Authorised User: means any designated person you authorise to use the Business Account and/or your Teya Card on your behalf;
Fees: means all fees applicable to the Business Account which you are obligated to pay. The Fees are outlined on the Business Account App or as otherwise agreed upon with you (both of which are incorporated into these Business Account Terms by reference);
Business Account: means an e-money account issued by us in the name of the Business Account Holder where you can access your business Transactions successfully settled by Teya;
Business Account App: means the mobile application provided by us through which you can access your Business Account;
Payment(s): means transactions you initiate via your Teya Card or transfers in and out of your Business Account collectively;
Teya Card: means a business deferred debit card we issue in association with your Business Account;
Teya Card Cashback: means the cash back benefits you earn by using your Teya Card, as further set out in section 10;
Teya: means Teya Iceland hf., reg no. 440686-1259, Katrínartún 4, 105 Reykjavík, Iceland;
Security Credentials: means your PIN, password, personal identifiers or relevant personalised set of procedures that we have agreed that you may use in order to request a transaction from time to time with your Teya Card and/or your Business Account, including to access the Services;
Service: means the Business Account and associated services offered and operated by the Teya group; and
Settlement(s): means the remittance of funds from the Transactions you process through Teya to your Business Account, less any applicable fees associated with your use of Teya’s payment services.
2. The Business Account
By choosing to access and use a Business Account, you will receive Settlements into your designated Business Account, instead of a bank account. This enables you as the Business Account Holder to directly access and use your funds following a processed transaction, such as via your Teya Card. Please note that any transfers to your Business Account or other transfers initiated by you using your Business Account are subject to security (including use of your Security Credentials), fraud and anti-money laundering controls.
By using a Business Account, you confirm and warrant that the primary source of funds associated with your Business Account will be the Settlements.
a. Funding your Business Account: In addition to your Business Account being funded by Settlements, we may also provide you with the ability to fund your Business Account by using your payment cards or bank transfer.
Upon our receipt of the funds transferred by you, we will issue such funds to your Business Account. Please note that we are not responsible for, nor do we control: (i) when we receive funds transferred by you; or (ii) any fees associated with your transfer set by the relevant payment service provider.
b. Transfer & redeeming of funds: We may provide you with the ability to transfer funds from your Business Account to another Business Account, or to a bank account.
Subject to the limitations below, you may redeem at par the funds in your Business Account via the withdrawal methods provided within the Business Account App. We will execute your withdrawal request provided that all identity and security validations, such as your Security Credentials, and verification checks are successfully completed, as applicable.
We may refuse to execute any withdrawals in scenarios which include but are not limited to when:
(a) we reasonably believe that a transfer request does not stem from you;
(b) we reasonably suspect fraudulent activity;
(c) your instructions are unclear, incomplete or not in the required form;
(d) we suspect that these Business Account Terms have been violated; or
(e) we are otherwise required to do so in accordance with Applicable Law or by any applicable regulatory body.
Once we receive your request to action the transfer, you may not cancel it. Your request is deemed received as soon as you provide us with the details necessary to perform the transfer, including any applicable Security Credentials.
Transfers from your Business Account to a different Business Account or a bank account will be executed by us upon receipt of your request to transfer funds, subject to normal processing times. Transfers to bank accounts may take longer, depending on the recipient bank. Transfers are usually executed within minutes but on some occasions, they can take up to 3 Business Days.
d. Your responsibility: It is important you ensure that any payment details you submit regarding a transfer to or from your Business Account are correct. Any error by you may result in loss of funds or the transfer being unsuccessful or delayed. Teya will not be liable in any circumstances for any losses you incur from entering incorrect payment details for such transfers.
If the correct Security Credentials are entered when your Business Account is accessed and to initiate any transfers from your Business Account, as applicable, we will assume that you are the person accessing your Business Account and you will be responsible for such use (including any transfers). You must notify us immediately by contacting us if you discover or suspect that your Business Account has been compromised or an unauthorised transfer has taken place. If we suspect that your Business Account has been compromised or suspect an unauthorised transaction, we may communicate with you via your registered email address or via other secure means agreed between you and us, and, in our discretion, freeze your Business Account. We will need to verify your identity as part of this process.
e. Our rights: We reserve the right, in our sole discretion, to discontinue or suspend any transfer methods previously made available by us, as well as impose restrictions or limitations on such methods or amounts transferable. This includes limiting the number of transfers, for example, due to security or regulatory requirements.
f. Disclaimer: Please note that Teya is not a commercial bank and your Business Account is not a bank account. Your Business Account is therefore not insured by any government agency and the UK’s Financial Services Compensation Scheme (FSCS) does not apply to your Business Account. Further, funds in your Business Account do not constitute deposits and will not earn interest.
