Terms of Service

1. Introduction and Regulatory Status

1.1 These Terms and Conditions ("Terms") constitute a legal agreement between PayTrueQR Limited (Company Number: 16567595; VAT Number: 511050654) ("we", "us", "our") and the business entity or sole trader registering for an account ("Merchant", "you", "your").

1.2 Regulatory Status: PayTrueQR Limited is acting as a Registered Agent of Finexer LTD ("Finexer"). Finexer is authorised by the Financial Conduct Authority (FCA) under the Payment Services Regulations 2017 (Firm Reference Number 925695) as an Authorised Payment Institution to provide Account Information Services (AIS) and Payment Initiation Services (PIS).

1.3 By creating an account and using the PayTrueQR app to generate QR codes and accept payments, you agree to be bound by these Terms.

1.4 The Role of Finexer: You acknowledge that the regulated Payment Initiation Service (the actual movement of funds from your customer to you) is provided by Finexer. As such, specific sections of Finexer's Terms of Use are incorporated into this agreement in Section 4 below.

2. Definitions

"App" means the PayTrueQR mobile application and web dashboard provided to the Merchant.
"Customer" or "Payer" means the individual who scans the generated QR code and uses a banking app to pay the Merchant.
"Finexer" means Finexer LTD (Company No. 12191948).
"PIS" (Payment Initiation Service) means the service used to initiate a payment from a Customer's bank account to the Merchant's bank account.
"Services" means the provision of the App, QR code generation, and the facilitation of PIS via Finexer.
"Source Account" means the Customer's bank account from which funds are transferred.

3. Merchant Obligations and Onboarding

3.1 Eligibility

To use PayTrueQR, you must be a business (Sole Trader or Limited Company) operating in the UK. You must not operate in any "Prohibited Activities" list as defined by Finexer.

3.2 Due Diligence (KYC/KYB)

In accordance with our anti-money laundering obligations, you agree to provide full and accurate information during onboarding. This includes, but is not limited to:

Identity verification of business owners/directors (Passport/Driving Licence).
Proof of business activity and trading address.
Bank account verification.

You acknowledge that failure to provide this information, or providing false information, will result in the immediate rejection or termination of your account.

3.3 Accurate Information

You agree to notify PayTrueQR of any changes to your business details (e.g., change of Directors, trading address, or bank details) within one month of the change occurring.

4. Payment Services

As an Agent of Finexer, we are required to incorporate the following terms regarding the Payment Initiation Service. By using our service, you acknowledge that the PIS is provided on these terms, and you accept them on behalf of your business operation.

4.1 Scope of PIS

The Service allows for the initiation of a payment from a Customer's Source Account to your Merchant bank account.
We (via Finexer) use internet providers and third parties to access the Source Account with the Customer's explicit consent.
Irrevocability: Once a Customer confirms a payment via their banking app, the transfer cannot be revoked by Finexer or PayTrueQR.

4.2 Security

You must keep your PayTrueQR account credentials, including passwords and any Two-Factor Authentication (2FA) codes, secure.
We may restrict or suspend your access to PIS if we suspect unauthorised use, fraud, or a breach of these Terms.

4.3 Disputes and Incorrect Transactions

If a Customer claims a payment was unauthorised or incorrect, we will cooperate with the Customer's bank (ASPSP) to investigate.
Merchant Liability: You will be liable for all payments initiated if you have acted fraudulently or with gross negligence.
Refunds: If a payment is incorrectly initiated due to our (or Finexer's) default, the amount will be refunded. However, Finexer and PayTrueQR are not responsible for the quality, delivery, or legality of the goods/services you provide to your Customer.

4.4 Liability and Indemnity

Indemnity: You agree to indemnify and hold harmless PayTrueQR, Finexer, and their affiliates from any costs, legal actions, or damages arising from your breach of these Terms or your use of the Services for prohibited activities.
Limitation of Liability: Neither PayTrueQR nor Finexer shall be liable for indirect, consequential, or special losses (e.g., loss of profit due to service downtime), nor for events beyond our reasonable control (Force Majeure).

5. Fees, Billing, and Payment

5.1 Monthly Usage-Based Utility Billing

PayTrueQR operates strictly on a monthly billing utility model. This means you are billed once per month for the actual number of successful transactions processed during your preceding billing cycle.

Standard Rate: A fixed fee of £0.17 (exclusive of VAT) per successful transaction, totaling £0.20 (inclusive of VAT).
Calculation: Total Monthly Usage Bill = (Number of Successful Transactions - Promotional Balance Used) × £0.20.

