anti-money laundering and counter-terrorist financing law;
“KYC” means Know Your Customer, which stands for requirements for knowledge of and information on customers of regulated entities or for regulated activities in order to comply with anti-money laundering and counter-terrorist financing law;
“Merchant” means a retailer or any other person that accepts payment via the System;
“Named Organisation” means the corporate entity that has successfully registered for a Payment Service and has been issued with at least one Card by Us and is both legally and financially responsible for the Payment Services;
“Payment Order” means the Merchant’s payment service provider’s instructions to Us to execute a Transaction following Your authorisation of the Transaction;
“Payment Services” means all payment services and any related services available to the Cardholder under the Agreement through the use of the Card;
“PIN” means the personal identification number necessary to access the Payment Services;
“Programme Manager” means Caxton FX Limited, a company registered in England and Wales with number 4610337, of Portland House, Bressenden Place, London SW1E 5BH;
“Registered Email and Password” means a set of personal codes selected by or provided to You to access the secure part of the Website associated with the Card;
“System” means Mastercard and its payment network;
“Transaction” means realising: (i) a payment, or a purchase of goods or services from a Merchant where payment is made (in whole or in part) by use of the Payment Services, including where payment is made over the Internet, by phone or mail order or (ii) a cash withdrawal made from an ATM or bank using a Card plus any Transaction fees charged by Us in connection with Your cash withdrawal;
“Cost Centre” Means a designated currency account (relating to Your Card) to which You are able to load funds for the purpose of accessing Your e-money
“We”, “Us” or “Our” means Valitor Payment Services Limited, a company registered in England and Wales with number 8053178 and/or the Programme Manager, as the context may require;
“Website” means www.caxtonfx.com/business;
“You” or “Your” means the applicant Company and the Cardholder as applicable.
2. Contact details
Your Card can be managed online at www.caxtonfx.com. You may report Your Card lost or stolen by calling +44 20 7201 0528.
If there is anything You do not understand or agree with please contact Us using Our Contact Details:
- Telephone: +44 20 7201 0528;
- Mailing address: Caxton FX Ltd, 11th Floor, Portland House, Bressenden Place, London SW1E 5BH;
- Email: [email protected]
You can download a copy of the Agreement at any time from Our Website. We will also send You an electronic copy of the Agreement by email upon Your request.
3. This Agreement
The Agreement governs the relationship between You and Us for the provision of the Payment Services by Us to You. This Agreement also contains important warnings and information that may affect Your rights and Your ability to use the Payment Services. You accept the Agreement by ticking the box “I confirm that I have read, understood and agree to the Caxton FX Limited (“CFX”) prepaid Currency Card terms and conditions” as part of Your online registration. This Agreement does not give You any rights against the System, its affiliates or any third party. The Card remains the property of Valitor Payment Services Limited and is not transferable to anyone else.
4. Your Caxton Mastercard prepaid Card
You can use the Card at any location that displays the Mastercard acceptance mark, including online or on the telephone. The primary purpose of the card is for use overseas.
Your Card is an electronic money prepaid card, it is not a credit, charge or debit card. The Company will not earn any interest on any funds it loads onto the Account associated with Your prepaid Card. As the Payment Services are prepaid payment services and not a credit or bank product, You must therefore ensure that there is a sufficient Available Balance to pay for each purchase, payment or cash withdrawal that You make using the Payment Services (including value added tax and any other taxes, charges and fees that are applicable). If for any reason a Transaction is processed and the Transaction amount exceeds the Available Balance, You must repay Us the amount of such excess immediately and We will be entitled to stop any existing or subsequent Transactions from proceeding.
5. Registering for and activating your prepaid Card
To register for the Card You must be at least 18 years old, a UK resident and a Director of the Company. You must comply fully with Our KYC procedures as set out at www. caxtonfx.com/business. We will require evidence of who You are and Your address for Our KYC procedures. We may ask You or the Company to provide some documentary evidence to prove this and/or We may carry out checks on You electronically.
To activate Your new Card You must use the activate function after logging into Your online account.
You must sign the signature strip on the back of the Card as soon as it is received.
6. Loading of the Card
The Card can be loaded with funds only by the Company and in the Company’s sole discretion subject to the agreement between the Company and the Issuer. Only an Authorised Administrator will be able to load the Card. Cardholders will not be able to load the card. We will issue the Company with an amount of electronic money equivalent to the funds loaded (“E-money”).
The E-money belongs to the Company at all times and the Company is the sole E-money holder. The Company will grant You permission to use its E-money available on the Card subject to the Agreement. The Company reserves the right to withdraw its permission at any time, without notice and for any reason. Cardholders will not have permission to use the Card once they are no longer an employee of the Company.