While you have funds in your Business Account, we will hold an amount equal to such funds in one or more pooled accounts at one or more authorised credit institutions on your behalf and for the benefit of you and others holding funds in Business Accounts. Such funds will be safeguarded in accordance with our legal and regulatory obligations. In the unlikely event that we become insolvent, any funds that have been received by us will be protected against the claims made by our creditors.
We retain sole discretion over the establishment and maintenance of any pooled account. You will not receive interest or any other earnings on any funds that we handle for you. By using a Business Account, you irrevocably assign to us all rights and legal interests to any interest and/or other earnings that may accrue or are attributable to our holding of your funds in a pooled account.
4. Teya Card
The Teya Card is a business deferred debit card that can be used to make purchases from merchants who accept VISA debit cards. You will be able to spend the available funds within your Business Account by using your Teya Card once you have carried out the activation steps set out below. Please note that the Teya Card must only be used for business purposes.
The Teya Card is also subject to the international terms of the Network VISA which are published on VISA’s website.
a. Activation: Following the activation of your Business Account, we will automatically issue a virtual Teya Card attributed to your Business Account. At your option, you can also receive a physical Teya Card which you can order within the Business Account App. After you have requested activation of your Teya Card, by following the in-app prompts within the Business Account App, your Teya Card will become available once we have obtained, verified and recorded information about you, as further set out in the Teya General Terms,
Upon activating your Teya Card, you instruct Teya to make the available funds within your Business Account available for making purchases with your Teya Card. You further instruct Teya to initiate necessary transfers to make the funds within your Business Account available for making purchases with your Teya Card.
b. Using Teya Card & limits: You can only make transactions using the Teya Card to the extent that you have funds in your Business Account to support those transactions. Should you have zero (0) funds in your Business Account, any subsequent attempt to use your funds in the Business Account will be declined. A payment order is considered to have been received when an authorisation request has been generated. Transactions usually go through instantly, but some merchants can take longer to collect your transaction (this may take up to 7 days).
When using your Teya Card, you will need to authorise each transaction. You authorise a transaction when you request a transaction by presenting or providing your Teya Card, the Teya Card details and, as may be required for the transaction, your Security Credentials.
You may be able to use you Teya Card for contactless transactions up to a limited amount which may vary depending on where you are located or the relevant merchant. In some cases, either us or the merchant may request that you, for example due to security reasons, use Security Credentials to authorise a transaction even though it is below the limited amount. For transactions exceeding the limiting amount you will have to use your Security Credentials.
In case of any recurring payments, your first authorisation of a transaction will serve as the future authorisations for any recurrent or subsequent transactions.
In certain cases, additional procedures such as using a security code may be required to authorise a transaction. If that’s the case, the transaction will not be considered authorised unless you have provided the information or performed the action requested.
You will be responsible for all transactions which you authorise unless stated otherwise in these Business Account Terms or expressly approved by us.
c. Cash withdrawals: You may use your Teya Card to withdraw cash at ATMs that display the VISA marks, subject to the available funds within your Business Account and any applicable transaction limit associated with your Teya Card. ATM withdrawals may be subject to withdrawal fees.
d. Cancellation & suspension: Your Teya Card may be cancelled, repossessed, and/or revoked at any time without prior notice at our discretion subject to Applicable Law.
You may cancel your Teya Card within the Business Account App or by contacting us. Please note that cancelling your Teya Card will not prevent the processing of pending transactions initiated prior to cancelling your Teya Card.
5. Staying safe
You agree to use your Teya Card and your Business Account in accordance with these Business Account Terms and to keep your Teya Card, Business Account and Security Credentials safe. This includes but is not limited to:
(a) not allowing another person who is not an Authorised User to use your Teya Card or your Business Account (unless otherwise expressly approved by us);
(b) not recording your Security Credentials in writing, standalone or as applicable together with your Teya Card or otherwise; and
(c) not disclosing your Security Credentials or any security information or otherwise make it available to any other person.
