SWAPX for Business Account Terms and Conditions

Last updated: 02/04/2019


SWAPX FOR BUSINESS ACCOUNT TERMS AND CONDITIONS

THESE TERMS AND CONDITIONS APPLY TO YOUR SWAPX FOR BUSINESS ACCOUNT. ALL ANNEXES REFERRED TO IN THESE TERMS AND CONDITIONS FORM PART OF THESE TERMS AND CONDITIONS.

YOU MUST READ THESE TERMS AND CONDITIONS CAREFULLY. BY USING YOUR SWAPX FOR BUSINESS ACCOUNT YOU WILL BE DEEMED TO HAVE ACCEPTED THESE TERMS AND CONDITIONS. IF YOU DO NOT ACCEPT THESE TERMS AND CONDITIONS YOU SHOULD NOT USE YOUR SWAPX FOR BUSINESS ACCOUNT.

YOUR SWAPX FOR BUSINESS ACCOUNT IS OPERATED BY SWAPX LIMITED (REGISTERED NUMBER 09495650), WHOSE REGISTERED OFFICE IS SITUATE AT LERET HOUSE, 4 SWAN COURT, LEATHERHEAD, KT22 8AH ("SWAPX FOR BUSINESS").

IF YOU HAVE ANY QUERIES ABOUT THIS SERVICE PLEASE CONTACT THE CUSTOMER CARE.

1. DEFINITIONS

"Account" or "SWAPX FOR BUSINESS Account" means the electronic money account held in the name of the Legal Person with Us in order to provide financial and payment services (the SWAP) according to these Terms and Conditions.

"Account Deposit and Withdrawal Services" mean the services to transfer funds from and to an external financial instrument in the name of the Legal Person or its Affiliate into Your SWAPX FOR BUSINESS Account, which are detailed in Annex 4: ACCOUNT DEPOSIT AND WITHDRAWAL SERVICES.

"Account Holder", "Company", "You" or "Your" means the Legal Person who has registered with and has opened a SWAPX FOR BUSINESS Account with Us by agreeing to these Terms and Conditions.

"Account User" or "User" relating to the Account, means (i) any person that has a relationship with the Legal Person, including but not limited to officers, directors, employees, consultants and contractors or (ii) a specific purchase category (e.g. office expenses, travel expenses) that has been assigned to the Account and to the SWAPX FOR BUSINESS Payment Services available to that Account by the Authorised User.

"Affiliate" relating to the Account, means a person or a Legal Person that We have deemed to be an approved affiliate of the Company (e.g. parent company, owner, fully owned subsidiary, agent, sales representative) who is able to participate in the Account Deposit and Withdrawal Services.

"API", Application Program Interface, means a set of functions and procedures that allow access to the features or data of the SWAPX FOR BUSINESS system from an external application, or other service.

"Authorised User" means any authorised representative of the Legal Person and any User with administration rights given to them by the Legal Person that can access the Account and SWAPX FOR BUSINESS Services.

"Bank" means any of the banks used by Us to hold customer funds or to support money transfers and payment services.

"Card" or "SWAPX FOR BUSINESS Card" means the SWAPX FOR BUSINESS Mastercard that is issued to You, or, at Your request, to any User of Your Account, whether in the form of a plastic or virtual card and its use is subject to the Card Terms and Conditions.

"Card Services" mean the services detailed in Annex 1: SWAPX FOR BUSINESS CARD TERMS AND CONDITIONS.

"Card Terms and Conditions" mean the terms and conditions which are entered between You and Paysafe also on behalf of any User and which apply to the issue and use of Cards, as set out in Annex 1.

"Card User" means any person, whether You or an Authorised User, to whom a Card is issued by Paysafe at Your request and who is authorised by You to use a Card and access the funds held in the linked Wallet in Your SWAPX FOR BUSINESS Account.

"Currency Exchange Services" mean the services detailed in Annex 5: CURRENCY EXCHANGE SERVICES.

"Customer Care" means SWAPX FOR BUSINESS customer services for which You can find contact details in Annex 7: CUSTOMER CARE CONTACTS, which SWAPX FOR BUSINESS provides on its own behalf in relation to these Terms and Conditions and on Paysafe’s behalf in relation to the SWAPX FOR BUSINESS Card Terms and Conditions.

"Fees and Limits" or "Fees and Limits Summary" mean the fees and the limits that apply to Your Account as is described in Annex 6: FEES AND LIMITS SUMMARY.

"Legal Person" means any association, business corporation, partnership, proprietorship, trust, or individual that has legal standing under English law. The most common examples are, but not limited to, limited companies, sole traders and charities.

"Merchant" means any retailer or any other person or firm or company providing goods and/or services to any User.

"Paysafe" means Paysafe Financial Services Ltd Limited.

"Permissions" mean specific authorisations You give to the Users of Your SWAPX FOR BUSINESS Account to operate within Your SWAPX FOR BUSINESS Account that can allow them to access data and make use of services and functionalities.

"PIN" means the four-digit personal identification number, which We may issue, or You and each Card User can set, that secures certain uses of a Card.

"SWAPX FOR BUSINESS" means SWAPX LIMITED, a private limited company organised under English law, having its principal place of business at Leret House, 4 Swan Court, Leatherhead, KT22 8AH, registered number 09233754.

"SWAPX FOR BUSINESS Client Portal" means the software product and services that a User uses to access the SWAPX FOR BUSINESS Account information and use the SWAPX FOR BUSINESS Payment Services. It can be, but is not limited to, in the form of a website or of an application for a computing device, personal computer or mobile device. The use of the SWAPX FOR BUSINESS Client Portal and of the SWAPX FOR BUSINESS Services is provided by SWAPX FOR BUSINESS according to the SWAPX FOR BUSINESS Services Terms of Use.

"SWAPX FOR BUSINESS Company ID" means the eight-digit access code, which You and each User will be provided by SWAPX FOR BUSINESS to secure access to the SWAPX FOR BUSINESS Account and the SWAPX FOR BUSINESS Payment Services through the SWAPX FOR BUSINESS Client Portal and to be used in combination with SWAPX FOR BUSINESS Password and SWAPX FOR BUSINESS Passcode.

"SWAPX FOR BUSINESS Inter-Wallet Transfer" means a transaction that moves funds between two Wallets of Your Account according to the SWAPX FOR BUSINESS Inter-Wallet Transfer Services.

"SWAPX FOR BUSINESS Passcode" means the five-digit access code, which You and each User will set to secure access to the SWAPX FOR BUSINESS Account and the SWAPX FOR BUSINESS Payment Services through the SWAPX FOR BUSINESS Client Portal and to be used in combination with SWAPX FOR BUSINESS Company ID.

"SWAPX FOR BUSINESS Password" means the sequence of characters which You and each User will set to secure access to the SWAPX FOR BUSINESS Account and the SWAPX FOR BUSINESS Payment Services through the SWAPX FOR BUSINESS Client Portal and to be used in combination with SWAPX FOR BUSINESS Company ID.

"SWAPX FOR BUSINESS Payment Services" mean the services provided by Us to You and each Users of an Account. These services (Card Services, Currency Exchange Services, Account Deposit and Withdrawal Services, SWAPX FOR BUSINESS Inter-Account Transfer Services, SWAPX FOR BUSINESS Inter-Wallet Transfer Services) are detailed in the Annexes hereto.

"Supported Countries" mean the countries where SWAPX FOR BUSINESS is permitted to operate, as determined by permission granted as an Electronic Money Issuer regulated by the FCA. The countries are detailed in Annex 2: SUPPORTED COUNTRIES.

"Supported Currency" relating to the Account, means any currency among those supported by SWAPX FOR BUSINESS as defined in ANNEX 3 – SUPPORTED CURRENCIES.

"Terms and Conditions" mean these terms and conditions and Annexes and any amendments to them that We may notify You from time to time.

"Transaction" relating to Your SWAPX FOR BUSINESS Account, means an operation funded by a transfer of money in or out of a Wallet such as, but not limited to, a cash withdrawal, a money transfer in or out of Your SWAPX FOR BUSINESS Account, and a purchase of goods and/or services completed by any User.

"Us" or "We" or "Our", or "SWAPX FOR BUSINESS" means SWAPX FOR BUSINESS.

"Wallet" means a partition of funds created within Your Account and it is associated, by the Authorised User, to You and or to one or more Users who, by this, are authorised to use the funds.

"Website" means https://www.swapx.co.uk and any other website under the domain SWAPX FOR BUSINESS that is used by SWAPX FOR BUSINESS to provide the SWAPX FOR BUSINESS Payment Services.