The minimum load value for both the initial load and subsequent reloads is GBP 100. Your Card cannot be loaded more than twice in any one day. The Available Balance on Your Card can never exceed GBP 15,000 at any time. We reserve the right to refuse to accept any particular loading Transaction.
Once loaded, funds will usually be available for use on the Card within minutes
We reserve the right to suspend or terminate the Company’s right to load the Card at any time without notice.
7. Service limits
Transactions may be restricted by Card type, individual usage patterns and payment risk profiles. For anti-money laundering and anti-fraud reasons We reserve Our right to change particular payment restrictions (including from those published or included herein) without notice and to the extent required to meet Our regulatory obligations. See further information on service limits on www.caxtonfx.com/business.
8. Use of the Payment Services
You will need access to the Internet in order to use the Payment Services. You can use the Payment Services up to the amount of the Available Balance for Transactions (i) via the Internet, (ii) at Merchants and (iii) to make cash withdrawals from ATMs. If the Available Balance is insufficient to pay for a Transaction, some Merchants will not permit You to combine use of a Card with other payment methods.
We will deduct the value of Your Transactions from the Available Balance on Your Card. We will also deduct any applicable fees as soon as they become payable based upon the Fees & Limits Schedule. A Cash Withdrawal Fee is payable in respect of domestic cash withdrawals made at ATMs using Your Card. In addition, Your withdrawal may also be subject to any applicable fees, limits, rules and regulations of the relevant ATM operator or bank. It is Your responsibility to check whether any such additional fees apply, as they cannot be refunded once the cash has been withdrawn.
In order to protect You and Us from fraud, Merchants and ATM operators will seek electronic authorisation before processing any Transaction. If a Merchant or ATM operator is unable to get an electronic authorisation, they may not be able to authorise Your Transaction.
Like other payment card issuers, We cannot guarantee a Merchant, an ATM operator or a bank will accept Your Card. We may at any time suspend, restrict or terminate Your Card, refuse to issue or replace a Card or refuse to authorise a Transaction for reasons relating to the following:
- if We have reasonable grounds to believe that the security of Your Card has been compromised or suspect that Your Card is being used in an unauthorised or fraudulent manner;
- if there are insufficient funds on Your Card at the time of the Transaction to cover the amount of the Transaction and any applicable fees;
- if there is an outstanding Shortfall (as defined in clause 15) on the Card in accordance with clause 16;
- if We have reasonable grounds to believe that You are acting in breach of this Agreement;
- if We have reasonable grounds to believe that the Transaction is potentially suspicious or illegal (for example, if We believe that the Transaction is being made fraudulently) or because of errors, failures (whether mechanical or otherwise) or refusals by Merchants, payment processors or payment schemes processing Transactions, or
- if We need to do so in order to comply with the law.
If We do this, We will inform You of the action taken and its reasons in advance or, if that is not possible, immediately after, unless to do so would compromise reasonable security measures or be otherwise unlawful. We will reactivate Your Card and where appropriate issue You with a replacement Card if after further investigations We reasonably believe that the reasons for the action no longer apply.
The named Organisation or Company will remain responsible for the use of the Payment Services.
Your ability to use or access the Payment Services may occasionally be interrupted, for example, if We need to carry out maintenance on Our systems. Please contact Cardholder Services via Our Website to notify Us of any problems You are experiencing using Your Card and We will endeavour to resolve them.
9. Conditions of use at certain Merchants
In some circumstances We or Merchants may require the Available Balance on the Card to be in excess of the Transaction amount. For example, at restaurants You may be required to have 15% more on Your Card than the value of the bill to allow for any gratuity or service charge added by the restaurant or You.
By way of example, if You use Your Card at an automated fuel dispenser (“pay at the pump”), the Merchant may preauthorise the Transaction amount up to £100.00 or more. If Your Card is declined, even though You have sufficient funds available, You should pay for Your purchase using Your Card inside with the cashier. If You use Your Card at a hotel, for a car rental purchase, or for similar purchases, the Merchant may preauthorise the Transaction amount for the purchase amount plus up to 20% or more to ensure there are sufficient funds available to cover tips or incidental expenses incurred. Any preauthorisation amount will place a “hold” on the Available Balance until the Merchant sends Us the final payment amount of Your purchase. Once the final payment amount is received, the preauthorisation amount on hold will be removed. It may take up to thirty (30) days for the hold to be removed. During the hold period, You will not have access to the preauthorised amount.
