Ecospend Business Account Terms & Conditions

These Terms & Conditions apply to your Ecospend Business account. Please read them carefully. You can download a copy of these Terms & Conditions at any time from within your online Ecospend Management Console or via our website (https://ecospend.com/).

The Ecospend Business account is an e-money service provided by Contis Financial Services Ltd.

In these Terms & Conditions:

“Large Enterprise” means you if your company or other organisation on the date of account opening had more than 10 employees and an annual turnover of more than €2,000,000 (or sterling equivalent) or if you are a charity with an annual income of more than £1,000,000.

“Distributor” means Ecospend Technologies, 80 Clerkenwell Road, London EC1M 5RJ

SW3 3LL who may distribute the account to you on our behalf.

“You” means the named account holder being the authorised user of the Ecospend Business account and any user you assign in the Ecospend Management Console.

“We”, “us” or “our” means Contis Financial Services Ltd or a Distributor acting on our behalf.

If you have any questions you can contact Customer Services by:

• Email: support@ecospend.zendesk.com;
• Online: Log in to your Ecospend account at https://console.ecospend.com and click on Contact Us to send us a secure message; or
• Post: 80 Clerkenwell Road, London EC1M 5RJ, United Kingdom.

Your Ecospend Business account is issued by Contis Financial Services Limited, Navigation House, Belmont Wharf, Skipton, North Yorkshire, BD23 1RL, who is authorised by the Financial Conduct Authority under the Electronic Money Regulations 2011 (registered number 900025) as an e-money issuer.

An Ecospend Business Account is an electronic money account from which you can make and receive payments. You can use your account to make transfers to other accounts.

You can only spend money that you have paid into your account, so before making transfers you need to make sure there are enough funds in the Ecospend Business account. Monies in the Ecospend Business account are not bank deposits and do not earn interest.

2. Who can apply for an Ecospend Business account?

You must be an authorised owner, director or employee of a business based in the UK to be issued with an Ecospend Business account. Eligible businesses include sole traders, partnerships and limited companies. You must provide an email address and mobile phone number to open an account so that we can communicate with you.

3. Opening an Ecospend Business account?

Before we can open an account for you, we will require evidence of your business, your director and beneficial owner’s identities and we may need evidence of addresses. You may need to provide us with documents such as certificate of incorporation, articles of association, ownership structure, passport, driving licence, national identity documents, utility bills, bank statements or other documents to confirm the existence of your company and verify the identity of beneficial owners. We may also need to carry out checks electronically.

4. How do I get started?

Log into your Ecospend Management Console using the username and password generated by you. Follow the guidelines provided by Ecospend to verify your email, phone number and to generate the password.

By logging into your account, you are agreeing to these Terms & Conditions.

You can assign only one Admin User, who can change sensitive information from your Company (i.e. set up the payee account). To assign the Admin User, email Ecospend by providing their details. The Admin User will be the first user to have access to the Ecospend Management Console and to set up the account. Standard users are assigned by the Admin user through the Ecospend Management Console and have access to the corresponding functionalities.

5. How do I add funds to the Ecospend Business account?

You may pay into your account by transfer from a bank account, and any other method notified in your online Ecospend Management Console from time to time. The time taken to credit funds to your account will depend on the method of deposit used. You cannot pay into your account by a balance transfer from a credit card. You may only pay in funds up to your maximum account balance.

Certain minimum and maximum limits and usage requirements apply to your account; such limits and requirements are detailed in the Fees and Limits table (section 26). We reserve the right to refuse to accept any particular payment if we suspect any fraudulent activity or in the event of other exceptional circumstances.

As soon as we receive the funds that you have paid in, they will be on your account and ready to use. There may be occasions when we delay the funds reaching your account for up to three working days, this may happen when we need to confirm the transaction with the sending bank.

Where an overpayment has been made to your account in error, we reserve the right to debit the account with the excess amount to correct the payment transaction.

