Mastercard Cards

GENERAL TERMS AND CONDITIONS PAYNETICS BUSINESS DEBIT CARDS

1. GENERAL PROVISIONS

1. The General Terms and Conditions constitute the framework Agreement for the issuance of Paynetics Business Debit Card cards and their use by business Customers of Paynetics AD signed between Paynetics and the Customer (the “Agreement”).
2. These General Terms and Conditions (the “General Terms and Conditions”) constitute a framework agreement and shall govern the relationship between Paynetics AD and a local or foreign legal entity (the “Customer”), and the Individuals designated by the Customer and referred to as the Cardholders with regard to the issuance and use of Paynetics Business Debit Card cards under an Agreement for the issuance of Paynetics Business Debit Card cards and their use by business Customers of Paynetics AD
3. Providing the General Terms and Conditions shall not create an obligation for Paynetics AD to enter into an agreement. Paynetics AD may refuse to enter into an agreement with a particular party without stating any reason.
4. The Customer, acting through their legal representative or authorised person, confirms and accepts this Agreement by ticking the “I agree” box when executing the agreement procedure described on https://portal.payhawk.com/ Ticking the “I agree” box during the agreement procedure shall have the meaning of an electronic signature as provided in the Law on the Electronic Document and Electronic Signature, and
   by accepting the General Terms and Conditions, the Customer agrees that the legal force of the said electronic signature placed by their representative/authorised person shall be equivalent to the handwritten signature.

2. DEFINITIONS

Herein: “General Terms and Conditions” shall mean this document together with:

1. Fee Tariff of Paynetics AD (the “Fee Tariff”),
2. Privacy Policy, and Any other appendix explicitly specified herein, incorporated in the General Terms and Conditions by reference and accessible on https://payhawk.com/

“Fee Tariff“ shall mean the tariff adopted by Paynetics for the fees collected by Paynetics when issuing and servicing the Paynetics Business Debit Card. The Fee Tariff may define the transaction limits for Card operations.

“Paynetics”, “we”, “us”, “our” shall mean Paynetics AD, seat and registered address: Ground Floor, 76A James Bourchier, Lozenets District, Sofia Municipality, Sofia, entered in the Commercial Register kept by the Registry Agency under UIC: 131574695. Paynetics AD is an electronic money company holding a license for operating as an electronic money company issued by the Board of Directors of the Bulgarian National Bank by Decision 44 of 11 April 2016, and is entered in the register kept by the Bulgarian National Bank, which is accessible on http://www.bnb.bg/RegistersAndServices/RSPIPublicRegisters/index.htm The Bulgarian National Bank supervises the activities of Paynetics AD.

“Paynetics Account” shall mean:
a) a Customer`s payment account in EUR or BGN with a dedicated IBAN, maintained by Paynetics in the name of the Customer. The payment account shall be used only for loading the associated Debit Card via inbound SEPA transfers in EUR or Bisera transfers in BGN. Customers are informed of their dedicated IBANs, and instructions of how to make inbound transfers to loading their accounts, through the Payhawk portal. Or/and

b) an MVC (Master Virtual Card) account in USD, GBP or RON maintained by Paynetics with a dedicated Customers reference number. The MVC account shall be used for loading the associated Debit Card in the same currency. The Customer shall load the Debit Card via wire transfer to the MVC account and to indicate the Customers reference number provided by Paynetics. Customers are informed of their MVC account and dedicated reference number, and instructions of how to make inbound transfers to loading their accounts, through the Payhawk portal.

“Paynetics Business Debit Card” or “Card” shall mean a Debit Card for Business Customers of Paynetics AD: a type of payment instrument with electronically recorded which is repeatedly used for identification of the Cardholder and for remote access to the Customer’s payment account. The card has the MasterCard logo, it is linked to the Paynetics account of the Customer and using it, under these General Terms and Conditions, a payment order is submitted. The card may be physical or virtual.

“MasterCard” shall mean MasterCard International Incorporated or its successors.
“Card Organisation” shall mean MasterCard International (‘MasterCard’), VISA Europe (‘VISA’) or any other association or organisation maintaining a card payment system applicable under these General Terms and Conditions, including any affiliate, subsidiary or successor company of any of them, of which Paynetics is a member and is entitled to issue cards and accept payments, including using Cards accepted by such Card Organisation.

“PIN” shall mean a personal identification number: a four-digit combination issued to a Cardholder for each Card. PIN is a strictly personalised code for access to funds available on the Card, which is entered using the ATM or POS terminal keyboard. Entering a PIN from the ATM or POS keyboard serves to prove the identity of the Cardholder.

“CVC2” shall mean a three-digit code or password for Secure Internet Payments issued for each card. CVC2 is a strictly personalised code for access to funds available on the Card, which is entered using a virtual POS terminal. Each CVC2 entry using a virtual POS terminal serves to prove the identity of the Cardholder.

