1 Introduction and Account Opening
1.1 The CardOneMoney Platinum Business Card consists of two parts – the CardOneMoney Platinum Account and the CardOneMoney Platinum Corporate Mastercard® Card.
1.2 These terms and conditions explain how the CardOneMoney Platinum Business Account works and explain our obligations to you and your obligations to us.
1.3 If an insolvency event occurs in relation to your business, then you agree we may:
In so doing, we will not be held liable for any expenses, costs or losses incurred by you or your administrator. You must inform us if you or your business enters into an insolvency event, within 7 days of entering into the event.
1.4 In these terms and conditions:
1.4.1 ‘Barclays’ means Barclays Bank plc;
1.4.2 ‘Our Bankers’ means Barclays Bank plc, National Westminster Bank plc or the Bank of England.
1.4.3 ‘CardOneMoney Platinum Business Account’ means an account which we open in your name and your business name and which consists of a ‘Account’, as described in section 2, and a ‘Corporate Mastercard Card’, as described in section 3, also referred to as the ‘CardOneMoney Platinum Business Card’, and ‘CardOneMoney Platinum Virtual Card’
1.4.4 ‘e-money’ means electronic money, a surrogate for cash intended for making payments of limited amounts.
1.4.5 ‘group’ means the Company and any holding company or any parent company or any subsidiary or subsidiary undertaking of the Company or such companies, as such terms are defined in s 1159, s 1162 (together with Schedule 7 and the definition of “parent company” in s 1173), s 1161 and Schedule 6 of the Companies Act 2006, and “Group Company” means any of them.
1.4.6 ‘insolvency event’ means any bankruptcy or winding-up petitions or orders or resolutions, the appointment of an administrator or receiver, an insolvent reorganisation (by way of voluntary arrangement or otherwise) or the occurrence of any similar or analogous insolvency event.
1.4.7 ‘our website’ means www.CardOneMoney.com;
1.4.8 ‘recurring transaction’ means a regular payment collected from your Corporate Card by an originator, in line with your instruction;
1.4.9 ‘we’, ‘us’, ‘our’ means Spectrum Payment Services Ltd;
1.4.10 ‘we’, ‘us’, ‘our’ in relation to the CardOneMoney Corporate Card means Fair Payments Limited, or Spectrum Card Services Limited acting on its behalf;
1.4.11 ‘you’, ‘your’ means the customer in whose name a CardOneMoney Platinum Business Account is
opened. This customer has access to all account transactions. This definition also extends to any authorised users of your account(s) and the business in general. We would normally only allow you to authorise directors, officers or partners to have access to the account, regardless of whether they are cardholders or not.
2 Account
2.1 Money in your Account is held by our Bankers. Money in your CardOneMoney Business Account does not constitute a deposit and will not earn interest.
2.2 Paying In
2.3 The only funds that can be paid into your CardOneMoney Platinum Business Account are the funds from your iwoca loan. The option to draw down funds is made available when your application is successful.
2.4 Withdrawals and Payments. You can take money from your Account
2.4.1.1 You can make a same or next day one off payment through participating banks to another party over the phone, online or via the app. The funds will be available to the recipient almost immediately once sent out of your account (same day payment) but it may take up to 1 business day (next day payments). Details of payment cut off times can be found on our website or by phoning us (see section 13). Please see section 9 for fees payable.
2.4.1.2 You cannot cancel a same day or next day payment once the funds have been debited from your Account.
2.4.1.3 We may refuse to make a payment from your account if we reasonably believe that doing so may cause us to breach a legal requirement or expose us to action from any government or regulator. We may also refuse to act on any instruction you give us including payment instructions where we believe that:
2.4.2 If, for any reason whatsoever, you are able to make a withdrawal when there are insufficient funds in your Account for that transaction (a ‘shortfall’), we will seek reimbursement of the shortfall from you immediately. We may also seek reimbursement of the shortfall from any other account that you have with us, from another payment method that you may nominate at that time, or from any funds that you subsequently pay onto your Account. Until the shortfall has been paid, we may suspend your Business Account.
2.5 Statements To help you manage your Account and check entries on it, you can access your account statements on our website. You may download these statements at no charge or you can ask us for a paper copy of the statement for which a fee may be charged. You should check your statement regularly. If there is an entry which seems to be wrong, you should tell us as soon as possible so that we can investigate it. During our investigation, you should co-operate with us and with the police, if we need to involve them.
3 Your Platinum Virtual and Physical Business Card
3.1 The money on your Platinum Virtual and Physical Business Card
This money is electronic money (‘e-money), does not constitute a deposit, and will not earn interest.