2. OUR RELATIONSHIP WITH YOU

2.1 Paysafe is an E-Money Issuer and Payment Service Provider. Paysafe is an Electronic Money Institution regulated by the Financial Conduct Authority under registration number FRN: 900459. Paysafe’s main business is the issuance of e-money and the provision of payment services and other related services. Since the Paysafe Payment Services are limited to e-money and payment services they do not qualify as a deposit or investment services and although regulated by the Financial Conduct Authority, Your SWAPX FOR BUSINESS Account is not covered by the Financial Services Compensation Scheme. The funds in Your SWAPX FOR BUSINESS Account are safeguarded by Paysafe Financial Services, which means that they are kept separate from Our assets so in the unlikely event We become insolvent, your funds remain safe from Our creditors.

2.2 Your Privacy. Protecting Your privacy is very important to Us. Please review Our Privacy Policy to better understand Our commitment to maintaining Your privacy, as well as Our use and disclosure of Your Information.

3. THESE TERMS AND CONDITIONS

3.1 We may change these Terms and Conditions including without limitation changing the existing fee structure or introducing new fees, from time to time. If the changes adversely affect You, we will provide You with at least 60 days’ notice unless We are required to make such a change sooner by law. All such changes will be posted on the Website and communicated to You by such other means that We agree with You, for example by email or text message or through mobile push notifications from the SWAPX FOR BUSINESS Client Portal.

3.2 The up-to-date version of these Terms and Conditions will be available through the SWAPX FOR BUSINESS Client Portal and the Website. You should check the Website regularly so that You can see the latest version. You will be bound by these Terms and Conditions and any amendments made to them. We recommend that You print off a copy of these Terms and Conditions to keep for Your records.

3.3 You will be taken to have accepted any change to these Terms and Conditions that We notify You unless You tell Us that You do not agree with the particular change before the relevant change takes effect. In such circumstance, we will treat Your notification to Us as notification that You wish to terminate these Terms and Conditions immediately and We will close the account and any other related service and refund the balance on Your SWAPX FOR BUSINESS Account. In this circumstance, you will not be charged a refund fee for closing the Account.

4. SCOPE OF THESE TERMS AND CONDITIONS

4.1 These Terms and Conditions govern the use of Your SWAPX FOR BUSINESS Account by You and any User. The funds held in Your SWAPX FOR BUSINESS Account are held as e-money and no interest will be paid on these. When You, or a User, make a debit Transaction, the value of the Transaction plus any associated fees payable will be deducted from Your SWAPX FOR BUSINESS Account and used to complete the Transaction.

4.2 You can transfer money, make payments and carry out other Transactions through the various SWAPX FOR BUSINESS Payment Services We offer. Some of them, such as the Currency Exchange Services are provided by third parties and the use of such services will be subject to separate terms and conditions of use. In such circumstances, we ask that You read the applicable terms and conditions of use as You will be required to accept them before You, or any User, use such service.

5. YOUR SWAPX FOR BUSINESS ACCOUNT

5.1 To register with Us and open a SWAPX FOR BUSINESS Account, the Legal Person must (i) be registered in one of the Supported Countries in which the SWAPX FOR BUSINESS Account is currently offered; (ii) have full legal capacity to enter into a contract; and (iii) if You are an individual (i.e sole trader), be at least18 years old. You further represent and warrant to Us in opening an Account with Us that You are not acting on behalf of, or for the benefit of, anyone else. Unless expressly authorised by Us, you cannot hold more than one SWAPX FOR BUSINESS Account in the name of the Legal Person or entity.

5.2 These Terms and Conditions apply only to Legal Persons who are registered in the United Kingdom. Legal Persons resident of other countries, must refer to their specific Terms and Conditions.

5.3 Before We can open Your SWAPX FOR BUSINESS Account We will need to know some information about the Legal Person and any natural person who ultimately have a controlling interest directly and/or indirectly of the Legal Person. We will also need to identify and verify the identities and places of residence of any natural person(s) who exercise(s) executive control over the daily or regular affairs of the Legal Person through a senior management position, such as a chief executive officer (CEO), chief financial officer (CFO), managing or executive director, or president. We will check identities and where any of them live. We may use third parties to obtain this information and carry out ID checks on Our behalf, which may include using credit reference agencies. However, a credit check is not performed and Your credit rating will not be affected. We may ask You to provide additional information and documents to support the information You provide.

5.4 We reserve the right to refuse to open a SWAPX FOR BUSINESS Account.

6. OTHER USERS

6.1 You may register other individuals Users to Your SWAPX FOR BUSINESS Account to give them access to the funds contained in the Account and to the related SWAPX FOR BUSINESS Payment Services.

6.2 We will need to identify each Authorised User that You register to Your SWAPX FOR BUSINESS Account and We may use third parties to carry out identification and verification checks on Our behalf. We may ask You to provide additional information and documents to support the information You provide. You must confirm with each User that they consent to You providing this information to Us and We may ask for proof of such consent. In addition, We may need to identify other Users at Our discretion.

6.3 You can control the access of a User to the resources and Services of an Account through the use of Permissions.

6.4 You will be responsible for any action, access to funds and for all Transactions made by Users registered in Your SWAPX FOR BUSINESS Account. This includes all Transactions made using a SWAPX FOR BUSINESS Payment Service, for example using a Card, and any applicable fees or charges that are incurred as a result. You must make sure that all Users are made aware of the requirements set out in these Terms and Conditions and that they comply with them.

6.5 We reserve the right to refuse to register any User.

7. USING YOUR SWAPX FOR BUSINESS ACCOUNT

7.1 All the money stored in an Account is owned by the Account Holder and is organised in one or more Wallets. A Wallet can hold money in one of any of the Supported Currencies and in the same SWAPX FOR BUSINESS Account You can store money in all the Supported Currencies by using multiple Wallets. The amount of total money, even in multiple currencies, that can be stored in an Account can be subject to a limit. See Fees and Limits Summary for details. Funds can be deposited into Your SWAPX FOR BUSINESS Account by You or, if applicable, by any other Affiliate You have authorised, using the Account Deposit and Withdrawal Services available in the country in which You are resident. If funds are received that were not authorised by You then You must -
(i) refrain from using the funds and (ii) contact Us immediately and ask for the funds to be returned to the sender. Minimum and maximum limits can apply to the amount of a fund transfer, to the total number of fund transfers and their total amount on a per-operation or per-period basis. See Fees and Limits Summary for details.

7.2 A User that has been authorised to do so by any Authorised User through the Permissions can transfer funds between Wallets at any time using the SWAPX FOR BUSINESS Inter-Wallet Transfer Services.

7.3 If funds in one currency are transferred from a Wallet into another Wallet denominated in a different currency, the funds will be changed in the currency of the destination Wallet using the Currency Exchange Services. We will use the exchange rate applicable to the Transaction and set by the foreign exchange provider identified in Annex 5 (Currency Exchange Service) at the time the Transaction is processed. A foreign exchange fee may apply (see Fees and Limits Summary for details).

7.4 A Wallet can fund Transactions of the SWAPX FOR BUSINESS Payment Services that are connected to it up to the total amount of money available in the Wallet and according to Fees and Limits Summary. See Fees and Limits Summary for details.

7.5 Any User that has been authorised can access Your SWAPX FOR BUSINESS Account at any time through the SWAPX FOR BUSINESS Client Portal. We can limit access to the SWAPX FOR BUSINESS Account for security reasons and ask for additional identification before allowing access.

7.6 You agree that We may apply spending and withdrawal limits to Your Account. Spending and withdrawal limits may also apply to Transactions made using a Card (see Fees and Limits Summary for details).

7.7 You will need to authorise every Transaction You wish to make. A Transaction will be regarded as authorised at such time:
a) if the Transaction is authorised at the point of sale by You or a Card User by:

  • entering a PIN or providing any other security code;
  • signing a sales voucher;
  • providing the Card details and/ or providing any other details as requested;
  • waving or swiping the Card over a contactless card reader;
  • inserting the Card and entering Your PIN to request a cash withdrawal at a cashpoint;
and
b) for a SWAPX FOR BUSINESS Inter-Wallet Transfer Service, a SWAPX FOR BUSINESS Inter-Account Transfer Service or an Account Deposit and Withdrawal Service, when You press "Confirm" to confirm the Transaction or when You send Us written request and, if required, enter or provide Us with any security password or authorization code that We may require.

7.8 For any purchases made using a Card, we receive Your Transaction instructions when We receive the Transaction message from the Merchant. Unless We state otherwise in relation to a particular service, we receive all Your other Transaction instructions at the time You ask Us to complete the relevant Transaction.

