The Payz Mastercard / Payz Business Mastercard Terms and Conditions

Updated on May 10, 2023.

These Terms and Conditions apply to your Payz Mastercard / Payz Business Mastercard in addition to the PSI-Pay Terms of Use for the User Account and Business Entity Account. You must read both documents carefully.

In these Terms and Conditions, the following words have the meaning set out beside them:

“Cashback” – is a service offered by selected retailers that allows consumers to withdraw cash
from their associated card account as part of the retailer’s transaction when making a card
purchase.

“Payz account” – means the account which holds your electronic money available to spend via
Payz services or on the associated Payz Mastercard / Payz Business Mastercard.

“Payz Mastercard / Payz Business Mastercard” – means the Payment Card (both Physical and Virtual) issued by PSI-Pay Ltd pursuant to license by Mastercard International Incorporated.

“Payz” – means our (PSI-Pay) registered trading name.

“PSI-Pay”, “We”, “Us” or “Our” – means PSI-Pay Ltd., a company incorporated under the laws of England and Wales, authorised and regulated by the Financial Conduct Authority of the United Kingdom to issue electronic money and thus to provide payment services as further described in these Terms of Use.

“Transaction” – means any cash withdrawal or purchase made using your Payz Mastercard /
Payz Business Mastercard.

“Website” – means our website at https://www.payz.com/.

“Application” – means the mobile application associated with your Payz account.

“You”, “Your” – refers to the person who has been issued a Payz Mastercard / Payz Business
Mastercard by PSI-Pay Ltd.

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2.1. Your Payz Mastercard / Payz Business Mastercard does not hold a balance. You can use the Payz Mastercard / Payz Business Mastercard to access available funds on the associated Payz account at any location that displays the Mastercard ® acceptance mark, including cash machines, shops, restaurants, online, or over the telephone. You can use your Payz Mastercard / Payz Business Mastercard in the UK and overseas. Before using your Payz Mastercard / Payz Business Mastercard you need to make sure there are sufficient funds available. You will not be able and should not attempt to use your Payz Mastercard / Payz Business Mastercard after its expiry date.

2.2. Your Payz Mastercard / Payz Business Mastercard is not a credit card and can only access funds available in the associated Payz account.

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3.1. To be eligible to apply for Payz Mastercard / Payz Business Mastercard you must be at least 18 years old, and a Payz account holder and resident in a country that Payz provides this service. We will require evidence to verify your identity and residential address. We may ask you to provide documentary evidence to prove this and we may carry out appropriate electronic checks.

3.2. By using the Payz Mastercard / Payz Business Mastercard you are agreeing to these Terms and Conditions and PSI-Pay Terms of Use for the User Account or Business Entity Account.

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4.1. Once you have received your Physical Payz Mastercard / Payz Business Mastercard, you must ‘Activate’ it on the Website or in the application as soon as possible. We reserve the right to automatically cancel any inactivated cards 90 days after card issue date.

4.2. You will not be able to process any transactions on your Physical Payz Mastercard / Payz Business Mastercard until you have activated it. You can obtain your PIN on our secure Website or in the application. PIN reminders are free of charge and are limited to 5 per day. You can find more details of our fees at https://payz.com/card-fees-limits and https://payz.com/business/card-fees/.

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5.1. Transactions made using your Payz Mastercard / Payz Business Mastercard will be debited from your associated Payz account. We will also deduct any applicable fees as soon as they become payable by you. More information about our fees can be found at https://payz.com/card-fees-limits and https://payz.com/business/card-fees/.

5.2. Contactless payments will be enabled once the Physical card is fully activated and only after a successful PIN transaction.

You can temporarily freeze your Payz Mastercard / Payz Business Mastercard for security reasons on our secure Website or in the application.

Your Payz Mastercard / Payz Business Mastercard allows you to set custom monthly limits for each card for online purchases and cash withdrawals.

5.3. Your Payz Mastercard / Payz Business Mastercard gives you the flexibility to disable certain types of transactions – such as online, in store, ATM or contactless transactions for additional security.

5.4. All Payz Mastercard / Payz Business Mastercard cards remain the property of Payz. We may ask you to stop using your Payz Mastercard / Payz Business Mastercard and return it to us or destroy it. We may at any time suspend, restrict or cancel your Payz Mastercard / Payz Business Mastercard or refuse to issue or replace it for any reason including the following:

• We are concerned about the security of your Payz Mastercard / Payz Business Mastercard or Payz account;
• We suspect your Payz Mastercard / Payz Business Mastercard or Payz account being used in an unauthorised or fraudulent manner;
• You have used your Payz Mastercard / Payz Business Mastercard in a way that breaches these Terms and Conditions;
• Or we need to do so to comply with the appropriate
  laws and regulations.