6. What transactions can I make?

You can make the following transactions from your Ecospend Business account:

Faster Payment to a UK bank account you can send a faster payment to another person or business using their sort code and account number, you can check if a sort code accepts faster payments at http://www.fasterpayments.org.uk/consumers/sort-code-checker. You should make sure that the sort code and account number are correct before you submit the transaction. Faster payments can be sent on the day you authorise the transaction, for a date in the future that you specify or as a regular payment at the dates and frequency you choose. Same day faster payments will ordinarily be available at the receiving account within two hours of being submitted.

An account transaction is authorised by you when you access your online account using your personal security details and submit a transaction request. You must ensure that you input the correct bank account details for any payment you request from your account.

A transaction is authorised by you when you access your Ecospend Business account using your personal security details and submit a faster payment or transfer request.

You may, in addition, be required to enter a one-time passcode or other security information including, if available and you opt for this type of identification, biometric information to authorise a transaction or make account amendments. One-time passcodes will be sent to the mobile phone number registered to your account.

As soon as a transaction is authorised, we will deduct the value of your transaction from the available balance on your account. Fees may be deducted at the time of authorisation. A full breakdown of each transaction, including charges, will be available to view on your online Ecospend Management Console.

Once we have received authorisation for a transaction, we will transfer funds to a bank or financial institution on the day we receive the authorisation or the day you requested the payment to be made for future dated transactions. A transaction will be received for faster payment transactions at the time you ask us to complete the transaction. Same day faster payments will ordinarily be available at the receiving account within two hours of being submitted.

7. Can I cancel a transaction?

Generally, authorisation for a transaction may not be withdrawn by you. However, you may be able to withdraw your authorisation where you have authorised a transaction which will take place on a future date. However, where a specific date is agreed, you may not revoke a payment order after the end of the business day preceding the agreed date.

We may charge you an Administration Fee if a transaction is revoked by you under this paragraph (see the Fees and Limits table (section 26)).

8. How can I check my Ecospend Business account?

You can check your account by accessing it securely through the Ecospend Management Console. On the Management Console       you can see:

• information of each transaction (incoming Open Banking transactions initiated by your customers and payout transactions initiated by you through APIs) and a reference enabling you to identify each payment transaction;
• the amount of the transaction; and
• the date the transaction is authorised or posted on to the account.

The fees applied will not be viewable in the Management Console, as these will be charged via invoice. The invoice raised via our distributor will detail the amount and the reason for each fee.

This information is accessible at all times via your Ecospend Management Console, is available free of charge, and can be downloaded in excel or pdf formats at any time.

You may, in addition, be required to enter a one-time passcode or other security information including, if available and you opt for this type of identification, biometric information to access your account. One time passcodes will be sent to the mobile phone number registered to your account.

9. What if I have a dispute about a transaction?

If you dispute a transaction you should contact us without undue delay and in any event within 13 months on becoming aware of any unauthorised or incorrectly executed payment transaction.

Unless you are a Large Enterprise, where you have informed us that an executed payment was not authorised by you in accordance with these Terms and Conditions , and you have taken all reasonable steps to keep safe personalised security information, keep your account secure, not disclosed your security information to anyone else and not acted fraudulently, we will:

a) refund the amount of the unauthorised payment to you; and

b) restore the debited payment account to the state it would have been in had the unauthorised payment not taken place.

Beyond this and if you are a Large Enterprise, we will have no further liability to you. Where payee details provided by you are incorrect, we are not liable for non-execution or defective execution of the payment transaction, but we will make reasonable efforts to recover the funds involved in the payment transaction and notify you of the outcome.

Unless you are a Large Enterprise, you may be entitled to claim a refund in relation to transactions where:

• the transaction was not authorised under these Terms and Conditions;
• we are responsible for a transaction which we fail to execute or incorrectly execute. In these circumstances, we will refund to you the amount of the non-executed or defective payment transaction and restore the debited payment account to the state in which it would have been had the defective payment transaction not taken place. We will also refund to you: (a) any direct charges for which you are responsible; and (b) any interest which you must pay, as a consequence of the non-execution or defective execution of the payment transaction; or
• a pre-authorised transaction did not specify the exact amount at the time of its authorisation and the amount charged is more than could reasonably be expected, taking into account previous spending patterns on the account and the circumstances of the transaction. We will either refund the full amount of the payment transaction; or provide justification for refusing to refund the payment transaction. Any refund or justification for refusing a refund will be provided within 10 business days of receiving a request for a refund or, where applicable, within 10 business days of receiving any further information requested. A claim for a refund in these circumstances will not be accepted if the amount of the transaction was made available to you at least 4 weeks before the transaction date or if the claim is made more than 8 weeks after being charged to your account.

