These terms and conditions govern the relationship between:
Finance Incorporated Limited trading as “PayMix” under company registration number C. 55838 with registered office at Capital Business Centre, Entrance A, Floor 2, Triq taż-Żwejt, San Ġwann, SGN 3000, Malta, a Financial Institution Authorised by the Malta Financial Services Authority under the Financial Institution Act 1994, for the issuing of electronic money and the provision of payment services, (“Finance Incorporated Limited”, “PayMix”, “We”, “Us, “Our”), and You (the PayMix Business Account holder).
These terms and conditions explain PayMix obligations to You and Your obligations to PayMix.
The following documents are incorporated into and form part of these Terms and Conditions:
The Application Form;
These Terms and Conditions, together with any additional terms and conditions which apply in relation to any of other services PayMix may provide to You;
any fee or tariff sheet referred to in Our Website where applicable; and
any Operating Instructions, information sheets or manuals relating to various aspects of the Services which are issued by PayMix from to time to time.
These terms and conditions become effective on the Operative Date in accordance with the Provisions herein.
PayMix reserves the right to suspend, cancel, add, modify or delete any term and condition in connection with Your Business Account and to amend its fees or tariff sheet. PayMix will provide You with 60 days’ written notice before amending any term and condition. You reserve the right to cancel Your Business Account and immediately terminate the Agreement without incurring any fees for doing so provided that You notify Us in writing or by contacting Our customer services within the said 60 days. If You do not accept the change, the provisions of Clauses 13 and 16 below will apply. If You do not notify Us within the said 60 days, then You will be deemed to have accepted the amendments to the terms and conditions and these will take effect.
At Application, PayMix consider that these terms and conditions are read, understood and accepted by You. In accepting these terms and conditions You are also agreeing to the Fee or tariff sheet referred to on Our Website.
Every Application is considered individually and the provision of these Terms and Conditions do not guarantee or imply acceptance by PayMix of any Application. PayMix reserve the right to reject an application should it be considered appropriate to do so.
1. Definitions and interpretation
The following terms shall (unless the context otherwise requires) have the meanings ascribed below:
“Agreement”: means the agreement entered into between PayMix and You in accordance with these Terms and Conditions and any terms and conditions applying to any of the Services, as applicable;
“Application “: means Your application to Us for the provision of any of the Services (and “Application Form” shall be construed accordingly);
“BIC”: means a Bank Identifier Code;
“Business”: means a sole trader, Partnership, Limited Liability Company, Foundation or Trust;
“Business Account”: means Your eWallet account which shall be provided to you as a Business Customer in accordance with these Terms and Conditions;
“EEA”: means the European Economic Area;
“Group Company”: means in respect of a party, any undertaking which, directly or indirectly controls or is controlled by such party or an undertaking which, directly or indirectly, controls or is controlled by any aforementioned undertaking;
“IBAN”: means an International Bank Account Number;
“Instruction”: means any instruction given to PayMix by You, as referred to in Clause 6;
“Operative Date”: means the date upon which Your Business Account is activated;
“Online Portal” means the online management system made available by PayMix on the Website and accessible by You which enables You to manage the information and functionality relating to Your Business Account;
“Operating Instructions”: means any operating instructions as communicated to You by PayMix from time to time, setting out the procedures, information and instructions which You must follow in connection with the Services;
“Person” means any individual;
“PEP (Politically Exposed Person)”: means all persons who fulfil a prominent public function. For the purposes of the definition of ‘political exposed persons’ –
The term ‘have been entrusted with prominent public functions’ shall include the following:
Heads of State, Heads of Government, Ministers and Deputy and Assistant Ministers and Parliamentary Secretaries;
Members of Parliament;
Members of the Courts or of other high-level judicial bodies whose decision are not subject to further appeal, except in exceptional circumstances;
Members of courts of auditors, Audit Committees or of the boards of central banks;
Ambassadors, charges d’affaires and other high ranking officers in the armed forces;
Members of the administrative, management or boards of State-owned corporations.
