Terms of use

Terms of use – PayEx Account, 2005-01-31

1. Agreement

These Terms and Conditions (the “Agreement”) apply to registration of PayEx Account (the “Service”) between Customer and PayEx Credit AB, a Swedish credit market company (“Issuer”). PayEx Account is used for purchase of goods, services and content provided by Merchants connected to PayEx at a market place on the Internet..

2. Definitions

For the purposes of this Agreement the following terms shall have the following meanings.

Control Amount – maximum amount which can from time to time be held in or Debited the PayEx Account.

Customer – natural or legal person who has entered into an agreement regarding PayEx Account with Issuer to make purchases from Merchant.

Debit – Customer approved payment for purchases with funds in the PayEx Account or Customer approved transfer of funds from Customer’s PayEx Account to other’s PayEx Account.

Issuer – PayEx Credit AB, company registration number 556735-5671.

Merchant – natural or legal person connected to PayEx, who provides goods, services and/or content on the Internet.

PayEx Account – term for electronic wallet where Customer’s claim on Issuer is registered.

Words importing the definite shall include the indefinite and vice versa, singular shall include the plural and vice versa, noun shall include verb and vice versa, etc.

3. The Service

Customer gains access to the Service by accepting the Agreement and activating a prepaid PayEx Account in accordance with Issuer’s security routine and legal requirements in force from time to time. Issuer provides a prepaid e-money account and consequently does not extend credit.

3.1 Activation of PayEx Account

New Customer shall electronically register id information and other information required by Issuer for the provision of the Service or stipulated by applicable legislation from time to time.

Information regarding data to be registered is published on the PayEx website.

3.2 Id Check

In order to comply with legal requirements for the prevention of money laundering, inter alia, Customer authorizes Issuer or Issuer’s subcontractor(s) to perform id check on Customer. Prior to issuance of the verification code necessary for use of the PayEx Account, Customer shall present valid id or otherwise verify his/her identity by suitable means. Issuer is entitled to perform additional id checks for the duration of the Agreement.

Issuer is entitled to reject Customer and to cancel or withhold transactions if Customer’s identity cannot be verified or if Customer supplies incorrect information upon registration.

3.3 Charging PayEx Account

Customer charges PayEx Account by prepayment to designated Issuer client account. Customer has a choice of depositing money

1. via Internet payment from an account in Customer’s name at a bank or credit institution from to time accepted by Issuer (direct payment);
2. via VISA, MasterCard or other credit card from time to time accepted by Issuer (card payment);
3. via giro transfer (OCR payment is limited to deposit of SEK via Swedish bank); or
4. via other payment modes from time to time approved by Issuer.

Prepaid funds are kept separate from Issuer funds pursuant to “lagen (1944:181) om redovisningsmedel” (Accountable Funds’ Act).

Funds deposited and separated as set out above are registered as a claim on Issuer in Customer’s PayEx Account. The registered amount is available to Customer once Issuer has updated Customer’s PayEx Account after receiving notice of Customer’s prepayment. PayEx Account is registered on a central Issuer server. Control Amount is currently 1 500 SEK or 2 500 NOK.

Customer is not entitled to receive interest on funds prepaid to or registered in a PayEx Account as set out above.

3.4 Deposit Guarantee

Deposited amounts are comprised by the Swedish Deposit Guarantee Act (lagen (1995:1571) om insättningsgaranti). The right to compensation under the guarantee arises should Issuer be declared bankrupt. Compensation corresponds to the deposited amount (however 250 000 SEK maximum) and is paid within three month of the declaration of bankruptcy. For further information on the deposit guarantee, please visit the Deposit Guarantee Board at www.ign.se.

3.5 Payment

Customer approves Debit of PayEx Account by giving correct user name – or other id parameter used by Issuer from time to time – and password.

Prior to approving Debit Customer is obligated to ensure that an amount corresponding to the transaction value is available in the PayEx Account.

At no time can a Debit exceed the Control Amount.

In addition to the above, Issuer is entitled to reject a Customer approved Debit on objective grounds, e.g. if it can reasonably be suspected that said Debit is in contravention of this Agreement, applicable law, statute or other regulation. In the event of rejection of a Debit, Issuer shall inform Customer without undue delay.