3.2 Use of the Platinum Physical Business Card
3.3 In this Section, ‘you’ includes your authorised users.
3.4 Detailed instructions on how to use your Platinum Physical Business Card will be found on the website.
3.5 You can use your Platinum Physical Business Card at most locations in the UK or abroad that displays
the Mastercard® Acceptance Mark. There is a daily cash withdrawal limit of £450 at an ATM, and a maximum limit of 5 withdrawals per day. There is a daily spending limit of £2,000 including cash advances, on transactions other than ATM transactions. The maximum ATM and over the counter cash withdrawal is £20,000 over each 12 month period.
3.6 Do not try to use your Platinum Physical Business Card after the expiry date. We will send you a new Platinum Physical Business Card before the expiry date, provided you have stayed within these terms and conditions.
3.7 We will deduct the value of your Platinum Physical Business Card transactions, and any related transaction fees, from the balance on your Account as soon as you make the transactions.
3.8 If, for any reason whatsoever, you are able to make a transaction when there are insufficient funds (a ‘shortfall’), we will seek reimbursement of the shortfall from you immediately. If the shortfall results from a retailer error, we will seek the shortfall from the retailer, which may take up to 45 days after the investigation has been completed. Otherwise, we will seek to transfer the shortfall amount from your Account, any other account that you have with us, from another payment method that you may nominate at that time, or from any funds that you subsequently pay into your Account. Until the shortfall has been paid, we may suspend your Account.
3.9 Withdrawals You can take money from your Platinum Physical Business Card:
3.9.1 by setting up recurring transactions. To cancel recurring transactions please initially tell the company
taking the payments. However, you may also tell us that you have stopped permission for the payments
and we will take the required action.
3.9.2 Authorising Transactions
3.10 A Platinum Physical Business Card transaction will be regarded as authorised by you where you: 3.10.1 Authorise the transaction at the point of sale by following the instructions provided by the merchant or
retailer to authorise the transaction, which may include:
3.10.1.1 Entering your PIN or providing any other security code,
3.10.1.2 Providing the Platinum Physical Business Card details and / or any other details as requested,
3.10.1.3 Waving / swiping the Platinum Physical Business Card over a card reader or inserting your Platinum
Physical Business Card into a card reading device for the purpose of making a payment.
3.10.1.4 Inserting a Platinum Physical Business Card and entering your PIN to request a cash withdrawal at an
ATM,
3.10.1.5 Using your contactless card and touching it against the contactless reader until the light turns green.
3.11 Authorisation for a transaction may not be withdrawn or revoked by you after the time it is received.
However, you may withdraw any transaction which is future dated if notice is provided to the originator
before the scheduled date of the transaction.
3.12 All transactions require authorisation.
3.13 You have 13 months to notify us of an unauthorised or incorrectly authorised payment transaction on
your Platinum Physical Business Card.
4 Use of the Platinum Virtual Business Card
4.1 In this Section, ‘you’ includes your authorised users.
4.2 Detailed instructions on how to use your Platinum Virtual Business Card will be found on the website.
4.2.1.1 You can use your Platinum Virtual Business Card for online payments where you can provide the
Platinum Virtual Business Card details and / or any other details as requested,
4.3 Do not try to use your Platinum Virtual Business Card after the expiry date. We will renew your Platinum Virtual Business Card before the expiry date, provided you have stayed within these terms and conditions.
4.4 We will deduct the value of your Platinum Virtual Business Card transactions, and any related transaction fees, from the balance on your Account as soon as you make the transactions.
4.5 If, for any reason whatsoever, you are able to make a transaction when there are insufficient funds (a ‘shortfall’), we will seek reimbursement of the shortfall from you immediately. If the shortfall results from a retailer error, we will seek the shortfall from the retailer, which may take up to 45 days after the investigation has been completed. Otherwise, we will seek to transfer the shortfall amount from your Account, any other account that you have with us, from another payment method that you may nominate at that time, or from any funds that you subsequently pay into your Account. Until the shortfall has been paid, we may suspend your Account.
4.6 Withdrawals You can take money from your Platinum Virtual Business Card:
4.6.1 by setting up recurring transactions. To cancel recurring transactions please initially tell the company
taking the payments. However, you may also tell us that you have stopped permission for the payments
and we will take the required action.