Some Merchants may not accept payment using Our Payment Services. It is Your responsibility to check the policy with each Merchant. We accept no liability if a Merchant refuses to accept payment using Our Payment Services.
10. Keeping Your Card secure and Your liability
You are responsible for Your Card, PIN, Registered Email and Password. Do not share Your Card security details (PIN, Account ID and Password) with anyone.
You must take all reasonable steps to keep Your PIN, Registered Email and Password safe and separate from Your Card or any record of your Card number, and not disclose it to anyone else. This includes:
- not keeping Your PIN with Your Card;
- not storing the PIN on a device which is not password protected or on a device which is accessible to others;
- never sharing Your PIN with anyone;
- when entering Your PIN, taking all reasonable steps to ensure it cannot be observed by others;
- not entering Your PIN into any terminal that appears to be modified or suspicious, and
- if You believe that anyone has gained unauthorised access to Your PIN, notifying Us without undue delay following the procedures in clause 17.
You will need a PIN in order to make payments at a Merchant or cash withdrawals (from an ATM or a bank) with the Card. The PIN can only be obtained by logging into Your account and using the PIN reveal facility.
If You forget Your PIN, the PIN can be obtained by logging into Your account and using the PIN reveal facility
You created or were given a Registered Email and Password by the Authorised Administrator. You will need this Registered Email and Password to perform the following functions in relation to Your Payment Services online:
- changing Your registered details;
- checking the amount of Available Balance;
- checking Transaction details;
- reporting Your Card as lost or stolen;
- changing Your Password.
The Payment Services may only be used by the Cardholder.
We recommend that You check the Available Balance on Your Card regularly online on the Website. We will provide the Cardholder with the Available Balance and a statement of recent Transactions on the Card either by electronic means or on Our secure webpage at any time. We also recommend and instruct You to go thoroughly over all Your Transactions on a regular basis online on the Website. Your statement will show:
- information relating to the Merchant and the Transaction reference;
- the amount of the Transaction shown in the currency in which the Transaction was debited to the Account;
- the amount and breakdown of charges for the Transaction;
- the exchange rate We used in the Transaction, if any, and the amount of the Transaction after the currency conversion, and
- the date the Transaction was debited to the Account.
You will be liable for all losses, including any related fees and charges, for any unauthorised Transaction if We can show that You have (i) acted fraudulently or (ii) failed with intent or gross negligence to use and keep safe Your Card, PIN, Registered Email and Password in accordance with this Agreement.
You will also be liable for all losses, including any related fees and charges, for any unauthorised or incorrectly executed Transaction if You fail to notify Us without undue delay on becoming aware of the Transaction, and in any event within thirteen (13) months of the Transaction debit date.
You will also be liable for any debit balance that may arise due to properly authorised transactions. Any debit balance that arises is repayable on demand.
In all other circumstances Your maximum liability will be as set out in this clause 10 and in clauses 17 and 19.
If You believe that someone else knows Your Account or Card security details, You should contact Us without undue delay.
Once the Card has expired or if it is found after You have reported it as lost or stolen, You agree to destroy it by cutting it in two through the magnetic strip and chip.
You agree to indemnify and hold Us harmless from and against all reasonable costs of any legal action taken to successfully enforce this Agreement arising out of a material breach of any of the terms and conditions of this Agreement by You or by Your fraudulent conduct.
Your card is a prepaid card and is not a credit card. As a result, you may not benefit from the same protections afforded to credit card users should you have a dispute with a merchant for non-delivery of goods or services.
11. Authorising Transactions
Subject to the features of a particular Card, the authorisation of a Transaction can
include authorising any single Transaction, a series of or recurring Transactions (including Transactions for an indefinite period) or pre-authorising future Transactions of a certain or uncertain amount. A Transaction will be regarded as authorised by You where You:
- authorise the Transaction at the point of sale by following the instructions provided by the Merchant to authorise the Transaction, which may include:
- entering Your PIN or providing any other security code;
- signing a sales voucher;
- providing the Card details and/or providing any other details as requested; and/or
- waving/swiping the Card over a card reader or inserting Your Card into a card reading device for the purpose of making a payment;
- insert a Card and enter Your PIN to request a cash withdrawal at an ATM, or
- make a request for a cash advance at a bank counter.
Once a Transaction is authorised, it cannot be withdrawn or revoked unless both the Merchant and We agree to allow You to revoke it at Our discretion. However, the following Transactions may be withdrawn if You give notice to the Merchant and provide a copy of the notice to Us:
- any Transaction which is agreed to take place on a date later than the date it was authorised as long as the notice was provided no later than the close of business on the Business Day before it was due to take place, and
- direct debits if they are to occur after the date of the withdrawal.