 
If we do this, we will notify you as soon as we can or are permitted to do so after we have taken
these steps.

5.5. We reserve the right to impose restrictions at the point of sale where we believe that either your or our security may be compromised.

5.6. Like other payment cards, we cannot guarantee a retailer will accept your Payz Mastercard / Payz Business Mastercard. We may also decline a transaction:

• If we are concerned about security of your Payz Mastercard / Payz Business Mastercard or we suspect your Payz Mastercard / Payz Business Mastercard is being used in a suspicious, unauthorised, fraudulent or potentially illegal manner;
• If sufficient funds are not available on your associated Payz account at the time of a transaction to cover the amount of the transaction and any applicable fees;
• If we have reasonable grounds to believe that you are acting in breach of this agreement;
• Because of errors, failures (whether mechanical or otherwise) or refusals by retailers, payment processors or payment schemes involved in the transaction process.

 
If you have any questions regarding a declined transaction you can contact us on customersupport@payz.com (for Clients) or businesssupport@payz.com (for Business accounts).

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6.1. Subject to the features of the particular Payz Mastercard / Payz Business Mastercard, the authorisation of a transaction can include authorising any single transaction, a series or recurring transactions (including transactions for an indefinite period) or pre-authorising future transactions of a certain or uncertain amount.

6.2. A transaction will be deemed as authorised by you, where you have provided or entered any of your card or security details with the retailer including but not exclusive to your card number, PIN and/or signature. Retailers and automated teller machine (ATM) acquirers are required to obtain an online authorisation from us for the transactions processed on your Payz Mastercard / Payz Business Mastercard. This is to make sure you have sufficient funds available to cover the transaction amount. If they are unable to do so, the transaction will be declined. Examples of these types of retailers that may have this limitation include automated pay parking machines, toll fees, in-flight and train companies. Restrictions are also placed on self-service petrol pumps, however you can use your Payz Mastercard / Payz Business Mastercard at the cashier.

6.3. All ecommerce transactions are processed in line with industry security protocols. Online transactions may need additional authentication using 3D Secure.

6.4. You are allowed to use your card for a Cashback at participating retailers. Cashback is a subject to availability of funds at the time of purchase. PSI-Pay will not charge for this service and typically retailers will not charge either. The amount of Cashback available at different retailers may vary, therefore we recommend
that you check applicable fees & limits with your local retailers.

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7.1. This agreement will continue indefinitely unless terminated. You may cancel your Payz Mastercard / Payz Business Mastercard at any time. Any available balances will remain on your Payz account until it is closed. Those funds will remain available for Payz services or can be redeemed upon your request in line with your Payz account Terms of Use for User Account and Business Entity Account. If the associated Payz account is cancelled for any reason, your Payz Mastercard / Payz Business Mastercard will be immediately cancelled as well.

7.2. Your Payz Mastercard / Payz Business Mastercard will be valid for a set amount of time, which is two years from the date of issue. The card expiry date will be presented on your card.

7.3. Shortly before expiry of your Payz Mastercard / Payz Business Mastercard, we will contact you with details of how to obtain a new card before your current card expires. Your request may require additional security and verification checks, particularly if any of your personal
details have changed since we last verified this information.

7.4. When we issue a replacement Payz Mastercard / Payz Business Mastercard we may charge a fee. Find details of our fees at https://payz.com/card-fees-limits and https://payz.com/business/card-fees/.

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8.1. You should treat your Payz Mastercard / Payz Business Mastercard like cash. If it is lost or stolen, you may lose some or all of your money. You must keep your Payz Mastercard / Payz Business Mastercard safe and not let anyone else use it. Once you obtain your PIN, you must keep it a secret at all times. You must never disclose your PIN or security information to anyone. If you suspect that someone else knows your PIN, you should change it as soon as possible. You can change your PIN to something more memorable at participating ATMs.

8.2. We recommend that you check your Payz Mastercard / Payz Business Mastercard transactions regularly on the Website or in the application. You can view your Payz account balances and transactions as well as your Payz Mastercard / Payz Business Mastercard transactions at any time.

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9.1. If your Payz Mastercard / Payz Business Mastercard is lost, stolen or compromised, you must take action as soon as possible. You may block and replace your card on our Website or in the application or you may notify us by using our live chat service on the “Help & Support” page on our Website (www.payz.com) or calling us on our 24 hour Lost and Stolen Card Helpline +44 (0) 371 898 1012.

9.2. We will refund any incorrectly executed transaction immediately unless we have any reason to believe that the incident has been caused by a breach of this agreement, gross negligence or we have reasonable grounds to suspect fraudulent activity.