The term ‘immediate family members’ shall include the following:
The spouse, or any partner recognized by national law as equivalent to the spouse;
The children and their spouses or partners; and
The term ‘persons known to be close associates’ shall include the following:
A natural person known to have joint beneficial ownership of a body corporate or any other form of legal arrangement, or any other close business relations with that politically exposed person;
A natural person who has sole beneficial ownership of a body corporate or any other form of legal arrangement that is known to have been established for the benefit of that politically exposed person.
“Regulation”: means all laws, acts, regulations, orders and directives and all codes of practice and guidance issued by government agencies, self-regulatory bodies and trade associations (whether or not having the force of law) applicable to the conduct of Our or Your businesses or in connection with their rights and obligations under these Terms and Conditions;
“Rules”: means the applicable rules, regulations and operating guidelines relating to your Business Account;
“Transaction”: means a payment transaction issued by a payee or payer to place, transfer or withdraw funds;
“Website”: means Our website which is available at www.paymix.pro;
“Working Day”: means Monday to Friday, excluding Bank Holidays; and
“You”: means the Business which has applied for the Services and been accepted by Us as a customer.
In these Terms and Conditions (unless the context otherwise requires):
the words “including” and “include” and words of similar effect shall not limit the general effect of the words which precede them;
references to the Agreement, Terms and Conditions and any other agreement, contract or document (including the Rules) shall be construed as a reference to it or them as varied, supplemented or novated from time to time;
words importing the singular shall include the plural and vice versa;
words importing any gender shall include a reference to each other gender; and
references to a numbered clause or paragraph are to a clause of these Terms and Conditions or paragraph of the schedule so numbered.
The headings in these Terms and Conditions are for convenience only and shall not affect their construction or interpretation.
2. Our obligation
Notwithstanding any Application Form submission, PayMix shall not be obliged to provide any Service unless and until We notify You in writing that We have accepted your Registration and Your Business Account been activated as a result.
The Services shall be provided in return for the fees and upon and subject to the provisions of these Terms and Conditions.
The Services shall be provided with reasonable care and skill and in accordance with all applicable laws and regulations (including the Rules and the Operating Instructions).
You acknowledge and accept that Your Business Account does not expire and that no interest shall accrue in favour of Your monies that are held on Your Account.
Our Services shall include the services provided by PayMix in respect of the Business Account, together with any other Services which may be requested by You and agreed to by PayMix from time to time.
5. Opening Your Business Account
When You apply to open a Business Account, We are required by the Prevention of Money Laundering and Funding of Terrorism Act (“the PMLFTA”) to first identify the business by gathering the following information:
the company’s official full name;
the company’s registration number;
the company’s date of incorporation or registration; and
the company’s registered address or principal place of business.
We will not open the Business Account until We have verified Your identity and address (being a Sole Trader, Partnership, Limited Liability Company, foundation or trust, as the case may be).
To verify the above information as well as the legal status of the Business We would require the following documents, as the case may be:
the certificate of incorporation;
a company registry search, including confirmation that the private company has not been, and is not in the process of being dissolved, struck off, wound up or terminated; and
the most recent version of the Memorandum and Articles of Association or other statutory document.
In addition, We will identify and verify each director, signatory and the Ultimate Beneficial Owner/(s) of the Business Account. To this respect You may be asked to provide additional personal details and supporting documentation.
If We are unable to verify identity through an electronic search, or would require further documentation according to individual circumstances, We will contact You and ask You to provide such documents and You agree to provide such documents.
Politically Exposed Persons (“PEP”)
At Application, You will be required to disclose to Us whether a director, signatory and/or ultimate beneficial owner(s), or her/his immediate family member, or a close associate have been entrusted, whether presently or in the past, with a prominent public function. You shall immediately inform Us as soon as s/he/they become a PEP or an immediate family member or a close associate of a PEP.
We also have an obligation to maintain up to date identification for all Our customers. This means that We may require additional information from time to time, even for customers who currently receive or have previously received services from Us and You will, upon request, provide such additional information.
6. Payment Instructions
All Instructions given by You shall be logged through the online portal. Such Instructions will be actioned in accordance with the time periods set out herein and as soon as reasonably possible after the Instruction is received.