“Payment Transaction” shall mean a payment made by the Cardholder using the Card: a POS transaction, ATM or imprinter transaction, Internet transaction using a virtual POS terminal.

“Blocking the Card” shall mean a temporary discontinuation of the Card service by Paynetics resulting in an objective impossibility to use the Card. Paynetics shall keep a record of blocked cards.
“Deactivating the Card” shall mean the final discontinuation of the Card service by Paynetics.

“Automated Teller Machine (ATM)” shall mean a device allowing cash withdrawal, payment of services, transfer of funds between payment accounts, receipt of statements and execution of other payment and non-payment transactions.

“POS (Point of Sale, Point of Service) Terminal” shall mean a device where the Card is used to pay for the purchase of goods or services, or to receive cash.

“Virtual POS Terminal” shall mean a logically defined POS terminal device by which transfers to payment accounts, payment of goods and services, reference and other payment and non-payment transactions are implemented via the Internet, ATMs or digital phones by using a payment or prepaid card online.

“Prohibited Transaction” shall mean any of the following types of transactions or activities:

1. Any sales of ‘pyramid’ type, Ponzi schemes or similar marketing or matrix programs or other schemes for ‘quick enrichment’ or high-yield investment programs;
2. Sale, supply or purchase of illegal items or items promoting or facilitating illegal activities;
3. Sale, supply or purchase of counterfeit products or products infringing intellectual property rights;
4. Products or services for the processing or aggregation of payments by third parties;
5. Money laundering;
6. Terrorism financing or propaganda;
7. Pornography, escort services and selling and/ or advertising sexual services;
8. Using the Card in a manner and/or for purposes violating the applicable law and/or regulations of the Card Organisation;

“Website” shall mean https://payhawk.com/, maintained by the Agent.

“Agent” shall mean Payhawk EOOD, UIC: 205220011, with registered address: 31 Aleksandar Malinov Blvd., 1729 Sofia, Bulgaria, represented by Mr. Hristo Borisov.

3. DESCRIPTION OF THE CARD

3.1. Business Debit MasterCard or Visa Business Debit shall be issued to the payment account of the Customer opened in EUR, USD, GBP, RON or BGN. These cards can be used for transactions in the country or abroad. The card includes the following requisite details: validity period, unique card number, name of cardholder, currency and CVV2/CVC2. Business Debit MasterCard is issued based on an agreement signed between Paynetics and MasterCard International.
3.2. Unless otherwise provided herein, the following transactions can be carried out using
the cards:
a) Withdrawing cash via ATM/POS terminals
b) Paying for goods or services via POS terminal
c) Paying periodic expenses
d) Paying for goods or services online
e) Obtaining an account statement
f) Change of PIN by the Cardholder.
3.3. Virtual cards can only be used for the transactions under Clauses 3.2.d and 3.2.e above.
3.4. Transactions under Clause 3.2 above can be carried out on all terminal devices bearing the MasterCard logo and maintaining the respective functions.
3.5. Payment transactions with the Card shall be implemented immediately after receiving a due order and the account shall be debited within: a) 10 days in case of cash withdrawal via ATMs; b) 15 days for all other transactions other than the ones under letter a).
3.6. The transactions with the Card will be subject to limits set by Paynetics under the Fee Tariff and/or the Agreement.
3.7. Following Card activation, the Card can be used for transactions with the cash available in the Customer`s Paynetics Account.-
3.8. The Customer is fully liable for all transactions initiated by the Cardholders. The Cardholders may use the Card only personally and may not provide it for use to anyone else. If a Cardholder provides access and/or opportunity to use the Card to a third party, the Customer shall be fully reliable for all transactions initiated by such third parties.
3.9. Paynetics may refuse to perform a transaction with a Card if there are not sufficient available funds in the Customer’s Paynetics Account to cover the amount of the payment transaction and all applicable fees. If any action results in a negative balance in the Paynetics Account, the Customer shall recover the respective amount ensuring a positive balance in the Account, and Paynetics shall be entitled to take all necessary steps in accordance with the General Terms and Conditions for the collection of amounts due from the Paynetics Account.
3.10. By accepting the General Terms and Conditions, the Customer agrees that:

1. Paynetics is not a bank and that the Paynetics Account is not a bank account;
2. No interest shall be accrued on your Paynetics Account balance;
3. The funds available in the Paynetics Account are not a deposit and the Customer may not claim any interest;
4. Paynetics shall deduct the value of all transactions performed with the Card, including all applicable fees, from the Paynetics Account balance.
5. The authentication methods used to verify the identity of Cardholders;
6. The scope of services provided by Paynetics at any time, and by excluding the possibility for their use in case of newly introduced technical characteristics of the services, regulatory changes or for safety reasons, or for other reasons. Paynetics shall promptly notify the Customer in writing or by email about any such changes.
7. The Customer shall be fully responsible for all goods or services purchased with the Card. Any dispute with a merchant about a product or service purchased with the Card shall be considered a dispute between the Customer and the merchant. Paynetics shall assume no responsibility and shall not provide any warranties regarding such goods or services purchased with the Card, and shall not be responsible for their quantity or quality. All such disputes should be addressed directly to the Merchant providing the respective goods or services.
8. Paynetics reserves the right to refuse to authorise a payment transaction if it does not meet the requirements of the General Terms and Conditions or violates the provisions of a regulatory act or the regulations of a Card Organisation. In such case, Paynetics shall promptly inform the Customer about the reasons for that refusal, unless this is prohibited by a regulatory act.
9. Paynetics shall not be liable if a merchant refuses to accept a Card or if Paynetics has not authorised a certain payment transaction in compliance with the General Terms and Conditions.
10. The Card is property of Paynetics as a card issuer and cannot be transferred and/or made available to any person other than the Cardholder.

4. CARD ISSUANCE

4.1. Paynetics shall enter into agreements with and shall issue Cards to legal entities involved in business operations on a legal basis.
4.2. In order to enter into an agreement an entity should hold an existing payment account at Paynetics under a framework agreement signed with Paynetics. An entity which does not hold a payment account is subject to the above procedure and to entering into a framework agreement with Paynetics for opening and maintaining such payment account. A draft general terms and conditions for entering and maintaining payment accounts of business Customers at Paynetics can be found on the Website.
4.3. In cases of entering into a remote agreement, including online or via the Website, the Agreement shall be considered to be effective as from the moment when the Customer receives a confirmation by Paynetics that the Customer has been approved by Paynetics. Paynetics may refuse to enter into an agreement with a certain entity or to issue a Card without stating any reason.
4.4. The Cardholder is an individual who represents the entity under Clause 4.1 above or is its signatory, or an employee of the entity under Clause 4.1 above who is expressly listed in the Agreement and approved by Paynetics. The Cardholders (the persons who will be issued Cards under the Agreement) shall be personalised in the Agreement with the Customer and the Customer shall ensure the Cardholders’ compliance with the Agreement and the General Terms and Conditions. The Customer shall be liable to Paynetics for the Cardholders’ actions.
4.5. Each Card has a validity period within which the Cardholder may use the Card. The Card shall expire on the last day of the month/year indicated on its front side. All transactions initiated after the expiration or cancellation of the Card shall not be authorised or effected.
4.6. Paynetics shall issue the Card within 10 working days from the date of signing the Agreement and, if the Card is not virtual, shall deliver it to the Cardholder. The Card may be delivered by a courier service or through the Agent.
4.7. The Card, if not virtual, shall only be personally delivered to the Cardholder by Paynetics or its representative. Upon receipt of the Card, the Cardholder shall be required to produce their identity card for identification purposes. The Cardholder shall be required to put their signature on the signature spot on the reverse side of the Card immediately after receiving it.
4.8. Along with the Card, Paynetics shall provide the Cardholder with a PIN to the Cardholder’s email address specified in the Agreement. The Cardholder should memorise their PIN and then destroy the media on which it is recorded. The Cardholder should always keep their PIN, should not record it anywhere or use it if someone else can see the PIN. If the Cardholder suspects that someone else knows the user identifiers, passwords, or PIN, they should immediately inform Paynetics and change them immediately.
4.9. The Customer may request Paynetics to issue a new card in the following cases:
a) In case of destruction or damage to the Card,
b) In case of loss, theft or other deprivation of the Card,
c) In case of a forgotten PIN, and Upon expiration of the validity period.
d) Upon the expiration of the Card, only the cards used within the past two months before the expiration date will automatically be renewed. The Customer shall pay a fee for the Card renewal in accordance with the Fee Tariff effective as of the date of renewal.
4.10. In the cases under Clause 4.9 a), c) and d) above, the Customer shall be required to return the old card which shall be destroyed in the presence of an employee. In case of failure to return the Card, the Customer
shall pay a fee according to the Fee Tariff. The Customer shall not pay a fee for failure to return the card if, in accordance with the General Terms and Conditions, they have requested blocking of the Card due to loss/theft.
4.11. When the Cardholder receives their Card it shall be inactive. The Cardholder should activate the Card prior to using it. Otherwise, any transactions attempted by the Cardholder shall be rejected. The Card shall be activated online by following the instructions for activation available on the Website