7.9 Authorisation for a Transaction may not be withdrawn (or revoked) after We have received it.

7.10 If You, or a Card User, make a Transaction in a currency other than the currency that the SWAPX FOR BUSINESS Card is denominated in, the Transaction will be converted to the currency of Your SWAPX FOR BUSINESS Card by the Mastercard scheme network at a rate set by Mastercard International Incorporated (link) on the day We receive details of the Transaction. The exchange rate varies throughout the day and is not set by Us. Note also that exchange rates can fluctuate and that they may change between the date You made Your Transaction and the date it is processed to Your SWAPX FOR BUSINESS Account. A foreign exchange fee may also apply (see Fees and Limits Summary for details).

7.11 Some Merchants such as car hire companies, hotels, restaurants and other service providers will estimate the sum of money You may spend with them or for which You require authorisation. This estimate may be for a greater amount than the amount You finally spend with them or are charged for by them. This means that some of the funds on Your Wallet may be held for up to 31 days until the Merchant has settled the Transaction amount and, accordingly, you will not be able to spend this estimated sum during this period. We cannot release such sum without authorisation from the Merchant. In certain situations, for example at restaurants, you may be required to have a maximum of 20% more on Your Wallet than the value of the bill to allow for any service charge added by the restaurant.

8. SUSPENDING YOUR SWAPX FOR BUSINESS ACCOUNT / DECLINING TRANSACTIONS

8.1 We reserve the right to decline any Transactions at Our discretion and so that;
a) We may at any time suspend, restrict or cancel Your SWAPX FOR BUSINESS Account for reasons relating to the following:
i. We are concerned about the security of Your SWAPX FOR BUSINESS Account or access to it;
ii. We suspect Your SWAPX FOR BUSINESS Account is being used in an unauthorised or fraudulent manner;
iii. You, or a User, violate an important part of these Terms and Conditions or repeatedly violate any term in these Terms and Conditions and fail to resolve the matter in a timely manner; or
iv. We need to do so to comply with the relevant law.
b) If We take any of the steps referred to above in Section 8.1 a), We will tell You as soon as We can or are permitted to do so after We have taken such steps. We may ask You to stop using Your SWAPX FOR BUSINESS Account until We believe that the relevant circumstances no longer apply.
c) We may also decline to authorise a Transaction:
i. if We suspect Your SWAPX FOR BUSINESS Account is being used in an unauthorised or fraudulent manner;
ii. if sufficient funds are not available in a Wallet of Your SWAPX FOR BUSINESS Account to cover the amount of the relevant Transaction and any applicable fees; or
iii. if We believe that a Transaction will violate the relevant law;
d) If We refuse to authorise a Transaction, we will, if practicable, tell You why immediately unless it would be unlawful for Us to do so. You may correct any information We hold and which may have caused Us to refuse a Transaction by contacting the Customer Care. We shall not be liable in the event We do not authorise a Transaction. Unless otherwise required by law, we shall not be liable for any loss or damage You may suffer as a result of Your inability to use Your SWAPX FOR BUSINESS Account for a Transaction or the same occurs to a User.

8.2 You must not spend more money than is permitted to be spent in Your SWAPX FOR BUSINESS Account. You are responsible for ensuring that there are sufficient funds available in a relevant Wallet of Your SWAPX FOR BUSINESS Account when a Transaction is authorised by You or a User. If sufficient funds are not available and there is an overspending in a Wallet of Your SWAPX FOR BUSINESS Account, then You must transfer funds to the Wallet to repay the overspending to Us immediately. In case of failure to do so, we will take any such action seriously and take any steps necessary, including taking enforcement action against You.

8.3 You agree that once We notify You by whatever means of any such overspending, you must repay it immediately. We reserve the right to deduct an amount equivalent to the overspending from any other Wallet that You hold in Your SWAPX FOR BUSINESS Account or from any other payment instrument or account You designate to Your SWAPX FOR BUSINESS Account and against any funds which You subsequently paid into Your SWAPX FOR BUSINESS Account. We may suspend Your SWAPX FOR BUSINESS Account and any SWAPX FOR BUSINESS Payment Services connected to Your SWAPX FOR BUSINESS Account until We are reimbursed the overspent amount.

8.4 We accept no responsibility for the goods or services purchased by You or a User using the funds in Your SWAPX FOR BUSINESS Account. All such disputes must be addressed directly with the Merchant providing the relevant goods or services. Once You, or a User, have authorised a Transaction, we cannot stop that Transaction.

9. FEES

9.1 Your use of Your SWAPX FOR BUSINESS Account and of the SWAPX FOR BUSINESS Payment Services is subject to the fees and charges set out in the Fees and Limits Summary and also available in the Website. For example, we may charge You fees to load funds to Your SWAPX FOR BUSINESS Account or cancel a Card if You do not make any Transactions using a Card for a certain period of time. All fees and charges You pay will be set out in Your Transaction history which You can access in the SWAPX FOR BUSINESS Client Portal. These fees and charges are part of these Terms and Conditions. Any or all of these fees/charges may be waived or reduced at Our discretion.

9.2 If You choose to use one or more of the SWAPX FOR BUSINESS Payment Services that We make available, then the use of such SWAPX FOR BUSINESS Payment Services will be subject to its own terms and conditions of use and fees to use such SWAPX FOR BUSINESS Payment Services may apply.

9.3 Fees and charges will be paid at such time they are incurred, depending on the terms applicable to such fee or charge, and on a recurring periodic basis if the relevant service is a subscription not cancelled prior to such payment date, either from Your SWAPX FOR BUSINESS Account or by You from other sources of money.

9.4 Please be aware that some cashpoint providers charge additional fees for the use of their cashpoints and some Merchants add a surcharge for accepting certain types of cards. You may also be subject to their terms and conditions of business when using a Card with them and it is Your responsibility to check before proceeding with a Transaction.

9.5 We may introduce or amend Our one-time or periodic fees and charges over time and, if so, we will notify You in advance in accordance with Section 3.1.

10. KEEPING YOUR SWAPX FOR BUSINESS ACCOUNT AND CARD SAFE

10.1 The SWAPX FOR BUSINESS Client Portal system is designed to offer secure access to information and services. This is achieved by using a combination of security functions that are made available to the User and that must be used in full and every time to achieve the maximum protection.

10.2 The security functions of the SWAPX FOR BUSINESS Client Portal system are designed to be used together with other security functions of the devices, e.g. personal computer, mobile terminals, used to access it. It is strongly recommended that each User of the SWAPX FOR BUSINESS Client Portal system should always protect his/her devices with a password or device passcode as well as make sure his/her device is free from viruses or malwares. Failure to do so could result in reduced security of their Account.

10.3 The access to the SWAPX FOR BUSINESS Client Portal system and SWAPX FOR BUSINESS Payment Services through devices that have been modified against the recommendations of the manufacturer, e.g. "Jailbroken" iOS devices or "rooted" Android devices, or that in any other way can reduce or bypass the security functions compromising the security of Your Account, is forbidden.

10.4 In case of loss of a User device containing the SWAPX FOR BUSINESS Client Portal software, the User must immediately contact the Customer Care.

10.5 You, and each User of Your SWAPX FOR BUSINESS Account, have your own security information, e.g. SWAPX FOR BUSINESS Company ID, SWAPX FOR BUSINESS Passcode, SWAPX FOR BUSINESS Password and Cards PIN, that is personal and must not be disclosed to anyone else including friends, family, Merchant staff and the Customer Care staff. The SWAPX FOR BUSINESS Company ID, SWAPX FOR BUSINESS Passcode and SWAPX FOR BUSINESS Password must be memorised and kept secret at all times.

10.6 You, and each User, must take all reasonable precautions to prevent fraudulent use of Your SWAPX FOR BUSINESS Account.

10.7 If You, or a User, know or suspect that the SWAPX FOR BUSINESS Passcode is known to an unauthorised person, or if You, or a User, think a Transaction is unauthorised or has been incorrectly executed, or You, or a User, believe that your SWAPX FOR BUSINESS Account is being accessed without your consent, then You must tell Us without delay by contacting the Customer Care and You must also use all the facilities available in the SWAPX FOR BUSINESS Client Portal to block access to the Account and prevent further Transactions.