5.2 Billing Cycle and Date

Default Billing Date: Your monthly billing date is set as the calendar day on which you registered your PayTrueQR account.
The 28th Rule: To ensure billing consistency across all months (including February), all recurring billing dates are restricted to the 1st through the 28th of the month.
Sign-up Adjustment: If you sign up on the 29th, 30th, or 31st of a month, your recurring monthly billing date will automatically be set to the 28th.

5.3 Changes to Billing Date

You have the right to request a change to your monthly billing date to any day between the 1st and the 28th by contacting support@paytrueqr.com.

Frequency: We process billing date changes a maximum of once per month per Merchant.

5.4 Payment

Billing: On the billing date, your monthly bill will be generated within the PayTrueQR App, showing your total usage for the month.
Manual Payment Requirement: Payment is not automatic. The Merchant is responsible for logging into the Billing section of the PayTrueQR App to settle the invoice.
Open Banking: Payments made to PayTrueQR for service fees are subject to the same PIS terms outlined in Section 4. All bill payments must be made via the provided Open Banking link, authorising a direct transfer from your business bank account. The payment service is facilitated by Finexer LTD, which is authorised by the Financial Conduct Authority (FCA) under the Payment Services Regulations 2017 (Firm Reference Number 925695) as an Authorised Payment Institution to provide Account Information Services (AIS) and Payment Initiation Services (PIS).
Payment Window: All invoices must be paid in full within seven (7) days of the invoice date.

5.5 Failure to Pay and Account Suspension

Timely payment is a material condition of these Terms. If a bill remains unpaid after the seven-day grace period:

We reserve the right to immediately suspend your account access, including the ability to request new payments.
Suspension will only be lifted once the outstanding balance is paid in full.
Continued failure to pay may lead to permanent account termination.

5.6 Promotional Balance

Initial Allocation: Upon sign-up, Merchants are entitled to a Promotional Balance covering their first 25 transactions free of charge.
Promo/Referral Codes: Additional Promotional Balances may be applied to your account via valid promo codes or our referral program.
Deduction Logic: Your Promotional Balance is used up before any paid transactions are calculated. When your monthly bill is generated, any transactions covered by a Promotional Balance are deducted from the total count.
No Cash Value: Promotional Balances are non-refundable, non-transferable, and cannot be exchanged for cash or credit.

6. Data Protection and Privacy

6.1 PayTrueQR processes your personal data and your customers' data in accordance with our Privacy Policy and the Data Protection Act 2018 (UK GDPR).

6.2 Sharing with Finexer: You explicitly consent to us sharing your data and transaction data with Finexer LTD for the purpose of providing the regulated payment services and regulatory reporting.

6.3 You confirm that you have read and accepted Finexer's Privacy Policy (available on the Finexer website) as a condition of using these Services.

7. Termination and Suspension

7.1 Voluntary Termination

You may close your PayTrueQR account at any time by contacting support or by submitting an account deletion request through this link. Upon closing your account, a final invoice will be generated for any usage accrued between your last billing date and the date of termination. This final invoice is due immediately.

7.2 Termination for Cause

We may terminate or suspend your account immediately if:

You breach these Terms.
We verify or suspect that you are using the Service for money laundering, fraud, or prohibited activities.
We are required to do so by Finexer, the FCA, or law enforcement.

8. Complaints

8.1 If you are dissatisfied with the PayTrueQR service, you may submit a complaint via email to support@paytrueqr.com.

8.2 PayTrueQR Limited acts as an agent of Finexer Ltd. Payment initiation services are provided by Finexer Ltd (FRN: 925695), which is authorised and regulated by the Financial Conduct Authority. Where your complaint relates to a payment service, we may escalate it to Finexer Ltd for investigation and resolution in accordance with applicable regulatory requirements.

8.3 We aim to acknowledge your complaint promptly and provide a final response within 15 business days.

8.4 If you are not satisfied with the outcome of your complaint, you may be eligible to refer it to the Financial Ombudsman Service (www.financial-ombudsman.org.uk).

9. General

9.1 Updates

We may update these Terms from time to time. We will notify you of material changes via email or the App one month in advance. Continued use of the Service constitutes acceptance.

9.2 Governing Law

These Terms are governed by the laws of England and Wales, and subject to the exclusive jurisdiction of the courts of England and Wales.

9.3 Contact

PayTrueQR Limited
Email: support@paytrueqr.com
Registered Agent of Finexer LTD (FCA FRN: 925695)