Terms Update Notice
last updated: November 27, 2023
Service Provision Transition to Teya Solutions Ltd. & Terms Update
Effective 1 January 2024, Teya Solutions Ltd. will be the contracting entity for the provision of the following services in the UK:
Following the UK's departure from the EU, Teya Solutions Ltd. has become our authorised entity in the UK after a transitional period.
Following the transition to Teya Solutions Ltd. as the contracting entity, we will revise the terms and conditions related to the services mentioned above to reflect that, effective 1 January 2024. We will also be implementing other modifications to the Payment Service Terms, with further details provided below.
Is there anything I need to do?
If you're fine with these changes, you don't need to do anything. Also, these changes won't affect how you use Teya's services. If you do not agree to the updated terms and conditions, you will need to stop using Teya and cancel your services before the updated terms and conditions become effective. By using our services after the effective date, you are agreeing to the updated terms and conditions.
Updated Payment Service Terms
On 1 January 2024, our Payment Service Terms (“Payment Terms”) will change. Details of these changes, including a summary of the most notable changes, are outlined below. The information provided on this summary page regarding the changes is for informational purposes only. Please refer to the Payment Terms for definitive and binding details.
When will the updated Payment Terms take effect?
For current UK customers, the new Payment Terms take effect on 1 January 2024.
What is changing?
Some of the key changes include:
1. The Payment Terms
Teya Group offers a variety of services, each with its own specific terms. To make our terms simpler to understand, we've created general terms that apply to all our services. This ensures consistency on key aspects like notifications, liability limitation, duration and ending agreements. These General Terms are now part of our new Payment Terms.
2. The Payment Services
Our updated Payment Terms provide a more transparent view of our offerings, including card processing and related services, all described in a unified section. Further, the terms now provide a clearer description of our duty to conduct identity verifications and our practice of performing credit checks - to evaluate your financial reliability and minimise our risk exposure.
3. Keeping Us Informed
For the best service and to handle any issues that might come up, you must let us know about specific situations like security breaches or if payment terminals go missing. While our updated Payment Terms remain mostly the same in this regard, we've made it easier for you to understand when and what you need to inform us about.
4. Fees, Payout & Deductions
We've made it easier for you to see where to find the applicable fees, whether it's in our fee schedule, an onboarding notice, or another method we've agreed on. Depending on your specific situation, you might see fees from one or multiple sources. Rest assured; we aim to keep it straightforward for you. We've also given clearer details about our blended and unblended rates and the underlying factors which the rates are comprised of. We have also added a new provision which sets out that when we give you a price related to blended rates, it's based on the information you share or feedback about your operations. If there's a big difference between what you tell us and your actual sales patterns, we might adjust your pricing in line with your current transactional patterns. We've also made it clearer about when we'll take deduct our fees and when they become due.
5. Holding Payouts
Sometimes, such as if we suspect fraud or increased chargebacks on your account, we may delay your payouts. While many of the reasons we might do this remain the same as in the previous Payment Terms, we've made some updates to our approach which differs from the previous Payment Terms. These changes include: 1) our reasons to delay payments are now broader; 2) we will strive to notify you of our intention to withhold your payout but are not required to do so, unless required by law; 3) Teya has more ways to manage and set up reserves; and 4) Teya has expanded rights on how we use the funds in reserves, such as offsetting against costs associated with a breach of the Payment Terms. Please check our updated Payment Terms for details. We assure you that we only take these steps when truly needed.
6. Duration & Ending Our Agreement
Our position on the length and termination of our Payment Terms hasn't changed much: no long-term commitments, and you're always free to part ways, even though we'd be sad to see you leave. The updates we've made are mainly about clearly stating how long the Payment Terms last and simplifying the language around these matters.
7. Changes to our Payment Terms
While we've only made minor adjustments to our ability to change the Payment Terms and fees, we've used clearer language for better understanding. If you're in a position to skip a minimum notice period (for example, if you're not a small business), we'll assume you've chosen to do so.
8. Transaction Records
We've made only minor updates concerning this topic, mainly aimed at using clearer language and pointing out where you can find details about your transactions and settlements.
9. Prohibitions & Limitations
We're rolling out some minor changes about what’s permitted and what’s not and streamlining such provisions within the new Payment Terms so they’re more easily accessible. Among the new restrictions is that setting a minimum price for card acceptance or charging additional fees for card use is prohibited unless specifically permitted by relevant regulations or network rules, like those from Visa and Mastercard.
10. Network Rules & Payment Methods
In the services we offer, we support various payment methods, including those from networks like Mastercard, Visa, and American Express. These networks have specific rules on how their payment methods should be used, especially concerning Teya, merchants like you, and cardholders. Our role in these networks requires us to uphold these rules. So, our Payment Terms include these network rules for reference. While this aspect remains consistent with our previous Payment Terms, we've made it easier for you to access and understand these network rules. We've clarified which rules take precedence in the event of a discrepancy, be it our Payment Terms or the network's rules and added a provision concerning our right to discontinue a payment method. Further, we've streamlined provisions related to use of a network's marks and simplified the language for network-specific clauses.
11. Dynamic Currency Conversion
As part of the updated Payment Terms, we're clarifying our approach to dynamic currency conversion (DCC). The primary updates include: 1) when a customer chooses DCC, the price of items will be converted using a specific DCC exchange rate. Additional conversion costs may apply, and it's up to Teya to decide if these costs are shared with you; 2) Teya can change its foreign exchange service provider at any time without prior notice; and 3) you must train your staff on DCC, ensure truthful representation of DCC, and comply with related network rules.
12. Your Obligations
In our revised Payment Terms, we've included additional details about your responsibilities when using Teya's payment services. We've not only simplified and grouped these terms for easier reference, but we've also added obligations such as checking your transaction history regularly and quickly refunding any accidental payments or overcharges to your customers. Also, if you lease any hardware from Teya, you'll need to return it once the Payment Terms end. For a detailed list of your responsibilities, please check the updated Payment Terms.
13. Adjustments for Errors and Unauthorised Transactions
We've provided an expanded explanation concerning our obligations related to errors and unauthorised transactions. Some of the changes we have made include: 1) Teya will address and correct transactions that are improperly executed due to our mistakes; 2) if an error from our end results in a lesser amount of funds for you, Teya will compensate the difference; 3) our responsibility for ensuring the correct and timely transmission of payment orders is explicitly stated; and 4) that it is vital for you, the customer, to immediately notify us if you identify an error so that we can take appropriate measures. For a thorough understanding and to note all alterations, we recommend reviewing the new section in the updated Payment Terms.
In the updated Payment Terms, we've enhanced the clarity in the definition of a chargeback, the situations that might trigger one and simplified the wording around provisions which deal with chargebacks. While the core principle remains that you bear the main responsibility when chargebacks occur, the new Payment Terms delve deeper into our right to withhold payouts when there's a reasonable expectation of chargebacks and how chargebacks are handled.
15. Complaints, Governing Law & Disputes
(For UK merchants only) From 1 January 2024, Teya Solutions Ltd., a UK-based company, is taking over the payment services in the UK. Some consequential changes as a result of this are: 1) the Payment Terms for UK customers will be governed by English law; 2) legal proceedings for UK customers will take place within the UK; and 3) if UK customers are not satisfied with the resolution of a complaint, they can take refer their concerns to the UK Financial Ombudsman.