11. DISPUTED TRANSACTIONS

11.1 You may be entitled to claim a refund in relation to Transactions made using Your SWAPX FOR BUSINESS Account where:
a) the Transaction was not authorised under these Terms and Conditions;
b) We were responsible for a Transaction which was incorrectly executed and notified to Us in accordance with Section 10.7 above;
c) a pre-authorised Transaction did not specify the exact amount at the time of its authorisation and the amount charged by a Merchant is more than You or a User could reasonably have expected taking into account normal spending patterns on Your SWAPX FOR BUSINESS Account or the circumstances of the Transaction. However, a claim for a refund in this circumstance will not be accepted if the amount of the Transaction was made known to You or the User at least 4 weeks before the Transaction date or if the claim is made more than 8 weeks after being debited from Your SWAPX FOR BUSINESS Account; or
d) We were notified of the unauthorised or incorrectly executed Transaction within 13 months of the debit date of such Transaction.

11.2 If any of the above circumstances apply, You or the User should contact the Merchant first as this may lead to a quicker resolution of the dispute. You or the User can also ask the Customer Care to investigate the Transaction or misuse of Your SWAPX FOR BUSINESS Account or the SWAPX FOR BUSINESS Card (whichever is applicable).

11.3 If a disputed Transaction is refunded to Your SWAPX FOR BUSINESS Account and subsequently We receive information to confirm that the Transaction was authorised by You or a User and correctly posted to Your SWAPX FOR BUSINESS Account, we will deduct the amount of the disputed Transaction from the funds in Your SWAPX FOR BUSINESS Account. If there are no or insufficient funds, then the provisions regarding overspending on Your SWAPX FOR BUSINESS Account (Sections 8.2 and 8.3) will apply.

11.4 If Our investigations discover that the disputed Transaction was genuine and authorised by You or a User directly or indirectly, or that You or a User has acted fraudulently or with gross negligence, you may be charged an additional unjustified investigation fee (see Fees and Limits Summary for details - Transaction investigation fee).

12. LIABILITY

12.1 You should treat the funds held in Your Account like cash in a wallet. If a Card is lost or stolen or there has been an unauthorised use of a Card, you may lose some or all of the balance held in Your Account in the same way as if You lost cash.

12.2 You will not be liable for any losses incurred in respect of an unauthorised Transaction if You have exercised reasonable care in safeguarding Your Card, PIN, SWAPX FOR BUSINESS Company ID, SWAPX FOR BUSINESS Passcode and SWAPX FOR BUSINESS Password from the risk of loss or theft or unauthorised use and, upon becoming aware of an unauthorised Transaction or the loss or theft of Your Card or PIN, SWAPX FOR BUSINESS Passcode or SWAPX FOR BUSINESS Password, you notified Us promptly; in such a case, we shall refund to You the balance of such unauthorised Transaction.

12.3 You will be liable for losses and expenses We incur as a result of unauthorised Transactions made using a Card if Our investigations show that:
a) any unauthorised Transaction was in fact authorised by You, a User or a Card User; or
b) that You, a User, or a Card User acted fraudulently or with gross negligence (for example by failing to keep the Card or the PIN secure or failing to notify Us without delay on becoming aware of the loss, theft or unauthorised use of the Card).

12.4 Once You have notified Us of the unauthorised use of Your SWAPX FOR BUSINESS Account, we will investigate the matter to determine what has happened. You and Your Users must provide Us all the necessary assistance. We will promptly refund the amount of the unauthorised Transaction unless We believe from Our investigation that such Transaction was authorised.

12.5 We reserve the right to charge You a Transaction investigation fee (see Fees and Limits Summary for details) if We find that any Transaction notified to Us as unauthorised or incorrectly executed was in fact authorised or correctly executed. We may also charge You any other reasonable costs that We incur in taking actions to stop You or a User using Your SWAPX FOR BUSINESS Account and to recover any monies owed as a result of Your or a User’s activities.

12.6 Our liability to You under these Terms and Conditions shall be subject to the following exclusions and limitations. We will not be liable for any loss arising from:
a) a Merchant refusing to process a Transaction;
b) from abnormal or unforeseen circumstances beyond Our reasonable control or which would have been unavoidable despite all Our efforts to stop it;
c) Us suspending, restricting or closing Your SWAPX FOR BUSINESS Account if We suspect Your SWAPX FOR BUSINESS Account is being used in an unauthorised or fraudulent manner, or as a result of You or a User breaking an important term or repeatedly breaking any term in these Terms and Conditions;
d) Our compliance with any applicable laws; or
e) loss or corruption of data unless caused by Our wilful and/or negligent wrong doing.

12.7 Unless otherwise required by law or as set out in these Terms and Conditions, we will not be liable to You, or to a User, in respect of any losses You or any third party may suffer in connection with Your SWAPX FOR BUSINESS Account as a result of Our actions which were not a foreseeable consequence of Our actions.

12.8 We will not be liable for the goods or services that You, or a User, purchase using Your SWAPX FOR BUSINESS Account.

12.9 From time to time, Your, and/or a User’s ability to use Your SWAPX FOR BUSINESS Account may be interrupted, e.g. when We carry out maintenance. If this happens, You or a User may be unable to:
a) transfer funds into Your SWAPX FOR BUSINESS Account;
b) transfer funds from or to a Wallet;
c) carry out a Transaction and/or use any SWAPX FOR BUSINESS Payment Service;
d) obtain information about the funds available in Your SWAPX FOR BUSINESS Account and/or about recent Transactions.

12.10 Where sums are incorrectly deducted from Your SWAPX FOR BUSINESS Account Our liability shall be limited to payment to You of an equivalent amount.

12.11 In all other circumstances, Our liability will be limited to repayment of the amount of the funds in Your SWAPX FOR BUSINESS Account.

12.12 All refunds, including refunds for goods or services purchased using a Card, will be returned to the relevant Wallet in Your SWAPX FOR BUSINESS Account from which the Transaction was made. You are not entitled to receive refunds in cash.

13. STATEMENTS

13.1 You can view, download and print Your SWAPX FOR BUSINESS Account statements, Wallet balances and Transactions by accessing Your SWAPX FOR BUSINESS Account via the SWAPX FOR BUSINESS Client Portal at any time. We recommend that You check the balance on Your SWAPX FOR BUSINESS Account and Your Transaction history regularly as it will help You quickly spot any Transaction You do not recognise.

14. TERM OF THE SWAPX FOR BUSINESS ACCOUNT

14.1 These Terms and Conditions will continue until they are terminated by Us or You in accordance with the provisions set out in these Terms and Conditions.

14.2 On termination of these Terms and Conditions, Your SWAPX FOR BUSINESS Account will close and all SWAPX FOR BUSINESS Payment Services connected to it will terminate.

14.3 You have the right to claim any funds remaining in Your SWAPX FOR BUSINESS Account from Us for a period of 6 years commencing on the date these Terms and Conditions terminate and Your SWAPX FOR BUSINESS Account closes. You may contact the Customer Care to request Your funds to be returned to You at any time within the 6-year period. Any funds remaining in Your SWAPX FOR BUSINESS Account will be returned only through a bank transfer to a bank account in the name of the Account Holder. A withdrawal Bank Transfer Fee may apply (see Fees and Limits Summary – Withdrawal Bank Transfer fees for details). Any funds remaining in Your SWAPX FOR BUSINESS Account after 6 years will not be refunded.

15. SUSPENDING OR TERMINATING YOUR CARD OR SWAPX FOR BUSINESS ACCOUNT

15.1 You may cancel Your SWAPX FOR BUSINESS Account at any time and without penalty (i) if You disagree with a change We intend to make to these Terms and Conditions; or (ii) at any time for any reason.

15.2 To cancel Your SWAPX FOR BUSINESS Account You must notify the Customer Care. You will be responsible for any Transaction You, or a User, have made or charges incurred before You cancelled Your SWAPX FOR BUSINESS Account. Once We have been notified by You, we will suspend Your SWAPX FOR BUSINESS Account straight away so it cannot be used. We will wait 30 days for all Transactions to be processed before We refund the remaining balance of money to You. This is to ensure all Your pending Transactions have been settled.
If You cancel Your Account, then any fees that have been paid for future services will not be refunded.

15.3 We can terminate Your SWAPX FOR BUSINESS Account at any time providing We give You 2 months' notice.

15.4 We can suspend or terminate these Terms and Conditions with You together with Your use and that of each User's use of Your SWAPX FOR BUSINESS Account immediately if (i) You, or a User, have not complied with these Terms and Conditions, or (ii) if We have reason to believe that You or a User have used or intend to use Your SWAPX FOR BUSINESS Account in a negligent manner or for fraudulent or other unlawful purposes or (iii) if We can no longer process Your Transactions for any legal or security reason or due to actions of any third party or (iv) if You fail to pay any fees or charges that You have incurred or if You have failed to repay any overspending incurred on Your SWAPX FOR BUSINESS Account.

15.5 If We cancel Your Account then any fees that have been paid for future services will be refunded in proportion to the fraction that was used at the time of the refund of the remaining balance to You.