5. CARD USE

5.1. The Cardholder shall use the Card only in person and in compliance with the provisions for issuance and use set out in the Agreement and the General Terms and Conditions. The Cardholder may not perform any unauthorised transactions with the Card.
5.2. The Cardholder shall safeguard the Card, the information recorded thereon and the personalised security features of the Card.
5.3. The physical card may be used on any device accepting cards with the MasterCard® brand, while your virtual Card may only be used for online transactions or transactions performed by phone using mobile applications.
5.4. Any payment transaction with the Card shall be allowed only after verifying: the accessible cash, the Card status and its limits, and identification of the Cardholder by one of the following methods:
a) In case of cash withdrawal from an ATM: by entering a PIN;
b) In case of payment for goods or services by a POS terminal: by entering a PIN and/or signature on the POS slip note. The requirement under this Clause shall not be applied in case of contactless payments for amounts under the maximum set by Paynetics. The maximum amount for a contactless transaction beyond which Customer verification is required by entering a PIN shall be approved and confirmed by the International Card Organisation for each country. The signature on the slip note from the terminal device shoul be identical to the signature on the reverse side of the Card and shall verify the authorisation and the correct execution of the transactions. At the Merchant’s request, the Cardholder shall also present a document for identification and verification of their signature. Failure to provide an ID shall represent a reasonable ground for refusing to effect the payment
transaction;
c) In case of online payments no PIN shall be used but the card authenticity shall be confirmed by a CVC/CVV and a one-time payment code.
5.5. The Cardholder may carry out transactions with the Card to the amount of the available cash in the account to which the Card was issued in accordance with the limits set to their Card.
5.6. The Customer needs to make sure there are sufficient funds in the account to which the Card was issued in order to carry out payment transactions with the Card. The Customer should ensure sufficient funds in the Account to which the Card has been issued in order to perform payment transactions with the Card. If the Cardholder performs payment transactions with amounts in excess of the available cash or otherwise exceed it in connection to the Card use, the excess amount shall be recorded as an unauthorised overdraft and charged with an interest rate equivalent to the legal interest rate and the Customer must make an immediate payment of the amount in excess plus the accrued interest.
5.7. It is possible that some merchants may not accept payments made with the Card. It is a responsibility of the Cardholder to check the policy of each merchant. Paynetics holds no responsibility if a merchant refuses to accept a Card payment. 5. 8. Merchants in certain business sectors (e.g. car rental companies, hotels and other service providers) have the practice to estimate the potential funds that can be spent with them and to require retention of the total amount of the potential funds so estimated. In some cases, that total amount may exceed the amount effectively spent. In such cases, the initially withheld funds from the Card may be held for up to 15 days and the amount will not be available. Paynetics may release such amounts only with the Merchant’s consent. 5. 9. If the Card is lost, stolen or damaged, Paynetics shall replace it at the Customer’s request by charging a Replacement Fee which shall be deducted from the Paynetics Account. If a card has been reported lost, stolen or misappropriated but later is found, then the Cardholder should immediately inform Paynetics about it and destroy the Card.

6. APPROVAL OF PAYMENT TRANSACTIONS

6.1. Each payment transaction should be approved at the time when it is initiated by the Cardholder. Each payment order and consent shall be obtained from Paynetics in an electronic form.
6.2. In order to ensure extra security when making online payments, Paynetics registers all Cards issued by the company for the Secure Online Payments service (3-D Secure). The programmes of the International Card Organisations providing such service are the MasterCard Secure Code and Verified by Visa. For each payment on the websites of merchants involved in the MasterCard Secure Code and Verified by Visa programmes, the Cardholder shall receive a text message (SMS) containing a one-time verification code for the payment. Entering the payment verification code is a further identification besides entering the CVV2/CVC2 code on the Card. In the event of misuse of the Card online after learning the verification code from third parties and/or in case of payments with the Card to Merchants not involved in the MasterCard Secure Code or Verified by Visa programmes, Paynetics shall not be held liable and the losses incurred shall be covered by the Customer. Also, Paynetics shall not be held liable for any non-received SMS with a confirmation code in case of failure of the respective mobile communication providers to deliver such notifications or in case of wrongly provided cell phone number. Paynetics shall not be a party to the relationship with the online payment system operator and shall not be held liable with regard to such relationship.
6.3. The Cardholder shall send an irrevocable order to Paynetics and shall agree to carry out the payment transaction, and also shall give an unconditional consent and order to Paynetics to use the funds in the Paynetics Account and to deduct any fees and commissions payable in relation thereto:
a) In case of payment by a physical card at a POS terminal: by providing the Card, placing it on the respective POS terminal and/or entering a PIN to effect the particular payment.
b) In case of online payment of goods or services: by entering a CVV2 number/three-digit code of the Card and the one-time transaction cod, if requested.
c) In the case of transactions effected by an ATM: by inserting the card into the ATM device and entering a PIN in the ATM device.
d) The consent to a Payment Transaction may not be withdrawn or cancelled after it has been received by Paynetics.

