Terms and Conditions

This document governs the Business relationships between The Atlantic connection private Limited acting under the trade name Pagasol (hereinafter — Pagasol) and a customer (hereinafter — Customer), Pagasol and the Customer, hereinafter jointly referred to as the Parties and individually as the Party. Access to and use of Pagasol services by the Customer is subject to compliance with all terms and conditions set forth hereinafter together with annexes if any.

The headings and subheadings in these Conditions are for reference only and do not limit the scope of each clause.

1. DEFINITIONS AND INTERPRETATIONS

In the present Terms and Conditions, the following terms shall, unless the context otherwise requires, have the following meanings and may be used in the singular or plural as appropriate:

1.1. “Account” shall mean Customer’s Electronic money account opened with Pagasol, which holds electronic money.

1.2. “Alternative Payment Method” or “APM ” means a payment method (other than Card) which Pagasol are able and have agreed to process, including without limitations: e-wallets, payments from the phone account, other.

1.3. “Wallet” shall mean sub-account opened in Customer’s Account with chosen by the Customer Base currency.

1.4. “Base Currency” shall be the reference currency chosen by the Customer before opening a particular Wallet in the Account.

1.5. “Business Day” shall mean a day when Pagasol is for servicing of its Customers and is any day, except national holidays and days of rest in Singapore, as well as Pagasol’ non-business days previously announced to the Customer.

1.6. “Business Relationships” shall mean relations between Pagasol and Customer during the time of providing of Services by Pagasol.

1.7. “Card” shall mean payment card branded as, but not limited to, Visa, Visa Electron, MasterCard or Maestro that shall be used as a means of payment when conducting the Transaction.

1.8. “Customer” shall mean the Account-holder or an applicant for Account opening with Pagasol, i.e. a natural person or entity’s sole proprietor, merchant or self-employed or another person with legal commercial or other activity, which has Business relationships with Pagasol.

1.9. “Communication” shall mean any instructions, orders, documents, logs, transactions and any other information intended to be addressed to a Party by the other Party and is described under “ Relationships and Communications between Pagasol and Customer ” section (3).

1.10. “Conditions” shall mean the present Terms and Conditions of Pagasol and annexes if any, related to the Services of Pagasol, the use and access of the Pagasol E-Money System and any other website and/or interface provided by Pagasol in the current edition of which is published on Pagasol website.

1.11. “Pagasol Group” shall mean a group of companies and/or affiliates that directly or indirectly are owned, acquired and/or controlled by Pagasol.

1.12. “Pagasol E-Money System” shall refer to the software/hardware complex, which includes a funds transfer system with formal and standardized arrangements and common rules for the processing, clearing and/or settlement of payment transactions, accessible through the website or/and mobile application of Pagasol, including all programs and access points enabling the Customer to perform access to the Services, such as, but not limited to the Pagasol E-Money System.

1.13. “Deposit” shall mean the crediting of funds to the Customer’s Account by purchasing Electronic money by using one of the designated Deposit options available.

1.14. “Withdrawal” shall mean funds transferring from the Customer’s account via selected by the Customer method in the withdrawal section of the Account by redeeming Electronic money.

1.15. “Electronic Money” or “E-Money” shall mean electronically, including magnetically, stored monetary value as represented by a claim of the Customer on the Pagasol E-Money System, which is issued by Pagasol on receipt of funds from the Customer for the purpose of making payment transactions on the Pagasol E-Money System and which is accepted by the Customer.

1.16. “Fees” shall mean any fees, rates and charges levied by Pagasol for provision of Services and which can be amended by Pagasol from time to time in accordance with these Conditions. Fees are applicable to the Customer and are an integral part of these Conditions. In case that in relation to the Customer exist some special Fees and additional agreements, it should prevail over these Conditions and general Fees in the frame and in relation to certain services, provided by Pagasol.

1.17. “Services” shall mean any services, subject to the Conditions, offered by Pagasol, including without limitation Account maintenance, issuance of E-money upon receipt of funds, issuance of payment instruments and execution of payment transactions with issued E-Money using payment instruments via Pagasol mobile application or designated website of Pagasol and any and all products available to the Customer and at the Conditions set forth at any time on Pagasol website and/or the Pagasol E-Money System.

1.18. “Transaction” shall mean an act, initiated by the Customer of placing, transferring or withdrawing funds, irrespective of any underlying obligations between the Customer and Pagasol, and in any case less applicable Fees. Notwithstanding the foregoing a Transaction may be one of the following:

● a financial operation using the Card and/or APM;

● a transfer of the funds and replenishment of the account existing in the electronic environment by the means of Card and/or APM; and/or

● the OTC if such service is provided by the merchant.

1.19. “Login Authorization” data shall include all authorization/verification information that is provided to the Customer by Pagasol for identification and login into the Account purposes, such as unique account’s number, password, login code and/or any verification messages, sent via email or mobile phone.