9.3. If investigations show that any disputed transaction was actually authorised by you, or you have acted fraudulently or with gross negligence (for example by failing to keep your Payz Mastercard / Payz Business Mastercard or PIN secure), you may be liable for any loss we have suffered as a result.

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10.1. We will not be liable for any loss arising from:

• Any cause which results from abnormal or unforeseen circumstances beyond our control, consequences which would have been unavoidable despite all our efforts to the contrary;
• A retailer refusing to accept your Payment Card;
• Our compliance with legal and regulatory requirements and applicable laws;
• Loss or corruption of data unless caused by our willful default business interruption, loss of revenue, goodwill, opportunity or anticipated savings
• Any indirect or consequential loss.

 
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11.1. You may be entitled to claim a refund in relation to transactions where:

• The transaction was not authorised under this agreement;
• We are responsible for a transaction which was incorrectly executed and notified us in accordance with section 9 above;
• A pre-authorised transaction did not specify the exact amount at the time of its authorisation and the amount charged by a supplier is more than you or an additional cardholder could reasonably have expected it to be, taking into account normal spending patterns on the Payz Mastercard / Payz Business Mastercard or the circumstances of the transaction;
• We were notified of the unauthorized / incorrectly executed transaction within 13 months of the debit date.

 
11.2. Any refund provided will be applied to your associated Payz account

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12.1. We may change these Terms at any time by notifying you by e-mail or other agreed means at least 2 months before the change will take effect. The up-to-date version of the Payz Mastercard / Payz Business Mastercard Terms and Conditions will always be available on our secure Website or in the application. You will be taken to have accepted the notified change unless you tell us that you do not agree to the change. In that event, we will treat that as notification that you wish to terminate this agreement immediately. In such circumstances we will cancel your Payz Mastercard / Payz Business Mastercard with immediate effect.

12.2. Where an amendment to the Terms is required by law or relates to the addition of a new service, extra functionality to the existing Service, a reduction in the cost of the Services or any other change which neither reduces your rights nor increases your responsibilities, the amendment may be made without prior notice to you and shall be effective immediately.

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13.1. If you use your card for any transactions outside the currency assigned to your card, the transaction will be transferred from the Mastercard payment network to that of Mastercard International Incorporated at https://www.Mastercard.com/global/currencyconversion/ and will be converted into the currency in which Your card is issued at a rate shown at https://www.mastercard.co.uk/en-gb/consumers/get-support/convert-currency.html. Currently your rate is calculated on the date when the transaction is processed by Mastercard (‘presentment day’). From the 11th August 2020 the way in which the date of your transaction rate is calculated will change from presentment day to the day when it was first authorised by you (‘authorisation day’). You can validate these two dates by looking at your statement which will show the transaction as Pending (for Authorisation) or in the general transaction list (for Presentment). Details of how to calculate the actual transaction date, and therefore the appropriate exchange rate, can be found in the FAQ section of the website.

The exchange rate changes during the day and is not fixed by Us, therefore we are not responsible and cannot guarantee that You will receive a favourable exchange rate. Changes in exchange rates can occur immediately and without notice. You can compare the rate being applied to your transaction with the rates published by the European Central Bank by using this link.

An example of the calculation is shown on our website’s FAQ section and this will allow you to readily identify any difference between the FX rate and fees applied by Us, as set out on our website at www.payz.com, with the applicable ECB rate.

13.2. We do not charge any fees for checking your online balance and transactions. However, for details on all fees that do apply to your Payz Mastercard / Payz Business Mastercard please refer to our fees and limits page at https://payz.com/card-fees-limits and https://payz.com/business/card-fees/.

13.3. Up to four Payz Mastercard / Payz Business Mastercard cards can be issued per user, one in each available card currency. The number of available cards and the card currencies vary by country. You will be able to see a list of products available in your country of residence during the application process.

13.4. When you use your Payz Mastercard / Payz Business Mastercard for cash, you may also be subject to applicable fees and surcharge rules of the relevant ATM, or financial institution. These will be displayed locally and are outside of our control.

13.5. If we decide to increase or impose any new fees, we will notify you by e-mail, text, or post in accordance with Section 12.1 of this document.

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14.1. Authorisation will be requested for all transactions at the time of each transaction. In the unlikely event, for any reason whatsoever, a transaction is processed when there were insufficient funds on the associated Payz account for that transaction (a “Shortfall”), the Shortfall shall be reimbursed by you unless it is due to an error on the part of the retailer where the Payz Mastercard / Payz Business Mastercard was presented. In this circumstance we may seek the Shortfall value from the retailer.