7. PAYMENT TRANSACTIONS

7.1. Paynetics may refuse to carry out any payment transaction ordered with the Card if it does not meet the requirements of these General Terms and Conditions, including, but not limited to any of the following circumstances:
a) Paynetics has a good reason to suspect that the transaction is unauthorized orinvolved in fraud or illegal activity;
b) The Cardholder has not given an exact order to implement the transaction or has given an incomplete order;
c) Paynetics has a good reason to believe that there has been a violation of the General Terms and Conditions;
d) For a reason related to compliance with rules and regulations of MasterCard®;
e) If there are no sufficient funds in the Paynetics Account or if the transaction violates the set limits;
f) By law or by order of a regulatory body;
g) Due to a technical impossibility to carry out the transaction.
7.2. Merchants may not authorize a payment unless they have obtained permission from Paynetics.
7.3. The Cardholder shall be responsible to provide a correct and accurate order for execution of a payment transaction. If the instructions provided by the Cardholder are incorrect, inaccurate or incomplete, Paynetics shall not be liable for errors or inaccuracies in the transaction. If a payment transaction is carried out in accordance with the instructions provided by the Cardholder, it shall be deemed to be accurately implemented
7.4. Each payment transaction made with the Card shall be final and irreversible, except in the following situations at the discretion of Paynetics:
a) An error on part of the merchant has been confirmed.
b) An illegal activity in connection with the Card has been detected;
c) A violation of the General Terms and Conditions has been established.
7.5. The maximum period for completion of payment services provided with the Card shall be determined by the rules of card organisations and card operators within the terms set out in Article 87 and Article 88 of the Law on Payment Services and Payment Systems (LPSPS).
7.6. The implementation of a payment transaction ordered with the Card may be delayed due to the performance of Paynetics’ obligations under the applicable anti-money laundering laws, including if Paynetics suspects that the transaction is involved in frauds, illegal or unacceptable activities or constitutes an unauthorised transaction.

8. FEES AND EXCHANGE RATES

1. The Customer shall be charged for the Card issuance and service, and each transaction performed using the Card, by applying the Fee Tariff effective on the date of collecting the fee or the date of effecting the transaction, respectively. The fees due by the Customer shall be collected ex officio from the Paynetics account to which the Card has been issued.
2. By accepting these General Terms and Conditions, the Customer enables Paynetics to debit the Paynetics Account for all applicable fees in relation to a given transaction made with the Card. All fees shall be determined in the currency of the Paynetics Account.
3. Paynetics reserves the right to change the fees due on a current basis in accordance with the General Terms and Conditions, and based on such changes, the procedure for changing the General Terms and Conditions
   mentioned herein shall be applied. Changes in the reference exchange rate shall apply immediately without prior notice.
4. If the ordered payment transaction is in a currency other than the currency denominated for the Paynetics account, then the amount deducted from the balance shall be the amount of the transaction converted into
   the currency denominated for the Paynetics account, using the exchange rates used applied by MasterCard®; these exchange rates shall have the meaning of a reference exchange rate in compliance with the Law on Payment Services and Payment Systems (LPSPS), and the changes shall be applied immediately to the relations under the Agrement. The exchange rate shall be determined on the date of the final settlement of the transaction. A fee for foreign currency transactions as described in the Fee Tariff shall also be applied.

9. COMMUNICATION PROCEDURE

9.1. The Agreement shall be executed in English and the communication between the parties thereto shall also be carried out in English, unless otherwise provided therein.
9.2. Representatives of the Customer or persons authorised by them may receive information about the payment transactions made with the Card electronically.
9.3. If any changes are made to the initial contact details provided by the Customer upon signing the Agreement, the Customer should inform Paynetics about it in writing within 7 days. Otherwise all notifications,
invitations or other notices sent to the last Customer’s electronic address known to Paynetics shall be deemed to have been delivered.
9.4. Paynetics Customer Relations Centre shall be open from 9 a.m. to 6 p.m., EET, from Monday to Friday. The contact details can be found on the Website. The contact details in case of lost or stolen or non-functioning
cards shall be available on the Website. For monitoring purposes, we may record any conversation with the Customer Relations Centre.
9.5. Paynetics shall provide access to the required information about the Card transactions by means of electronic statements about payment transactions and history of transactions on the Website. Statements shall not be provided on paper. Information about the Card shall be updated, if there was any activity with the Card, including information on all collected fees. From the moment of downloading the statement from the Website the Customer shall be considered to be informed about the relevant transaction, whether they have actually downloaded the said statement or not. The Customer shall be charged for obtaining additional information or for obtaining it in a manner different from the manner described herein.