1.20. “Conditions” defined herein shall have the same meaning in any other documents related to the opening of the Customer’s and or Customer’s Account with Pagasol and deemed to be part of these Conditions, except if otherwise specified in the relevant document.

1.21. References to persons shall include individuals, corporate bodies, unincorporated associations, partnerships and any other entities. Words denoting gender shall include all other genders. References to a Section or Sections shall be deemed references to the respective section(s) of these Conditions. Headings and notes herein are for reference only and shall not affect the construction and interpretation of the Conditions.

2. SCOPE OF THE CONDITIONS

2.1. Pagasol is a Multi-Purpose Stored Value Facility as defined by the Payment Systems (Oversight) Act, also known as an electronic money institution, which is entitled to issue electronic money and to provide payment services referred. Since the service of Pagasol is limited to E-Money, which does not qualify as a deposit or an investment service in the meaning of the Investor Protection Law and/or the Deposit Guarantee Law, the Customer is not protected by the Deposit Guarantee Fund and a system of protection for investors provided by the Pagasol.

2.2. Additionally, to legal facts described in section 2.1. above, the Customer acknowledges that:

● Pagasol is not a credit institution (bank) and Customer’s Account is not a bank account;
● The customer’s Account is not insured by any government institution and protection schemes described in section 2.1. above do not apply to Customer’s Account;
● Pagasol does not act as the trustee, fiduciary or escrow holder in respect of E-Money on the Customer Account; and
● Pagasol does not pay interest on any balances in the Customer’s Account.

2.3. Pagasol provides access to Pagasol E-Money System to authorized Customers only and enables them to purchase electronic money or request redemption of electronic money, make payments to and accept payments from third parties. Pagasol is an independent service provider for all purposes.

2.4. Specific conditions may be published on the Pagasol website and the Pagasol E-Money System, as amended from time to time (e.g. Privacy Policy, Complaints Procedure, Non-serviced countries, List of Restricted Activities, etc.). Hence, the Customer expressly undertakes to consult and review regularly Pagasol website and the Pagasol E-Money System to be timely informed about any changes in respect of other conditions and the Services in particular.

3. RELATIONSHIPS AND COMMUNICATIONS BETWEEN Pagasol AND CUSTOMER

3.1. Pagasol provides the Services only to authorized Customers that have been duly authorized by Pagasol after full inspections were carried out by Pagasola;

3.2. As an authorization precondition the Customer must accept these Conditions and any specific conditions published from time to time on the Pagasol website;

3.3. During the acceptance and authorization process Pagasol has a right to request information and the Customer is obliged to provide such information to the Pagasol team, including, but not limited to, identification of the Customer within 3 (Three) Business Days. Pagasol may further request any information that is necessary for accordance with anti-money laundering laws and regulations and Customer understands and acknowledges and accepts the requirement to provide Pagasol with any requested information within 3 (Three) Business Days, otherwise Pagasol may suspend and/or close Account, in accordance with these Conditions;

3.4. In any case, the Customer hereby expressly authorizes Pagasol to request and receive the Customer’s information from other member companies of Pagasol Group where the Customer might hold an account or have any other relationships with Pagasol Group;

3.5. Pagasol is under no obligation to accept and/or authorize any Customer. Pagasol, upon its full discretion, shall determine the scope of information which may be requested from the Customer and to decide on which terms and conditions the Customer is accepted and authorized;

3.6. It is the obligation of the Customer to provide (and Pagasol has the rights to request accordingly from time to time) up-to-date information on all Customers and Pagasol, therefore, has the rights to request any additional information from time to time which the Customer shall be obliged to provide. If the information is not provided, Pagasol reserves the right to unilaterally terminate the relationships with the Customer with immediate effect;

3.7. In case if the Customer fails to submit the requested documents and/or information upon Pagasol request, Pagasol reserves the right to deactivate the Customer’s Account and further decide upon the continuation of relationships with the Customer;

3.8. The Customer shall immediately (within 3 (Three) Business Days) notify Pagasol in case of any changes in circumstances or facts to any information and/or documents provided during Customer’s authorization procedure;

3.9. Once the Customer is accepted and authorized by Pagasol, the Customer will be provided with the Account with Pagasol. The Account is personal and only the Customer has a right to access and use Pagasol Services within it and only in the frame of stated and declared activity and purposes in the application for the Account (in case planned activity and purpose changed — new application for the Account shall be submitted for the review to Pagasol). The Customer shall take all the measures necessary to protect the Login authorization data (such as: password, Login Code user ID and any other strictly personal security features) of the Account and only use the Account in accordance with these Conditions;

3.10. Each Customer is only allowed to have one approved Account with Pagasol. All additional information, applications or documents submitted at any time will be attached to the only approved Account of the Customer. In case if more than one Account were opened for the Customer, the Customer expressly instructs and authorizes Pagasol to close one of the Accounts at its full discretion and transfer all the funds to the other Account so to keep only one Account at any time;