4.6.2 Authorising Transactions
4.7 A Platinum Virtual Business Card transaction will be regarded as authorised by you where you:
4.7.1 Authorise the transaction at the point of sale by following the instructions provided by the merchant or
retailer to authorise the transaction, which may include:
4.7.1.1 Providing the Platinum Virtual Business Card details and / or any other details as requested,
4.8 Authorisation for a transaction may not be withdrawn or revoked by you after the time it is received.
However, you may withdraw any transaction which is future dated if notice is provided to the originator
before the scheduled date of the transaction.
4.9 All transactions require authorisation.
4.10 You have 13 months to notify us of an unauthorised or incorrectly authorised payment transaction on
your Platinum Virtual Business Card.
5 Our liability
5.1.1 We cannot guarantee that a retailer will accept your Platinum Virtual or Physical Business Card or that we will necessarily authorise any particular transaction because of a system problem, events outside our reasonable control, or because we are concerned about misuse of your Card. Accordingly, we shall not be liable if a retailer refuses to accept your Card, if we do not authorise a transaction, or if we cancel or suspend use of your Card. Unless otherwise required by law, we shall not be liable for any direct or indirect loss or damage you may suffer as a result of your total or partial use of, or inability to use, your Card, or as a result of the use of your Card by any third party. If you do not use your Card in accordance with these terms and conditions, or if we find that you are using your Card fraudulently, we reserve the right to charge you for any reasonable costs that we incur in taking action to stop you using it and to recover any monies owed as a result of your activities.
5.1.2 We are not responsible for the quality, safety, legality or any other aspect of any goods or services that you buy with your Card. Any disputes about purchases made using your Card must be settled with the retailer concerned. If you use your Card to make a purchase, you cannot stop that transaction.
6 Protecting your CardOneMoney Platinum Business Account
6.1 In this section, ‘you’ includes your authorised users
6.2 We will co-operate with other industry organisations to provide secure and reliable account and payment
systems that you can trust.
6.3 Taking care. Taking care of your Platinum Virtual or Physical Business Card, PIN (if you have a
physical card) and other security information is essential to help prevent fraud and protect your
CardOneMoney Platinum Business Account. Please make sure that you follow the advice given below. 6.3.1 Do not let anyone else use your Card, and do not tell anyone else your PIN (if you have a physical card),
password or other security information.
6.3.2 If you have a physical Platinum Business card we will never ask you to tell us your PIN. If you are in any
doubt about whether a caller is genuine, or if you are suspicious about them, take their details and call
us.
6.3.3 When you change your PIN at an enabled ATM, choose your new PIN carefully. Avoid selecting a PIN
that can be compromised using other information about you, such as numbers from your date of birth or
house number.
6.3.4 Memorise your PIN, password and other security information, and securely destroy the notice as soon
as you receive it.
6.3.5 Always take reasonable steps to keep your Platinum Business Card safe and your PIN (if you have a
physical card), password and other security information secret at all times.
6.3.6 Never give away your CardOneMoney Platinum Business Account details or other security information. 6.3.7 Keep your Platinum Business Card receipts and other information about your CardOneMoney Platinum
Business Account, such as statements, safe and destroy them carefully.
6.3.8 You must sign the signature strip on the back of your physical Platinum Business Card as soon as you
receive it.
6.4 If your physical Platinum Business Card is lost or stolen, if you suspect that it has been used by
someone other than you, or that someone else knows your PIN, password or other security information, you must tell us as soon as you can by emailing or calling us on our 24 hour lost and stolen card helpline found in Section 14. We will take immediate steps to try to prevent your Card from being used. This also applies to your Platinum Virtual Business Card. If you suspect that someone else knows your password or other security information or they have access to your mobile device where upon your Virtual Business Card data is stored please contact us immediately.
6.5 Treat your physical Platinum Business Card like cash. If it is lost or stolen, you may lose some or all of the money in your Account.
6.6 Upon request, we will investigate any disputed transactions or other misuse of your Platinum Business Card. We may need more information and assistance from you for this. We will immediately refund the transaction amount and associated charges that were not authorised by you, provided you have kept your Card and PIN (if you have a physical card) secure, you have not acted fraudulently, and you have acted with reasonable care. However, if the investigation shows that any disputed transaction was authorised by you, that you did not keep your Card or PIN (if you have a physical card) secure, or that you have acted fraudulently, we may reverse the refund and charge you an administration fee to your Account.
6.7 Online account/Mobile app. Your online account/Mobile app is safe and convenient if you take a number of simple precautions. Please be sure to follow the advice given below.
6.7.1 Keep your PC/Mobile telephone/Tablet secure, you must let us know if these are lost or stolen. Use up- to-date anti-virus and spyware software and a personal firewall.