If you are a Large Enterprise, you may be entitled to claim a refund in relation to transactions where we are responsible for a transaction which we fail to execute or incorrectly execute. In these circumstances, we will refund to you the amount of the non-executed or defective payment transaction.

10. What about security?

You must keep your account and security credentials safe and not let anyone else know or use them. You must keep your security information secret at all times and never disclose your security information to anyone. Security information includes your login and password details used to access your account or any other website where your account details are stored. We also recommend that you check the balance on your account regularly on your Ecospend Management Console or by contacting Customer Services.

11. What if my account details are compromised?

If you suspect that someone else has found out your security information or accessed your account without your permission, you must tell us without undue delay by calling us or logging onto your account through the Ecospend Management Console and notifying us. Your account may be blocked.

If you ask us to do so, and provided that you provide information and assistance that we request from you, we will investigate any disputed transaction or misuse of your account.

If the investigations show that any disputed transaction was authorised by you, or you have acted fraudulently or with gross negligence (for example by failing to keep your security information secure or by failing to notify us without delay on becoming aware of the loss, theft, misappropriation or unauthorised use of the account), then we will not refund the transaction amount and you will be fully liable for all losses incurred because of the unauthorised use of the account.

If the investigations show that you have not acted fraudulently or with gross negligence, your maximum loss or liability to us for any unauthorised transaction will be limited to £35 and we will process a refund as soon as practicable, and in any event no later than the end of the business day following the day after we receive your notification. There is no maximum liability for Large Enterprises.

12. Will you ever block a transaction without me asking?

We may refuse to pay a transaction:

• if we are concerned about security of your account or we suspect your account is being used in an unauthorised or fraudulent manner;
• if sufficient funds are not paid into your account at the time of a transaction to cover the amount of the transaction and any applicable fees;
• if there is negative balance on your account;
• if we have reasonable grounds to believe that you are not using the account in accordance with these Terms & Conditions;
• if we believe that a transaction is potentially suspicious or illegal (for example, if we believe that a transaction is being made fraudulently); or
• because of errors, failures (whether mechanical or otherwise) or refusal to process a transaction by merchants, payment processors or payment schemes such as Faster Payments.

If we refuse a transaction, we will tell you why immediately, if we can, unless it would be unlawful for us to do so. You may correct any information we hold and which may have caused us to refuse a transaction by contacting Customer Services.

13. Can I cancel my Ecospend Business account?

You have a legal right to cancel your account up to 14 days from the date your account is opened without incurring any penalty. You can also cancel your account at any time after the 14 day period subject to a Redemption Fee (the Fees and Limits table (section 26)) by contacting Customer Services.

All fees and charges will be apportioned up until the time of the termination of the contract, and any fees and charges paid in advance will be reimbursed proportionally. You will not be entitled to a refund of money you have already spent on transactions authorised, or pending or any fees for use of the account before the account is cancelled.

14. Could my Ecospend Business account be cancelled?

We may cancel your account and this agreement by giving you at least two months’ notice. Reasons for cancellation may include:

• if you break an important part of this agreement, or repeatedly break the agreement and fail to resolve the matter in a timely manner;
• if you act in a manner that is threatening or abusive to our staff, or any of our representatives; or
• if you fail to pay fees or charges that you have incurred or fail to pay back any negative balance on your account.

If you are a Large Enterprise we may cancel your account and this agreement by giving reasonable notice at any time.

We may also cancel your account immediately if we:

• suspect unauthorised or fraudulent use of your account;
• have any other security concerns; or
• need to do so to comply with the law.