PayMix may treat all apparently valid Instructions purporting to be given by, or on behalf of You, as Instructions properly authorised by You. Our online portal will have in place necessary controls to ensure that transactions are executed by the Signatories appointed by You and in accordance with Your signatory powers and limits as communicated to Us. You and Your Signatories need to follow the instructions provided to You with such additional security measures.
Where We reasonably believe that an Instruction purporting to come from You or any of Your Signatories has not been properly authorised by You or the Signatory or that any other breach of security has occurred in relation to Your Use of the Services, we reserve the right not to act, or to delay acting upon the Instruction and, in that event, We will inform You as soon as reasonably practicable. PayMix will not have any liability to You if You suffer loss as a result of Our decision not to act or to delay in acting on an Instruction in these circumstances.
You shall ensure that all Instructions sent to Us are complete and accurate. PayMix will not be liable for any loss if an Instruction is not actioned or is actioned incorrectly due to inaccurate or incomplete Instructions or if an Instruction is not received by Us.
You may request Us to cancel or modify any Instruction but We are only required to use reasonable efforts to comply with such request. PayMix will not be liable for any failure to cancel or modify such an Instruction.
We may refuse, at Our discretion and without liability, to act or delay acting on Your Instruction if it is a request or Instruction, the effect of which would be to exceed a general limit imposed by Us in relation to Your Business Account.
You should ensure that Your Monies in your Business Account are sufficient to cover the payment You intend to make as well as any applicable fees. We shall refuse an informal overdraft request that would cause Your Business Account to go overdrawn.
You shall indemnify and keep Us indemnified against all actions, proceedings, costs, loss or damage of any kind We and Our subsidiaries and associate undertakings may suffer as a result of acting on Your Instructions in relation to the Services or as a result of Your failure to comply with Your obligations under these Terms and Conditions.
7. Payments to Your Business Account
The following items are acceptable for payment to Your Business Account:
Bank transfers from other bank accounts held in Your name with other credit institutions, for which You must provide Your credit institution with PayMix BIC & IBAN and Your Business account number as reference;
Credit/Debit cards issued in the name of a sole trader by other credit institutions/issuers;
Request for payments raised through Our online portal, for which You must provide the third party sender with PayMix BIC & IBAN and the payment token number generated by Our online portal;
Transfers from other PayMix E-wallet accounts; and
Other payment methods available in Your country of residence.
Where the Loading channels are payment services provided by third party financial institutions, We do not guarantee the use of any particular loading channel made available, and We may make changes to or discontinue the acceptance of any particular loading channel at any time by giving you notice in accordance with Clause 13.
If You choose a loading channel that may be subject to chargeback rights such as (but not limited to) credit or debit card or direct debit, You declare that You will not exercise such chargeback right other than for a breach by Us of this Agreement which would result in You having a right to a refund of the loaded / reloaded amount. Otherwise, You may not charge back any loading transaction or allow a chargeback of any such transaction for reasons for which We are not responsible including (but not limited to) disputes with merchants for non-delivery of goods or services or insufficient balance on Your account. We reserve the right to charge You fees and expenses We incur in connection with such chargeback and any action undertaken to challenge the same. We may also charge You a chargeback fee per chargeback as referred to on Our Website, where applicable.
If a chargeback or reversal of a loading Transaction results in a negative balance on Your Account, You will be required to repay such negative balance by reloading sufficient funds into Your Business Account. Failure to do so is a breach of this Agreement. Repayment of the negative balance is due immediately without notice. During such period when the Account is in negative balance and until You make the required repayment to Your Account We reserve the right to block Your Account and require repayment from You. To the extent that You do not reimburse Us within 2 Working Days We reserve the right to charge you a Negative fee. We also reserve the right, at any time, to send You reminders or to take other debt collection measures including but not limited to mandating a debt collection agency or solicitors or to pursue the claim in court. We reserve the right to charge You the expenses PayMix reasonably incur in connection with any debt collection or enforcement efforts.
Loading through Credit/Debit cards issued in Your name by other credit institutions/issuers will be made available on same Business Day.
Payments through Bank transfers will be credited to Your Business Account on the following Working Day after funds are received by PayMix.
