These terms apply to all customers with payment institution type business accounts that receive services from payware LLC. If you have been directed to this page from within our product, these terms also apply to your account regardless of the country in which your business or freelancing activity is registered in. If you have any questions regarding which payware entity you receive services from, please reach out to customer service via support center.
This document sets out the terms and conditions for your payware payment institution account (the account) and its related services. It also sets out other important information that you need to know.
These terms and conditions, along with our Fees page and Privacy Policy and any other terms and conditions that apply to our services, form a legal agreement (the agreement) between:
It's important for you to understand how your account works, so if you'd like more information you might find it helpful to read our FAQs page. The FAQs are for information only. They don't form part of our agreement with you.
For the purposes of this Terms, a Payment Institution shall be defined as any legally established financial entity that offers payment services, as defined, and regulated by the relevant government or central bank authorities and has been granted authorization to provide such services. Examples of such institutions include, but are not limited to, banks, e-money operators, payment processors, financial institutions that specialize in payment services, digital wallets, and money transfer providers.
A payware payment institution account is a partner’s profile definition in payware systems. It holds configurational information for your transactions and visualization preferences alongside any other related data required for the proper payware services operations.
Once you open your payware payment institution account you'll be able to use our services. For example, you can do the following:
We add new features and services all the time. We'll let you know about these through the payware business web portal or by email.
You can access the payware business web portal through the business web portal reference on our website.
By accepting these terms and conditions you confirm that:
You must be over 18 to open a payware payment institution account and open a payware payment institution account under this agreement for business purposes of a regulated and licensed payment institution.
You must have the legal rights to represent a payment institution and have the authority to sign off on its behalf.
When you ask to open your account, the following apply:
We will only give you access to your payware payment institution account, the payware business web portal and payware services once we have all the information we need.
You can't open more than one payware payment institution account or open a new payware payment institution account if we've previously closed a payware payment institution account that you held.
You can check all transactions into your account through the payware business web portal. We will not make any changes to the information, and it will be available to you through the payware business web portal until you close your account. If you need the information after then, you will need to download it while your account is still active. You can download information from the business web portal at any time.
Communicating with you
We'll usually communicate with you by text message or email.
This is how we will provide account information and tell you about any fraud, or suspected fraud, relating to your account. It is also how we will tell you if there is a security threat to your account. Make sure you regularly check your text messages and email account.
Consents, approvals, acceptances, and other statements given by the account administrator or an authorized user using the payware business web portal shall have the same legal validity as a signature on a written document. Agreements concluded by the account administrator or an authorized user via the payware business web portal shall be treated as written agreements between you and us. Any instructions to conduct operations or other actions which are submitted by the account administrator or an authorized user through the payware business web portal will be treated as being submitted by you.
We'll usually communicate with you in English.
Keep us in the loop
Please keep your details up to date and let us know immediately if any information you've given us changes. If we discover that any of your information is incorrect, we will update it.
When we refer to "email" we mean the email you provided to us during the onboarding process (unless you updated your email afterwards). It's important that you provide your primary email address and check it regularly. Should your email address change or should you have any trouble receiving or opening emails from us, you must notify us immediately. Otherwise, you agree that if an email has been delivered to your email address, you should have read it, even if you failed to do so for whatever reason.
You manage your account through the payware business web portal, which only you and the appropriate authorized by you persons will have access to.
The agreement is binding on you, but you can authorize other people (delegates) to carry out certain activities on your behalf. There may be several different categories of delegates with different access to payware provided resources and services, all referred to in this document as authorized persons.
RESPONSIBILITY FOR AUTHORISED PERSONS
We will treat all instructions and actions by authorized persons acting within the limits of their authority as if you had given that instruction or carried out that action yourself.
It is your responsibility to withdraw your authority from, or impose limits on, any authorized person (for example, if they are no longer employed by you).
Any authorized person must be 18 or over. You are also responsible for all their activities. For example, if they lose their payware security details, it is your responsibility to tell us in line with these terms and conditions, although you may ask them to tell us instead.
API is an Application Programing Interface that allows you to carry out certain activities such as setting up payment information exchange into your account and displaying transactions’ status. You will have access to the API.
See the API reference page for more information about our API.
You will no longer be able to access payware business web portal and use payware services.
Keeping my account safe
We do everything we can to keep your account details safe. We ask you and all authorized persons to do the same by keeping your (and their) security details.
Security details include usernames, API Keys (explained below) and any passwords that allow access to the payware business web portal .
You should keep your security details and you should disguise or protect them if you write them down or store them. Don't share your security details with anyone.
Please don't share your API Keys with anyone. Sometimes it's easy to forget to take the steps you and your authorized persons should take to keep your security details safe. Here are some tips:
CHANGE YOUR PASSWORD IF YOU SUSPECT THAT YOUR SECURITY DETAILS COULD BE USED WITHOUT YOUR PERMISSION.
