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Paymate Combined Financial Services Guide and Product Disclosure Statement
· Foreign Exchange Transaction Service
Release 1.0, Version 1.0. Publication date: 28 October 2005.
Updated: 16 February 2009:
1. Paymate Financial Services Guide
1.1 What is the Paymate Financial Services Guide ('FSG')?
Australian law requires Paymate Pty Ltd ABN 91 093 528 002 ("Paymate", "we", "us" or "our") to give you an FSG to help you make an informed decision about whether you want to use the financial services we provide.
In particular, this FSG explains:
· who we are;
· the financial services and products we are authorised to provide;
· how we and others may be remunerated in relation to the financial services we provide;
· any relationships or associations we may have with other financial services providers; and
· how we deal with any complaints you make against us.
1.2 What other documents may Paymate give me?
You have also received a Product Disclosure Statement ("PDS") in part 2 of this document. The PDS is a legal disclosure document that is intended to help you to decide whether to acquire any financial product we issue. We will generally give you a PDS if we offer or arrange to issue a financial product to you. The PDS sets out various information, including a description of the significant benefits, risks and conditions attaching to any financial product issued by us.
1.3 Who provides the financial services described in this FSG and how can I contact them?
All financial services described in this FSG are provided by Paymate Pty Ltd (ABN 91 093 528 002) (AFSL no. 290582).
If you have any questions or need more information, you can:
· refer to our website at: www.paymate.com
· e-mail us at:
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.
· call us on: +612 9283 6977;
· fax us on: +612 9283 6944; or
· write to us at: Paymate Pty Ltd, Suite 2501, 31 Market Street, Sydney, New South Wales, 2000, Australia.
1.4 What financial products and services are Paymate authorised to provide?
Paymate is authorised under its AFSL to provide the following financial services:
· give general financial product advice (this is financial product advice that does not take into account your personal circumstances, situation or needs) in relation to non-cash payment, foreign exchange and general insurance products; and
· deal in non-cash payment, foreign exchange and general insurance products.
Our current services and products include services regulated by the Australian Corporations Act 2001 (Cth) ("Regulated Paymate Services") and services that are not regulated in this way. At the date of this FSG, the services we offer that are not regulated by the Australian Corporations Act 2001 (Cth) are:
· AUD Credit Card Payment Service;
· Foreign Currency Credit Card Payment Service (in selected foreign currencies); and
At the date of this FSG, the Regulated Paymate Services are:
· our Foreign Exchange Transaction Service (in selected foreign currencies).
1.5 Who do we act for when we provide you with financial services?
We are the issuer for the financial products we offer that are described in this FSG.
1.6 What relationships does Paymate have with other product issuers?
All of the Paymate Regulated Services relate to financial products issued by us.
We use several facilities provided to us by major banks and licensed foreign exchange dealers to enable us to provide our services to you. These include:
· AUD Credit Card and Foreign Currency Credit Card Merchant Facilities;
· Direct Debit/Credit Facilities in several countries; and
· currency conversion services.
1.7 How is Paymate paid and does Paymate receive any commission in respect of the Paymate Regulated Services?
Paymate receives a commission in the form of transaction and subscription fees that may be paid by clients for the provision of the Paymate Regulated Services. These fees are detailed in the PDS in part 2 of this document.
In the provision of the Foreign Exchange Transaction Service, Paymate may achieve a 'spread' or margin between the daily rate at which we settle a payment to a Seller/Recipient and the daily rate at which we actually convert the payment from the foreign currency to AUD at a later date or time. This spread may be positive or negative based on the timing of the conversion and the movement of the foreign currency markets during that period. This means that we may make a profit if foreign currency rates move in our favour when we actually convert the payment. However, any difference between the rate at which we settle a payment to you and the rate at which we actually convert this payment at a later date or time is not passed on to the Seller/Recipient.
No related body corporate of Paymate, directors or employees of Paymate or a related body corporate or any associate of any of these persons receive any remuneration (including commission) or other benefits in respect of, or that is attributable to, the provision of any of the Paymate Regulated Services. Paymate staff members are salaried employees of Paymate and do not receive any proportion of any fees or other sums paid to Paymate in connection with the financial services or products detailed in this FSG.