15.6 We can suspend Your SWAPX FOR BUSINESS Account at any time with immediate effect if (a) We discover that any information You have provided Us is incorrect or incomplete; (b) if a Transaction has been declined because of lack of available value in Your SWAPX FOR BUSINESS Account; or (c) if a User persistently tries to make Transactions of an amount or of a nature that is not authorised by You, the Account Holder.

15.7 You may cancel a Card at any time by notifying the Customer Care. Cancellation of a Card will not terminate Your SWAPX FOR BUSINESS Account. However, if Your SWAPX FOR BUSINESS Account is terminated, all Cards linked to it will be cancelled.

15.8 These Terms and Conditions, Your SWAPX FOR BUSINESS Account, all Cards and other services linked to it will terminate in the event of the cessation, dissolution, liquidation of the Legal Person or in case We believe You are no longer carrying on business.

15.9 If any Transaction, fee or charge is found to have been incurred using Your SWAPX FOR BUSINESS Account or a Card following cancellation or termination, you agree to pay all such sums to Us immediately on demand.

15.10 On closure of Your SWAPX FOR BUSINESS Account We will refund any remaining funds in Your SWAPX FOR BUSINESS Account to Your nominated bank account in the name of the Legal Person. A Withdrawal Bank Transfer Fee may apply (see Fees and Limits Summary – Withdrawal Bank Transfer fees for details).

16. PERSONAL DATA AND INTELLECTUAL PROPERTY

16.1 SWAPX FOR BUSINESS will collect and retain personal information about You and each User You register with Us so that We can operate Your SWAPX FOR BUSINESS Account through SWAPX FOR BUSINESS Client, the services linked to it and deal with any enquiries that You may have about it. SWAPX FOR BUSINESS is the data controller of such personal information. If We use a third party to provide a part of the SWAPX FOR BUSINESS Payment 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 such third-party service providers will be set out in their service terms and conditions of use.

16.2 SWAPX FOR BUSINESS processes personal information in accordance with relevant laws on the protection of personal data.

16.3 SWAPX FOR BUSINESS is committed to keeping Your personal data secure. SWAPX FOR BUSINESS will not pass information it holds about You to any third party other than those set out below and in each case under a strict code of confidentiality:

  • to fraud prevention and similar agencies and other organisations who may use the information to prevent fraud, money laundering and terrorist financing;
  • to suppliers or service providers that process data on SWAPX FOR BUSINESS behalf;
  • to persons acting as agents on SWAPX FOR BUSINESS behalf;
  • to Our partners, for example Paysafe;
  • to anyone to whom We transfer or may transfer Our rights and duties under Our Terms and Conditions with You;
  • as required by any relevant law or regulation; and
  • for such purposes that You have given Us consent to do so.

16.4 As part of Our checks to prevent fraud, money laundering and terrorist financing We may share personal information that You provide with credit reference or fraud prevention agencies.

16.5 If We transfer Your information to a third party in a country outside of the European Economic Area, we will ensure that such third party agrees to apply the same levels of protection that We are legally obliged to have in place when We process personal data.

16.6 If, when You apply for a SWAPX FOR BUSINESS Account, You opt in to receiving marketing information via email/mobile phone and/or You do not opt out of receiving marketing information by telephone or post, We and the third parties with whom We may share Your personal data, for example, SWAPX FOR BUSINESS , may from time to time contact You about products or services that We or they think may be of interest to You. If You no longer wish to receive such communications, please contact the Customer Care or update Your preferences on the Website. Further information about how SWAPX FOR BUSINESS uses personal information can be found in SWAPX FOR BUSINESS Privacy Policy.

16.7 If We suspect that We have been given false or inaccurate information, we may record and report suspicion together with any other relevant information. If false or inaccurate information is provided and fraud is identified, details will be passed to fraud prevention agencies to prevent fraud and money laundering and financing of terrorism.

16.8 You have a right to inspect the personal data We hold about You. For further information please contact the Customer Care.

16.9 When You provide or post a User's image in connection with their associated Wallet and/or content against transaction history within your Account (in each case for publication, whether on- or off-line) using the SWAPX FOR BUSINESS Payment Services, you grant SWAPX FOR BUSINESS a nonexclusive, worldwide royalty-free right to use such images/content specifically in connection with the delivery of the SWAPX FOR BUSINESS Payment Services to You until such time as these Terms and Conditions are terminated. We promise that such images/content will not be made available to third parties. You promise that the images/content You provide and its use by Us does not infringe any intellectual property right of a third party. In addition, you give Your consent to (i) the insertion of the name of the Company in the list of the company's partners or in any way clients of SWAPX FOR BUSINESS and (ii) the related use by SWAPX FOR BUSINESS of the name of the Company and of the logo which You provided when subscribing the SWAPX FOR BUSINESS Payment Services.

17. YOUR DETAILS

17.1 You must let Us know as soon as possible if You or a User change name, address, telephone number or e-mail address.

17.2 If We contact You, for example, to notify You that We will be changing these Terms and Conditions or that We have cancelled a particular SWAPX FOR BUSINESS Payment Service, we will use the most recent contact details You have provided to Us. Any e-mail to You will be treated as being received as soon as it is sent by Us.

17.3 We will not be liable to You if Your contact details have changed and You have not told Us.

18. SWAPX FOR BUSINESS PAYMENT SERVICES

18.1 We may provide You and the Users, and You and the Users may make use of, the SWAPX FOR BUSINESS Payment Services in conjunction with the SWAPX FOR BUSINESS Account.

18.2 If You or a User make use of the SWAPX FOR BUSINESS Payment Services, you are accepting the terms and conditions of such SWAPX FOR BUSINESS Payment Services defined in the annexes of these Terms and conditions.

19. COMPLAINTS PROCEDURE

19.1 If You are not satisfied with the service You are receiving, you should provide written details of Your concerns to the Customer Care. All queries will be handled in accordance with SWAPX FOR BUSINESS complaints procedure. The Customer Care will provide a copy of the complaint procedure upon request. You can also access it on the Website.

19.2 If We are unable to resolve Your complaint and You are a micro-enterprise with an annual turnover of up to 2 million Euros and employ fewer than 10 employees You may complain to the Financial Ombudsman Service.

19.3 You may contact the Financial Ombudsman Service by:
a) post - addressing Your complaint to the Financial Ombudsman Services, Exchange Tower, London E14 9SR, United Kingdom;
b) telephone - 0800 023 4 567 (calls to this number are now free on mobile phones and landlines) or 0300 123 9 123 (calls to this number cost no more than calls to 01 and 02 numbers). These numbers may not be available from outside the UK – so please call from abroad on +44 20 7964 0500; or
c) email - at complaint.info@financial-ombudsman.org.uk.
The Financial Ombudsman Service's website is http://www.financial-ombudsman.org.uk.

20. CUSTOMER CARE

20.1 To contact SWAPX FOR BUSINESS You can use the contact information outlined in the Customer Care. We may record any conversation You have with the Customer Care for training and/or monitoring purposes.

21. GENERAL

21.1 In these Terms and Conditions, headings are for convenience only and shall not affect the interpretation of these Terms and Conditions. Any delay or failure by Us to exercise any right or remedy under these Terms and Conditions shall not be interpreted as a waiver of that right or remedy or stop Us from exercising Our rights at any subsequent time.

21.2 You may not novate, assign or transfer any rights and/or benefits under these Terms and Conditions. We may assign, transfer or novate Our rights and benefits and obligations at any time without prior written notice to You. If You do not want Us to transfer Your SWAPX FOR BUSINESS Account to a new provider You may contact Us and We will terminate Your SWAPX FOR BUSINESS Account and all SWAPX FOR BUSINESS Payment Services linked to it, for example Your Card(s). Any balance remaining in Your SWAPX FOR BUSINESS Account will be returned to You in accordance with Our redemption procedure. We may subcontract any of Our obligations under these Terms and Conditions.

21.3 In the event that any part of these Terms and Conditions are held not to be enforceable, this shall not affect the remainder of these Terms and Conditions, which shall remain in full force and effect.

21.4 You will remain responsible for complying with these Terms and Conditions until Your SWAPX FOR BUSINESS Account is closed (for whatever reason) and all sums due under these Terms and Conditions have been paid in full.

21.5 These Terms and Conditions are written and available only in English and all correspondence with You and any User shall be in English. In the event that these Terms and Conditions are translated, the version in English shall prevail.

21.6 These Terms and Conditions are governed by the laws of England and Wales and You agree to the exclusive jurisdiction of the English courts.