How you can contact us
Write to us
Tell us about a lost or stolen payware security details!
Please act reasonably and responsibly when using the payware business web portal.
The payware business web portal must not be used (directly or indirectly) as follows:
Please also act in a respectful way towards us and our support staff – we're here to help you.
Payment information exchange services
Definition of Services.
payware provides multi-sided payment information exchange services, which involve the exchange of payment-related information between the payee and the payer's payment Institution.
Nature of Exchange.
The exchange of information does not ensure the completion of a funds transfer, but rather represents the intention of the payer and payee to initiate such a transfer. The responsibility of confirming the payer's intention and initiating the funds transfer to the payee's account falls solely on the payment institution.
Accuracy of Information.
The payee and the payer shall be responsible for ensuring the accuracy of the payment-related information exchanged through the Services.
Responsibility for Money Transfer and Settlement.
The payer’s and payee's payment institutions shall be responsible for ensuring the completion of the money transfer and settlement.
Mode of Money Transfer.
The mode of money transfer shall be determined by the payer's payment Institution and shall typically be executed as an account-to-account transfer.
Information Regarding Outcome of Transfer.
The payment institution must provide payware with information regarding the outcome of the funds transfer.
payware provides a basic account validation process without imposing any limitations on the account registration procedure. It is the responsibility of the account holder to guarantee that the registered payment accounts are authentic and accurate.
We'll always try to process your transactions correctly and on time, but sometimes things go wrong, and transaction information might be delayed or not received. If something has gone wrong contact us as soon as possible via payware support portal.
We won't be responsible for the following:
The exclusions of liability set out in section 27 apply to our responsibility for payments sent to the wrong account, not sent at all, or delayed.
payware uses an exchange rate based on foreign-exchange markets. We use the most representative forex market rate available, which is generally the "midpoint" value. The "mid" value will also be the most useful tool to your company's financial department for accounting and invoicing purposes, for financial estimates or planning, for calculator and converter applications, and for any other applications you power with forex data.
The exchange rates are updated once every 24 hours and used only for partner’s preferred currency visualization purposes though out our websites and payware business web portal. The previous day's historical exchange rates become available each day at 00:10 AM GMT. We provide the original transaction currency value as source of truth for the transaction next to the visualized through preferred currency one.
We won't be responsible if you lose any money as a result of converting currency.
Initiated but not finalized transactions can be cancelled by the payee.
Processed and confirmed by the payer transactions cannot be cancelled.
payware doesn’t provide any mechanism to cancel a finalized payment. If you have exchanged information for one and it has been processed and finalized by a payment institution, it is up to you, the payer payment institution, to cancel it.
payware processes the received instructions immediately and provides the necessary information to the payer’s payment institution. The funds transfer time to payee’s account will vary based on the payer's financial institution, payee’s registered account, and the receiving financial institution.
payware must be promptly notified once you, the payer's payment institution has committed with the transfer of the requested funds to payee account.
We must refuse to process instructions, or delay a payment information exchange, in the following circumstances:
When we refuse to exchange a payment information, we'll always (unless it would be unlawful or technically impossible for us to do so) try to let you know of that refusal, the reasons for that refusal (if possible), and the procedure for rectifying any factual errors that lead to that refusal. Such notification shall be given to you as soon as practicable following the refusal.
If we can, we'll use the payware business web portal to tell you that we have refused to exchange payment information. If you'd like to find out why we refused the payment information exchange, and what you can do to solve any problem, please contact the payware customers support team. We won't be responsible for any losses you suffer as a result of us refusing or delaying payment information exchange.
The safety of your money is important to us. We might prevent you from initiating payments from your account with the API access if we're reasonably concerned about its security or that it might be used fraudulently or without your permission.
We might also have to block your account to meet our legal obligations.
We'll tell you through the payware business web portal or by email before, or as soon as possible after, we block your account or API access. We'll also let you know why we've done it (unless it would reduce your or our security or it would be unlawful).
A financial terms’ agreement in addition to our terms and conditions envelop your financial relationship with payware.
If you owe us money and you don't repay us within the period indicated in your invoice (usually 15 days), we can recover the amount by taking legal steps to recover the money you owe us, such as instructing lawyers or debt collectors.
If we take any (or all) of these steps, we might charge you our reasonable costs. You do not have any right of set-off under this agreement.
See Complaints Policy for more information about our complaints handling procedure.
Legal bits and pieces
Once the agreement has started it won't end until you or we end it.
Cancellation
If we offer you a free trial period and you decide that the account isn't right for you, you can cancel the agreement for free at any time within the trial period. You can do so via payware support portal.