3.11. The Customer isn’t allowed (and shall not attempt to) tamper, hack, modify or otherwise corrupt the security or functionality of the Pagasol E-Money System. In case Pagasol suspects that any of these activities are taking place on a Customer’s Account, Pagasol reserves the right to immediately freeze the Account and all transactions on it until these suspicions are either confirmed or discredited;

3.12. All information may be received in English only and English shall be the language used for purposes of these Conditions and for further communication between the Customer and Pagasol;

3.13. The Customer and Pagasol are entitled to use means of communication, such as telephone, email, mobile communication application, and other similar technological solutions for Communications purposes either provided by Pagasol or not. By sending and receiving communications to and from Pagasol through any of these communication means, the Customer acknowledges and agrees that he may be exposed to inherent risks such as, without limitation, the failure of hardware, software and communications infrastructure (including the Internet). The content of Communications may be altered, not reach their intended recipient or do so much later than intended due to reasons outside the control of the parties, or maybe duplicated, disseminated or intercepted by unauthorized parties, and/or reach other than the intended recipients. Telecommunication operators may restrict certain services and/or not accept or restrict the transfer of certain data. As a result of any system unavailability, failure or other disruption, orders may either be not executed according to the Customer’s instructions or not be executed at all or may not be placed or amended. Errors, disruptions, unavailability of the means of communication or delays in the transmission may affect transactions accordingly. The Customer acknowledges all risks described above and all similar risks (“Telecommunications Risks”) and agrees to use the means of telecommunication at his own risk and of his own volition, assuming full responsibility. The Customer confirms that he understands and assumes the risks inherent to the use of the Pagasol E-Money System, programming tools and other electronic communication tools;
3.14. The Customer discharges Pagasol from any liability in contract or in tort, with regards to any disruption of Communications arising from the materialization of Telecommunications Risks and other risks and circumstances envisaged in section 3.13 above. Pagasol shall not be liable for any direct, indirect, incidental or implied consequences for the Customer or any third party attributable to Telecommunications Risks. Pagasol does not warrant that it will be able to maintain a continuous, uninterrupted link with the Internet, and may not be held liable therefore;

3.15. Pagasol reserves the right and may record and/or protocol all telephone conversations, Internet exchanges (including chats during the registration process), emails and meetings between the Customer and Pagasol at its discretion, and use such recordings or transcripts of such recordings as evidence vis-à-vis any party (including but not limited to regulatory authorities and courts of law) to whom Pagasol deems it desirable or necessary to disclose such information in the course of any dispute or anticipated dispute involving Pagasol and/or the Customer. The Customer may nonetheless not rely on the availability of such recordings;

3.16. The Customer agrees that Pagasol may provide notice or other information to the Customer by posting it on the Pagasol website, including the posting of information which is only accessed by the Customer by logging into Customers Account, emailing it to the verified email address registered with Customers Account, calling Customer by phone, or sending an SMS message. The Customer must have internet access and an email account to receive communications and information relating to the Services. Above mentioned access is completely under Merchants own responsibility;

3.17. With the exception of amendments to these Conditions in clause 3.13 above-mentioned notice shall be considered to be received by the Customer within 24 (twenty-four) hours of the time it is posted to the Pagasol website or emailed to the Customer. If the notice is sent by mail, Pagasol will consider it to have been received by the Customer 3 (Three) Business Days after it is sent;

3.18. The Customer may request a copy of any legally required disclosures, including these Conditions, from Pagasol and Pagasol will provide it to the Customer in durable medium form, e.g. by email;

3.19. The Customer may terminate its consent to receive required disclosures through electronic communication by requesting it from Pagasol. Pagasol may charge the Customer a document request fee to provide a paper copy. Pagasol reserves the right to close Customer’s Account, if the Customer withdraws Customers consent to receive electronic communications; and

3.20. Notices to Pagasol made in connection with these Conditions must be sent by email to Support@pagasol.com.

4. AUTHORISATION AND USAGE OF SERVICES

4.1. Login and authorization:
● The Customer shall access his Account via Pagasol website and/or Pagasol mobile application by entering Login Authorization data provided to the Customer by Pagasol. In case of any problems with Login Authorization, the Customer shall request technical assistance by contacting Pagasol;
● After entered by the Customer Login Authorization data is verified by Pagasol, the Customer shall get access to the Account and shall be able to give payment transactions’ instructions to Pagasol; and
● In case when the Customer suspects his Login Authorisation data is obtained by third party the Customer shall immediately inform Pagasol by asking to block his Account until full investigation and identification is carried out either by calling or by sending an email to Pagasol.