Transfers from other PayMix E-wallet accounts will be credited to Your Business Account on the same Business Day.
If a payment is (i) fraudulently or mistakenly paid into Your Business Account or (ii) refused by any competent authorities or if We are obliged to return a payment to the payer for any reason after it has been credited to Your Business Account, You agree that the amount of the payment may subsequently be deducted by Us. This may occur even if (i) the funds are included in Your Business Account balance, (ii) You have used the funds to make a payment or (iii) You have transferred or withdrawn all or part of them. If the deduction of the payment from Your Business Account would make Your Account go overdrawn, You acknowledge that the amount by which Your Account is in debit, shall constitute a debt owing by You to Us. Following notification by Us to You that You have a debit balance on Your Business Account, You shall promptly reimburse such sum to Us and in any event within 2 Working Days of notification by Us. To the extent that You do not reimburse Us within 2 Working Days following notification by Us, We reserve the right to charge you a Negative fee. We also reserve the right, at any time, to send You reminders or to take other debt collection measures including but not limited to mandating a debt collection agency or solicitors or to pursue the claim in court. We reserve the right to charge You the expenses PayMix reasonably incur in connection with any debt collection or enforcement efforts.
You should be aware that payment paid into Your Business Account can be reversed. We reserve the right to reverse a payment in cases where the Payer or the Payer’s bank has charged back or otherwise reversed (or is reasonable likely to charge back or otherwise reverse) a loaded or other payment which was used to fund the payment to You.
8. Payments from Your Business Account
Payments from Your Business Account can be made to a third party recipient through SEPA Credit Transfers and Electronic Fund Transfer or other methods notified to You from time to time.
We will process and be responsible for processing payments from Your Business Account solely on the basis of the BIC, sort code or national bank code of the recipient’s bank and the recipient’s bank account number (or IBAN) included in the payment Instructions We receive from You, regardless of any additional information provided to Us.
If incorrect payment details have been provided, the payment may be delayed or credited to a wrong account and We will not be liable for any loss incurred by anyone and/or for any delay to the payment being made. In addition PayMix reserve the right to charge You with a recall/cancellations/repair fee plus a recharge of other third party banks.
Payment instructions will be processed by PayMix as follows:
SEPA Credit Transfers on the same day – for payments received on a Working Day by 16.00 CET; or on the following Working Day – for payments received after 16.00 CET or on a day that is not a Working Day in Malta and/or the country of our counterparty banks.
Non-SEPA Transfers on the same day – for payments received on a Working Day by 13.00 CET; or on the following Working Day – for payments received after 13.00 CET or on a day that is not a Working Day in Malta and/or the country of our counterparty banks.
SEPA credit transfers will be executed as a “Shared” (“SHA”) payment instruction whereby You will bear charges applied by Us and the beneficiary bears charges applied by the beneficiary’s payment service provider.
For Non-SEPA transfers, You must indicate the person bearing the charges applied by other payment service providers. If You indicate “SHA”, You will bear charges applied by Us and the beneficiary bears charges applied by the beneficiary’s payment service provider. On the other hand if You indicate “Borne by ordering customer” (“OUR”), You will bear charges applied by Us and by the other payment service provider. The respective charges by the other payment service provider will be debited to your Business Account once communicated to Us by the other payment service provider.
We will give You prior notice of any National and/or Public Holidays during a particular calendar month.
Outward payments will be reflected in Your Business Account on the next working day after You authorise such transactions. Nevertheless, Your Business Account available balance would be deducted with the payment amount.
Payments may be subject to payment limits due to security and legal requirements. You should ensure that Your limits are sufficient to cover the payment You intend to make as well as any applicable fees.
When executing transfers from Your Business Account to another Business/Personal Account held with Us, You should be aware that the recipient of a payment may be subject to loading, spending and withdrawal limits and that this may affect the recipient’s access to the funds You intend to send.
Transfers from Your Business Account to another Business/Personal Account held with Us will be processed on the same day unless recipient is subject to a limit under paragraph 8 of this Clause.
