Review draft. Customer and merchant agreements take effect only after legal approval, publication and any required acceptance.
Parties and eligibility
Before onboarding, the agreement must name the responsible entity for each account, payment and card service and explain how the customer enters each contract. The provider will set eligible countries, minimum age, identity evidence and permitted personal use.
Account and payment instructions
The customer should keep profile and beneficiary information current, review amount, fees and route, and authenticate instructions as required. The service must explain posted and reserved amounts, receipt and execution, cancellation rights, failed payments and return handling.
Balances, funding and statements
The provider must identify how funds are received, when they become available, any limits or holds, and how the customer can access statements and challenge discrepancies. Statements should distinguish completed debits and credits, pending holds, fees and subsequent reversals.
Account access and changes
Keep credentials and recovery material private and report suspected compromise promptly to the verified service contact. The effective agreement must explain security restrictions, notice and remedies for unauthorized or incorrectly executed transactions, and material changes to terms or pricing.
Complaints, restrictions and termination
Explain how to raise a complaint, who investigates, how to escalate and how to close the account or recover any remaining funds. Consumer rights that apply by law are preserved. The provider must specify any safeguarding and insolvency treatment for the actual product.
Approval and publication requirements
Confirm the contracting payment or e-money entity, eligible customers, custody and safeguarding model, services, fees, consumer notices, redress and applicable law.