6.7.2 Keep your password secret.
6.7.3 We (or the police) will never contact you to ask you for your online account password or card PIN (if you
have a physical card).
6.7.4 Treat emails received from senders claiming to be us with caution and be wary of emails or calls asking
you for any personal security details.
6.7.5 Always access our website by typing our website address into your web browser. Never go to our
website from a link in an email and then enter personal details.
6.7.6 Once you have logged in to the Mobile app, do not leave your mobile device unattended or let any else
use your mobile device. Also ensure that you log out of the Mobile app once you have finished and do
not leave the Mobile app running in the background whilst logged in
6.7.7 You may be responsible for unauthorised payments made from your accounts if you have not kept your
mobile devices and your security details safe.
6.7.8 Liability for losses. If you act fraudulently or without reasonable care, you will be responsible for all
losses on your CardOneMoney Platinum Business Account. (This may apply, for example, if you do not follow the advice in this section or violate these terms and conditions.)
Unless we can show that you have acted fraudulently or without reasonable care, your liability for misuse of your Platinum Virtual or Physical Business Card will be limited as follows:
6.7.11 We will not be liable for any default resulting from any abnormal or unforeseeable circumstances beyond our control (such as acts of God, terrorism, war, government action or natural disaster), the consequences of which would have been unavoidable despite all our efforts to the contrary
6.7.12 We do not exclude or limit in any way our liability to you where it would be unlawful to do so. This includes liability for death or personal injury caused by our negligence or the negligence of our employees, agents or subcontractors; for fraud or fraudulent misrepresentation; for breach of your legal rights in relation to the Card; and/or for breach of our statutory obligations, including any applicable rules of the Financial Conduct Authority. However, we will not be liable for any default where it is a result of our duty to comply with any applicable laws of the European Union or the United Kingdom.
7 Closing your CardOneMoney Platinum Business Account
7.1.1 If your CardOneMoney Platinum Business Account is closed, both the Account, Virtual Business Card and/or Physical Business Card will be closed together.
7.1.2 Normally, we will give you 60 days notice before closing your CardOneMoney Platinum Business Account. However, we can close your CardOneMoney Platinum Business Account immediately if we suspect fraud or misuse of the CardOneMoney Platinum Business Account, if you act in a threatening or abusive manner to our staff and representatives, if you are in breach of these Terms and Conditions, if we have security concerns, or if required by law. We will tell you of the closure as soon as we can or are permitted to do so. We will also close your account in the event of your death or on notification of your imprisonment.
7.1.3 When the CardOneMoney Platinum Business Account is closed, we will reject any further Physical or Virtual Card transaction authorisation requests and will not pay any further payments from your Account. However, we will debit to your Card any transactions that have already been authorised at the time of closure and plus related transaction fees.
8 Changes to these terms and conditions
8.1.1 You can find the current version of these terms and conditions on our website.
8.1.2 Changes to these terms and conditions will be communicated to you using the email or postal address
that you provided to us. Changes to your disadvantage will be communicated to you at least 60 days before the change is effective. At any time up to 60 days from the date of this notification, you may close your CardOneMoney Platinum Business Account without incurring any extra charges. Any other changes can be made immediately and communicated within 30 days. Please keep your contact details current. When we send correspondence to this email or postal address, we will assume receipt by you.
8.1.3 The Mastercard daily exchange rate is used to convert foreign transactions into Sterling. This rate changes frequently. You can find out the applicable exchange rate for those transactions by contacting us on the number found in Section 13.
9 Fees
9.1.1 We will charge the following fees to your Account:
For the Physical Business Card:
9.1.2 You can also find out about these fees by phoning us or looking on our website (see section 13)
9.1.3 When you use your Physical Business Card at an ATM, you may also be subject to the fees, surcharge rules and regulations of the ATM provider or other financial institution or association.
10 Your details
10.1.1 You must tell us as soon as possible if you change your name, business name, address, phone number or email address. A £10 administration fee may be charged when we affect any change. If we contact you about your CardOneMoney Platinum Business Account, we will use the most recent contact details that you have given us. We will not be liable to you if you have failed to tell us of any change of contact details. We will treat any communication to you by mobile phone text message or email as being received as soon as we send it. We will treat any communication by first-class post as being received on the next working day. Funds on the card belong to your company and if you leave the employment of the business, you should return your card to the administrator of your CardOneMoney Platinum Business Account.