Except to the extent that loss or damage is caused directly by PayMix negligence or wilful misconduct, and as otherwise set out in this Clause 9, PayMix will not be liable to You for any loss or damage which You may suffer as a result of Your use of the Services.
PayMix will not be liable to You or any third party for:
any loss suffered if You give PayMix an Instruction which is incorrect including but not limited to incorrect payment details;
any loss of information, profit, goodwill, business or anticipated savings nor for any indirect loss or damage in each case whether reasonably foreseeable or not and even if PayMix has been advised of the likelihood of such loss or damage and whether arising from negligence, breach of agreement or otherwise;
any loss suffered if PayMix is prevented from or delayed in providing You with payment or other services due to PayMix complying with its other obligations under applicable law or Regulation or due to abnormal or unforeseeable circumstances beyond PayMix reasonable control (which may include but is not limited to the action of any government or government agency, strikes or other industrial action not involving PayMix staff, failure of third party equipment, interruption to third party power supplies and/or disruption to the international banking systems to and/or through which payments are sent); or
any losses resulting from third party services outside PayMix reasonable control (including, but not limited to, telephone and browser services or any act or failure to act by any other financial institution or third party), whether such services are used by You to access the Services or used by PayMix in order to provide the Services or to comply with Your Instructions. We shall not be liable for errors, delays or failures in the transmission or receipt of Instructions.
Nothing in these Terms and Conditions shall limit PayMix liability for death or personal injury resulting from its negligence.
You are responsible for the security of any information which You communicate to PayMix in the course of using the Services.
You are liable for any telephone or other communication charges and any charges made by Your internet service provider or any third party as a result of its use of the Services.
You shall be liable, without limitation or exclusion, to PayMix for any loss suffered by Us as a result of Your breach of these Terms and Conditions or through your negligence.
We will be responsible for losses resulting directly from payments which You tell Us that You have not authorised unless You have acted fraudulently or You have allowed an unauthorised person to give payment instructions or You (or any of Your signatories) have not immediately notified Us and/or changed Your password when You become aware of any breach of security relating to Your Business Account.
For the avoidance of doubt, You are liable without any limit for all losses relating to payments where You have acted fraudulently or failed to comply with these Terms and Conditions.
You shall indemnify and keep PayMix indemnified against all actions, proceedings, costs, loss or damage of any kind PayMix and any of Our subsidiaries and associate undertakings may suffer as a result of acting on Your instructions in relation to the Services or as a result of the Your failure to comply with Your obligations under these Terms and Conditions.
10. Safeguarding of Assets
As per article 10B of the Financial Institutions Act, PayMix shall safeguard all funds received from payment services users or in exchange for electronic money that has been issued.
Such funds held by PayMix, shall be deposited in a separate bank account in a credit institution domiciled in a reputable jurisdiction.
You acknowledge that the Maltese Deposit Guarantee Scheme does not cover electronic money issued by Us or claims made in connection with the issuing of electronic money.
11. Force Majeure
PayMix shall not be responsible or liable for any losses arising out of any delay in or interruption of the performance of its obligations under this Agreement due to any act of God, act of governmental authority, act of the public enemy or due to war or terrorism, the outbreak or escalation of hostilities, riot, civil commotion, insurrection, labour difficulty in relation to a third party (including, without limitation, any strike, or other work stoppage or slow down), severe or adverse weather conditions, communications line failure, or other similar cause beyond the reasonable control of PayMix so affected at the time such causes arise (“Force Majeure Event”). PayMix shall be excused from its performance of its obligations for the duration of such Force Majeure Event provided that it shall at all times use all reasonable endeavours to mitigate the effects of such Force Majeure Event. If a Force Majeure Event continues for a period exceeding fifteen (15) consecutive Business Days then You will be entitled to terminate this Agreement without further charges.
Our fees for providing the Services to You are set out on Our Website and You agree that they may be deducted from Your Business Account either when the Services are provided or at the end of the applicable charging period (as appropriate).
We may amend Our fees at any time in accordance with Clause 13 below.
13. Changes in terms and conditions
Except as is otherwise set out herein, PayMix may, at its discretion, amend these Terms and Conditions at any time (including amendments and additions to Our fees) and We may also agree separate terms with You in writing.
