Terms and conditions
The relationship between Cashfree NV (“Cashfree”) and her clients (“Member(s)”) is governed by these terms and conditions (“Terms and Conditions”). To the extent a certain issue has not been addressed in the Terms and Conditions, the applicable law, or in the absence thereof, the generally accepted practices in the payment services industry will apply.
Upon downloading the Cashfree-application (“Application”) and registering, the Member accepts the Terms and Conditions and acknowledges that he has read, understood and saved a copy thereof. The Terms and Conditions are available on the website of Cashfree (www.cashfree.be). The Member expressly agrees that all communications and documents are sent by email or in another electronic way (e.g. available in the Application or on the website).
Cashfree reserves the right to modify the Terms and Conditions. Upon modification, a notification is sent to the Members in the Application. All modifications will enter into force two months after the notification was sent to the Members. The Member who refuses to accept the modifications has the right to terminate the agreement between him/her and Cashfree and to end the use of the services offered by Cashfree during these two months, by deleting the Application. Further use of the Application after the two months’ notification entails an acceptance of the modifications. However, Cashfree can immediately apply a modification in the costs and the fees related to the downloading and use of the Application. The Member will be notified as soon as possible afterwards.
The Member expressly agrees that the contractual language is English and that all information provided to him/her will be in English (including the Terms and Conditions, the Application and all information available in the Application).
Cashfree is a limited liability company according to Belgian law (naamloze vennootschap; société anonyme), with legal address at Jules Destréelaan 63B, 9050 Gentbrugge, Belgium, and registered in the Crossroads Bank for Enterprises under the company number 066 377 48 59.
Cashfree is a licensed payment institute according to the Belgian law of 21st December 2009 and is supervised by the National Bank of Belgium.
All communications and notifications can be sent to Cashfree by mail (firstname.lastname@example.org).
DOWNLOADING + REGISTRATION + SEPA DIRECT DEBIT MANDATE
The Member can only use the Application after downloading the Application and completing the registration process.
By downloading the Application, Cashfree offers the Member a strictly personal, non-exclusive use of the Application, including future updates. It is clearly agreed that no property rights or intellectual property rights are transferred to the Member and Cashfree reserves all rights related to the Application. The trade names, marks and logos are equally property of Cashfree and may not be used without prior approval of Cashfree.
The downloading of the Application is free of any charge. All network costs are exclusively for the Member.
The Member can use the Application to execute payments (“Payer”) and/or to accept payments (“Acceptor) in euro. Both Payer and Acceptor need to have the Application installed on their smartphone or tablet. The use as an Acceptor is only accessible for legal entities.
All transactions made through the Application are referred to as “Activity”. In the Application the Member sees an overview of the Activity. Both the payment and the consulting of the Activity are referred to as the “Services” offered by Cashfree.
The Member registers by providing the following information:
- as Member: first name, last name, email, phone, password;
- as an Acceptor: enterprise number, VAT, brand name, company IBAN (“Acceptance Account”), and going through the KYC (Know Your Customer) process;
- as a Payer: a PIN, IBAN (“Payer Account”), address and going through the KYC (Know Your Customer) process.
Registration as an Acceptor and/or a Payer is only possible after registration as a Member.
Registration as a Member is only permitted to natural persons of the age of 16 or older.
As part of the registration process and by accepting the Terms and Conditions, the Payer grants a European Sepa Direct Debit CORE-mandate to the Creditor as defined below, to allow settlement of the Activity. All Activity that has not yet been settled, is referred to as “Open Activity”.
The Sepa Direct Debit-mandate allows the Creditor to send instructions to the Payer’s bank to debit the Payer Account and the Payer’s bank to debit the Payer Account in accordance with the instructions received from the Creditor.
Payer: name and address as indicated during the registration
Creditor: Cashfree NV – Jules Destréelaan 63B, 9050 Gentbrugge.
Creditor Identifier: BE39ZZZ0663774859
IBAN: the Payer Account
Identification of the underlying contract: purchasing of services and goods through the Application
Type of payment: recurrent
The mandate is considered activated once Cashfree has been able to verify the Payer Account. The Payer will receive the necessary security instructions hereto.
The mandate can be revoked by sending a request to email@example.com.
USE OF THE APPLICATION
The Payer disposes of a limit up to a certain amount to execute payments (“Payer Limit”). In the Application the Member sees an overview of his/her Payer Limit, the Open Activity and the Activity.