4.2. Exclusive rights to use an Account:
● The Customer shall keep Login Authorization data secret and fully confidential and to protect it against any misuse. The Customer shall be responsible for the loss or misuse of any Login Authorization data and shall bear exclusive liability for any consequence of their use by unauthorized persons;
● Anyone accessing the Account by entering Login Authorization data shall be deemed to be the Customer, without any further clarification from Pagasol. Pagasol remains, however, free to request additional identification elements at any time to verify the Customer’s identity;
● The Customer may request Pagasol to block his Login Authorization data in case the Customer suspects that it has been compromised. Such blockage may be revoked by the Customer only; and
● The Customer acknowledges the electronic nature of the Pagasol E-Money System which shall be provided strictly on “AS IS” and “WITH ALL ITS FAULTS” basis.

4.3. Creation and maintenance of Wallets in Customer’s Account:
● Upon authorized entrance into the Account, the Customer shall be able to create electronic money Wallet or E-Wallet in different currencies which are also referred to as sub-accounts and are recorded in Pagasol E-Money System as sub-accounts chosen by the Customer currency;
● The Customer is not required to keep a balance on the Account, i.e., in one sub-account or several sub-accounts. If the Customer does have a balance in the Customer’s Account, funds representing the balance are segregated and pooled with the balances of other Customers in an account or several accounts held by Pagasol according to the requirements of the law and internal policies of the Pagasol.

5. TRANSACTIONS: DEPOSITS, WITHDRAWALS, INTERNAL TRANSFERS AND PAYMENTS

In order to make a Transaction, the Customer will firstly need to fund his Account by purchasing electronic money to be credited to his account or by receiving electronic money transferred via Pagasol E-Money System from other Customers.

5.1. Deposits

● The Customer may purchase electronic money by using one of the “Deposit” methods available to the Customer depending on certain criteria, e.g. country of residence, etc. The Customer must provide the information requested and pass all identity and security validation and verification checks prior to the receiving of acceptance by Pagasol, which shall allow depositing funds to the Account. For any Deposit, the Customer authorizes Pagasol to obtain and receive funds on behalf of the Customer from the payment source chosen by the Customer, less any applicable fees, and to issue electronic money to the Customer’s Account;

● When depositing the funds, the Customer understands and expressly agrees that the funds he deposits in one chosen currency will be deposited by Pagasol into the Customer’s respective Wallet by depositing the respective amount in electronic money corresponding to that particular currency in case the Customer possesses Wallet in that particular currency in his Account. The Customer further understands and agrees that in case, if the Customer does not possess a Wallet in the currency deposited by the Customer, Pagasol may automatically open, and the Customer expressly authorizes and instructs Pagasol to do so, the Wallet in that currency and deposit these funds to that corresponding to the Customer’s depositing currency Wallet or it may be converted to another currency (at Pagasol discretion) and in its turn, due to cross-border payments regulations in different regions an FX difference between the processed amounts and settlement amounts may occur. The customer acknowledges this fact and shall not raise any claims in relation to the mentioned conversion;
● The Customer understands, acknowledges and accepts that due to cross-border payments regulations in different regions and settlement an FX difference between the processed amounts and settlement specific aspects amounts may occur, even the Transaction currency and Account currency are the same;
● The Customer understands and accepts that Pagasol, upon its full discretion, may impose certain limits on amounts of purchased electronic money and/or impose special requirements and/or refuse to accept funds for electronic money purchase from the Customer at the sole discretion of Pagasol;
● “Deposit” via Visa or MasterCard that has been successfully processed and electronic money have been purchased and deposited into Customer’s Wallet accordingly may not be cancelled by the Customer and no refund is available. To redeem the money deposited via Visa or MasterCard the Customer shall process with “Withdrawal” of electronic money to his Visa or MasterCard, however respective Fees may apply.

5.2. Withdrawals
● The Customer may “Withdraw” electronic money by using one of the Withdrawal methods available to the Customer on the Account depending on certain criteria, e.g. country of residence, etc. The Customer must provide the information requested and pass all identity and security validation and verification checks prior to the withdrawal authorization by Pagasol. For any Withdrawal, the Customer authorizes Pagasol to perform remittance from electronic money into Customer’s base currency via the withdrawal source chosen by the Customer less any applicable Fees, and to remit the electronic money back to Customer;
● The Customer understands and expressly agrees that Pagasol may only proceed with Withdrawal of Customer’s funds into an account that is held in Customer’s name (Customer is the account holder and beneficiary of the account) at credit institution, i.e. bank or into account that is held in Customer’s name at payment institution that has established cooperation with Pagasol;
● The Customer understands and accepts that Pagasol may be requested by law to impose certain limits on amounts of Withdrawal of electronic money and/or impose special requirements and/or refuse to withdraw Customer’s funds until the information is submitted by the Customer and all requirements under the law are fully satisfied.

5.3. Deposits and Withdrawals are subject to fees and currency conversion fees depending on the method used according to the Fee Schedule which was sent to the Customer, which the Customer agrees to constantly observe. Furthermore, Deposits and Withdrawals may be subject to the imposition of limits that correspond to the level of information provided by the Customer, potential risk presented by the Customer and may also be imposed at the sole discretion of Pagasol.