Where amendments are made in order to comply with the Rules or any Regulation, PayMix may implement such amendments prior to notification to You.
If PayMix apply a change that is in Your favour, PayMix will apply the change immediately and notify You via Our online portal or in writing. If PayMix wish to make a change that is not in Your favour, PayMix will provide You with at least 60 days notice in writing.
PayMix may upgrade Your Business Account or enhance the Services provided to You at any time where You will incur no extra cost and PayMix consider this to Your advantage.
PayMix may from time to time adjust the content and interfaces of the Services. If such adjustments lead to a change in software, interfaces or operating procedures, PayMix shall notify You as soon as reasonably practicable prior to the implementation of such adjustments.
If You do not agree to changes to these Terms and Conditions which are unfavourable to You, You have a right to close your Business Account or terminate this Agreement, where applicable. If You do not write to PayMix to close your Business Account or terminate the Agreement on these grounds, PayMix are entitled to assume You have accepted the changes to the Terms and Conditions on the lapse of the 60 day notice.
For the avoidance of doubt, these Terms and Conditions will not be deemed to be or be interpreted as having been amended as a result of any oral communication between the Parties or as a result of any practice between the Parties.
Statements (including such information relating to payments made out of the Business Account as is required under the Central Bank Of Malta Directive No 1 – The Provision and Use of Payment Services) will be made available through Our Online Portal.
You are expected to check each statement and notify Us immediately of any errors or queries.
Through Our Onine Portal you may also generate on an ad hoc basis at Your request transaction history reports – for which no fees shall apply.
PayMix may contact You by post, telephone, fax or email using the latest address, telephone number or email address You have given Us. It is Your responsibility to ensure that PayMix have Your current contact details. If You do not inform PayMix promptly of a change to Your details, the security of Your information could be put at risk.
If PayMix believe that there is any doubt about the address which You have provided, PayMix may suspend the operation of Your Business Account (without liability for the consequences of so doing) until Your address is confirmed to Our satisfaction.
We will normally contact the contact person named in Your Application Form subject to any legal requirements or unless You request otherwise.
You can contact Us at the appropriate address and telephone number We give You, or by email. For further information You may visit Our Website.
We may record or monitor telephone calls and monitor electronic communications (including emails) between us so that PayMix can check Instructions and make sure that PayMix are meeting its service standards and complying with all applicable laws and Regulations.
We only provide information to You in the English language.
16. Closing Your Business Account
Subject to Clause 16.3.2, You have the right to close Your Business Account immediately by written notice to Us. In the event that You close Your Business Account or if We close Your Business Account for the reasons described in Clauses 16.2 and 16.3.1 prior to 12 months after Your Personal Account is opened, termination fees as set out on Our Website shall apply.
We may take action to close Your Business Account immediately in exceptional circumstances such as if We reasonably believe that:
You are not eligible for a Business Account;
You have given Us any false information at any time;
You or someone else is using the Business Account illegally or for criminal activity;
Your behaviour means that it is inappropriate for Us to maintain Your Business Account;
Your conduct in relation to Your Business Account has been consistently unacceptable.
by maintaining Your Business Account We may break a law, regulation, code or other duty which applies to Us;
by maintaining Your Business Account We may damage Our reputation; or
You have been in serious or persistent breach of this agreement or any additional conditions which apply to Your Business Account.
In addition to Our rights to close Your Business Account set out above, We may also close Your Business Account where:
any minimum balance in place from time to time of the Business Account has not been maintained or your account has been dormant in accordance with with Clause 17; or
You do not accept a change which is unfavourable to You, of which notice has been given in accordance with Clauses 13 above. You should tell Us in writing before the lapse of the said notice period. Telling Us that You do not accept the change will be deemed to be Your request to close Your Business Account immediately and without any additional fees for closing Your Business Account.
When Your Business Account is closed it is Your responsibility to cancel any direct payments to Your Business Account. Where someone attempts to make a payment into a Business Account which has been closed, PayMix will take reasonable steps to return the payment to the sender.