The Payer Limit relates to the Open Acitivity and is renewed at each time the Open Activity has been settled.
Upon registration as a Payer, the Member disposes of a Payer Limit of € 50. The Payer Limit is increased to € 250 after the SEPA Direct Debit-mandate has been activated or to a higher level upon request of the Payer and after an internal risk analysis by Cashfree and at its sole discretion. Cashfree is always entitled to deny a request for a higher Payer Limit.
In derogation thereof, a Payer that is younger than 18 years, will only dispose of a Payer Limit of € 125.
To execute a payment, both Payer and Acceptor open the Application. The Acceptor enters the amount that needs to be paid and the Payer authorizes the payment by scanning the QR code that is shown on the tablet or smartphone of the Acceptor and confirming with the Payer’s PIN or touch ID (“Authorisation”). Once the PIN or touch ID has been logged, the Payer can no longer revoke the payment. The Acceptor receives a payment confirmation on his/her tablet or smartphone.
Cashfree pays the Acceptor within 2 bank days.
The Payer is responsible for every payment that has been initiated from his smartphone.
All payments authorized appear in the transaction history list. The Payer accepts that this appearance is a pre-notification of the collection through the Sepa Direct Debit-mandate and that this pre-notification can be up to one day before collection.
The Payer Account is usually debited one to two days after the Authorisation, without prejudice to Cashfree’s right to debit the Payer Account at a later time.
In case of insufficient coverage, the Creditor is entitled to, but under no obligation, to request up to three additional debit attempts.
The Payer has the right to request a refund of a debited amount (or a refusal of a pre-notified collection) and this during a period of 8 weeks. The Payer should contact his/her bank to execute such right.
The costs related to the Services are mentioned in the Frequently Asked Questions available on the website (www.cashfree.be).
Cashfree is authorized to deactivate or block the Member’s use of the Application in the following circumstances:
- Cashfree does not succeed in settling the Open Activity with the Acceptance Account or the Payer Account;
- Suspicion of fraud;
- Receipt of a notification of loss or theft (as specified below);
- Cashfree no longer supplies the Application;
- Cashfree deems a limitation of the Activity necessary (e.g. for security reasons).
A prior notification will be sent to the Member or, in failure thereof, the Member will be informed immediately afterwards. Such notification will not be sent if Cashfree is legally prohibited from doing so or has reasonable grounds to consider it more secure not to notify the Payer.
The Member is never entitled to any indemnity whatsoever in case of blocking or deactivating of his/her Application.
REPRESENTATIONS AND WARRANTIES BY THE PAYER
The Payer warrants that the information about the Payer Account, as registered, is complete and accurate.
The Payer ensures that the Payer Account has sufficient funds available for all Open Acitivity, at the time of debit as mentioned above. In case of insufficient coverage and as long as the Open Activity has not been settled, Cashfree has a claim on the Payer for the amount non-debited.
The Member has access to an overview of all Activity in the Application up to a period of 5 years. In case the Activity of a Member has a very large volume, Cashfree preserves the right not to have the Activity disclosed into the Application but available upon request at firstname.lastname@example.org.
SECURITY + UNAUTHORISED PAYMENTS
The Member is responsible for using the Application according to the Terms and Conditions and for taking all precautionary measures to avoid that any unauthorized person has access to the Application and the Services. This means, inter alia, the following:
- Do not disclose the password or pin code to other people
- Do not keep the password or pin code with the smartphone or tablet
- Never leave the smartphone or the tablet unattended in a publicly accessible place
- Do not leave the smartphone or tablet in a car
- Do not lend the smartphone or tablet to other people
The Member shall as soon as possible inform Cashfree if he/she has reason to believe that an unauthorized person has gained access to the Application, including theft or loss of the smartphone or tablet onto which the Application was installed. Cashfree will, upon receipt of such notification, block the Application for the Member. The notification can be done 24/7 by calling the number +32 478 874 800.
If the Member fails to meet the precautionary measures and/or to notify Cashfree, he/she will, without prejudice to legally binding limitations of liability, always be responsible for the Activity.
If an unauthorized payment results from the Member failing to keep his pin code or password safe, including theft of the smartphone or tablet, the Member shall bear the related losses up to a maximum of € 150. If an unauthorized payment results from the Member failing with gross negligence or intended fraud to fulfill one or more of his obligations, the Member shall bear all the related losses without any limitation.