3.6 Subscription

At the instruction of Customer Merchant may effect Debit of Customer’s PayEx Account for goods, services and/or content purchased by Customer from Merchant under a subscription agreement between the Merchant and Customer, provided that Customer has given Merchant his/her consent via PayEx Account. In the event that a subscription agreement remains in force until further notice, Customer is obligated to revoke consent via the appropriate function in the PayEx Account upon termination of said agreement.

3.7 Re-debit

Under certain circumstances Merchant may re-debit a Debit, i.e. reduce Merchant’s claim on Issuer and increase Customer’s claim on Issuer with Debited amount. Customer wishing re-debit of a Debit is therefore to turn to Merchant.

3.8 Withdrawal from PayEx Account

Customer can demand repayment of funds in his/her PayEx Account via transfer to a bank account designated by Customer. In order to use this function Customer must be extra identified in accordance with Issuer’s security routine in force from time to time.

Customer shall pay a fee for withdrawal as set out in Section 8 of the Agreement. Said fee is deducted from the withdrawn amount prior to transfer to Customer’s bank account.

3.9 Transfer to other PayEx Account

PayEx Account is equipped with a function for transfer between PayEx Accounts. In order to use this function Customer must be extra identified in accordance with Issuer’s security routine in force from time to time.

Once Customer has been identified as set out above funds can be transferred from Customer’s PayEx Account. If the receiver is a Customer (i.e. has a PayEx Account) funds are transferred directly to receiving Customer’s PayEx Account. Transferring Customer’s PayEx Account is Debited and receiving Customer’s PayEx Account is credited the corresponding amount.

4. Statements of Debits

Each Debit is accounted for in Customer’s PayEx Account.

Customer who is logged into his/her PayEx Account can view a specified statement over Debits and balance. In addition, Customer may print receipts and statements from his/her PayEx Account. Should Customer wish to contest a Debit included in a statement he/she shall notify Issuer without delay but no later than 7 days after supply of said statement. In addition, Customer shall notify Issuer if a Debit is not included in the statement.

In the event that Customer’s contest of a claim is attributable to Merchant, e.g. payment for goods, services and/or content has/have been Debited with an amount in excess of the amount stipulated by the agreement between Merchant and Customer, Customer shall first direct his/her complaint to Merchant.

5. Security

5.1 Password etc.

Customer is obligated to comply with Issuer’s security instructions regarding creation of password or other security parameters from time to time in force. Customer may also use additional security mechanisms available in the Service.

Customer undertakes to keep password and/or other security parameter in a secure manner which will ensure that they remain inaccessible to unauthorized users. The password is personal and may not be assigned to or used by anyone other than Customer.

5.2 Unauthorized Use Due to Failure to Comply with Security Instructions

In the event that Customer fails to comply with security instructions as set out in Section 5.1, Customer will be held responsible for all Debits arising out of unauthorized use of Customer’s PayEx Account.

5.3 Unauthorized Use Due to Third Party Learning Password

Notwithstanding compliance with Issuer’s security instructions regarding creation of password or other security parameter from time to time in force, Customer is responsible for Debits due to unauthorized use of Customer’s PayEx Account, if Customer

1. has disclosed the password to a third party;
2. has contributed, through gross negligence, to a third party learning the password;
3. had reason to suspect that a third party had learned Customer’s password, unless Customer notified Issuer as set out in this Section 5.4 and changed his/her password or took other measures in accordance with Issuer’s security instructions from time to time in force immediately upon discovery.

5.4 Notification that Unauthorized Third Party May Have Learned Password

Customer who has reason to suspect that an unauthorized third party has learned Customer’s password and/or similar security information shall immediately notify Issuer via telephone (currently +46 498 20 20 27) or e-mail (kundtjanst@PayEx.se).

6. Complaints

In order to be valid, complaints on the grounds of nonconformity in the Service shall be notified Issuer by Customer via e-mail at kundtjanst@PayEx.se within a reasonable period of time after such time as Customer noticed or should have noticed said nonconformity.

A complaint shall state the nature of the nonconformity.

7. Defect or Delay Attributable to Merchant

Agreements regarding the purchase of goods, services or content are concluded between Merchant and Customer. Should Customer wish to make a complaint related to Merchant’s performance, said complaint shall be directed to Merchant.