You must be wary of any disingenuous messages you might receive from third parties, such as text messages or emails, asking for details about your Teya Card and Business Account, and never input your Teya Card details (including your Security Credentials) for any purchase unless you are confident and have verified that it is a legitimate Payment.
Should you neglect your obligations as stated above, or in any other manner fail to adequately protect your Security Credentials or information associated with your Teya Card or Business Account, such conduct will be considered gross negligence.
If you believe your Teya Card, Teya Card number or Security Credentials, whether associated with your Teya Card or Business Account, have been lost or stolen or that someone has transferred or may transfer Payments from your Teya Card or Business Account without your permission, you must contact us immediately via customer support. You may block use of your Teya Card via the Business Account App.
For security reasons, we may limit the amount or number of transactions you can make on your Teya Card and we reserve the right to refuse authorisation for a transaction or a withdrawal with your Teya Card. The most common reason why we would do so includes:
(a) your Teya Card has been reported lost or stolen;
(b) proposed payment exceeds the available amount you have in your Business Account;
(c) incorrect Security Credentials have been used;
(d) your Teya Card has expired; or
(e) any other reason acting reasonably in accordance with Applicable Law.
Where appropriate, any refusal to execute a Payment will be notified to you. We will tell you why the Payment was rejected (unless we cannot do so for legal reasons) and if you believe there has been a mistake, we will tell you the procedure for correcting any errors.
6.Information about your transactions
Individual Payments are made available to you in your Business Account App. You must promptly review any statements (e.g., invoices or statements) provided by us and any other Notices regarding your use of your Teya Card and/or Business Account. You must object to any inaccurate or incomplete statement without undue delay. Failure to object in time will be deemed an approval unless an error has been made by us. Where an error has been made by us, you must notify us without undue delay and in any event no later than thirteen (13) months from the debit date of the Payment to which the error relates, as further set out below.
7. Revocation, refunds, unauthorised & incorrect transactions
Usually, you are not able to stop a Payment once you have authorised it, mainly through your use of Security Credentials. However, you may be able to cancel transactions via your Teya Card which are due to be made on a future date, such as is the case with recurring payments, by contacting us by the end of the Business Day before the payment is due to be made.
If you did not authorise a Payment, we will refund the transaction amount to you together with any charges on that amount immediately and in any event by no later than the end of the following Business Day from being notified of the unauthorised Payment. We reserve the right not to refund the amount of the unauthorised Payment immediately to you if we have reasonable grounds for suspecting fraud in which case, we will contact the relevant competent authority.
If we incorrectly execute a Payment, we will refund (or debit) the amount which has been mis-paid promptly. In addition, you can claim compensation for any charges and interest accrued as a result of our incorrect execution of a Payment.
If you believe that we may have failed to perform or incorrectly performed a Payment or processed an unauthorised Payment, you must notify us without undue delay and in any event no later than thirteen (13) months from the date of the Payment as specified in your Business Account App.
You may be entitled to a refund from us for a transaction with your Teya Card which you authorised that has already been executed if the authorisation did not specify the exact amount of the transaction at the time the authorisation was made, and the amount charged is higher than you could reasonably have expected. You need to request this refund within eight (8) weeks of the relevant transaction and provide any information we reasonably ask for in order for us to investigate. Following investigation, we will within ten (10) Business Days of receiving a request for a refund, either refund the full amount of the transaction or provide a justification for refusing the refund. If you disagree with our conclusion, you can make a complaint to the competent authority set out in the Payment Services Terms.
8. Foreign currencies
Subject to the availability of foreign exchange transaction features linked to your Company Card, any transaction made in a currency other than GBP (£) will be converted to GBP (£). Upon conversion, the exchange rate used by us will apply.
The exchange rate used and applicable to the transaction is the reference exchange rate set by VISA on the Business Day the transaction is received by VISA.
Where cross-currency transfers of funds are available, such an option (along with its associated exchange rate) will be displayed in the Business Account App.
Changes in the reference exchange rates shall take effect immediately. Information about the reference exchange rate applied for a single transaction is provided by us upon request.