5.4. Payments with the Pagasol E-Money system:
● The Customer may make Payments to other Customers and/or Customers that accept Pagasol transfers by entering Pagasol E-Money System and/or third parties. The Customer is obliged to specify the purpose of the Payment, which shall conform to the specified nature of business in the Customer application for the Account opening. When all the fields are filled in Pagasol E-Money System will calculate and show the transfer Fees;
● By making Transaction the Customer expressly confirms that all the data entered is correct and shall bear the full responsibility if any mistake appeared in the entered data;
● By making a Transaction the Customer provides full authorization to Pagasol to transfer the funds as instructed. Electronic money will then be transferred within the Pagasol E-Money system to the destination indicated by the Customer. The execution of Transaction shall usually take place immediately, however, in case of technical malfunctioning the execution of Payment may delay, in which case Pagasol will make all efforts to fix the technical malfunctioning and proceed with the Payment execution within a reasonable time;
● The Customer fully acknowledges that after proceeding with Transaction the Customer may no longer cancel or amend the Transaction. Thus, by making Transaction the Customer irrevocably gives instructions to Pagasol to proceed with it and does not intend to cancel or alter it;
● Pagasol E-Money System allows proceed Transaction to mobile phone numbers and/or emails of Pagasol Customers or persons (recipients) who do not yet have accounts with Pagasol (hereinafter — User). In order for the User to receive such a Transaction made by the existing Customer of Pagasol, the User must apply and be approved as a Customer by Pagasol in the frame of Pagasol internal policies and procedures. After the User becomes approved as Pagasol Customer the Transaction shall be preceded. In case the User doesn’t become a Pagasol Customer, the Payment is cancelled with immediate effect and returned in the same amount and in the same currency to the Customer (who proceeded with the Transaction).

5.5. Internal transfers
● The Customer may make “Internal Transfers” between Wallets held in different currencies. During the Internal Transfer process spot exchange rate will be displayed, however, the Customer expressly accepts that he understands and acknowledges that the spot exchange rates are only indicative. After proceeding with the Transaction, chosen by the Customer amount will be internally transferred between Wallets held in different currencies.
● The Customer may make Internal Transfers by specifying the recipient’s (which is Pagasol Customer as well) email and/or registered phone number in accordance with Pagasol E-Money System requirements.

5.6. History of Transactions in the Account All the history of Transactions including charges, fees and margins, shall be recorded in the History section of the Account and shall be available to the Customer at any time. The Customer shall also be able, for an additional fee described to the Customer, to request Pagasol to confirm to the Customer any Transaction made and Pagasol will be obliged to confirm any Transaction made on the Customer’s Account. History also indicates statutes of the Transactions as completed, cancelled or pending.

6. FEES AND CHARGES

6.1. The Customer expressly agrees to duly pay for any Services provided, e.g. for international payment transfers and currency conversions, withdrawals or amendments of payment transactions, searching and preparing printouts and documents, for performing any outstanding services for the Customer by Pagasol and sending reminders. Customer expressly agrees to pay all the applicable fees;

6.2. The Customer acknowledges and understands that he is obliged to read and acknowledge Fees prior to instructing Pagasol to make any Transactions. The Fees document contains all applicable interest rates, commissions and fees for Services provided by Pagasol, thus the Customer shall observe these at all times;

6.3. In case the Transaction initiated by the Customer requires a currency exchange, the current spot rate provided by the liquidity provider will be applied;

6.4. The Customer agrees that any Fees that are due by the Customer to Pagasol shall be withdrawn by Pagasol directly from the Customer’s Account at any time;

6.5. Pagasol reserves the right to introduce new services and to, therefore, introduce new charges which the Customer obliges to pay in these Conditions with 30 (Thirty) calendar days prior notice. New charges that are favourable to the Customer may be introduced without prior notice;

6.6. Pagasol is entitled to unilaterally amend the Fees. Pagasol shall notify the Customer of these changes 30 (Thirty) calendar days prior before the new Fees take effect;

6.7. Pagasol reserves the right to deduct all the losses resulting Customer’s unauthorized actions;

6.8. The Customer remunerates the Pagasol for opening, maintenance and closing of Accounts, execution of the Transactions and other services in accordance with the Fees. The Customer is obligated to get himself/herself acquainted with the Fees and/or exchange rates.

7. Chargebacks

7.1. The Customer must observe the condition of electronic money purchase. If the Customer chose a payment instrument for electronic money purchase that is subject to a chargeback right, the Customer agrees that it will not exercise the chargeback right and will not chargeback any electronic money purchase the Customer made by using that payment instrument and that was credited to Customer’s account other than on occasions where Pagasol did not fulfil obligations under these Conditions, which would result in Customer having the right to a refund of electronic money purchased.