8. Fees

Customer activates PayEx Account free of charge unless otherwise expressly set out in the Agreement. This notwithstanding, Customer may be obligated to pay remuneration pursuant to agreement between Customer and other supplier(s), e.g. regarding connection to the Internet.

Purchase in a currency other than the currency in the PayEx Account will be Debited at Issuer’s exchange rate in force from time to time. Exchange costs will be borne by Customer.

Upon withdrawal from or cancellation of PayEx Account an administrative fee pursuant to the price list in effect from time to time, currently (February 2006) 25 SEK minimum, will accrue. Said fee will be deducted from the withdrawn amount. Issuer’s price list from time to time forms part of the Agreement. The price list is available to Customer via his/her PayEx Account.

Fee and/or cost is/are offset against funds in Customer’s PayEx Account. What cannot be offset will be invoiced and shall be settled on the maturity date at the latest. In the event of payment after the maturity date interst and statutory reminder fee will accrue.

9. Liability and Setoff

Customer shall hold Issuer harmless against third party claims arising out of use of Customer’s PayEx Account, including without limitation, invalid or unauthorized charge of Customer’s PayEx Account. Issuer shall be entitled to offset such third party claim against Customer’s claim on Issuer

10. Settlement of Deficit

Should a Debit lack coverage in the PayEx Account Customer is obligated to settle any deficit immediately by making a deposit into his/her PayEx Account. In the event of failure on the part of Customer to settle such deficit Issuer shall invoice Customer an amount corresponding to said deficit. Payment of such invoice shall be made on the maturity date at the latest. Statutory interest shall accrue from the date on which the deficit arose. In the event of payment after the maturity date, statutory reminder fee shall accrue, where applicable.

11. Duration, Termination and Blocking of PayEx Account

11.1 Validity

This Agreement shall enter into force upon acceptance of said Agreement and registration by Customer of his/her PayEx Account.

11.2 Termination by Customer

Customer shall be entitled to terminate the Agreement with immediate effect by sending notice via e-mail to kundtjanst@PayEx.se. Upon receipt of said notice of termination Issuer shall, without undue delay, block Customer’s PayEx Account and send confirmation of receipt of the notice of termination and of blocking of PayEx Account.

11.3 Termination by Issuer and/or Blocking without Previous Notice

Issuer shall be entitled to terminate this Agreement and/or block PayEx Account with immediate effect if

1. it becomes clear or it can reasonably be suspected that Customer uses or will use his/her PayEx Account in contravention of this Agreement and/or applicable law, statute or other regulation, including without limitation, through unauthorized charge of PayEx Account;
2. information emerging regarding technical or administrative routines for information security gives reasonable cause to suspect that unauthorized use of Customer’s PayEx Account will occur; and/or
3. it can otherwise reasonably be suspected that unauthorized use of Customer’s PayEx Account has occurred or will occur.

11.4 Termination by Issuer by 1 Month’s Notice

Issuer is entitled to terminate the Agreement by 1 month’s notice from such time as notice of termination was dispatched to Customer’s e-mail address and made available in Customer’s PayEx Account.

11.5 Settlement and Blocking                                                                          

Upon termination of the Agreement Customer’s PayEx Account shall be blocked, unless it has already been blocked pursuant to one or more of a-c in Subsection 11.3 above.

After termination the Agreement shall remain in force in applicable parts until all of the Parties’ rights and obligations arising out of the Agreement have been fully settled.

Upon termination of the Agreement Issuer shall transfer funds, if any – which have been kept separate from Issuer funds on behalf of Customer – to a bank account designated by Customer, after deduction of fees, if any.

12. Processing of Personal Data

12.1 Issuer’s Processing and Forwarding of Personal Data

Issuer will process all personal data in a confidential manner. Information disclosed in connection with registration of PayEx Account will not be forwarded to any third party without Customer’s prior written consent, unless otherwise set out in this Agreement.

Issuer or a third party authorized by Issuer will process personal data to the extent necessary for the administration and fulfillment of this Agreement or for the fulfillment of legal requirements to disclose such personal data to the proper government agency.