If you are referred to Paymate by a registered Paymate client, that client may receive Paymate Reward Points that are redeemable to pay for Paymate fees. Currently, each such referral is awarded 200 Paymate Reward Points, which can be redeemed for $2.00 worth of Paymate fees.
1.8 How can I instruct Paymate?
You can give us instructions by using the contact details set out in part 1.3 of this FSG. Some products and services may have their own rules around how to provide instructions or execute certain transactions, including that these instructions be made by e-mailing us on
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or online through our website www.paymate.com. Please refer to the PDS set out in part 2 of this document and the Paymate Terms of Use for these details.
1.9 What do I do if I have a complaint?
Any complaints about any goods or services paid for using any service provided by us should be resolved directly with the supplier of those goods and services. However, to complain to Paymate, you should follow the steps detailed below.
To clarify your rights in using Paymate's services, we recommend you carefully read our Terms of Use. You can then decide if you wish to raise a complaint.
Step 1: Contact Client Services
To complain about a Paymate product or service your first step is to contact our Client Services team. You can do this by:
1. sending an email with the subject "Complaint" to:
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; or
2. writing to or calling: Client Services Manager, Paymate Pty Ltd, Suite 2501, 31 Market Street, Sydney, NSW, 2000. Australia Phone: (+612) 9283 6977.
We will respond to most, but not all emails, within one business day and to all emails within three business days (please allow for Australian public holidays since we are based in Sydney Australia). If we cannot immediately resolve the problem, we will give you details of our procedures for investigating and resolving complaints. Within 21 days of receiving your complaint, we will either advise you of the outcome of our investigation or will tell you that we need more time to resolve your complaint. Note that we may have to request information from third parties such as banks overseas.
We aim to fully resolve all complaints within 45 days unless there are exceptional circumstances.
Step 2: Escalate to Senior Management
If you are still unsatisfied with our response or your complaint is about one of our Client Service staff, you can escalate your complaint directly with Paymate's senior management. To do so, please forward your earlier email with any earlier responses to
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.
You can also write to us or call us at: Managing Director, Paymate Pty Ltd, Suite 2505, 31 Market Street, Sydney, NSW, 2000 Australia Phone: (+612) 9283 6977.
Paymate's senior management will respond to most, but not all complaints, within 10 business days of escalation and all complaints within 30 business days. We will let you know if we need more time to resolve your complaint.
Step 3: Escalate to Banking & Financial Services Ombudsman
Alternatively, you may choose to contact the Financial Ombudsman Service (FOS) to lodge a dispute. The FOS is a dispute resolution service dealing with disputes that individuals and small business have with their financial service providers. You can learn more about the FOS here: www.fos.org.au.
The Ombudsman's powers to consider disputes are set out in their Terms of Reference.
We recommend you write to the FOS, preferably with a copy to Paymate, at the following address:
Financial Ombudsman Service, GPO Box 3, MELBOURNE VIC 3001
Fax: (03) 9613 7345; Phone: 1300 78 08 08
Monday to Friday between 9.00 am and 5.00 pm AEST
You can also your lodge your dispute using an Online Dispute form. For information, visit www.fos.org.au.
2. Paymate Product Disclosure Statement
2.1 Who is Paymate?
At Paymate, we provide a secure, accurate and reliable Internet payment service, allowing any individual, business or other organisation with an e-mail address and an eligible credit card or bank account to send and receive payments online.
The financial services regulated by the Australian Corporations Act 2001 (Cth) are referred to as the "Regulated Paymate Services". This Product Disclosure Statement ("PDS") aims to help you make an informed decision whether to register for, or use, any of the Regulated Paymate Services. At the date of this PDS, the Regulated Paymate Services are:
· the Foreign Exchange Transaction Service.