7.2. Without limiting Pagasol’s rights or remedies under these Conditions or any applicable law, if Customer cancels, chargebacks or reverses an electronic money purchase, the Customer is responsible for paying Pagasol funds equal to the par value of the electronic money purchased, plus applicable fees. Pagasol may, at its discretion, recover the amount of a cancelled purchase or charge back of electronic money by reducing the balance on the Customer’s account or otherwise collecting the amount from the Customer. Pagasol may charge Customer the fees and expenses Pagasol incur in connection with a chargeback and action undertaken to challenge the same.

8. UNCLEARED FUNDS AND PAYMENTS, NEGATIVE BALANCE

8.1. Certain electronic money purchase options may entitle Customer to have electronic money credited to his Account before payment for electronic money purchase and applicable fees are cleared by Customer’s designated financial institution or association or other payment service provider. In that case, Pagasol may periodically present these uncleared payments to the Customer’s financial institution or association or other payment service provider, as applicable. In addition, Pagasol may debit insufficient funds and uncleared payments from Customer’s account, obtain them from Customer’s designated financial institution or association or other payment service provider, as applicable, or collect them from the Customer in other ways. Pagasol will tell Customer before Pagasol does this unless telling the Customer would compromise reasonable security measures or otherwise be unlawful, in which case Pagasol will tell the Customer when Pagasol is permitted to do so.

8.2. Further, a negative balance on the Customer’s account is a situation when there is insufficient electronic money in the Customer’s Account. A negative balance on Customer’s Account may occur for various reasons described in these Conditions (for example, if Customer uses a chargeback right despite not being permitted to do so under these Conditions or Pagasol claim repayment of an ungrounded refund of electronic money Customer received from Pagasol). Any negative balance on the Customer’s account is the Customer’s debt to Pagasol with an immediate payment term. Pagasol may require and collect payment from the Customer to cover an outstanding negative balance on the Customer’s account at any time. Failure by Customer to make payment is a breach of these Conditions. Pagasol may at any time send Customer reminders or take other debt collection measures, including, but not limited to, mandating a debt collection agency or solicitors or pursuing a court claim. Pagasol may also charge Customer fees and expenses Pagasol reasonably incur in connection with debt collection or enforcement efforts.

9. RESTRICTED ACTIVITIES ON THE ACCOUNT

9.1. Pagasol does not accept payments from or to sanctioned countries and territories in accordance with the laws, regulations and internal policies;

9.2. Pagasol does not provide services to Customers, who are engaged in restricted activities. For the purposes of these Conditions, the restricted activities are breach of these Conditions; breach of law, statute, contract or regulation; breaches of Pagasol copyrights, patents, trademarks or any other intellectual property rights; provision of false, inaccurate or misleading information; failure to provide information as requested by Pagasol; send or submit to Pagasol documents that Pagasol reasonably believes to be fraudulent; attempt any action that might lead to unjust enrichment during the dispute; usage of anonymous proxy; use services provided by Pagasol that may result in dispute, claim, fines etc.; disclose information of other Customers to third parties; facilitate any viruses, Trojan horses, worms or other computer programming tools that may make damage to Pagasol E-Money system.

10. UNAUTHORIZED TRANSACTIONS

10.1. It is the Customer’s sole responsibility to ensure that the Customer does not use Pagasol services for a transaction that may be considered illegal.

10.2. Customer must not engage in any of the following:
● use Pagasol Services to obtain a cash advance from the Customer’s credit/debit card (or assist others to do so);
● use Pagasol Services in a manner that may result in abuse of a bank’s reversal process, credit card system or violation of credit card association rules;
● use Pagasol Services for any purpose contrary to laws, contracts, statutes or regulations that apply to Customer, including without limitation those concerning money laundering, fraud, criminal activity, financial services, unfair competition or consumer protection;
● send unsolicited email or similar methods of mass messaging (spam);
● tamper, hack, modify, damage, interfere with or otherwise corrupt the security or functionality of Pagasol Services, or attempt to do so;
● breach Pagasol or a third party’s intellectual property rights; and
● refuse to cooperate in an investigation to confirm Customer’s or Customer representative’s or beneficial owner’s identity or information Customer provides to Pagasol or refuse to let Pagasol have information or documents that Pagasol may receive from Customer under any applicable law and these Conditions. This list is not exhaustive, and it is the Customer’s responsibility to ensure that the Customer does not use Pagasol Services for transactions and other purposes that may be considered illegal.

11. SECURITY VALIDATION AND VERIFICATION CHECKS

11.1. Customer acknowledges that certain transactions or options for receipt, purchase, transfer or redemption of electronic money: Require different types of identity and security validation and verification checks, including use of third-party validation and verification systems, and Customer agrees to submit to these checks if Customer chooses an option to which these checks apply;
11.2. if applicable, impose certain minimum or maximum limits; and
11.3. Pagasol may validate and verify any information or data the Customer provides to Pagasol.