We may also deny access to your account where we consider it to be at risk of money laundering or terrorism financing, fraud or other criminal activity. Should we need to take these actions and where possible, we will give reasons for doing so except where restricted by law.

In these circumstances, you must tell us what you want us to do with any unused funds. You must do this within 3 months of the date we tell you that your account is cancelled.

15. Can I get money back once I have put it on?

You can clear the balance on your account by making transfers to other bank accounts in British Pounds Sterling. See the Fees & Limits table (section 26) for the fees that would apply.

Alternatively, you may request a refund of the funds on your account by contacting Customer Services. We will transfer your funds back to you at no cost to you, unless:

• you are requesting redemption before termination or expiry of this agreement;
• you cancel this agreement before any agreed termination or expiry date; or
• you request redemption more than one year after the date of termination or expiry of this agreement.

If one of these situations does apply then we will charge a Redemption Fee (see the Fees and Limits table (section 26)).

We will not redeem the value of the funds on your account to you if your request for redemption of the funds is more than six years after the date of termination or expiry of this agreement.

All funds will be returned to a bank account of your choice in British Pounds Sterling. We reserve the right to see proof of your ownership of the bank account before transferring funds to it. To enable us to comply with our legal obligations, we may ask you to provide us with certain information such as identification documents before we can process your refund request.

Please also refer to section 22 below for the circumstances in which we do not give you a refund.

16. Is money on my Ecospend Business account protected like my bank account?

The account is an electronic money product and although it is a product regulated by the Financial Conduct Authority, it is not covered by the Financial Services Compensation Scheme. No other compensation scheme exists to cover losses claimed in connection with the account. We will however ensure that any funds received by you are held in a segregated account so that should we become insolvent your funds will be protected against claims made by our creditors.

17. What if I have a complaint?

If you are unhappy in any way with your account or the way it is managed, you can contact Customer Services so we can investigate the circumstances for you. Any complaints you have will be dealt with quickly and fairly.

We will make every possible effort to address all points of complaint by email. Unless you are a Large Enterprise we will respond within 15 business days upon receiving the complaint. If a full response cannot be providing within these timeframes, we will send a holding reply with a full response to follow within 35 business days.

If we are unable to resolve your complaint to your satisfaction you may, unless you are a Large Enterprise, contact the Financial Ombudsman Service at Exchange Tower, London, E14 9SR. Telephone: +44 (0)800 023 4 567 from landlines, +44 (0)300 123 9 123 from mobile phones or +44 (0)20 7964 0500 for calls from outside the UK and e-mail: complaint.info@financial-ombudsman.org.uk. This does not apply to Large Enterprises.

18. What if I change my details?

You can change your address, telephone number, mobile number and e-mail address via our customer support team and you will need to provide proof of the change of company name documentation. If we contact you in relation to your account we will use the most recent contact details you have provided to us. Any e-mail or SMS text message sent to you will be treated as being received as soon as it is sent by us. We will not be liable to you if your contact details have changed and you have not told us.

19. What will happen to my personal information?

We are the controller of your personal data which we will use in order to open, administer and run your account and provide payment services to you. You hereby consent to us accessing, processing, and retaining any information you provide to us, for the purposes of providing payment services to you or otherwise to fulfil this agreement. For further information about how we will use your personal data, please view our Privacy Policy at https://www.contis.com/downloads/Contis-Privacy-Policy-General.pdf. You may withdraw your consent to the processing of this data by closing your account

20. Will these Terms & Conditions ever change?

We may change these Terms & Conditions by notifying you by e-mail or other agreed means at least two months before the change is due to happen unless you are a Large Enterprise where we may notify you of a change with reasonable notice. We will assume that you agree with the change. If you do not agree with the change you must tell us before the change happens and we will cancel your account immediately. If you cancel your account in this way then we will return any balance on the account to you and you will not be charged a Redemption Fee.

An up-to-date version of the account Terms & Conditions, as well as any notices of future changes will always be available via our website,https://ecospend.com/terms-conditions-businessaccounts-contis/. You should check our website regularly for such notices and changes.

