ValorPay Business Debit Card Terms

Introduction

This Agreement contains the terms on which we provide the Services to you.

Please read this Agreement in full before you start using the Services; it contains important information about us, the Services we will provide to you, the circumstances under which this Agreement may be changed or ended, what to do and how to access help from us in the event there is a problem as well as other relevant information.

Please contact us at info@4payments.io if you wish to discuss.

This Agreement refers to other documents that apply to the use of the Services as follows:

ValorPay UAB Privacy Policy https://valorpayonline.com/privacy-policy.html

These additional documents are not part of the Framework Contract.

By starting to use the Services (including, for example, downloading the app, logging into your secure personal log in area on our website, loading your E-wallet with funds or otherwise using the Card to transact) you confirm that you accept and agree to this Agreement (including any updates to this Agreement and the other documents referred to above).

Who we are and how to contact us

Our company information: ValorPay UAB is a company incorporated under the laws of Lithuania with registration number: 304881005. Our registered address is Konstitucijos pr. 7, LT-09308 Vilnius, the Republic of Lithuania (“ValorPay”, “us”, “we”, “our”, as applicable in the context).

We are authorised by the Bank of Lithuania: ValorPay UAB is authorised by the Bank of Lithuania (“BOL”) (licence code: 304881005) to issue electronic money and provide payment services.

How to contact us: You can contact us:

By email: support@valorpayonline.com

By writing to:

ValorPay UAB Reg. No. 304881005 Konstitucijos pr. 7, LT-09308 Vilnius, Lithuania

By instant messaging / chat: When logged into your secure personal log in area of our website

Glossary

Card means the payment card issued by us to you that is connected to your E-wallet and may be used to transact.

E-wallet means an e-money account issued to you by us that you may load with funds and use to transact.

Framework Contract means a contract for payment services which governs the future execution of individual and successive payment transactions and which may contain the obligation and conditions for setting up a payment account as defined in the EU Payment Services Directive 2017.

Funding Source means a payment instrument (such as a credit card, debit card or bank account) that you can link to your E-wallet by entering its credentials and subsequently use for Top-Ups from time to time.

Services means the Card, E-wallet and other services provided by us to you in connection with the Card and the E-wallet.

Supported Currencies means those foreign currencies that we support and can be loaded onto a E-wallet for spending.

Top-Up means loading “topping up” your E-wallet with funds.

Getting started

Corporate customer: By entering into this Agreement, you, the corporate customer, confirm that you are not a consumer, micro-enterprise or a charity within the meaning of the Payment Services Regulations 2017 (“PSR”) and Payment Service Directive (Directive (EU) 2015/2366 as updated from time to time) (“PSD”) agree:

About the Card and E-wallet

Description

The Card and the E-wallet are issued by us – ValorPay. Please see our company’s details in Section 2 (Who we are and how to contact us).

Card

The Card is a payment card that can be used for online and in-store purchases worldwide at merchants who accept Mastercard/Visa payment cards as a form of payment for goods and services. The Card is not a credit card or a charge card. Transactions made using the Card will be debited from the balance of funds held in the E-wallet.

E-wallet

The E-wallet is an e-money account. You may load the E-wallet with e-money using different payment methods (see Section 5.3).

No interest is payable to you on the balance of funds held in the E-wallet; nor does the balance of funds held in the E-wallet constitute a deposit.

The E-wallet may be used to transact. In order to use the E-wallet to transact, you must first load funds onto the E-wallet (please see Section 5.3).

Once loaded with funds, you may send funds from the E-wallet to another payment account.

Each time you transact using the E-wallet or the Card, the balance of funds held in the E-wallet will be debited by the amount of the transaction plus any applicable fees.

In addition to EUR, you may load your E-wallet with funds in different Supported Currencies. We do not support all foreign currencies. The list of supported cryptocurrencies is available within the 4Payments application.

Please note that the funds held in your E-wallet are NOT protected by the Financial Services Compensation Scheme; however, we follow the requirements of the Electronic Money Regulations 2011 which are designed to ensure the safety of funds held on accounts such as this.

  • What happens in cases where there are insufficient funds in my E-wallet?

If you attempt to send money from the E-wallet or pay for a purchase using the Card and you have an insufficient balance of funds held in your E-wallet to make that payment, the payment will be declined.

You must have a sufficient balance of funds held in your E-wallet to make a payment. The balance of funds held in your E-wallet must not be negative.

If you attempt to make a payment using the E-wallet or Card in a particular currency and you do not hold a sufficient balance of that currency in the E-wallet or the payment otherwise anticipates a currency that we do not support, the payment will be automatically processed using a balance of another currency that you do hold in your E-wallet and a currency conversion rate will be applied (please see section 9.3 for currency conversion rates).