ANNEX 1 – SWAPX FOR BUSINESS Card Terms and Conditions

1. DEFINITIONS

1.1 These definitions should be used together with and considered as an extension of the SWAPX FOR BUSINESS ACCOUNT TERMS AND CONDITIONS with the exception of the following:
"Us" or "We" or "Our" means Paysafe Financial Services Ltd Limited or co-brand partners acting on its behalf.

2. INTRODUCTION

2.1 These SWAPX FOR BUSINESS Card Terms and Conditions form the agreement between You and Us in relation to the use of Cards.

2.2 We will issue a Card(s) to enable a Card User(s) to give instructions to SWAPX FOR BUSINESS to make Transactions from a linked Wallet issued to You by SWAPX FOR BUSINESS, including to pay Merchants that accept cards displaying the Mastercard symbol.

2.3 Cards and these SWAPX FOR BUSINESS Card Terms and Conditions are personal to You. You may not transfer Your Card or Your rights and obligations under these SWAPX FOR BUSINESS Card Terms and Conditions to anyone else. You may however authorise other people to be Card Users, with You being responsible for the use of their Cards, on the basis of these SWAPX FOR BUSINESS Card Terms and Conditions.

2.4 The processing of Your data by Paysafe is governed by Paysafe's privacy policy which can be found here. By accepting these SWAPX FOR BUSINESS Card Terms and Conditions, you also agree to the terms of Paysafe 's privacy policy.

3. CARD USERS

3.1 You can apply to Us to issue a Card to You or to another person You wish to authorise as a Card User, so long as You are at least 16 years old and resident in one of the Supported Countries.

3.2 Your application will be taken on consideration and if accepted, we will issue You or the Card User a Card in Your, or the Card User's, name (as appropriate) together with instructions on how to activate it.

3.3 You are responsible for each Card User's use of his/her Card (this includes You being responsible under the SWAPX FOR BUSINESS Account Terms and Conditions for Transactions made by a Card User using his/her Card and any applicable fees and charges provided for under those terms and conditions) - see Annex 6 Fees and Limits Summary.

3.4 You must accordingly ensure that each Card User is aware of the provisions set out in these SWAPX FOR BUSINESS Card Terms and Conditions and complies with them when using his/her Card. Please see Section 15.2 on how to obtain copies of these SWAPX FOR BUSINESS Card Terms and Conditions, and You will also be provided with a link to them in the materials sent with a Card to a Card User.

3.5 When a Card User uses a Card to make a Transaction, the value of the Transaction plus any applicable fees will be deducted by SWAPX FOR BUSINESS from the balance on Your Wallet in accordance with the SWAPX FOR BUSINESS Account Terms and Conditions.

4. SIGNING AND ACTIVATING A CARD

4.1 A Card User must sign a physical Card as soon as he/she receives it and must activate the Card in order to be able to use it. Activation instructions are set out on the packaging that the Card is attached to and also in the SWAPX FOR BUSINESS Client.

4.2 A virtual Card can be used immediately upon receipt and does not need to be activated.

5. USING A CARD

5.1 A Card is linked to a Wallet within Your SWAPX FOR BUSINESS Account, and so is known as a "prepaid" card (and not as a credit card, charge card or debit card).

5.2 You and the Card Users can use a Card to:
(a) purchase goods and services at any Merchant displaying the Mastercard acceptance symbol; and
(b) withdraw cash at any cashpoint displaying the Mastercard logo.

5.3 If there aren't enough funds in a Wallet to cover the total cost of goods or services a Card User wishes to buy using a linked Card, the Card Users may find that some Merchants don't allow spreading the cost across multiple payment methods such as another payment card or cash and such Merchants may require use of an alternative means of payment to cover the total cost.

5.4 For information on the following areas, please see the following Sections of the SWAPX FOR BUSINESS Account Terms and Conditions:
(a) how to authorise a Transaction and withdraw authorisation – Sections 7.7 and 7.9;
(b) the receipt and processing of Transactions – Section 7.8;
(c) spending and Transaction limits – Section 7;
(d) fees, charges and foreign exchange conversion and rates – Sections 7.10 and 9 (and please note that other taxes or costs may exist that are not imposed by Us or payable to Us);
(e) how information relating to Cards and Your SWAPX FOR BUSINESS Account will be made available to You through the SWAPX FOR BUSINESS Client Portal– Sections 3 and 13; and
(f) how and when to notify any unauthorised or incorrectly executed Transactions, liability for them, and when You might be able to claim a refund – Sections 10.7, 11 and 12.

6. OUR RIGHT TO SUSPEND OR CANCEL A CARD

6.1 We may at any time suspend or cancel a Card if:
(a) the Card has been lost or stolen;
(b) We are concerned about the security of the Card or Your SWAPX FOR BUSINESS Account;
(c) We suspect the Card is being used in an unauthorised or fraudulent manner;
(d) We are required to do so to comply with the law; or
(e) Paysafe is requested to do so by SWAPX FOR BUSINESS on the basis of its rights under the SWAPX FOR BUSINESS Business Account Terms and Conditions.

6.2 If We suspend or cancel a Card in accordance with Section 6.1 above, we will inform the Card User giving its reasons:
(a) as soon as it can before doing so; or
(b) immediately afterwards,
provided that this is legally permitted and does not compromise reasonable security measures.

6.3 In such circumstances, you must ensure that You or a Card User stop using the Card and in accordance with Our instructions either return it to Us or destroy it. If after further investigations We believe that the relevant circumstances no longer apply or exist, then We will, as appropriate, either re-activate the Card or We will issue a replacement Card.

7. KEEPING CARDS SAFE

7.1 You must ensure that:
(a) all Card Users keep their Cards safe;
(b) as a Card is personal to the Card User it is issued to, it is not given to anyone else to use; and
(c) each Card User takes all reasonable precautions to prevent misuse of his/her Card.

7.2 Each Card User will receive a PIN for his/her Card from SWAPX FOR BUSINESS. You must ensure that:
(a) all Card Users keep the PINs for their Cards safe;
(b) when it is received, the Card User memorises the PIN and then destroys the PIN mailer (if any); and
(c) the Card User keeps the PIN secret at all times and does not disclose it to anyone including friends, family, Merchant staff or the Customer Care staff.

7.3 If You or a Card User suspect that someone else knows the PIN, you must ensure that You or the Card User let Us know immediately by contacting the Customer Care and changing it as soon as possible. It can also be changed at most cashpoints by selecting the "PIN Services" option. If You or a Card User forget a PIN, this can be accessed when logging on to the SWAPX FOR BUSINESS Client.

8. OUR LIABILITY

8.1 We will not be liable to You or any Card User for any loss arising from:
(a) a Merchant refusing to accept a Card;
(b) any breach by Us of these SWAPX FOR BUSINESS Card Terms and Conditions due to abnormal or unforeseen circumstances beyond Our reasonable control, which would have been unavoidable despite all Our efforts to stop it;
(c) Us suspending or cancelling a Card or refusing to issue or replace a Card in accordance with these SWAPX FOR BUSINESS Card Terms and Conditions;
(d) Our compliance with any applicable laws and regulations;
(e) loss or corruption of data unless caused by Our wilful and/or negligent default/wrong doing;
(f) SWAPX FOR BUSINESS not authorising a Transaction that You or a Card User attempt(s) to make using a Card; or
(g) SWAPX FOR BUSINESS suspending, restricting or cancelling Your Wallet or SWAPX FOR BUSINESS Account.

8.2 We will not be liable for the goods or services that a Card User purchases using a Card.

8.3 Where a Card is faulty, Our liability shall be limited to replacement of the Card.

8.4 Nothing in these SWAPX FOR BUSINESS Card Terms and Conditions will exclude or limit Our liability for death or personal injury or to the extent that it cannot otherwise be limited or restricted by law.

9. LOST OR STOLEN CARDS

9.1 If You or another Card User believe that a Card has been lost, stolen or misused You must ensure that You or the Card User block all further usage through the SWAPX FOR BUSINESS Client Portal and/or call Customer Care.

9.2 We may also require You or the Card User to provide details in writing; and, at Our reasonable request, you must help, and must ensure that the Card User helps, Us and Our agents or any enforcement agency in investigating the matter.

9.3 If You or a Card User report a Card as lost or stolen, we will cancel it (and may issue a new one, for which a fee may apply, in accordance with Section 13). If You or a Card User find the Card after You have reported it was lost, stolen or misused, you must ensure that You or the Card User destroys it.

10. EXPIRY OF A CARD

10.1 A Card is valid for a period of 36 months from the date of its issue to the expiry date that is printed on the front of the Card unless its use is terminated earlier in accordance with these SWAPX FOR BUSINESS Card Terms and Conditions. Once a Card has expired, it cannot be used to make any Transactions.