Within the EEA We will ensure transfer of the payment to the payment service provider of the Merchant by the end of the next Business Day following the receipt of the Payment Order. If the payment service provider of the Merchant is located outside the EEA, We will effect payment as soon as possible. If We receive the Payment Order after 16:30hrs, it will be deemed received by Us on the following Business Day.
12. Communications regarding Your Card
You can check the Available Balance and Transaction history at any time by logging onto Your online Account. The online service is free and You can download Card statements there. You can also check the Available Balance and Transaction history by phoning +44 20 7201 0528.
13. Cancelling the Card and terminating the Agreement
If You are a Director or Company Secretary and You wish to cancel the Payment Services or terminate this Agreement at any time, You must request cancellation or termination online by sending an email to [email protected] informing Us of Your wish to cancel or terminate. You must email Us from the email address registered on Your online account. Our Cardholder Services department will then suspend all further use of Your Payment Services.
If Your Card is cancelled or the Agreement terminated, any Available Balance will be returned to the Company pursuant to Our agreement with the Company. We reserve the right not to return the Available Balance to the Company for up to ninety (90) Business Days from the date of any such cancellation, closure or termination to ensure that details of all Transactions have been received.
Once the Payment Services have been cancelled, it will be Your responsibility to destroy Your Card.
If, following reimbursement of the Available Balance to the Company, any further Transactions are found to have been made or charges or fees incurred using the Card or We receive a reversal of any prior Transaction, We will notify You of the amount and You must immediately repay Us such amount on demand as a debt.
14. Right to cancel (“Cooling-Off”)
You have a legal right to cancel Your Card up to fourteen (14) days after You receive it without any penalty fees but subject to deduction of any reasonable costs incurred by Us in the performance of any part of the provision of Payment Services before You cancel – this fourteen (14) day period is known as the “Cooling-Off Period”.
If You contact Us within this fourteen (14) day period and inform Us that You wish to withdraw from this Agreement, You must not use the Payment Services. We will then cancel the Payment Services and reimburse the amount of Available Balance on the Account to the Company. However, We reserve the right to hold Available Balance for up to ninety (90) Business Days from receipt of Your instructions to ensure that details of all Transactions have been received. Whenever currency other than a Card Currency is unloaded/removed from the Card before, during or after the fourteen (14) day Cooling-Off Period, it will be exchanged at the current buyback rate – not the rate at which the funds were initially loaded.
After the Cooling-Off Period You may only cancel the Payment Services as described in clause 13 above.
15. Expiry and redemption
Your Card has the Expiry Date printed on it, after which You may not use the Card. However, subject to the Company’s agreement, We will renew Your Card approximately one (1) month prior to the Expiry Date. You will be contacted by email at Your registered email address, where You will be required to reconfirm Your details and that You require a replacement Card. On issuing a replacement Card, the Available Balance held on Your previous Card will be automatically transferred to Your replacement Card with a new Expiry Date.
Subject to the paragraph above the Available Balance will no longer be usable following the Expiry Date of the Card. Notwithstanding any Expiry Date Your Available Balance is available for redemption by contacting Us at any time before the end of the Limitation Period. After the Limitation Period Your funds will no longer be redeemable.
We will have the right to set-off, transfer, or apply sums held on the Card in or towards the satisfaction of all or any liabilities and fees owed to Us by You that have not been paid or satisfied when due.
Authorisation will be requested for a Transaction at the time of the Transaction. In the unlikely event of a Transaction being completed, for any reason whatsoever, when there are insufficient funds on the Card for that Transaction (“Shortfall”), the Shortfall will be repaid by You unless it is due to an error on the part of the Merchant to which the Card was provided by You as the means of payment. Should You not repay this amount immediately after receiving an invoice from Us We reserve the right to take all steps necessary, including legal action, to recover any monies outstanding.
16. Termination and suspension of Payment Services
The Agreement is open-ended and of no fixed duration.
We may terminate the Agreement for any reason by giving You at least two (2) months’ notice. We may terminate the Agreement without prior notice if:
- You breach an important part of this Agreement, or repeatedly breach the Agreement and fail to resolve the matter in a timely manner;
- You fail to pay fees or charges that You have incurred or fail to put right any Shortfall, or
- We are required to do so by law or by the System (for example, where the provision of the Payment Service to You becomes unlawful).
We may also terminate this Agreement or suspend Your Card without prior notice if:
- We reasonably believe Your Card is deliberately being used by You to commit fraud or for other illegal purposes, or
- We discover that any of the information You provided Us with when You applied for Your Card was incorrect.