12.2 Marketing

Issuer will regularly provide Customer with information of new services in PayEx, general improvements and new websites offered by PayEx. Said information will be distributed through a newsletter which will be sent via e-mail to all registered PayEx Customers.

Customer may withdraw his/her consent pursuant to this Subsection 12.2 at any time via e-mail to kundtjanst@PayEx.se.

12.3 Information Regarding Personal Data Processed by Issuer

Following a written application, Customer shall be entitled to receive information regarding processed personal data relating to Customer free of charge in compliance with applicable legislation. At Customer’s request Issuer shall correct incorrect personal data relating to Customer.

12.4 Personal Data Disclosed to Merchant by Customer

Personal data disclosed to Merchant by Customer (which may be a necessary requirement for making purchases from Merchant) or Merchant’s processing of said personal data shall fall outside the scope of this Agreement.

13. Notices

Written notices from Issuer to Customer will be sent by e-mail. Customer shall be deemed to have received messages sent in this manner the day after dispatch at the latest.

14. Assignment

Customer shall not be entitled to assign his/her rights or obligations under this Agreement to a third party without Issuer’s prior written consent. Issuer shall be entitled to assign its rights and obligations under this Agreement, in whole or in part, to a third party without Customer’s consent.

15. Amendments and Addendums

Issuer shall be entitled to amend the Agreement from time to time. Customer shall be notified of such amendments no later than (14) fourteen days prior to their coming into effect. Amendments to the Agreement will be published on the PayEx websites. Customer who does not accept notified amendments or addendums shall be entitled to terminate the Agreement as set out in Subsection 11.2.

16. Failure to exercise Rights

Unless otherwise expressly agreed in writing, no failure on the part of Issuer to exercise any right or remedy available to it under this Agreement, applicable law, statute or other regulation shall operate as a waiver of Issuer’s right to exercise any such right or remedy at a later time or in another case.

17. Liability

17.1 Limitation of Liability

Unless otherwise expressly set out in this Agreement, Issuer shall not be liable for any direct or indirect damage (including loss) incurred by Customer, unless caused by gross negligence on the part of Issuer.

The above includes, but is not limited to, damage as set out below:

• Damage incurred by Customer caused by the Service not being available to Customer.
• Damage incurred by Customer caused by disturbances in the telephone network or in technology not belonging to Issuer.
• Damage incurred by Customer caused by rejection of Debit of Customer’s PayEx Account or wrongful blocking of Customer’s PayEx Account, if Issuer had reasonable cause to suspect that such measure was justified at the time it was taken.

17.2 Acts of God

Issuer is not liable for failure to perform one or more of its obligations under this Agreement if such performance is impeded or rendered unreasonably cumbersome due to circumstances beyond its control or which Issuer could not reasonably have predicted, such as fire, war, mobilisation, natural disaster, unforeseen military service, decision by government agency, court ruling, amendments in legislation, seizure, rebellion, riot, damage in the operations apparatus, edb-virus, key persons’ unfitness for work, import and export restrictions, defect in third party IT equipment and programs, and industrial dispute. The same shall apply should performance be impeded or rendered unreasonably cumbersome as a result of supplier’s failure to perform due to one or more of the circumstances above.

The presence of one or more of the circumstances above shall serve as a basis for quittance, the result of which shall be to relieve Issuer from its obligation to fulfil the Agreement.

17.3 Exceptions

Subsections 17.1 and 17.2 shall not apply to damage incurred by Customer due to wrongful registration or coding not caused by Customer.

17.4 Notice of debit

Issuer is liable for damage incurred by Customer due to failure to execute approved Debit or due to wrongful execution of approved Debit, if Customer has received notice that said Debit has been approved and Subsection 17.2 is not applicable.

17.5 Limitation of Amount

Should liability arise, Issuer’s liability for damages shall be limited to the Control Amount in force from time to time, unless Subsection(s) 17.3 and/or 17.4 is/are applicable.

17.6 Hold Harmless

Customer shall hold Issuer harmless against third party claims against Issuer arising out of Customer’s use of the Service in contravention of this Agreement and/or applicable law, statute or other regulation.

18. Dispute Resolution and Applicable Law

Any dispute arising out of or in connection with this Agreement shall, to the extent not settled amicably, be resolved by a Swedish court. Swedish law shall be applicable to this Agreement.