9. Liability & illegal activity
If you lose your Teya Card, if it is stolen, otherwise lost or misused (and the same applies to your Business Account) and an unauthorised Payment takes place, your maximum liability will be limited to £35 or equivalent local value, unless you have acted fraudulently or have with intent or gross negligence failed to comply with these Business Account Terms, in which case you may be liable for the entire loss.
You are responsible for all authorised Payments initiated and fees incurred by use of your Teya Card and Business Account, if applicable. If you permit another person to have access to your Teya Card, Teya Card number, Security Credentials and Business Account, such as Authorised Users, any Payments by such persons will be considered authorised and you may be liable for all Payments and fees incurred by those persons.
A merchant is responsible to you for any defect in a good or a service. Any related complaints should therefore firstly be directed to the relevant merchant in question and not to us. You may however direct such a claim to us if provided for under Applicable Law or the relevant Network terms that may apply to the use of the Teya Card, such as for potential Chargeback rights.
The Teya Card and Business Account may not be used for any illegal activity. You are liable for Payments you initiate when you use the Teya Card or Business Account, whether deemed legal or illegal. You shall notify us promptly if you become aware of any unusual, illegal, unfair or deceptive activity involving your Teya Card and/or Business Account.
10. Teya Card Cashback
If you use your Teya Card, you may be able to participate in the Teya Card Cashback programme, subject to these Business Account Terms. If a Teya Card Cashback programme is made available to you, at our sole discretion, we will notify you.
a. Eligibility: In order to participate in the Teya Card Cashback programme, your Business Account and your Teya Card, as applicable, must remain in good standing at all times. We may suspend or terminate your participation in the Teya Card Cashback programme if you fail to comply with these Business Account Terms.
By activating your Teya Card, as further set out in section 10.a, you are automatically enrolled to participate in the Teya Card Cashback programme where such a programme is available to you. We do not charge any fees for your enrolment or participation, subject to section 11.
b. Rewards: Teya Card Cashback rewards are available only in connection with the Teya Card. You may earn cashback by using your Teya Card to make purchases exceeding certain minimum amounts, as further specified in the Business Account App. Rewards will be credited to your Business Account.
c. Modification and retirement of Teya Card Cashback eligibility and rewards: Subject to Applicable Law, we reserve the right to modify the terms governing any Teya Card Cashback programme (including availability, rewards, redemption) at any time and without notice to you.
d. Forfeiture, fraud and abuse: You may be required to forfeit any Teya Card Cashback rewards if we determine that you have not complied with these Business Account Terms, including any terms specific to your participation in the Teya Card Cashback programme. Further, you may be required to forfeit any Teya Card Cashback rewards if we determine in our sole discretion that you: (i) have engaged in fraud or misrepresentation with respect to earning or redeeming the Teya Card Cashback; (ii) have abused or misused the Teya Card Cashback programme; or (iii) are otherwise not entitled or intended to receive Teya Card Cashback rewards. if any of the events described above occur, we reserve the right to suspend or terminate your participation in the Teya Card Cashback programme, including any Teya Card Cashback rewards payable to you.
You must pay all Fees related to your use of the Services, as specified in the Business Account App or as otherwise agreed upon with you. Generally, Fees for using the Services will be added to the Payments you initiate through the Services. Nonetheless, we retain the right to modify billing methods at our sole discretion, without prior notice or any given time.
Where your arrangement with us under these Business Account Terms terminates for any reason, as further set out in the Teya General Terms, you will remain liable for any Fees, charges and other payment obligations you owe us.
We will equally pay you all amounts owed by us under these Business Account Terms.
For the avoidance of doubt:
a. if you provide any feedback, comments or suggestions in relation to us and our Services, we may use that feedback, comments and suggestions and incorporate it into our products and services without any obligations to you;
b. provisions around general terms not covered in these Business Account Terms, including but not limited to restrictions and unauthorised or illegal use, intellectual property, term and termination, amendments, billing, assignment, data, taxes, indemnification, warranties, governing law, severability, force majeure, and disputes (excluding your right to refer a dispute to the Icelandic Complaints Committee on Transactions with Financial Firms as further set out in the Teya Payment Services Terms), shall be governed by the Teya General Terms; and
c. any rights and measures granted to Teya under the Teya Payment Services Terms, are exercisable under these Business Account Terms, mutatis mutandis, to the Services provided herein.