If We terminate the Agreement without prior notice, We will tell You as soon as We are permitted by law to do so.
17. Lost and stolen Card and Your right to refund for unauthorised Transactions
If You know or suspect that Your Card is lost or stolen, or that the PIN is known to an unauthorised person, or if You think a Transaction has been unauthorised, You must tell Us without undue delay by calling Us on +44 20 7201 0526 (this is a 24 hour service).
A Transaction will be considered to be unauthorised if You have not given Your consent for the Transaction to be made by authorising it as set out in clause 11. In order to get a refund for any unauthorised Transaction, You must report the Transaction without undue delay upon becoming aware of it or otherwise You will lose Your right to a refund. You will not be able to get a refund for any unauthorised Transaction reported after thirteen (13) months have passed following the debit date of the Transaction.
Despite the possible thirteen (13) month refund period You will not be able to claim for a refund for an unauthorised Transaction if the Transaction was correctly displayed in Your online account and You failed to inform Us about the Transaction being unauthorised without undue delay upon seeing the Transaction in Your online account. In this respect We urge You to check Your online account on a regular basis and review Your Transactions carefully.
When You call Cardholder Services, You will be asked to provide Us with Your registered email and some other identifying details. If there is an Available Balance remaining on Your Card, We will replace the Card unless there is evidence that the notified incident had been caused by Your breach of this Agreement, Your gross negligence or Your fraudulent conduct. If We replace the Card, the Card will be delivered to Your registered Company address subject to possible fees. Please see the Fees & Limits Schedule in clause 21.
We will immediately refund the full amount of any unauthorised Transaction reported by You, including any associated fees and charges, provided You notify Us of the Transaction in accordance with this Agreement except that:
- if there is evidence that You acted fraudulently or have with intent or gross negligence failed to comply with the Agreement in relation to the use of the Card and safety of the Card’s security details, We will first carry out a prompt investigation to determine whether the Transaction was Authorised by You and will only refund if the investigation shows that the Transaction was not Authorised by You, and
- if the Card was lost, stolen, compromised or You have failed to keep Your PIN or other security details safe from misappropriation, You will be liable for losses, before notice is given by You to Us, up to a maximum of thirty five (35) GBP (or equivalent in another currency) per instance of loss, theft or misappropriation.
You will be liable for all losses incurred in respect of an unauthorised Transaction where You have acted fraudulently or have with intent or gross negligence failed to comply with the Agreement in relation to the use of the Card and safety of its security features.
Except where You have acted fraudulently You will not be liable for any losses incurred in respect of an unauthorised Transaction arising after You notify Us of the Transaction in accordance with the Agreement or for any losses that occur where Your Card has been used in a Card Not Present environment.
If there is evidence that You checked the online Transaction history and did not notify Us of the unauthorised Transaction without undue delay, You may not be entitled to a refund.
We reserve the right to investigate any disputed Transaction or misuse of the Card before and after a refund. In order to do so We may need more information and assistance from You and You are required to reasonably cooperate with any investigation by Us or any law enforcement agency or other competent authority. If We make a refund following Your claim and subsequently establish that there was no right to a refund, We may deduct the refund amount from the Available Balance after notifying the Company and You. If there is not sufficient Available Balance, You must repay Us the amount immediately on demand.
18. Our liability
We will not be liable for any loss arising from:
- Your inability to use the Payment Service as set out in the Agreement or for any reason stated in clauses 10 and 13;
- any cause which results from abnormal or unforeseen circumstances beyond Our control, consequences of which would have been unavoidable despite all Our efforts to the contrary, including but not limited to fault in or failure of data processing systems, lack of funds, maximum withdrawal limits set by ATM operators;
- a Merchant refusing to accept Your Card;
- any issue with the goods or services that are purchased with Your Card;
- any loss or theft that is reported with undue delay or more than thirteen (13) months following the debit date of the Transaction in question;
- Our compliance with legal and regulatory requirements;
- Our suspending, restricting or cancelling Your Card or refusing to issue or replace it in accordance with clause 8 above, or
- loss or corruption of data unless caused by Our wilful default.
From time to time, Your ability to use Your Card may be interrupted, e.g. when We carry out maintenance to improve and keep the service running for Our customers. If this happens, You may be unable to:
- load Your Card
- use Your Card to make a payment, and/or
- obtain information about the funds available on Your Card and/or about Your recent Transactions.
We will not be liable for any loss arising from such interruptions.