10. PROTECTIVE MEASURES

10.1. The Cardholder must keep the Card with diligence by taking all necessary measures against its loss, destruction, damage, or disclosing data recorded on the Card or its personalised security features by third parties.
Pursuant to Article 75 of the Law on Payment Services and Payment Systems (LPSPS), the
10.2. Customer and the Cardholder shall have the following obligations:
a) To use the Card in accordance with the terms and conditions for their issuance and use;
b) To notify Paynetics of any loss, theft, misappropriation or unauthorised use of the Card immediately after becoming aware thereof;
c) Upon receipt of the Card, to make all reasonable efforts to preserve their personalised security features, including not to record any information about those security features on the Card and not to keep such information together with the Card.
10.3. If the card has been held by an ATM, the Cardholder must immediately notify Paynetics. If Paynetics is not able to give back the card to its Cardholder, Paynetics shall issue a new card to the same account.
10.4. In the event of loss, misappropriation, destruction, damage, counterfeit or other unauthorised use of the Card, the Cardholder must immediately notify Paynetics by providing their personal details or the Card number, if possible. Notification can be made via the Paynetics Customer Relations Centre or by sending a message on the website via the contact form. Notification can be also made by phone, at the phone number listed on the website. Paynetics makes all reasonable efforts to stop using the Card by blocking the Card transactions after receiving a notification by the Cardholder.
10.5. Without prejudice to Clause 10.1 above, in order to ensure the safety of the Card, the Customer/Cardholder must provide at least the following:
a) Not to disclose to and/or allow any third party to use in any manner whatsoever the user identifiers, passwords or PINs;
b) To ensure the safety of their personal devices (mobile phones, computers, tablets) and to protect their personal devices from unauthorised access;
d) To regularly change their password to access the virtual Paynetics Card;
e) To use up-to-date virus, malware, and spyware software and a firewall to reduce the risk of security breaches.
10.6. Paynetics may, at any time at its sole discretion, block or deactivate the Card for
reasons related to the following:
a) In the cases under Clause 10.4 of this Article;
b) If there are reasons to doubt the security of the Card;
c) If Paynetics becomes aware or suspects that the Card is being used in an unauthorised, unlawful or deceptive manner;
d) For reasons related to the law enforcement of any applicable jurisdiction or the instructions provided by a Card Organisation;
e) If the Agreement is terminated;
f) At the request of the Customer: the request can be sent in writing to the following address: 76A James Boucher Blvd., Ground Floor, 1407 Sofia, or using the contact form on the Website;
g) If Paynetics discovers or suspects non-compliance with the General Terms and Conditions; and
h) In case of placing a lien on the Customer’s Paynetics Account.
10.7. In the cases under Clause 10.6. of this Article, if possible, before blocking/deactivation or immediately afterwards at the latest, Paynetics shall notify the Customer about the blocking/deactivation of the Card and the reasons for it, unless providing such information is forbidden for security reasons or to comply with regulatory requirements preventing such reasons from being disclosed to the Customer.
10.8. The Card shall be unblocked as soon as possible after the reasons for blocking cease to exist. If the Card has been blocked due to Customer’s/Cardholder’s fault, the Customer shall pay a fee in accordance with the Fee Tariff.