If PayMix want You to close the Business Account We will write to You specifying the period of time within which You are required to comply with this request. If, at the end of that period the Business Account has not been closed, We will be entitled to refuse to accept any more payments into the Business Account and may return any existing balance to You.
Other than in the circumstances mentioned above in clauses 16.2 and 16.3, We will not close Your Business Account without giving at least 2 months’ notice.
We will return any funds to You within 30 calendar days of the Business Account closure (unless they are reasonably required by Us as security against any liability owed by You to Us).
You agree to repay any amounts You owe Us which have not been taken out of Your Business Account at the date of closure, and any charges incurred.
17. Blocking/Dormant Accounts
We may take action to block Your Business Account immediately in the following circumstances:
If We reasonably believe that an Instruction purporting to come from You has not been properly authorised by You or that any other breach of security has occurred in relation to Your Use of the Services; and
If your account has been dormant and there have been no Transactions (excluding all and any fees and charges that may apply) for a period of at least 6 months, we reserve the right to block it and list your account as a dormant account;
You can reactivate your blocked account upon contacting and providing clear instructions to Our Customer support.
We will take reasonable care to ensure that information PayMix hold about You is not disclosed to anyone, except where:
PayMix is required to disclose information to Our Group Companies, professional advisers employees, officers, sub-contractors and agents (on a need to know basis);
PayMix is required to disclose information in connection with the sale, acquisition or restructuring of Our Group Companies, provided that the recipient of the information uses it for the same or similar purposes for which it was supplied or used by Us;
PayMix is legally required to disclose;
PayMix has a public duty to disclose;
Our legitimate business purposes require disclosure;
the disclosure is made with Your consent; or
it is disclosed in accordance with Clause 19 below and such other provisions of these Terms and Conditions.
19. Information and information sharing
We accept responsibility for information You provide to Us, upon receipt of such information.
PayMix may refuse to accept information from You where the requirements specified in any instructions issued by Us from time to time are not satisfied and Our processing of the information shall not preclude Us from subsequently requiring its replacement, deletion or correction.
If You contact PayMix via email, We may collect Your electronic identifier (for example, Internet Protocol (IP) address or telephone number) supplied by Your service provider.
PayMix may share information which We receive from You during our initial assessment, with such associated organisations as is necessary for the purposes of providing the Services.
PayMix reserve the right to pass information about You or Your Business Account to third parties for administrative purposes, fraud prevention or where We are required to do so by law.
PayMix has legal obligations regarding the detection, reporting and prevention of fraud, money laundering and terrorist activity.
The Data Protection Act (CAP 440) protects individuals from improper use of information held about them. All personal information that You provide to Us will be treated as private and confidential even when You cease to be a customer.
You are entitled to enquire about information that PayMix holds about You by making a request in writing to Our registered address.
You can request PayMix not to receive any marketing materials from Us by emailing Us at the address shown on Our Website.
From time to time, PayMix may change the way it uses Your information. Where PayMix believe that You may not reasonably expect such a change We shall notify You in writing. If You do not object to the change within 30 days, You will be taken to have consented to such change.
The information which We collect from You may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). Information may also be processed by staff operating outside the EEA who work for Us or for one of its sub-contractors or suppliers in connection with the Terms and Conditions. PayMix shall ensure that the adequate level of protection required by law is given to any of Your information which is transferred or processed outside of the EEA in accordance with this Clause.
You and Your signatories should make all reasonable attempts to protect Your Business Account. If You change any of Your Business details such as Your name or address, please let Us know immediately in writing to Our trading address. We may require evidence of a change of address or name.
You and Your signatories must keep the password of Your Business Account safe, secure and secret at all times and You must not disclose it to any other person including friends, family or work colleagues.
Where You and Your signatories suspect that a third party knows the log-in details or password to Your Business Account, or where such details have been lost, stolen, misappropriated, used without authorisation or have become compromised, You and Your signatories must immediately change it through Our Online Portal.
You and Your signatories must immediately notify Us if You become aware of any breach of security relating to Your Business Account. Please contact Us by telephone on +356 2247 0088 at the earliest opportunity and no later than the next Working Day. You will be required to confirm this in writing to Us. Any delay in notifying Us may result in You bearing all the losses resulting therefrom as further explained in Clause 9.
