WECOLLECT GENERAL TERMS AND CONDITIONS – RETAIL (EEA)
Under an agreement with WeCollect London Limited, (“Programme Partner”) We provide You with access to card and payment services. The Programme Partner acts as a programme partner and is a regulated UK-FCA EMI firm. You may have a separate agreement with the Programme Partner that governs your relationship with them. We are not a party to that agreement and are not responsible for its terms or performance.
1. These Terms
1.1 These Equals Money General Terms and Conditions (the "Terms") form a legal agreement between Equals Money Europe SA ("Equals Money", "us" or "we"); and you or the entity you represent ("you" or "your"), for the purpose of providing you with our Services.
1.2 These Terms apply from the date you first access or use the Services (the "Commencement Date") and govern your use of the Services.
1.3 By you using the Services, you confirm that you accept and agree to these Terms. If you do not agree to these Terms, you may not use the Services.
1.4 The provider of the Services under these Terms shall be Equals Money Europe SA.
1.5 We may subcontract our obligations under these Terms to third parties as permitted under Applicable Laws.
1.6 You should download a copy of these Terms for future reference. You can always download a copy of the most current version of these Terms from our website. You can also request a copy of these Terms from us at any time.
2. Definitions
2.1 Capitalised terms that are not otherwise defined in these Terms have the meanings given below unless the context otherwise requires.
"Account Details" has the meaning given in Section 11.5 of these Terms.
"Additional Services" means the services described in Section 4.1 of these Terms.
"AML Laws" means the Belgian Act of 18 September 2017 on the Prevention of Money Laundering and Terrorist Financing and on the Restriction of the Use of Cash, as amended, the U.S. Foreign Corrupt Practices Act, as amended, the Canadian Corruption of Foreign Officials Act, as amended, and any Belgian anti-corruption laws.
"Applicable Laws" means any applicable law, regulation, rule, policy, judgment, decree, order or directive, at a state or local level, including, without limitation, AML Laws, Sanctions Laws, any regulatory guidelines or interpretations or regulatory permits and licenses issued by governmental or regulatory authorities.
"Authorised User" has the meaning given in Section 10.1 of these Terms.
"Business Day" means a day other than a Saturday, Sunday or public holiday in Belgium on which banks are open for normal banking business in Brussels, Belgium.
"Card" means Mastercard and/or Visa branded cards issued to you in accordance with the Card Service Terms, as applicable.
"Card Service" has the meaning given in Section 4.1.1 of these Terms.
"Card Service Terms" means the terms applicable to the Card Service set out in Schedule 1.
"Card Transaction" has the meaning given in the Card Service Terms.
"Commencement Date" has the meaning given in Section 1.2 of these Terms.
"DD Information" has the meaning given in Section 6.1 of these Terms.
"Equals Money Platform" means the technology platform through which you can access and use the Services.
"EU" means the European Union.
"EUR" means Euro, the official currency of the Eurozone.
"Eurozone" means those member states of the EU that have adopted EUR as their official currency.
"Fee Changes" has the meaning given in Section 9.4 of these Terms.
"Fees and Charges" means the fees and charges applicable to the Services as set out in Annex A of these Terms.
"Funding Method" means each of the methods for adding funds to your Payment Account that we allow from time to time.
"FX Conversion" has the meaning given in the FX Service Terms.
"FX Service" has the meaning given in 4.1.2 of these Terms.
"FX Service Terms" means the terms applicable to the FX Service set out in Schedule 2.
"FX Transaction" has the meaning given in the FX Service Terms.
"Insolvent" means, in respect of a person, that that person is unable or admits inability to pay its debts as they fall due.
"Intellectual Property" means all patents, copyright, design rights, trade marks, trade names, domain names, rights in inventions, rights in data, database rights, know-how, confidential information, and all other intellectual and industrial property rights.
"Mastercard" means Mastercard International.
"NBB" means the National Bank of Belgium or any successor or replacement body.
"Network" means any scheme governing the issuance, use and acceptance of a Payment Method.
"Network Rules" means all applicable rules and regulations of Networks and operating guidelines, policies, procedures, manuals, announcements, bulletins and other requirements issued by the Networks from time to time.
"Payment Account" means a payment account provided to you in accordance with these Terms.
"Payment Method" means any Card or alternative non-card payment method used to carry out payments.
"Payment Request" has the meaning given in 13.1 of these Terms.
"Personal Data" means any information about or relating to an identified or reasonably identifiable individual.