10.2 We reserve the right to decline to issue a new Card if:
(a) We are concerned about the security of the Card or Your SWAPX FOR BUSINESS Account;
(b) We are required to do so to comply with the law; or
(c) Paysafe is requested to do so by SWAPX FOR BUSINESS on the basis of its rights under the SWAPX FOR BUSINESS Account Terms and Conditions.

11. REPLACEMENT CARDS

11.1 If asked to, we may replace a lost, stolen or damaged Card, in which case a fee may apply (see Fees and Limits Summary for details). You or the Card User may be asked to provide Us with the Card number of the damaged Card and other information We may need to identify You or a particular Card User.

11.2 We reserve the right to refuse to issue a replacement Card if:
(a) We are concerned about the security of the Card or Your SWAPX FOR BUSINESS Account;
(b) We are required to do so to comply with the law; or
(c) Paysafe is requested to do so by SWAPX FOR BUSINESS on the basis of its rights under the SWAPX FOR BUSINESS Account Terms and Conditions.

12. YOUR CANCELLATION AND TERMINATION RIGHTS

12.1 You may cancel a Card at any time for any reason.

12.2 You may terminate these Card Terms and Conditions (and all Cards issued under this Agreement): without charge, at any time if You do not wish to accept a change, we have notified You that We intend to make to these SWAPX FOR BUSINESS Card Terms and Conditions (see Section 14 below).

12.3 To cancel a Card please contact the Customer Care and We will block the Card straight away so that it cannot be used. Once You request that a physical Card is cancelled You must ensure that You or the Card User destroys it by cutting it in half through the chip and magnetic strip.

12.4 You will be responsible under the SWAPX FOR BUSINESS Account Terms and Conditions for any Transaction You or a Card User has made (and any applicable fees and charges incurred) before You cancelled the Card, unless those terms and conditions provide otherwise.

12.5 A withdrawal Bank Transfer Fee may apply (see Fees and Limits Summary – Withdrawal Bank

Transfer fees for details).

13. OUR RIGHTS TO CANCEL A CARD AND TERMINATE THESE CARD TERMS AND CONDITIONS

13.1 We can terminate these SWAPX FOR BUSINESS Card Terms and Conditions (and so also cancel any Cards) at any time by giving You 2 months' written notice before doing so.

13.2 We may terminate these SWAPX FOR BUSINESS Card Terms and Conditions (and use of Cards) immediately if:
(a) You or a Card User have broken a material provision of these SWAPX FOR BUSINESS Card Terms and Conditions or repeatedly broken any of these SWAPX FOR BUSINESS Card Terms and Conditions; or
(b) We have reasons to believe that You or a Card User have used or intend to use a Card for fraudulent or other unlawful purposes.

13.3 We will let You know, if We are legally permitted to do so, if We terminate these SWAPX FOR BUSINESS Card Terms and Conditions (and use of Cards).

13.4 Termination of the SWAPX FOR BUSINESS Account Terms and Conditions will also terminate these SWAPX FOR BUSINESS Card Terms and Conditions and notice to terminate them will also be notice to terminate these SWAPX FOR BUSINESS Card Terms and Conditions (and use of Cards).

13.5 These SWAPX FOR BUSINESS Card Terms and Conditions and any Cards issued to You or to a Card User will be terminated and cancelled in the event of Your death.

14. OUR RIGHT TO CHANGE THESE CARD TERMS AND CONDITIONS

14.1 We may from time to time need to change these SWAPX FOR BUSINESS Card Terms and Conditions. We can anticipate some of the reasons why it would be fair for Us to do so, and We have listed them below but may in the future also want to make changes for other reasons.

14.2 We may make a change to these SWAPX FOR BUSINESS Card Terms and Conditions for any of the following reasons, with any change being a reasonable and proportionate response to a change that is affecting Us or that We reasonably think will affect Us:
(a) because of a change in legal or regulatory requirements, for example if We have to change requirements for keeping Your Card or SWAPX FOR BUSINESS Account safe to meet new security standards set by law;
(b) if the change benefits You, for example when introducing new products or services or improving existing ones;
(c) to reflect a change in Our costs of providing You with Your Card, for example by introducing new fees or charges; or
(d) in response to possible risks to the security of Your Card or SWAPX FOR BUSINESS Account, for example by changing the security steps You need to follow when You access Your SWAPX FOR BUSINESS Account or Card.

14.3 We may also make a change to these SWAPX FOR BUSINESS Card Terms and Conditions to respond to any other change that affects Us, if We reasonably think it is fair to pass on the effects of the change to You, for example to reflect developments in digital payments. Any such change to these SWAPX FOR BUSINESS Card Terms and Conditions will be a reasonably and proportionate response to the change affecting Us.

14.4 We may make changes for any other reason We cannot foresee, for example to respond to changes among competitors that affect how We wish to deliver Our services to You.

14.5 Before any change, which may reasonably be considered to adversely affect You, we will tell You at least 2 months before making any change. You can then tell the Customer Care that You wish to cancel Your Card(s) and end these SWAPX FOR BUSINESS Card Terms and Conditions before the change takes effect, otherwise You will be treated as having accepted the change.

15. OTHER TERMS

15.1 These SWAPX FOR BUSINESS Card Terms and Conditions will apply until terminated or cancelled by You or Us under Sections 12 or 13.

15.2 You can ask the Customer Care to send You a copy of these SWAPX FOR BUSINESS Card Terms and Conditions at any time by contacting the Customer Care; or, you can print them from the Website.

15.3 If any part of these SWAPX FOR BUSINESS Card Terms and Conditions is disallowed or found not to be effective by a court or regulator, the rest of them shall continue to apply.

15.4 We may choose not to enforce Our rights against You and make this contractually binding against Us by giving You a notice which expressly states that We have chosen to do so. In all other cases, if We choose not to exercise Our rights against You, we can still do so at a later date.

15.5 We may transfer Our rights and obligations under these SWAPX FOR BUSINESS Card Terms and Conditions to another person by giving You 2 months' notice in writing. If We do this, Your rights under these SWAPX FOR BUSINESS Card Terms and Conditions will not be affected.

15.6 English law will decide any legal questions about these SWAPX FOR BUSINESS Card Terms and Conditions, and about Our dealings with You with a view to entering into these SWAPX FOR BUSINESS Card Terms and Conditions. The courts of England and Wales can also deal with any legal questions connected with these SWAPX FOR BUSINESS Card Terms and Conditions.

16. INFORMATION ABOUT PAYSAFE

16.1 Paysafe is a company incorporated in England and Wales under company registration number 07875693, whose registered office is at Floor 27 25 Canada Square London E14 5LQ

16.2 You can contact Paysafe at that address or through its Customer Care.

16.3 Paysafe is authorised and regulated by the UK Financial Conduct Authority as an electronic money institution under firm reference number FRN 900051 and is a Mastercard scheme member.

17. HOW TO CONTACT US

17.1 If You have any questions or queries about Your Card please contact the Customer Care.

18. COMPLAINTS

18.1 You may request a copy of Our complaints procedure at any time by contacting Customer Care.

18.2 If We do not resolve Your complaint, you may be able to refer it to the UK Financial Ombudsman Service which offers a free complaints resolution service. The Financial Ombudsman Service can be contacted at Exchange Tower, London E14 9SR. For additional contact details You may visit their website at www.financial-ombudsman.org.uk. The UK Financial Ombudsman Service is available in a number of different languages and they can put You in contact with a translator if You need one.

ANNEX 2 – SUPPORTED COUNTRIES

SWAPX FOR BUSINESS is currently offering the possibility to open a SWAPX FOR BUSINESS Account to Legal Persons registered in the following Countries where has been authorised by the Financial Conduct Authority to issue electronic money (e-money) and provide payments services in addition to the United Kingdom:
AUSTRIA | BELGIUM | BULGARIA | CROATIA | CYPRUS | CZECH REPUBLIC | DENMARK | ESTONIA | FINLAND | FRANCE | GERMANY | GIBRALTAR | GREECE | HUNGARY | ICELAND | IRELAND | ITALY | LATVIA | LIECHTENSTEIN | LITHUANIA | LUXEMBOURG | MALTA | NETHERLANDS | NORWAY | POLAND | PORTUGAL | ROMANIA | SLOVAKIA | SLOVENIA | SPAIN | SWEDEN

ANNEX 3 – SUPPORTED CURRENCIES

SWAPX FOR BUSINESS supports Wallets in the following currencies:

  • Euro (€)
  • Great British Pound (£)
  • United States Dollar ($)

A Wallet can be defined to hold money in one of the Supported Currencies. We or Paysafe can decide to support additional currencies as well as to stop supporting existing currencies at any time without any prior notice to You.