If you do not hold a balance in another currency upon which to draw funds to cover a payment, your payment will be declined.

  • Loading funds into your E-wallet with Top-Up

  • Use of the E-wallet and the Card

Accounting for service charges or tips when using the Card

When using your Card at certain merchants (such as, for example, hotels or car rentals), an additional amount (typically 10%-20%) may be added to anticipated service charges or tips, temporarily reducing the balance of funds held on the E-wallet. This is to ensure there are sufficient funds available to cover the final cost of the transaction and to reduce the risk of a negative balance arising on the E-wallet. If your actual service charge or tip is less than the additional amount added, it may take up to seven (7) days from the date of the transaction before the difference is available to spend. Only the actual amount of the final bill agreed between you and the merchant will be deducted from the funds held on the E-wallet.

Shortfall

In the unlikely event, a transaction is completed when there are insufficient funds in the E-wallet for that transaction (a “Shortfall”), the Shortfall shall be reimbursed by you unless it is due to an error on the part of the Merchant where the Card was presented, in this circumstance we may seek the Shortfall from the Merchant.

You agree that once we make this Shortfall known to you, we may charge you for the Shortfall amount and deduct the amount from the balance of funds loaded into the E-wallet or from your linked Funding Source. We may also charge the amount of the Shortfall from any other Cards that you hold with us, or any other payment method which you may designate at that time, or against any funds which you may subsequently load into the E-wallet. Until we are reimbursed the Shortfall amount, we may suspend the E-wallet and the Card. In addition, we reserve the right to charge you an administration fee for each transaction that you make using the E-wallet and/or Card that results in a Shortfall or increases the Shortfall amount on the E-wallet.

Communicating with you

  • How we will contact you: We may contact you by telephone, letter, SMS or email using the details that you have provided to us in your secure personal log in area of our website. You must keep your contact details in the secure personal log in area up-to-date at all times.

  • Information: Where we are required to provide information to you on a durable medium, we will either send you a notification in your secure personal log in area of our website pointing you to information in the personal log in area in a way that enables you to keep that information, unchanged, and refer to it in the future, such as pdf. Please keep copies of information provided by us to you. If you would like us to provide information in a different manner than agreed, then we may charge you a reasonable administration fee to cover our costs.

  • Language: We will communicate with you in English.

Keeping your card safe

Steps you must take to keep your E-wallet and Card safe

You must take adequate measures and use best efforts to prevent unauthorized access/use of the Services: To help you keep your E-wallet and Card secure, you are required to:

  • keep your Card, Card number, CCV, login codes and other security features used to access the E-wallet strictly to yourself; do not share your security credentials to access the E-wallet with any other person or otherwise allow another person to use the Services;

  • not permit any other person to use your E-wallet and/or Card;

  • make sure all your devices are properly protected (set at least one form of access protection, for example a login code);

  • keep the operating systems of your devices clean (no illegal software) and up-to-date;

  • frequently review the list of transactions in your E-wallet to confirm they are as expected as per your spending;

  • inform yourself about common scams, such as phishing;

  • always immediately report irregularities by contacting us info@4payments.io and follow our instructions. 2. How to notify us if there is a problem

If you lose the security credentials used to access your E-wallet or your Card details or if they are stolen, or you suspect that the E-wallet and/or Card has been used by someone other than you, you must tell us immediately by contacting us on our contact details available here info@4payments.io, so we can block your Card and/or access to your E-wallet . If possible, you must also log into your secure personal log in area of our website and suspend use of your Card.

Please note that we may require you to provide some information in relation to your security credentials and/ or Card being lost, theft or misuse in writing. You must assist us with any related enquiries.

How we will contact you if there is a problem

In the event we suspect there is an issue with the E-wallet and/or Card (for example, such as fraud or security threats) we will contact you, in the first instance, by phone. If we cannot get through to you by phone, we will send you an email.

For this reason, you must maintain a current phone number and email address in your secure personal log in area of our website.

Unauthorised or incorrectly executed transactions

In case of an unauthorised payment or where we have incorrectly executed a transaction, upon your request, we will refund to you the amount of the transaction including all fees that we have charged for that particular transaction. You will not be entitled to a refund under this section:

  • if you have acted fraudulently, in which case we will not refund you in any circumstances; 5. if the payment transaction was unauthorised but you have with intent or gross negligence compromised the security of your Card or E-wallet or otherwise failed to comply with your obligations to use your Card or E-wallet on the terms of this Agreement. In such a case you shall be solely liable for all losses. We will treat any payment instruction given using your Card and/or E-wallet as evidence that you authorised the transaction or did not otherwise keep your security credentials safe;

  • If you do not let us know about the unauthorised or incorrectly completed transaction without undue delay, and in any event, no later than 1 month from the date of the payment transaction.