If You become aware of a transaction on Your Business Account which You and/or Your signatories have not authorised, please contact Us by telephone on +356 2247 0088 in the first instance at the earliest opportunity.
21. Assignment and subcontracting
This Agreement is personal to You and You may not assign it or transfer any rights in relation to Your Business Account or any of Your rights under it without Our consent.
The electronic money on the Business Account belongs to the person or legal entity which is registered as the Account holder.
We shall be entitled to assign or transfer the benefit of all or any of Our rights in relation to Your Business Account and/or to sub-contract all or any of Our obligations herein to any Person at any time.
22. Governing law and jurisdiction
These Terms and Conditions and any matter arising from or in connection with Your Business Account shall be governed by and construed in accordance with Maltese law.
We and You irrevocably agree that, for Our benefit only, the Maltese courts shall have exclusive jurisdiction over any claim or matter arising from or in connection with Your Business Account, or the legal relationships established by or in connection with it. Accordingly, any proceedings by or against Us in respect of such claim or matter must be brought in the Maltese courts, but We shall not be prevented from taking proceedings against You either in the Maltese courts or in any other court of competent jurisdiction. To the extent permitted by law, We may take concurrent proceedings in any number of jurisdictions.
Our aim is to provide the highest possible standard of service to all Our customers. If, however, You wish to make a complaint about Our service or any other issue, please contact Us by sending an email to firstname.lastname@example.org. Alternatively, You can also call Our Customer Support on +356 2247 0099 during office hours and provide them with full details of Your complaint. We will then investigate the situation and try to resolve the issue as quickly as possible.
If You remain dissatisfied with Our full response regarding a Business Account or Our other Services, You can write to:
Office of the Arbiter for Financial Services
St Calcedonius Square
Phone Number +356 2124 9245 (Freephone from Malta 80072366)
25. FATCA Reporting Obligations
The Foreign Account Tax Compliance Act (“FATCA”), effective July 1, 2014 is a new legislation introduced by the Unites States Department of Treasury and the U.S. Internal Revenue Service (“IRS”) to encourage better tax compliance by preventing U.S. Persons from using banks and other financial institutions to avoid U.S. taxation on their income and assets.
In Malta the principles of FATCA have been brought into local laws, pursuant to the Intergovernmental Agreement signed between the Government of the Republic of Malta and the Government of the United States of America. Under this Agreement, PayMix will be reporting information relating to U.S. accounts to the Inland Revenue Department of Malta.
PayMix is committed to being fully FATCA compliant and to confirm its customers’ FATCA status. Where necessary, we may have to obtain further information and documentation such as PayMix declarations and/or IRS forms, which will enable our customers to declare and confirm their tax status to us for the purpose of FATCA.
The IRS forms that we may ask from you are a self-certification and PayMix is not required to verify that any U.S. Tax Identification Number (“TIN”) or information supplied by customer is correct.
Where a customer fails to provide when requested further information and documentation to provide a U.S. TIN or evidence of non-U.S. status and the account becomes active, PayMix is required to treat such accounts as a Reportable account for FATCA purposes.
PayMix makes no guarantee of the accuracy and completeness of the IRS forms and shall not be responsible for any errors nor shall PayMix be liable for any loss that results from reliance upon the information provided in the IRS forms and guidance.
PayMix cannot offer any tax advice relating to FATCA, and we encourage our customers to seek professional legal and tax advice specific to their own situation.
Please visit our FAQ’s</a style=”color: #ffbc01;> for more information on FATCA.
|CUMULATIVE INCOMING FUNDS
|Max daily (volume)
|Max weekly (volume)
|Max monthly (volume)
|Max daily Number of Transactions
|Max weekly Number of Transactions
|Max monthly Number of Transactions
|CUMULATIVE OUTWARD PAYMENTS
|Max daily (volume)*
|Max weekly (volume)*
|Max monthly (volume)*
|Max daily Number of Transactions
|Max weekly Number of Transactions
|Max monthly Number of Transactions