12. ADDITIONAL CUSTOMER WARRANTIES

12.1. Customer warrants and represents that:
12.1.1. Where it is a registered entity (in any form, e.g. LTD), the Customer will have and maintain at least 1 (One) director who is domiciled in the place of the Customers incorporation or operational address;
12.1.2. it will deliver the Customer Products/Services to its customers without undue delay;
12.1.3. the Customer Products/Services that are made available to customers comply with applicable law in any jurisdiction in or to which the Customer is making its goods and services available;
12.1.4. the Customer has at all times all requisite licenses and permits in place to engage in the advertising and provision of its goods and services; and
12.1.5. it is not receiving funds in connection with any illegal, fraudulent, deceptive or manipulative act or practice and that the Customer is not sending or receiving funds to or from an illegal source.
12.2. The Customer warrants to indemnify Pagasol against any losses, costs, liabilities, expenses, including attorneys’ fees arising out of Customer’s failure to fully comply with this Conditions.
12.3. The Customer agrees that Pagasol may deduct at its own discretion all the losses and expenses specified in 12.2.

13. AMENDMENTS OF CONDITIONS

13.1. Pagasol shall be entitled to amend these Conditions at any time by giving a notice of minimum 30 (Thirty) calendar days, including but not limited to a notice given by email to the Customer or posted on Pagasol Payment’s website or presented when the Customer accesses his Account. Such changes and/or amendments shall become effective on the date specified in the notice unless expressly disapproved by the Customer within 30 (Thirty) calendar days as from the date of notification, in which case the parties may exercise their right to terminate the relationship in accordance with these Conditions;
13.2. Pagasol expressly reserves the right to use its website to inform the Customer about any changes in these Conditions and the posting of a notice on Pagasol Payment’s website shall be deemed a valid notification of such changes to the Customer. The Customer undertakes to regularly review Pagasol Payment’s website and/or to regularly access his online reporting where relevant information may be published.

14. SUSPENDING AND CLOSING AN ACCOUNT

14.1. Customer may close Customer’s account upon a 1 (one) month prior notice to Pagasol. To do so, the Customer must notify the Pagasol of the Customer’s decision to close the Customer’s account. At the Customer’s request, Pagasol may agree to close the Customer’s account immediately. The customer’s account is closed immediately if Pagasol receives notice from the Customer that the Customer does not agree with changes to these Conditions. If Customer closes Customer’s account, Customer is responsible for cancelling pending transactions from Customer’s account and any pending electronic money transfers to Customer’s account.

14.2. Closing the Customer’s account does not mean that Pagasol deletes data (including personal data) that Pagasol hold on the Customer. Pagasol will continue to store this data, including the Transaction history, for at least 5 (five) years or longer, if so required by any applicable law or for any other reason specified in Pagasol Privacy Policy.

14.3. Pagasol may close the Customer’s account or any payment service associated with it by giving the Customer a 10 (Ten) Business Days prior notice.

14.4. Pagasol may at its discretion suspend or otherwise restrict the functionality of the Customer’s account and Customer’s right to request transactions and receive electronic money transfers or close the Customer’s account at any time without any prior notice, including, but not limited to, for any of the following reasons:
● Pagasol suspects unauthorized or fraudulent use of Customer’s account or that Customer’s account has been accessed without Customer’s authorization;
● Pagasol suspect that any of the login details of Customer’s account has been compromised;
● Pagasol has reasonable grounds to believe that Customer has seriously or persistently broken any provision of these Conditions;
● Customer inappropriately lets someone else use Customer’s account;
● Customer gives Pagasol false information or document(s) at any time;
● Pagasol have reasonable grounds to believe that the Customer’s account has been used in connection with unauthorized or unusual credit/debit card or bank account use, including without limitation, a notice of the same by the Customer’s bank or credit/debit card issuer;
● Customer abuses the reversal or chargeback process through Customer’s bank or credit card company;
● Customer refuses when requested to cooperate with an investigation or to provide adequate confirmation of identity or other identity or security information;
● Customer initiates or consents to Transactions that may be considered to be cash advances or assisting in cash advances;
● Customer’s account has been used, attempted to be used or allegedly used in or to facilitate criminal or other illegal or fraudulent activity against Pagasol or someone else, including, but not limited to, receipt or transfer of potentially fraudulent funds or proceeds of crime;
● Pagasol believes that Customer’s account or activities pose a security, credit or fraud risk to Pagasol;
● Pagasol is complying with money laundering or terrorist financing investigations conducted by government authorities, agencies or commissions;
● The customer has offered threats or has been abusive to Pagasol staff;
● The customer becomes insolvent or bankrupt, or Customer’s commercial activities are suspended or terminated;
● The customer puts Pagasol in a position where Pagasol might break a law that applies to Pagasol if Pagasol continues maintaining the Customer’s account;
● The customer violates or Pagasol has reason to believe that Customer is in violation of any law applicable to Customer’s use of Pagasol services;
● Pagasol reasonably believes that Pagasol is required to do so by any applicable law or in order to comply with recommendations, decrees or instructions issued by a government authority or recognized body for the prevention of crime or effective court order.