The following is considered as gross negligence:
- Disclosing the pin code or password to other people
- Failing to notify Cashfree of the fraud, loss or theft
- Leaving the smartphone or tablet in a publicly accessible place
- Keeping the password or pin code with the smartphone or tablet
- Leaving the smartphone or tablet in the car
- Lending the smartphone or tablet to other people
The Member shall not bear any financial consequences for unauthorized payments that are initiated after Cashfree has received the notification, as mentioned above.
The Member shall obtain rectification from Cashfree only if the Member notifies Cashfree without undue delay on becoming aware of any unauthorized or incorrectly executed payment transactions giving rise to a claim, and in any case not later than 13 months after the debit date, unless Cashfree failed to provide or make available information on the Activity in the Application.
In case of such notification of unauthorized or incorrectly executed payment and to the extent that Cashfree is liable, it shall without undue delay refund to the Member the amount of the non-executed or defective payment and, where applicable, restore the debited Payer Account to the state in which it would have been had the defective payment not taken place.
In case of a non-executed or defectively executed payment and this payment was initiated by the Member, Cashfree shall – regardless of liability – make immediate efforts to trace the payment upon request of the Member.
PERSONAL DATA PROCESSING
By registration on the website and accepting the Terms and Conditions, the Member consents to the use and processing of his/her personal data by Cashfree.
Upon registration and downloading of the Application and while using the Services, Cashfree processes personal data of the Member. In compliance with the legal provisions on the protection of privacy, the Member is informed that the responsible for processing (verantwoordelijke voor de verwerking; responsable du traitement) is Cashfree NV with registered office at Jules Destréelaan 63B, 9050 Gentbrugge, Belgium.
The processed data consists of the registration details as specified above.
The processed data is used to:
- Deliver the Services to the Member
- Comply with all applicable legal requirements and guidelines and regulations (e.g. anti-money laundering and statutory record retention periods)
- Prevent fraud
- Draw statistics and tests (market and customer analysis)
- Adjustment and quality control of the Services
- Training of staff
- Marketing activities (commercial prospects and direct marketing)
With this purpose, and unless legally provided otherwise, the Member agrees that Cashfree collects information on him/her from him/herself and/or from authorized third persons (e.g. Belgisch Staatsblad; Moniteur belge). The Member agrees that Cashfree shares his/her personal data with companies that offer services to Cashfree (e.g. outsourcing) to the extent that the sharing of this information is essential to provide their services and with third authorized parties if and to the extent that the sharing is legally obliged by Cashfree and/or its outsourcing partners.
At any time the Member has the right to request an overview, a rectification, a blocking or a deletion of his/her personal data. To exercise this right, the Member needs to send an email to email@example.com.
LIMITATION OF LIABILITY
The downloading of the Application is made on the sole responsibility of the Member and Cashfree cannot be hold liable for any damages to the smartphone or tablet of the Member. Cashfree is neither liable for any damages resulting from the use of the Application.
The Application is provided without any guarantee whatsoever in relation to the accessibility, the accuracy or the functionality. Cashfree is not liable for damage resulting from shortcomings or technical failures, except to the extent that such failure has been caused by deliberate recklessness or gross negligence on the part of Cashfree.
Cashfree is always entitled to close down the Application for maintenance, service and upgrades. Cashfree will always attempt to notify the Member in advance but cannot guarantee that such notification will always reach the Member.
In any case and without prejudice to any other limitations of liability as stated in the Terms and Conditions, Cashfree can never be liable for any indirect damages or loss suffered by the Member or third parties.
All complaints with regards to the Cashfree services can be send to firstname.lastname@example.org.
In case the Member is not satisfied with the response of Cashfree, he/she can always send a complaint to Ombudsfin – North Gate II, Koning Albert II-laan 8, bus 2, 1000 Brussels or Ombudsman@ombudsfin.be.
TERM AND TERMINATION
By registration and downloading the Application, the Member enters into a contractual relationship with Cashfree for an unlimited period of time.
The Member can terminate the agreement at any time by deleting the Application from its smartphone or tablet. All payments that have been made prior to the deletion, will still be settled.
APPLICABLE LAW AND JURISDICTION
The Terms and Conditions are governed by Belgian law and subject to the exclusive jurisdiction of the competent Courts of Ghent, Belgium.