Automatic renewal and ending the agreement after a trial period
Unless you cancel the agreement during the trial period, you can close your account, and so end the agreement, at any time via payware support portal.
You will still have to pay any charges you've run up to that point.
We may close or suspend your account immediately, and end your access to our website, in exceptional circumstances. Exceptional circumstances include, for example the following:
If we close your account in exceptional circumstances, you will only be able to use payware websites and related services. Any payment information exchange methods will be rejected.
Closing your payware payment institution account and ending your agreement with us may also end any other agreements you have with us or through us with third parties.
If your account has been temporarily restricted, we may not be able to close your account until we have completed our enquiries.
If you're a micro-enterprise (a business whose annual turnover or balance sheet total is no more than €2 million, or the equivalent in pound sterling, and employs fewer than 10 people), we'll only change these terms and conditions for the following reasons:
Telling you about changes
If we add a new product or service that doesn't change the terms and conditions of your account, we may add the product or service immediately and let you know before you use the product or service.
Otherwise, we'll give you sixty (60) days’ notice through the payware business web portal or by email before we make any change. We'll assume you're happy with the change unless you tell us that you want to close your account before the change is made.
If you're a large corporation, we can change these terms for any reason. If we add a new product or service that doesn't change the terms and conditions of your account, we may add the product or service immediately and let you know before you use the product or service. Otherwise, we'll give you 14 (fourteen) days' notice through the payware business web portal or by email before we make any change. We'll assume you're happy with the change unless you tell us that you want to close your payware payment institution account before the change is made.
We'll do as much as reasonably possible to make sure that our services are not interrupted and are accessible at a reasonable speed. However, we can't guarantee (except as required by law) that this will always be the case or that the services will be free from faults. This is partly because we also rely on some third parties to provide services to you.
We won't be responsible to you for any of the following, whether direct or indirect, that arises in connection with these terms and conditions:
Except when the law states otherwise, we also won't be liable for any loss you suffer as a direct or indirect result of the following:
Nothing in these terms and conditions removes or limits:
Losses arising as a result of legal or regulatory requirements, or unusual or unexpected events
We will not be responsible for any losses you suffer or costs you have to pay because of a legal or regulatory requirement, or because there were unusual or unexpected events outside our control, unless those losses or costs result from us failing to meet our obligations to exchange payments information into your account.
However, we will not be responsible for losses or costs relating to us failing to exchange payments information into your account if this was because of events beyond our control which we could not have avoided, even if we had taken all reasonable steps to prevent them.
You may be responsible to us for certain losses
If you have broken these terms and conditions, and this has caused us to suffer a loss, the following will apply:
To provide services under the agreement we will need to collect information about you (and any authorized person). Under data protection law, we are what is known as the 'data controller' of your personal information. For more information about how we use your personal information, see our Privacy Policy.
By entering into the agreement, you are giving us permission (and the permission of any authorized person) to gather, store and process personal information for the purpose of providing our services to you. This doesn't affect any rights and obligations you or we have under data protection law.
Our Privacy Policy sets out the lawful reasons for using your personal information.
You can withdraw your permission by closing your account, which will end the agreement between you and us. If you do this, we'll stop using your information for the purpose of providing our services, but we may need to keep your information for other legal reasons.
We own all the intellectual property in our products (for example, the content in the payware business web portal and on our website, and our logo). You must not use our intellectual property as your own, except to enjoy our products. You also must not reverse-engineer any of our products (that is, reproduce them after a detailed examination of their construction or composition).
Our contract with you
Only you and we have any rights under the agreement. You may not transfer or assign any of your rights or obligations under these terms and conditions.
Our right to transfer and assign
You agree and permit us to merge, reorganize, spin-off, transform or execute any other form of reorganization or restructuring of our company or business and/or transfer or assign all of our rights and obligations under these terms and conditions to any third party. We will only transfer any of your and our rights or obligations under the agreement if we reasonably think that this won't have a significant negative effect on your rights under these terms and conditions or we need to do so to keep to any legal or regulatory requirement, or it is done as a result of implementation of reorganization (or a similar process). You will be able to terminate your account upon notification about the assignment, merger, reorganization or any other similar notification.
Bulgarian law applies
The laws of Republic of Bulgaria apply to the agreement.
The English version of the agreement applies
If these terms and conditions are translated into another language, the translation is for reference only and the English version will apply. By entering into this agreement and accepting payware services, you confirm that you (and any of your authorized persons) understand English language and agree to communicate with payware in English language as far as the legal relations arising under this agreement are concerned including with respect to submitting and resolving any complaints.
Our right to enforce the agreement
If you have broken the agreement between you and us and we don't enforce our rights, or we delay in enforcing them, this will not prevent us from enforcing those or any other rights at a later date.
Taking legal action against us
Any legal action between you and us will be decided in the courts of Republic of Bulgaria.