We are also not liable for:
- business interruption, loss of revenue, goodwill, opportunity or anticipated savings, or
- any indirect or consequential loss arising from Your total or partial use or inability to use Your Card, or the use of Your Card by any third party.
To the fullest extent permitted by relevant law, and subject to clauses 17 and 19, Our total liability under or arising from this Agreement will be limited as follows:
- where Your Card is faulty due to Our default, Our liability will be limited to replacement of the Card or, at Our discretion, repayment to You of the Available Balance
- where sums are incorrectly deducted from the Available Balance due to Our fault, Our liability will be limited to payment to You of an equivalent amount, and
- in all other circumstances of Our default, Our liability will be limited to repayment of the amount of the Available Balance to the Company.
No party will be liable for, or be considered in breach of this Agreement on account of, any delay or failure to perform as required by this Agreement as a result of any causes or conditions which are beyond such party’s reasonable control and which such party is unable to overcome by the exercise of reasonable diligence.
The above exclusions and limitations set out in this clause 18 will also apply to any liability of Our affiliates such as the Programme Manager, Mastercard or other suppliers, contractors, agents or distributors and any of their respective affiliates (if any), to You, which may arise in connection with this Agreement.
19. Your right to a refund for authorised and incorrectly executed Transactions
You may be able to claim a refund for an authorised Transaction if (i) Your authorisation of the Transaction did not specify the exact amount at the time of the authorisation, and (ii) the amount of the Transaction exceeded what You would have reasonably expected taking into consideration Your previous spending patterns and other relevant circumstances. A claim for a refund of such a Transaction must be made within eight (8) weeks from the date on which the funds were deducted from the Available Balance. We may require You to provide Us with such information as is reasonably necessary to ascertain whether You meet the conditions for the refund. Within ten (10) Business Days of receiving (i) Your claim for a refund or (ii) where applicable, any further information We requested from You, We will either refund the full amount of the Transaction or provide You with justification for refusing the refund.
In order to get a refund for an incorrectly executed Transaction (including non-executed or defectively executed Transaction), You must report the Transaction without undue delay upon becoming aware of it or otherwise You will lose Your right to a refund. You will not be able to get a refund for any incorrectly executed Transaction reported after thirteen (13) months have passed following the debit date of the Transaction.
Despite of the possible thirteen (13) month refund period You will not be able to claim for a refund for an incorrectly executed Transaction if the Transaction was correctly displayed in Your online Transaction history and You failed to inform Us without undue delay about the Transaction being incorrectly executed upon seeing the Transaction in Your online account. In this respect We urge You to check Your online Transaction history on a regular basis and review Your Transactions carefully.
As soon as practicable after You have notified Us of a disputed Transaction in accordance with this Agreement, You must confirm the disputed Transaction in writing by email or by post, setting out full details of the Transaction and Your reason for disputing it. You must provide Us with all receipts and information that are relevant to Your claim.
Where We are liable for an incorrectly executed Transaction, We will without undue delay refund You the amount of the Transaction, restore the Account to the state it would have been had the defective Transaction not taken place and refund any charges and interest that have arisen as a consequence of the non-execution or defective execution of the Transaction provided You notify Us of the Transaction in accordance with this clause 19.
If We refund You following Your claim and subsequently establish that You were not entitled to a refund, We may deduct it from the Available Balance after notifying the Company and You. If there is insufficient Available Balance, You must repay Us the amount immediately on demand.
If You are not satisfied with the justification provided for refusing the refund or with the outcome of Your claim for a refund, You may submit a complaint as described in clause 26.
20. Changes to the Agreement
We may change the Agreement at any time and will notify You by email or other agreed means at least two (2) months before the change is due to take effect unless We are required by law to change the Agreement immediately or if We reasonably consider the change is to Your advantage and there is no increased cost to You. You will be deemed to have accepted the notified change unless You tell Us that You do not agree to the change prior to the change being effective, in which case the Agreement will terminate without charge upon expiry of the notice. You also have a right to terminate the Agreement immediately and without charge at any point during the notice.
The notices and the most recent version of the Card terms and conditions will always be available on the Website. You may also want to check the Website regularly for any notices and changes.
We may make immediate changes to the exchange rate used to convert the amount of a foreign Transaction between two currencies as applicable.
21. Exchange rates, fees and limits
The Card is a multi-currency Card. As such, for a Transaction made in a Card Currency, there is an order of priority to determine which Card Currency is used for the Transaction. The Card is set up so that You can fully utilise Your entire Available Balance to fund a Transaction. This means that where You do not have funds available on the Card in the currency of the Transaction, either because it is not one of the available Card Currencies on the Card, or because You do not have a sufficient Available Balance in the relevant Card Currency, the Card will use Your Card Currency Available Balances in the default order of priority.