  • We may require you to provide us with information relating to the transaction and/ or your claim for a refund under this section. We may carry out an investigation prior to issuing you with any refund and you agree to cooperate with our investigation.

Our right to make changes to the Agreement

We may, at our discretion, amend the Agreement at any time (including amendments and additions to our fees) without notice to you.

Our right to suspend access to the Services and/or close the Card and E-wallet

We may close your Card and E-wallet or otherwise suspend access to the Services immediately in the following circumstances:

  • if we consider, acting reasonably, that you are behaving fraudulently or otherwise criminally;

  • if you have not given us any information we have requested from you, or we have good reason to believe that information you have provided is incorrect or not true;

  • if you have broken this Agreement in a serious or persistent way and you have refrained from putting the matter right within a reasonable time of us asking you to do so;

  • if we have good reason to believe that you continuing to use your Card and/or E-wallet could damage our reputation or goodwill;

  • if we have asked you to repay money you owe us and you have not done so within a reasonable period of time;

  • if you have been declared bankrupt; or

  • if we have to do so under any law, regulation, court order or the BOL’s instructions.

Closing your Card and ending this Agreement

  • You may close your Card and E-Wallet and end this Agreement by providing us with one month’s notice in writing and paying the relevant fees.

  • You must withdraw your funds from your E-wallet within a reasonable timeframe following notifying us of your intention to close your E-wallet by following the steps as to how to withdraw the funds held in your E-wallet as set out in section;

  • After a certain period of time, you may no longer have access to your secure personal log in area of our website in order to follow the steps to withdraw the funds remaining in your E-wallet after closure. You may still, however, withdraw this money for up to six years following the date this Agreement ends (see Section 16 on how to redeem your funds).

Redeeming the funds held in your E-wallet

  • If you have funds held in your E-wallet after this Agreement has ended, you may withdraw these funds for up to six (6) years following the date the Agreement ends.

  • If there are still funds held in your E-wallet 12 months following the end of this Agreement, we will start deducting a fee from your account that will cover our costs in order to maintain this balance for you until such time as you redeem your funds.

  • If you wish to redeem your funds after this Agreement has ended and you no longer have access to your secure personal area of our website, please contact us info@4payments.io so we can help.

  • If you request to redeem your funds after this Agreement ends, we may need to carry out some checks prior to sending the funds to you. We may therefore ask you to provide some information to us at this time, such as identity documents and so on.

  • We may charge you a fee for redeeming your funds held in your E-wallet if you request to redeem those funds whilst this Agreement is in place or where you request redemption of the funds held in your E-wallet more than 12 months after this Agreement has ended.

Liability

We will not be liable for:

  • any fault or failure relating to the use of the Services that is a result of abnormal and unforeseeable circumstances beyond our control which would have been unavoidable despite all our efforts to the contrary, including but not limited to, a fault in or failure of data processing systems;

  • the goods or services that you purchase with using the Services (unless otherwise agreed);

  • any loss of profits, loss of business, or any indirect, consequential, special or punitive losses;

  • a merchant refusing to honour a transaction or refusing a payment; or

  • any acts or omissions that are a consequence of our compliance with any Lithuanian law or any other laws to which we are subject.

  • In any event, our liability will be limited to the balance of funds held in your E-wallet at the time that the event occurs.

  • Nothing in this Agreement shall exclude or limit any regulatory responsibilities we have which we are not permitted to exclude or limit, or our liability for death or personal injury.

  • If you have used the Services or allowed the Services we provide to you to be used fraudulently, in a manner that does not comply with this Agreement, for illegal purposes, or if you have allowed access to the Services to be compromised due to your gross negligence, you will be held responsible for the use and misuse of the Services.

Law governing this Agreement and jurisdiction

The law governing this Agreement is the laws of Lithuania. The courts of Lithuania have jurisdiction to adjudicate any dispute between you and us in connection with this Agreement.

Dispute resolution

If you are not satisfied with the service you receive from us you should contact us info@4payments.io

Data protection

We need to collect information about you to provide you with the Services under this Agreement. For information on how we use your personal data, please refer to our privacy notice.

For information on how ValorPay UAB uses your personal data, please refer to the ValorPay privacy policy at https://valorpayonline.com/privacy-policy.html.

By entering into this Agreement, you acknowledge and agree that we may collect, process and store your personal information for the purposes of providing our Services to you. This does not affect any rights and obligations you or we have under data protection law.

Other legal terms

20.1. We may transfer this Agreement to someone else We may assign or otherwise transfer any of our rights and obligations under the Agreement, without your prior consent, to any other person or business, subject to such party continuing the obligations in the Agreement to you.

Third parties 

This Agreement is between you and us only. Except for any party to whom we transfer this Agreement (under section 22.1), nothing in the Agreement gives any third party any benefit or right (including any enforcement right).