11. LIABILITY

11.1. The Customer shall be required to notify Paynetics in writing of any unauthorised or improperly executed transaction with the Card without undue delay after becoming aware of the unauthorised or improperly executed transaction but no later than two months from the date of debiting the Customer’s Paynetics Account. The Customer shall be considered to be informed of an unauthorised or improperly executed transaction as from the moment of downloading the relevant statement from the Website as provided in Clause 9.5 hereof. Paynetics shall not be held liable for any unauthorised or improperly executed payment transactions under this Article 11, where Paynetics has not received a notice within two months from the date when Customer’s Paynetics Account was debited.
11.2. Upon receipt of notification under Clause 11.1 hereof, Paynetics shall verify the authenticity of the payment transaction, its proper registration and reporting, and whether the transaction has been affected by a technical malfunction or other defect. Since the Customer is not a user, the Customer agrees that Articles 78 and 80 of the Law on Payment Services and Payment Systems shall not apply to their relations with Paynetics under the Agreement. In the event that Paynetics establishes an unauthorised transaction and where there are no reasonable grounds for suspecting that the Customer/Cardholder acted fraudulently, Paynetics shall refund to the Customer the value of the unauthorised transaction within the statutory timelines. If necessary, Paynetics shall restore the Customer’s Payment Account to the status it would be if the unauthorised transaction was not effected.
11.3. The provision of Clause 11.2 hereof, third sentence, shall not apply and the Customer shall bear all losses, irrespective of their amount, relating to any unauthorised transactions arising out of the use of a lost, stolen or misappropriated Card and performed to the time of receipt of the notification under Clause 1 above from Paynetics.
11.4. The provision of Clause 11.2 hereof, third sentence, shall not apply and the Customer shall bear all losses, irrespective of their amount, relating to unauthorised transactions if the Customer/Cardholder has caused them by fraud or failure to perform one or more of the obligations under the Agreement or the General Terms and Conditions.
11.5. Paynetics shall be held liable for any non-executed or improperly executed transaction unless it proves that the payment service provider of the recipient has failed to receive the amount of the transaction within the deadline. In such cases, Paynetics shall promptly reimburse the amount of the transaction and, if applicable, shall restore the account to the statues in which it would have been before the transaction was effected. Upon Customer’s request, Paynetics shall take due steps to track the transaction and inform the Customer about the outcome.
11.6. The Customer shall pay a fee in accordance with the Fee Tariff in the cases where it appears that their notification under Clause 11.1 hereof is unjustified.
11.7. Paynetics shall not be held liable to the Customer for damages and losses arising from:
a) Any transaction for which the Customer/Cardholder has failed to use the Card in accordance with the General Terms and Conditions;
b) Any transaction performed in accordance with the information which the Customer/Cardholder has provided to Paynetics where it is established that the information provided is incorrect or inaccurate;
c) Any unusual or unforeseeable circumstance beyond the control of Paynetics;
d) Refusal of a merchant to accept a Card or payment;
e) Refusal of a merchant to accept a Card or payment;
f) Compliance with the applicable legal or regulatory requirements or guidelines provided by the Card Organisation. Interrupting or hampering the Customer’s business;
g) Loss of Customer’s revenue, goodwill, lost benefits or expected savings;
h) Any loss or damage which is not a direct result nor a direct consequence of a breach of the General Terms and Conditions by Paynetics; or For any loss or damage caused by a virus, Denial of Service attack dissemination or other technologically harmful material that may infect a computer or other device or equipment, software programs, data or other proprietary material in connection to the Card and the Agreement.
11.8. Paynetics shall not be held liable in case of unjustified refusal of third parties to accept transactions with the Paynetics Card or, if the payment initiated by the Cardholder cannot be made with the Card due to technical, communication or other reasons beyond the control of Paynetics. Paynetics shall not be a party to the relationship between the Customer and merchants, including utility providers, when performing transactions with the Card and shall not be held liable for the quality of goods and/or services provided by the merchant or for possible disputes arising between the merchant and the Customer for this reason.
11.9. Paynetics shall not be held liable if a notification of destruction, loss, theft, forgery or other misappropriation of a Card made by the Cardholder is untrue and Paynetics has taken the necessary steps to protect the Customer by refusing to approve transactions with such Card.
11.10. The Customer shall be responsible for all obligations arising out of the Card use and shall be liable to Paynetics for all damages caused by the Card improper and/or non-compliant use under the General Terms and Conditions.
11.11. In the event of non-performance of the Customer’s obligations to Paynetics in connection with the Card use, the Customer may not make objections based on its relations with third parties and/or Cardholders.

12. MODIFICATIONS TO THE GENERAL TERMS AND CONDITIONS

12.1. Paynetics shall notify the Customers about any modifications to the Agreement and the General Terms and Conditions, including the Fee Tariff, and the date on which such modifications shall take effect, by means of notices posted on the Website. Modifications to exchange rates shall have an immediate effect where are the result of a modification to the reference rate of the MasterCard exchange rates for the respective period.
12.2. If the Customer does not approve of the modifications to the documents under Clause 12.1 hereof, the Customer may terminate the Agreement. Paynetics shall assume that the Customer has approved the modifications to the documents under Clause 12.1 hereof if the Customer has not informed Paynetics that the Customer does not approve these modifications. If the Customer reject modifications, Paynetics may terminate the agreement with 7 days written notice.
12.3. Paynetics shall not notify the Customer about any modifications associated to extending the scope of the provided services, modifications that are more favourable to the Customer, or reproductive modifications in the regulatory acts.