2.2 What is the purpose of this PDS?
Australian law requires us to give you this PDS to help you:
· understand the significant benefits and risks associated with the Regulated Paymate Services;
· understand other significant characteristics, features and terms of the Regulated Paymate Services; and
· compare understand Regulated Paymate Services with other similar services you may be considering.
Please read this PDS together with the Paymate Terms of Use carefully before deciding whether to register for, or use, any of the Regulated Paymate Services set out in this PDS.
Any advice in this PDS has been prepared without taking into account your personal objectives, financial situation or needs and you should consider whether it is appropriate for your circumstances.
2.3 Who is the issuer of the products set out in this PDS and how can I contact them?
The issuer of the Regulated Paymate Services is Paymate Pty Ltd (ABN 91 093 528 002) (AFSL no. 290582) ("Paymate").
Please see part 1.3 of the Financial Services Guide for information on how you can contact us.
2.4 Features at a glance
Product/Service: Foreign Exchange Transaction Service
Significant Benefits
· Allows you as an Australian Seller/Recipient to agree a price with a Buyer/Sender in foreign currencies supported by Paymate and receive payment in AUD into your nominated Australian bank account.This enables each party to trade in a familiar local currency.
· Reduces costs for your Buyer/Recipient that may be incurred with other payment methods, e.g. Telegraphic/Wire Transfers, bank cheques or demand drafts.
· Eliminates foreign currency risk for your Buyer/Recipient since they do not need to purchase your currency (AUD), as may be the case with Telegraphic/Wire Transfers.
· Eliminates the need for you to maintain foreign currency accounts, convert from foreign currencies to your local currency (e.g. USD to AUD) or move funds from foreign currency to local currency bank accounts and may reduce your costs.
Significant risks
· When the payment to you is cleared by us (typically 3 – 5 days after the Buyer/Sender makes the payment), we use the indicative foreign currency 'sell rates' published by HSBC Bank Australia (at http://www.hsbc.com.au/ ) on that day to convert your foreign currency payment into AUD for settlement to your bank account overnight. You cannot select the timing or exchange rate at which your funds are converted from the foreign currency into AUD.
· The foreign currency exchange rates may change from the time you agree a price in foreign currency with your Buyer/Sender and when we convert your funds into AUD. Depending on the way exchange rates change, you may receive less (or more) money (in AUD) than you anticipated when you set the payment price with your Buyer/Sender.
Fees & Charges
· While Paymate does not charge explicit fees for the Foreign Exchange Transaction Service, you may incur additional fees as a Seller if you choose to receive payments via the Foreign Currency Credit Card Payment Service. Please see our Fees page for more information.
Significant conditions
· You can only use the Foreign Exchange Transactions Service if you have a current e-mail address, are at least 18 years old and register with Paymate to receive payments online into a deposit account held by you with an Australian financial or deposit-taking institution. If you decide to register with us to receive payments online in this way, you will need to agree to the Paymate Terms of Use and any Fees that we may charge when you receive payments online. You should read these documents carefully before deciding to register to use the Foreign Exchange Transactions Service
· You can register to use the Foreign Exchange Transactions Service by checking the "Accept foreign currency" box in the "Paymate account" section of our online account by logging in securely.
2.5 Are there any other terms and conditions?
All of the detailed terms and conditions relating to the Regulated Paymate Services are set out in the Paymate Terms of use and the Paymate Paymate Security and Privacy Policy. You should read these documents carefully before deciding to register for, or use, a Regulated Paymate Service
2.6 What do I do if I have a complaint?
Please see part 1.9 of the Financial Services Guide for information on what to do if you have a complaint.
2.7 What if Paymate updates the information in this PDS?
The information in this PDS is up to date as at 16 February 2009.
After you have registered to use any of the Regulated Paymate Services, we will notify you of any material change to, or significant event affecting, the information in this PDS. You agree that we will notify you of this updated information on this 'Paymate FSG/PDS' page of our website www.paymate.com. You can also email us at
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or call us on +612 9283 6977 to request a paper copy be mailed to you free of charge.
2.8 Other information available
Additional information in respect of the Paymate Regulated Services (including the Paymate Terms of Use) is available on our website at www.paymate.com.
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