11 Using and sharing your information (Data Protection)
When you purchase the CardOneMoney Platinum Business Account and use the CardOneMoney Platinum Virtual or Physical Business Card associated with it, you agree that we can use your personal and business information in accordance with our Privacy Policy, which may be found on our website, or, you may contact us directly and we will post a printed copy to you. It includes information on how the data will be used and stored and with whom we share the information. Data may be held outside of the EEA by a supplier that provides settlement services in relation to the Card.
12 Cashback Rewards
12.1.1 As part of your current account we provide a cashback rewards programme. This benefit is provided by Sodexho Motivation Solutions UK Limited (registered in England No 608407841 whose registered office is at Avalon House, Breckland, Linford Wood, Milton Keynes, Buckinghamshire, MK14 6LD.
12.1.2 Cashback rewards are subject to the supplier’s terms and conditions and are subject to change at any time. For more information on this benefit please see our website.
12.1.3 This benefit will continue for as long as your current account remains open. You can opt out of receiving this benefit via your online account or by contacting us using the details below.
13 Our contact details
13.1.1 You can contact us:
13.1.2 via the ‘contact us’ facility on our website, www.CardOneMoney.com;
13.1.3 by phone on 0871 811 1779. Calls cost 11p per minute, plus your phone company’s access charge. We may monitor or record calls to help us improve our customer service;
13.1.4 Lost or Stolen can be reported 24 hours a day by logging onto your online account or by phoning us on 0871 811 1889. Calls cost 11p per minute, plus your phone company’s access charge. We may monitor or record calls to help us improve our customer service;
13.1.5 by post at CardOneMoney Businesses, PO Box 3634, CHESTER, CH1 9NL
14 Complaints
14.1.1 If you are unhappy in any way with your CardOneMoney Account, please tell us so we can try to resolve
the situation. You can complain via email, post or by calling 0345 872 8661.
14.1.2 You can request our Complaints Procedure via email, phone or by visiting www.CardOneMoney.com.
We will aim to resolve any complaints within 15 business days of receiving the complaint and in exceptional circumstances within 35 business days. None payment related complaints may take up to 8 weeks to resolve.
14.1.3 If we are not able to resolve the complaint to your satisfaction and you are eligible, you may be able to refer it to the Financial Ombudsman Service.
14.1.4 The Financial Ombudsman Service is a free, independent service which might be able to settle a complaint between you and us. Their contact details are: The Financial Ombudsman Service, Exchange Tower, London, E14 9SR; phone 0300 123 9 123, website www.financial-ombudsman.org.uk.
15 Compensation
15.1.1 The Platinum Virtual and Physical Card are electronic money products and although they are products regulated by the Financial Conduct Authority, it is not covered by the Financial Services Compensation Scheme (FSCS). No other compensation scheme exists to cover losses claimed in connection with the Card. This means in the unlikely event that Fair Payments Limited becomes insolvent the funds held on your Card may become valueless and unusable and as a result you may lose your money. However as a responsible e-money issuer, Fair Payments Limited ensures that, once it has received your funds, they are deposited into a secure account specifically for the purpose of redeeming transactions made by your card. In the unlikely event that Fair Payments Limited becomes insolvent, these funds should be protected on your behalf.
16 Assignment/transfer
16.1.1 We may assign the benefit and burden of these terms and conditions to another company at any time, on giving you at least 60 days prior notice. If we do this, your rights will not be affected.
16.1.2 We may transfer your Card facility to a card issuer other than Fair Payments Limited at any time, on giving you at least 60 days prior notice. If there are new terms and conditions, we will provide these to you. Unless you advise us within the 60 day period that you do not want the new Card, you agree that we can transfer the balance on your existing CardOneMoney Platinum Business Card to the new card when you activate it.
17 Governing law
These terms and conditions are concluded in English and governed by English law.
18 CardOneMoney Corporate Card Issuer
Mastercard is a registered trademark of Mastercard International Incorporated. The Card is issued by Fair Payments Limited pursuant to licence by Mastercard International Inc. Fair Payments Limited is authorised by the Financial Conduct Authority to conduct electronic money service activities under the Electronic Money Regulations 2011 (Ref:900493)
19 CardOneMoney Platinum Business Account provider
CardOneMoney Business is a trading style of Spectrum Payment Services Ltd (Reg. 6268340), “SPS” under the FCA’s Payment Service Regulations 2009 (PSRs). SPS is authorised by the FCA under the PSRs, No. 504547, for the provision of Payment Services.
These Terms and Conditions are correct at time of print. Please see the website www.CardOneMoney.com for the current version.