13. TERM OF THE AGREEMENT. TERMINATION. VALIDITY PERIOD OF THE CARD

13.1. The Agreement shall be deemed to have been made and shall become effective the moment it is signed by the Customer and approved by Paynetics. The Agreement shall be valid until the same is terminated in any of the ways provided in the General Terms and Conditions.
13.2. The Agreement shall be made for a validity period coinciding with the validity period of the Card(s), including in the cases of re-issuance of the Card within the validity period provided in the General Terms and Conditions.
13.3. Upon expiration of the term referred to in Clause 13.2 above, a new Card(s) shall be issued and the Agreement shall be automatically renewed for a new period of time equal to the validity period of the new Card(s) if it is not terminated by one of the parties in the ways specified in the General Terms and Conditions. The Card shall not be reissued if the Customer makes a written request to terminate the Agreement by the end of the month preceding the month of its expiry.
13.4. The Agreement shall be terminated:
a) In the cases under Clause 12.2 if Customer reject the modifications ;
b) Upon closing the payment account to which a Card has been issued;
c) By the Customer:
– Upon expiry of the Card and a written request for termination of the Agreement;
– On the date of submitting a written request for termination of the Agreement.
d) By Paynetics:
– With a two-month written notice;
– Without a notice: in case of breach of the provisions of the Agreement or the General Terms and Conditions by the Customer or a Cardholder;
– If this is a requirement to Paynetics by a regulatory authority or a Card Organisation, or it is required in order to comply with regulations or prohibitions on money laundering or terrorist financing;
e) In other cases provided by law or in the Agreement.
13.5. Upon the occurrence of any of the conditions under Clause 13.4 a) and b) above, the Customer’s right to use the Card (s) shall be terminated and the Cards shall be deactivated. The Customer shall be required to return the cards issued under the Agreement, and all Paynetics receivables under the Agreement, if any, shall become payable.The Customer shall be responsible for all transactions performed prior to termination of the Agreement, their resulting liabilities and any other obligations relating to the use and servicing of the Card prior to such termination. 13. 6. Reimbursment of funds
a) Upon termination of this agreement the Customer shall submit an Application for Reimbursment and shall indicate a bank account number of the Customer to which the unused funds shall be reimbursed. Paynetics reserve the right to ask for additional documentation before reimbursement be completed.
b) Paynetics shall reimburse the unused funds to the Customer no later than 30 days after receiving the Application of Reimbursment of the Agreement or after a dispute resolution has been released by the Card Network or Regulator.

14. LEGAL PROTECTION PROCEDURE

14.1. Paynetics shall review any objections submitted or disputes raised by the Customer or its signatory in connection with the payment services provided and shall notify the Customer of its decision within fifteen business days from their submission.
14.2. If Paynetics fails to announce its decision within the time limit referred to in Clause 14.1. above or the decision is not to the Customer’s satisfaction, the Customer may refer the dispute to the Conciliation Committee for Payment Disputes with the Commission for Consumer Protection.
14.3. The Agreement and the General Terms and Conditions shall be governed by the relevant Bulgarian laws. Any disputes related to their interpretation or implementation shall be finally settled by the competent Bulgarian court.

15. MISCELLANEOUS

15.1. The General Terms and Conditions have been executed based on and in compliance with the Law on Payment Services and Payment Systems (LPSPS), the regulatory acts issued in terms of its implementation and other relevant regulatory acts.
15.2. Pursuant to Article 46, Paragraph 5 of the LPSPS, the Parties agree that Article 62, Paragraph 1 shall not apply to their relations and all modifications to the Agreement and the General Terms and Conditions and the Fee Tariff shall be made as provided in Clause 12 hereof.
15.3. Pursuant to Article 67, Paragraph 4 of the LPSPS, the Parties agree that Article 68, Paragraph 1, the term under Article 77, Paragraph 1, Article 78, Article 80, Article 91, art. 92 and art. 93 of the LPSPS shall not apply to their relations but only the relevant provisions of the General Terms and Conditions and the Agreement in which they are incorporated by reference.
15.4. Personal data shall be processed by means of automatic devices in compliance with the European Union Law, the Law on Personal Data Protection and the international treaties to which the Republic of Bulgaria is a party. In order to meet its statutory obligations, Paynetics shall apply Customer due diligence procedures, and in addition shall provide information to the National Revenue Agency and other competent government authorities.
15.5. Paynetics may transfer its rights and obligations under the General Terms and Conditions to another company or individual at any time. The Customer shall be entitled to transfer its rights and obligations under the Agreement and the General Terms and Conditions to another individual or company only after obtaining written consent from Paynetics.
15.6. If a court or competent authority establishes that a certain provision in the General Terms and Conditions (or any part of any provision) is invalid, illegal or unenforceable, such provision (or part of it) shall be deemed to be non-existent to the extent necessary, but the validity and applicability of all other provisions of the General Terms and Conditions shall not be affected.

We would like to inform you that the address and the other contact details of the Conciliation Commission for Payment Disputes with the Commission for Consumer Protection in Bulgaria (the competent authority for out-of-court settlement of national and cross-border disputes between payment service providers and payment service users, as well as between electronic money issuers and their clients in connection with the Law on Payment Services and Payment Systems and the secondary legislation on its implementation) have been changed as follows: Bulgaria, Sofia, postal code: 1000, 1, Vrabcha Street, 4th floor, tel. number: +359 2 9330565, fax: +359 2 9884818, website: www.kzp.bg and http://abanksb.bg/pkps, e-mail: adr.payment@kzp.bg.