21. When may use of the Ecospend Business account be interrupted?

From time to time, your ability to use your account may be interrupted, e.g. when we carry out systems maintenance. If this happens, you may be unable (a) to make or receive payment transactions and/or (b) to obtain information about the funds available in your account and/or about your recent transactions.

22. What is our responsibility?

If we incorrectly deduct funds from your account, we will refund them. If we subsequently establish that the refunded amount had in fact been correctly deducted, we may deduct it from your available balance and may charge you a fee. If you do not have sufficient available balance, you must repay us the amount immediately on demand.

If unauthorised transactions occur after you have notified us of the loss, theft, compromise or unauthorised use of your account, and you have not acted fraudulently or in breach of these Terms and Conditions, then we will be liable.

We will not be liable:

• for any interruption, disruption or impairment of our service or any third party services on which we rely for the performance of our obligations hereunder;
• for refusing to authorise a transaction;
• for cancelling or suspending use of your account;
• for any loss arising from your inability to use or access your account due to interruptions;
• for any direct or indirect loss or damage you may suffer including loss of revenue, loss of reputation, goodwill, opportunity or anticipated savings as a result of your total or partial use or inability to use your Ecospend Management Console or the use of your account by any third party (unless otherwise required by law);
• for the quality, safety, legality or any other aspect of any goods or services purchased by a bank transfer from your account; and
• any abnormal and unforeseeable circumstances beyond our control, however so caused.

For the SMS services we offer, we are not responsible for lost, late or undelivered text messages, notifications or communications. We accept no responsibility for any technical, computer, online, telephone, cable, electronic, software, hardware, transmission, connection, internet, website or other access issue which may hinder your ability to access the SMS services.

Nothing in these Terms and Conditions shall operate to exclude liability for death or personal injury due to negligence or for fraud or fraudulent misrepresentation or for any statutory liability that cannot be excluded or amended by agreement between the parties.

23. When can I be charged (other than the fees in section 26)?

We may charge you for any reasonable costs that we incur in taking action to stop you using your account and to recover any monies owed as a result of your activities if you:

• use your account fraudulently;

• do not use your account in accordance with these Terms & Conditions; or
• have been grossly negligent, for example by failing to keep your account secure or by failing to notify us without delay after your account has been used by someone else or where your account has been compromised.

In these circumstances we will not refund transactions and we reserve the right to charge you for any reasonable costs that we incur in taking action to stop you using your account and to recover any monies owed as a result of your activities.

If you have not been fraudulent, or grossly negligent, and have used your account in accordance with these Terms & Conditions, your maximum liability for any unauthorised transaction resulting from the use of a compromised account before you notify us will be £35. There is no maximum liability for Large Enterprises.

We may also charge you an Administration Fee if we have to manually intervene to complete a payment or rectify an error on the account caused by an error or omission on your part.

24. Can I assign my rights or obligations under these Terms and Conditions?

You may not transfer or assign any rights or obligations you may have under these Terms & Conditions to any other person without our prior written consent. We may assign the benefit and burden of these Terms & Conditions to any other person at any time on giving you two months prior notice of this unless you are a Large Enterprise where reasonable notice will be provided. If we do this, your rights will not be affected.

25. Governing law

This Agreement is concluded in English. All communications with you will be in English. These Terms & Conditions will be construed in accordance with English law and the exclusive jurisdiction of the English courts.

Your Ecospend Business account is issued by Contis Financial Services Ltd who is authorised by the Financial Conduct Authority to issue e-money (Firm Reference Number: 900025). Registered head office is Navigation House, Belmont Wharf, Skipton, North Yorkshire, United Kingdom BD23 1RL.

1. Please note that Ecospend Business account is an electronic money product and although it is a product regulated by the Financial Conduct Authority, it is not covered by the Financial Services Compensation Scheme. We ensure that any funds received by you are held in a segregated account so that in the unlikely event that Contis Financial Services Ltd becomes insolvent your funds will be protected against claims made by creditors.