The default order of priority is: 1. GBP 2. EUR 3. USD 4. AUD 5. CAD 6. NZD 7. HKD 8. CHF 9. JPY 10. DKK 11. ZAR 12. PLN 13. SEK 14. NOK 15. HUF.
This means that the Card will first take funds from the relevant Card Currency Available Balance, i.e. if the transaction in question is in US$, the Card will first look to see if You have a sufficient US$ Available Balance and if not, will then work its way through the balances in the above order until the Transaction amount is able to be satisfied.
Where the conversion takes place between any of the 15 Card Currencies, the foreign exchange rate used for allocating funds from one Card Currency to another Card Currency is set and determined by Us and varies each day. Any Transaction made in a Card Currency will be converted in the default order of priority on the day we receive details of that foreign currency conversion. For the exchange rate currently applicable, please log in to your account here. This foreign exchange service is provided to You by the Programme Manager.
For a Transaction made in a currency other than a Card Currency, the amount deducted from your Available Balance will be converted to the Card Currency on the day We receive details of that foreign currency conversion. You can find out what the applicable exchange rate was at the time of the Transaction via the Mastercard website. Where a Transaction is performed in a currency different from a Card Currency, We will add a 2.49% fee to the Mastercard daily settlement rate, which can be found here.
Please see the Fees and Limits Table below for an explanation of what foreign exchange fees apply in these scenarios.
Fees and limits are subject to variation in accordance with the Agreement. Unless otherwise specified, all fees will be debited in GBP. If there is an insufficient Available Balance in GBP to pay such fees then We will automatically deduct funds from the Available Balances in other Card Currencies in the following order of priority: 2. EUR 3. USD 4. AUD 5. CAD 6. NZD 7. HKD 8. CHF 9. JPY 10. DKK 11. ZAR 12. PLN 13. SEK 14. NOK 15. HUF.
The following fees and limits apply.
Although the below values are displayed in GBP, if Your card is loaded in a different currency, Your card will be charged in that currency.
FEES & CHARGES
|Card purchase and Annual Fee
|Load and reload
|Point of sale Transaction – international
|Point of sale Transaction – domestic
|Over the counter cash – international
||4.50 plus 2% of withdrawal amount
|Over the counter cash – domestic
||4.50 plus 2% of withdrawal amount
|FX mark-up where a Transaction is performed in a currency different from the currencies available on the card
|Available balance enquiry – ATM
|Available balance enquiry – online
|Card replacement fee – damaged/lost/stolen
|Redemption processing fee
*PIN reminder is only available online on Your account. Please note that the PIN displayed on Your account or on the app is the PIN that was originally issued with the card. If You change Your PIN at an ATM, Your online account and app will still show the original PIN, not the new one.
|Minimum Load per Wallet
|Maximum Single Load per Wallet
|Maximum Load Amount per Wallet per Day
|Maximum Number Of Loads per Wallet per Day
|Maximum Load Amount per Wallet per Year
|Maximum Number Of POS per Card per 24 hours
|Maximum Number of ATM withdrawals per Card per 24 hours
|Maximum value Of Single ATM Withdrawal
The foreign exchange rate used for allocating funds from one Card Currency to another Card Currency is set and determined by Us and varies each day. For the exchange rate currently applicable, please log in to your account here. This foreign exchange service is provided to You by the Programme Manager.
We may charge fees in connection with any of Our services and facilities that You have made use of or requested based on Our Fees & Limits Schedule. The Fees & Limits Schedule is subject to changes, which will be notified to You as set out in clause 21. The most recent update of schedule will be available on the Website.
22. Company Details
If You are a Director or Company Secretary, You must let Us know as soon as possible if Your Company changes its name, registered address, trading address, phone number or email address. If We contact You in relation to Your Card, for example, to notify You that We have cancelled Your Card, We will use the most recent contact details You have provided to Us. We will not be liable to You if Your contact details have changed and You have not informed Us.
23. Data protection
24. Payment disputes with Merchants
In relation to any dispute between the Cardholder and a Merchant, provided You are able to satisfy Us that You have already made all efforts to resolve the dispute with the relevant Merchant, We will attempt to assist You so far as is reasonably practicable. If there is an un-resolvable dispute with a Merchant in circumstances where the Card has been used for a Transaction, You will be liable for the Transaction and will have to resolve this directly with the relevant Merchant.