"Programme Partner Platform" means the technology platform through which you can access and use the Services.
"PSD2" means Directive (EU) 2015/2366 of the European Parliament and of the Council of 25 November 2015 on payment services in the internal market.
"Regulatory Authority" means any governmental, regulatory, or self-regulatory authority having jurisdiction over any of us or you.
"Reversal" means the reversal, return or claw back for any reason of funds received by you.
"Sanctions Laws" means any economic sanctions laws, regulations, embargoes or restrictive measures.
"Sanctions List" means any sanctions list issued or maintained by any Sanctions Authority.
"Security Credentials" means any password, PIN, access code, answer to security questions or similar that enables you to use or access the Services.
"SEPA" means the Single Euro Payment Area.
"Service Provider" means the entity identified as the Service Provider in the relevant Service Schedule.
"Service Schedule" means each service schedule attached to, and forming part of, these Terms.
"Services" means the Services we provide in accordance with these Terms including any Additional Services you have been approved for.
"Supported Currency" means a currency in which a Payment Account may be denominated and in which we allow you to make payments or FX Transactions from time to time.
"Tax" or "Taxes" means any tax, levy, impost, duty or other charge, fee, deduction or withholding of a similar nature.
"Tax Authority" means any authority or person competent to impose, assess or collect any Tax.
"VAT" means any Tax in the nature of goods and services tax, consumption tax, supply or value added tax, sales and use tax, GST, turnover tax, business tax or any similar Tax in any jurisdiction.
"Visa" means Visa Europe Limited.
2.2 Unless the context otherwise requires, use of the singular includes the plural and vice versa.
2.3 A reference to a statute or statutory provision is a reference to it as amended, extended or re-enacted from time to time.
2.4 References to you or Equals Money will include any successors, permitted assignees or transferees unless stated otherwise.
3. Use of the Services and Regulatory Information
3.1 Equals Money will provide the Services in accordance with these Terms.
3.2 The provider of the Payment Account and related payment services in accordance with these Terms is Equals Money Europe SA.
3.3 Equals Money Europe SA is a public limited liability company registered in Belgium with the Belgian Crossroads Bank for Enterprises under number 0849.185.510, and whose registered office address is Floor 4, Avenue Louise 54, Brussels, 1000, Belgium. Equals Money Europe SA is authorised as a payment institution by the NBB.
3.4 Subject to Section 3.5 of these Terms, you may use the Services and any relevant Additional Services from the Commencement Date.
3.5 You may not use the Services unless and until you have provided us with any DD Information we have requested in accordance with Section 6 of these Terms.
4. Additional Services
4.1 If you have been approved to receive any of the following additional services ("Additional Services"), the applicable Service Schedule shall apply in addition to these Terms:
4.1.1 the "Card Service" – the issuance of Cards and related payment services in accordance with the Card Service Terms; and
4.1.2 the "FX Service" – the provision of spot FX transactions and FX forward transactions in accordance with the FX Service Terms.
5. Service Schedules and Order of Precedence
The Service Schedules set out additional terms that apply to particular Additional Services. If these Terms conflict with any provision of a Service Schedule, the provision of the Service Schedule shall prevail, but only in relation to the particular Service to which that Service Schedule applies. Otherwise, these Terms shall prevail.
6. Due Diligence Information
6.1 You shall provide us with any information "DD Information" we request from time to time for the purposes of conducting customer due diligence checks and/or ongoing monitoring as required under Applicable Laws.
6.2 You shall notify us of any changes to DD Information as soon as reasonably practicable.
6.3 You agree that we may provide DD Information to Networks or other third parties for the purposes of complying with Network Rules or Applicable Laws.
6.4 You agree that your failure to comply with this Section 6 will be a material breach of these Terms and we shall have the right to terminate these Terms.
7. Our obligations
We shall provide the Services and the Additional Services in accordance with these Terms and the terms of any applicable Service Schedule, Applicable Laws and the Network Rules.
8. Your obligations
8.1 You shall at all times comply with:
8.1.1 these Terms and the terms of any applicable Service Schedule;
8.1.2 Applicable Laws; and
8.1.3 the Network Rules.
8.2 You shall pay the Fees and Charges when they become due.
8.3 You acknowledge and agree that if you do not do so, this shall be a material breach of these Terms and we shall have the right to terminate these Terms.