The SWAPX for Business card can be used in any currency dynamically.

ANNEX 4 – ACCOUNT DEPOSIT AND WITHDRAWAL SERVICES

Funds can be transferred into Your SWAPX FOR BUSINESS Account or withdrawn from Your SWAPX FOR BUSINESS Account in one of the following ways. We reserve the right to refuse to accept any particular deposit or withdrawal.

* By bank transfer
Subject to internal risk restrictions and to the costs and limits specified in the Fees and Limits Summary, the Account Holder may transfer money in and out from the SWAPX FOR BUSINESS Account to/from a bank account held in the name of the Account Holder.
We can accept a bank transfer in any of the Supported Currencies available in Your Account. If a bank transfer is received in a currency not supported in Your Account, it will be exchanged in one of the Supported Currencies at the prevailing rate as determined by Our Bank. If You make a bank transfer in one of the Supported Currency but You indicate to have it credited to a Wallet denominated in another Supported Currency, it will be changed to the Supported Currency of that Wallet at the prevailing rate as determined by Our Bank.
We will credit any bank transfer received to Your Account net of any bank costs or fees charged to Us by Our Bank or Your bank.
We accept bank transfers into Our Bank from banks situated in countries where the money laundering, terrorist financing and other related threats to the integrity of the international financial system are at the same level as the European and UK ones. We will reject any bank transfer coming from countries which are banned in accordance with The Financial Action Task Force (FATF) and OFAC guidelines.
SWAPX FOR BUSINESS reserves the right to reject and return to the sender, without need to justify its choice, any bank transfer received. Any bank transfer received that is required to be returned may incur a processing fee (See Fees and Limits Summary - Transaction investigation fee for details).

* By credit/debit card
Not Supported.

* Depositing cash through a specified Payment Service Provider
Not Supported.

ANNEX 5 – CURRENCY EXCHANGE SERVICE

Subject to internal risk restrictions, Permissions and to costs and limits as specified in the Fees and Limits Summary, You or any Authorised User can exchange electronic money in Your SWAPX FOR BUSINESS Account to electronic money in another Supported Currency by using the Transfer function available on the SWAPX FOR BUSINESS Client Portal. The Supported Currencies of electronic money which You are able to exchange and store in Your SWAPX FOR BUSINESS Account are limited to those set out on Annex 3 and are subject to change from time to time without Us being required to provide You with any notice.

You and any Authorised User will be informed, on the SWAPX FOR BUSINESS Client Portal, prior to sending the request to enter into the Currency Exchange Service, of:

  • the amount of electronic money You will use to purchase the amount of electronic money in Your required currency;
  • the amount and currency of the electronic money You wish to purchase;
  • the SWAPX FOR BUSINESS Exchange Rate of the electronic money.

In order to submit the request to enter into the Currency Exchange Service You and/or any Authorised User will need to confirm the details which have been entered by hitting the button entitled "Confirm Transfer" on the relevant part of the SWAPX FOR BUSINESS Client.

The request to enter into a Currency Exchange Service will be accepted, when We confirm to you that Currency Exchange Service has been completed, on the SWAPX FOR BUSINESS Client.

The "SWAPX FOR BUSINESS Exchange Rate" means the rate at which You can use one Supported Currency to purchase another Supported Currency. Generally, during FX market hours.

We offer You the real time interbank rate plus a pre-agreed spread. However, in certain circumstances, it is not possible to provide You with the real time interbank rate including when the FX market is closed on weekends or on bank holidays. It may also not be possible to provide You with the real time interbank rates due to other external factors such as volatile market conditions, a system failure of SWAPX FOR BUSINESS Client Portal or any other external factors. In such instances, we might provide you with FX rates different from the real time interbank rate. Please see Fees and Limit Summary for details. We will use the pre-agreed spread that was confirmed during the opening of your account. You will be informed of the exact Exchange Rate for each Currency Exchange Service prior to Your entry into same. It is Your responsibility to ensure that You agree with the SWAPX FOR BUSINESS Exchange Rate We offer You and/or any Authorised User prior to entering into each Transfer.

ANNEX 6 – FEES AND LIMITS SUMMARY PRICE TABLE

SWAPX FOR BUSINESS ACCOUNT VARIABLE FEES (see following)

Card Fees
Activation Fee£4.99
Domestic ATM withdrawal - UK£3.50
International ATM withdrawal£2.50
Domestic ATM inquiry - UK£0
International ATM inquiry£0
Decline at ATM£0
Decline at POS£0
Bank account loadingFree
Cost to load from a debit cardNot available
Cost to load from a credit cardNot available
POS transaction usage0
International POS usage0
Monthly maintenance feeNone
Account closure/redemptionNone
Card replacement fee£10
Cost to reverse a transactionNone
Card to card transferNot available
Foreign currency conversion 3.00% on top of Mastercard rate for currencies outside of Euros and US Dollars.

For in portal FX trades and dynamic in USD and EUR 1-2%


1 - SWAPX FOR BUSINESS does not charge any fees for usage however bank transfer and FX trade fees may apply.

2 - If You or a Card User make a Transaction in a currency other than the currency that the SWAPX FOR BUSINESS Card is denominated in, the Transaction will be converted to the currency Your SWAPX FOR BUSINESS Card by the Mastercard scheme network at a rate set by Mastercard International Incorporated (https://www.mastercard.com/global/currencyconversion) on the day We receive details of the Transaction, plus the agreed spread. The exchange rate varies throughout the day and is not set by Us. Note also that exchange rates can fluctuate and that they may change between the date You made Your Transaction and the date the money leaves Your SWAPX FOR BUSINESS Account.

4 - The interbank rate is provided by financial exchanges and may be delayed as specified by financial exchanges or Our data providers.

Note that the above exchange rates are a guide only. We do not guarantee the above exchange rates. It is Your responsibility to ensure that You agree with the SWAPX FOR BUSINESS Exchange Rate for each Currency Exchange Service You enter into, prior to entering into the SWAPX FOR BUSINESS Client.

SWAPX for Business LIMITS TABLE

  Tier 3 (Occasional Expenses & Travel) Tier 2 (Frequent Expenses & Travel) Tier 1 (Executive Expenses & Travel)
Loading Limits  
Max. Load Value Allowed Per Year £20,000 £50,000 £100,000
Max. Load Count Allowed Per Year 25 25 25
Max. Load Value Allowed Per Month £2,000 £5,000 £10,000
Max. Load Count Allowed Per Month 4 6 6
Max. Load Value Allowed Per Day £2,000 £5,000 £10,000
Max. Load Count Allowed Per Day 1 1 1
Max. Load Value Allowed Per Individual Load £2,000 £5,000 £10,000
Min. Load Value Allowed Per Individual Load £500 £500 £500
Max balance allowed at any given time £10,000 £25,000 £50,000
 
ATM Usage  
Max. Withdrawal Value Allowed Per Year £1,000 £2,500 £5,000
Max. Withdrawal Count Allowed Per Year 10 15 20
Max. Withdrawal Value Allowed Per Month £250 £500 £1000
Max. Withdrawal Count Allowed Per Month 2 2 2
Max. Withdrawal Value Allowed Per Day £250 £500 £500
Max. Withdrawal Count Allowed Per Day 1 1 1
Max. Withdrawal Value Allowed Per Transaction £250 £500 £500
Min. Withdrawal Value Allowed Per Transaction £10 £10 £10
 
POS/ Online  
Max. Purchase Value Allowed Per Year £20,000 £50,000 £10,0000
Max. Purchase Count Allowed Per Year 500 500 500
Max. Purchase Value Allowed Per Month £3,000 £10,000 £20,000
Max. Purchase Count Allowed Per Month 50 100 100
Max. Purchase Value Allowed Per Day £1,500 £5,000 £10,000
Max. Purchase Count Allowed Per Day 10 10 10
Max. Purchase Value Allowed Per Transaction £1,500 £2,500 £5,000


ANNEX 7 – CUSTOMER CARE CONTACTS

The Customer Care is provided by SWAPX FOR BUSINESS or affiliates acting also on behalf of Us. Our Customer Care department is open from Monday to Saturday – excluding bank holidays – from 8am to 7pm (Saturday 9am to 5pm). You can report a lost and stolen Card at any time by using the SWAPX FOR BUSINESS Client. We may record any conversation You have with the Customer Care for training and/or monitoring purposes.

Our contact details are:
Email: support@swapx.co.uk