Terms of Service

1. Introduction and Regulatory Status

1.1 These Terms and Conditions ("Terms") constitute a legal agreement between PayTrueQR Limited ("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 and Payment Plans

5.1 Pricing Model

PayTrueQR operates on a transparent, low-cost model.

  • Standard Rate: A fixed fee per transaction (e.g., £0.20).
  • Pre-Paid Packages: Merchants may purchase bundles of transaction credits (e.g., Starter, Growth, Pro Packs) at discounted rates.

5.2 Free Trial

New merchants are entitled to their first 25 transactions free of charge.

5.3 Settlement

Funds are settled directly to your linked bank account via the Faster Payments Service (FPS). While typically instant, settlement times generally depend on the banking network and can take up to 2 hours. PayTrueQR deducts its fees from your pre-paid balance.

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. Any unused pre-paid transaction credits are non-refundable unless legally required.

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 our service, you may make a complaint via email to support@paytrueqr.com.

8.2 We follow a strict complaints procedure in line with Payment Services Regulations. We aim to provide a final response within 15 business days.

8.3 If you are not satisfied with our final response, you may be eligible to refer your complaint to the Financial Ombudsman Service (FOS).

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)