9. Fees and Charges
9.1 The Fees and Charges applicable to the Services are set out in Annex A of these Terms.
9.2 We may refuse to process your transaction(s) or provide any other Services to you until we have received the Fees and Charges from you.
9.3 You agree that we are authorised to deduct our Fees and Charges, any applicable Reversal amounts, or any amounts you owe us from your Payment Account.
9.4 We may, in our absolute discretion, waive, amend or increase our fees or introduce new fees from time to time ("Fee Changes"). Where we do so, we will notify you two (2) months before the Fee Changes become effective.
10. Authorised Users
10.1 You may appoint authorised users (each an "Authorised User") to use and access information about the Services under these Terms on your behalf.
10.2 You must notify us of each Authorised User by taking the relevant steps as shown on the Equals Money Platform.
10.3 You must inform us promptly if any detail previously provided about an Authorised User changes or is incorrect.
10.4 You shall ensure that your Authorised Users comply with these Terms and the terms of any applicable Service Schedule.
10.5 You agree that your Authorised Users may give instructions to us in relation to the Services on your behalf.
11. Your Payment Account
11.1 Opening a Payment Account. You may request a Payment Account by either following the steps set out on the Equals Money Platform or on the Programme Partner Platform as applicable.
11.2 We may refuse to open a Payment Account for you or close, suspend or otherwise limit your access to your Payment Account if required.
11.3 Your Payment Account allows you to:
11.3.1 hold funds;
11.3.2 spend, transfer, and receive funds; and
11.3.3 convert funds from one Supported Currency to another Supported Currency.
11.4 You acknowledge and agree that you shall not earn any interest on the funds you hold in your Payment Account.
11.5 Account Details. We will provide you with details ("Account Details") via the Equals Money Platform that allow you or a third party to send funds to your Payment Account.
11.6 Suspension of your Payment Account. We may suspend your Payment Account or otherwise restrict its functionality if required by Applicable Laws, any Regulatory Authority, our commercial partners or service providers.
11.7 We will notify you if we take any action under Section 11.6 unless we are prevented from doing so under Applicable Laws.
12. Adding money to your Payment Account
12.1 You may add funds to your Payment Account with a Funding Method by following the relevant instructions on the Equals Money Platform or the Programme Partner Platform as applicable.
12.2 You are responsible for any fees or charges charged by a third party in relation to your use of a Funding Method.
12.3 We may place limits on the amount of funds you can hold in your Payment Account.
12.4 We will generally credit funds to your Payment Account when we receive them.
12.5 We may refuse to credit or delay the crediting of funds to your Payment Account in accordance with Applicable Laws.
12.6 We may occasionally credit funds to your Payment Account before we receive funds, but we have no obligation to do so.
12.7 If we have credited funds and we do not receive them, we may debit this amount from your Payment Account.
12.8 If this results in a negative balance, such amount shall be recoverable by us as a debt.
12.9 Where permitted under Applicable Laws, you agree that we may charge you a fee of EUR 50 if we need to investigate or take other actions in relation to a Reversal.
13. Payments
13.1 Payment Requests. You may instruct us to make a payment (a "Payment Request") by following the relevant instructions in the Equals Money Platform or Programme Partner Platform.
13.2 If you submit a Payment Request after 5pm on a Business Day or on a day that is not a Business Day, your Payment Request will be deemed to be received on the next Business Day.
13.3 Payment Requests for future-dated payments will be deemed to be received on the date on which you request the payment to be made.
13.4 We may decline a Payment Request for any reason in accordance with Applicable Laws.
13.5 We may delay the execution of a payment in accordance with Applicable Laws.
13.6 Once we have received your Payment Request, we will start to execute your payment immediately.
13.7 You will only be able to cancel or change a Payment Request where permitted under these Terms.
13.8 We will only execute payments if you have sufficient funds in your Payment Account.
13.9 We may place limits on the types, value and number of payments you can make from time to time.
13.10 We shall provide the estimated completion time of payments when you make a Payment Request.
13.11 We will use reasonable efforts to ensure that your payment is received by the payee within the timeframe notified to you.
13.12 For certain EUR and EU currency payments, we shall credit the amount of the payment to the payee's payment service provider by the end of the Business Day after the day of the Payment Request.
13.13 Payments in other currencies could take up to three (3) Business Days.
14. Currency Conversions
If you wish to fund a payment in a different Supported Currency to the Supported Currency in which the payment will be made, we will perform the currency conversion for you in accordance with the FX Service Terms.