Unless required otherwise by other provisions of this Agreement, if You have an enquiry relating to Your Card, You can call Our customer service telephone line on +44 20 7201 0528. Calls to 03 numbers cost no more than a national rate call to an 01 or 02 number and must count towards any inclusive minutes in the same way as 01 and 02 calls.
These rules apply to calls from any type of line including mobile, BT, other fixed line or payphone.
This Agreement is concluded in English. All communications with You will be in English.
We may contact the Authorised Administrator or the Cardholder by email, or post unless provided otherwise under the Agreement. You must maintain a valid email address, a valid mobile telephone number and a valid address registered with Us and must notify Us of any changes in Your registered details without delay. You agree to check for incoming messages regularly and frequently.
Any email will be deemed received as soon as it is sent unless within twenty four (24) hours the sender receives a failure notice indicating that the email has not been transmitted. Any email will be deemed received by the recipient on the day it is received in his email inbox if received before 16.30 hrs on a Business Day. If received at any other time, it will be deemed received on the next Business Day.
Any communication or notice sent by post will be deemed received three (3) days from the date of posting for UK post or within five (5) days of posting for international post. Any communication or notice sent by text message will be deemed received the same day.
The Card programme is managed by the Programme Manager. If You are not satisfied with Your Card or the way it is managed, tell Us by contacting Us using Our Contact Details in clause 2 so We can investigate the circumstances for You. We will promptly send You the complaint acknowledgement by post or by email and enclose with it a copy of Our Complaints Procedure either as a hard copy or as a pdf file. We will endeavour to resolve your complaint within 15 working days and provide a written response. Occasionally, for reasons beyond our control, we may need to take up to 35 working days to resolve complaint. We will advise you if this is going to be the case. You may also request to be provided with a copy of Our Complaints Procedure at any time. Details of Our Complaints Procedure can also be obtained on Our Website. Any complaints You have will be dealt with quickly and fairly and You agree to cooperate with Us and provide the necessary information for Us to investigate and resolve the complaint.
You may be able to take unresolved complaints to the Financial Ombudsman Service if your business is considered to be a “Micro-Enterprise” or a small Charity as defined by the Payment Services Regulation 2009 via:
Post: Exchange Tower, London E14 9SR.
Telephone: 0800 023 4567 (landline users) or 0300 123 9 123 (mobile users)
email: [email protected]
27. Compensation and protection of the Company’s funds
The Card is an electronic money product and although it is a product regulated by the
Financial Conduct Authority, it is not covered by the Financial Services Compensation Scheme. No other compensation scheme exists to cover losses claimed in connection with the Card. This means that in the unlikely event that Valitor Payment Services Limited becomes insolvent the funds on the Card may become valueless and unusable and as a result You may lose all of Your money.
Valitor Payment Services Limited ensures that once it has received the funds from the Company they are deposited in a secure account, specifically for the purpose of redeeming transactions made by Your Card. In the event that Valitor Payment Services Limited becomes insolvent, funds against which Valitor Payment Services Limited has already issued E-money to the Company are protected against the claims made by creditors.
We may assign or transfer this Agreement in whole or in part to another company at any time. If We assign the Agreement to another company, You will be given two (2) months’ notice of this. Unless You tell Us within the two (2) month period that You do not want to continue with the Agreement after the assignment, You agree that We can assign the Agreement in this way. Your rights will not be affected by such assignment should it happen. You may not assign the Agreement to a third party. Your right to terminate the Agreement under clause 13 is not affected.
29. Transfer of funds to a new prepaid Card
We have the right to and may transfer the Available Balance to a new Card provided by a prepaid card issuer other than Valitor Payment Services Limited at any time. Before We do this You will be given at least two (2) months’ notice of the Card arrangements and the new Card terms and conditions. Unless You tell Us within the two (2) month period that You do not want a new Card from the new issuer, You agree that We can transfer the Available Balance on Your Card to a new prepaid Card provided by the new prepaid card issuer. Your right to terminate the Agreement under clause 13 is not affected.
30. Governing law
This Agreement (including any non-contractual disputed or claims) arising out of or in connection with it will be governed by English law and the English courts will deal with any legal proceedings between You and Us.
31. The Issuer of the Card
Your Card is issued by Valitor Payment Services Limited whose principal office is 1 Fore Street, London EC27 9DT, United Kingdom. Valitor Payment Services Limited is authorised and regulated by the Financial Conduct Authority as an electronic money institution (reference number 900688) and is accordingly permitted to issue electronic money in the UK. Your Card is the property of Valitor Payment Services Limited and is not transferable to anyone else.
Valitor Payment Services Limited is licensed as a principal member of Mastercard.