14.2. You agree that once we make this Shortfall known to you, we may charge you for the Shortfall amount. We may charge the amount of the Shortfall to any other payment method which you may designate at that time, or against any funds which you may subsequently load onto your Payz account or on any other Payz account held by you. Until we are reimbursed the Shortfall amount, we may suspend your Payz Mastercard / Payz Business Mastercard and any Payz accounts connected to you. In addition, we reserve the right to charge you an Administration fee for each transaction that you make using your Payz Mastercard / Payz Business Mastercard that results in a Shortfall or increases the Shortfall amount on your Payz account.

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15.1. The details on your Payz Mastercard / Payz Business Mastercard will be the details provided at the time that the Payz Mastercard / Payz Business Mastercard was requested. If your details change please let us know as soon as possible. We will not be liable to you if your contact details have changed and you have not informed us.

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16.1. In requesting the Payz Mastercard / Payz Business Mastercard and using it, you agree with how your personal information is collected, processed and shared, in accordance with General Data Protection Regulations (GDPR) detailed in our Privacy Policy. Details are available at https://www.payz.com/policies/privacy-policy.

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17.1. If you have any disputes about purchases made using your Payz Mastercard / Payz Business Mastercard, you should settle these with the person you bought the goods or services from. We are not responsible for the quality, safety, legality or any other aspect of any goods or services purchased with your Payz Mastercard / Payz Business Mastercard. Remember that once you have used your Payz Mastercard / Payz Business Mastercard to make a purchase, we cannot stop that transaction.

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18.1. If you have an enquiry relating to your Payz Mastercard / Payz Business Mastercard, you can contact us via e-mail at customersupport@payz.com (for Clients) or businesssupport@payz.com (for Business accounts), via live chat or via the “Help & Support” page on our Website or in the application.

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19.1. The Payz Mastercard / Payz Business Mastercard programme is managed by Payz. If you are unhappy in any way with your Payz Mastercard / Payz Business Mastercard or the way it is managed, please contact us via e-mail at customersupport@payz.com (for Clients) or businesssupport@payz.com (for Business accounts), via live chat or via the “Help & Support” page on our Website or in the application so we can investigate the circumstances for you. Any complaints you have will be handled in a timely manner, reviewed by our Complaints handling team thoroughly and fairly. Our aim is to resolve your complaint as soon as possible. If your complaint has not been resolved by the close of business on the third business day after the complaint was received, we will send you a written Acknowledgement which will include a summary of your complaint and next steps, as well as a copy of our Complaint Handling Procedure.

In accordance with our obligations as a firm regulated by the Financial Conduct Authority (“FCA”), we are required to provide you with the result of our investigation within eight (8) weeks of receiving your complaint. Should we be unable to provide you with a final response by then, we will contact you to explain why and to provide you with an indication of when we will be able to provide one.

If you remain dissatisfied with our Final Response or in the event that we are unable to provide one within eight weeks of receiving your complaint, you may refer your complaint to the Financial Ombudsman Service (“FOS”). If you are eligible to refer your complaint to FOS, we will provide you with their contact details and more information at the relevant time. FOS can be contacted by post at Financial Ombudsman Service at Exchange Tower, London E14 9SR, via telephone on +44 (0) 800 023 4567 or via email at complaint.info@financial-ombudsman.org.uk.

If your complaint refers to payment transactions under Payment Services Directive (“PSD”) or Electronic Money Services Directive (“EMD”) such as, faster payments, CHAPS and/or BACS payments, a card transaction or an unauthorised transaction, we will aim to resolve your complaint as soon as possible and by no later than fifteen (15) days of receiving your complaint. In exceptional circumstances, where we are unable to provide you with a final response within fifteen (15) days, we will respond to you within a maximum of thirty five (35)
days. However, we will still write to you towards the end of the fifteen days to inform you why we need more time to resolve your complaint. If you remain dissatisfied with Payz’s final response, you may be eligible to escalate your complaint to the Financial Ombudsman Service using the contact details mentioned above.

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20.1. We may assign the benefit and burden of these Terms and Conditions to another company at any time. Your rights will not be affected in such an event and we will notify you in accordance with Section 12.1 of this document.

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21.1. This Agreement is concluded in English. All communications with you will be in English. These Terms and Conditions will be construed in accordance with English law.

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22.1. Mastercard is a registered trademark, and the circles design is a trademark of Mastercard International Incorporated. Your Payz Mastercard / Payz Business Mastercard is issued by PSI-Pay Ltd whose registered address is Afon Building, Worthing Road, Horsham, West Sussex, RH12 1TL, England. PSI-Pay Ltd is authorised by the Financial Conduct Authority under the Electronic Money Regulations (register reference 900011) for the issuing of electronic money. Your Payz Mastercard / Payz Business Mastercard is the property of PSI-Pay Ltd and is not transferable to anyone else.

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