15. Finality of Payments
When you make a payment, the settlement and payout to the payee are final and irrevocable unless otherwise provided for in these Terms or under Applicable Laws.
16. Information on Payments
Records of your transactions will be available in the Equals Money Platform or in the Programme Partner Platform as applicable. You should check your records regularly and notify us immediately of any suspected or actual unauthorised payment, incorrectly initiated or executed payments, concerns about charges, or other security concerns.
17. Unauthorised Payments
17.1 If we become aware of an unauthorised payment, we will refund you as soon as practicable and restore you to the position you would have been in if the unauthorised payment had not taken place.
17.2 We will have no liability for losses you incur arising from an unauthorised payment which you do not notify us of within thirteen (13) months.
17.3 You will be liable for losses arising out of an unauthorised payment in certain circumstances, including suspected fraud or gross negligence.
17.4 You may be liable for up to EUR 50 for certain unauthorised payments arising from the use of a lost or stolen Card or Security Credentials.
17.5 We may incorporate your response or lack thereof into our assessment of potential fraud.
17.6 If you have given us incorrect instructions in relation to a payment, we may reasonably assist you to recover the funds where possible.
17.7 Where we refund you for an unauthorised payment, we will credit value date your Payment Account no later than the date on which the amount was debited.
18. Closing your Payment Account
18.1 You may close your Payment Account by taking the steps set out on the Equals Money Platform or on the Programme Partner Platform as applicable.
18.2 We may not allow you to close your Payment Account if you have a negative balance, pending payment, open dispute or claim, or where required by Applicable Laws or a Regulatory Authority.
19. Changes to these Terms
19.1 We may change these Terms by giving you two (2) months' prior written notice.
19.2 We may also make some changes immediately, without prior notice, if those changes are favourable to you, required by Applicable Laws, requested by a Regulatory Authority, or relate to the addition of a new service or extra functionality.
19.3 You should stop using our Services if you do not agree to these changes.
20. Safety and security measures
20.1 You must not allow any person other than your Authorised Users to access the Services, the Equals Money Platform or the Programme Partner Platform.
20.2 You must not disclose your Security Credentials to anyone other than Authorised Users.
20.3 Any Security Credentials that you create must not use identifiable numbers, words or phrases that could be easily guessed.
20.4 If you suspect that someone else has access to or knows your Security Credentials, you must notify us immediately.
21. Tax
21.1 Fees and Charges are exclusive of all Taxes unless expressly stated otherwise.
21.2 You are solely responsible for determining which Taxes apply to the payments you make or receive.
21.3 If we are required by Applicable Laws to collect or withhold any Taxes, we may deduct those Taxes from amounts otherwise owed to you.
22. Data protection
22.1 By accepting these Terms, you consent to us accessing, processing, and/or retaining any Personal Data necessary to provide Services.
22.2 Any Personal Data you provide to us in connection with these Terms shall be held in accordance with our Privacy Policy.
23. Intellectual property
23.1 Nothing in these Terms shall cause the ownership of any of our Intellectual Property to be transferred to you.
23.2 We and/or our licensors shall remain the owner of all Intellectual Property in our brands, trade marks, logos, products and Services.
23.3 Subject to these Terms, you are granted a non-transferable, non-exclusive licence to access and use the Services.
24. Termination and suspension of these Terms
24.1 We may terminate these Terms at any time by giving you two (2) months' notice.
24.2 We may without notice suspend or terminate any part or all of these Terms, any Service Schedule, or any of the Services or Additional Services if certain circumstances apply.
24.3 The termination of these Terms will automatically result in the termination of any Service Schedule.
25. Complaints and Customer Support
25.1 If you feel we have not met your expectations or would like to make a complaint, please get in touch and we will investigate your concerns.
25.2 If you require customer support, we will use commercially reasonable efforts to provide you with that support in the English language.
25.3 Our contact details are as follows:
25.3.1 Tel: +442039067347
25.3.2 Complaints: [email protected]
25.4 If you are not happy with how we have resolved your complaint, you may forward your complaint to the Ombudsman for financial services (Ombudsfin).
25.5 Alternatively, you may also forward your complaint to the Economic Inspection Department of the Federal Public Service Economy.
26. Governing law
26.1 These Terms will be governed by and construed in accordance with the laws of Belgium.
26.2 You irrevocably submit to the exclusive jurisdiction of the courts of Belgium over any dispute, controversy or claim arising under or in connection with these Terms.