14.5. Unless informing Customer would compromise reasonable security measures or otherwise be unlawful, Pagasol will where practicable notify Customer in advance or immediately afterwards of the closing of Customer’s account or suspension or restriction of the functionality of Customer’s account and Customer’s right to request Transactions and receive electronic money transfers. If the reason for the suspension of the Customer’s account can be reasonably cured or remedied, Pagasol will notify the Customer of action to be taken to eliminate the reason and to restore the functionality of the Customer’s account.

14.6. If Pagasol closes the Customer’s account, Pagasol will redeem any unrestricted or undisputed amount of electronic money in the Customer’s account according to these Conditions.

14.7. If Pagasol suspects that the Customer is engaging in an activity referred to these Conditions, Pagasol may contact the relevant government authority, recognized crime prevention body and other third parties and disclose details of any prohibited activities, under Pagasol Privacy Policy or any applicable law and/or take legal action against Customer.

14.8. If the Customer does not access the Customer’s account for 9 (nine) months, Pagasol will close it. After closure Pagasol will attempt to notify the Customer using the last contact details Customer gave Pagasol to try to send the Customer any funds for redemption in the Customer’s account. If that information is not correct and Pagasol are unable to complete the payment to the Customer, then the available balance will be held in the Customer’s account.

15. CONFIDENTIALITY

15.1. Neither party shall disclose to any person (unless required to do so by any applicable law or by any regulatory or supervisory authority or by any other person entitled by law to require such disclosure) any information relating to the business, transactions, finances or other matters of confidential nature of the other party which it may in the course of its duties or otherwise become aware, and each party shall use all reasonable endeavours to prevent any such disclosure;

15.2. By adhering to these Conditions the Customer acknowledges, understand and accept that its data such as, including but not limited to, email and/or phone number may be processed by Pagasol and may be demonstrated to another Pagasol Customer in the frame of using Pagasol E-Money System, as a result of Pagasol recommendations to the Customer in relation to different Transaction methods within the Pagasol E-Money System.

15.3. By adhering to these Conditions, the Customer authorizes Pagasol to disclose such information relating to the Customer as may be required by any law, rule, counterparties or regulatory authority without prior notice to the Customer.

16. PRIVACY AND CONFIDENTIALITY

16.1. By accepting these Conditions, the Customer also agrees to the Pagasol Privacy Policy. Personal Information and non-personal information Customer provide to Pagasol when using Pagasol services may be transferred outside the EEA for the purpose of providing Pagasol services to Customer. By agreeing to these Conditions, the Customer consents to this transfer.

16.2. Customer acknowledges and agrees that Pagasol and Customer are independently acting as data controllers with respect to any personal information processed when providing or using Pagasol services, respectively. It is explicitly stated that Pagasol and Customer are not joint data controllers. Pagasol is a data controller with respect to personal information received from Customer or third parties. The customer is a data controller with respect to personal information received from Pagasol or third parties.

16.3. Pagasol is fully responsible for Pagasol compliance with the applicable data and privacy laws. Customer is fully responsible for Customer’s compliance with the applicable data and privacy laws, including obtaining all consents that may be necessary to provide personal information to Pagasol or third parties.

16.4. Customer shall have its own independently determined privacy policy, notices and procedures for personal information Customer processes as a data controller. In complying with the applicable data and privacy laws Customer and Pagasol shall each separately without limitation:
● implement and maintain at all times all appropriate technical and organizational security measures in relation to the processing of personal information;
● maintain a record of all activities on the processing of personal information carried out;
● provide information as may be reasonably requested by the other party to demonstrate compliance with obligations under the applicable data and privacy laws;
● not knowingly do anything to permit anything to be done which might lead to a breach by the other party of the data and privacy laws applicable to that party.

16.5. Customer acknowledges and accepts that:
● for quality assurance, security and fraud detection purposes, when speaking to members of Pagasol customer support service, the Customer’s call may be monitored and/or recorded;
● for fraud and security purposes Pagasol keeps personal information submitted by Customer even after the Customer’s account is closed if so requested by the applicable law, Conditions or Pagasol Privacy Policy;
● for identity validation and verification purposes, Pagasol may make the following information available to other business entities and users to which Customer transfers electronic money or from which Customer receives electronic money transfers: Customer’s name, account number, legal jurisdiction, address, email address and/or IP address.

16.6. Customer further acknowledges and undertakes to maintain the confidentiality of information, including the confidentiality of technical and financial information, Customer receives while using or receiving Pagasol Services about other business entities, users or Pagasol, or Pagasol’s technology and Customer undertakes to use this information only in connection with Pagasol services.

17. WAIVER OF RIGHTS

The rights and remedies contained in these Conditions shall be cumulative and not exclusive of any rights or remedies provided by law. No delay or omission of Pagasol in exercising any right, power or remedy provided by law or under these Conditions, or partial or defective exercise thereof, shall: impair or prevent any further or other exercises of such right, power or remedy; or operate as a waiver of such right, power or remedy; or No waiver of a breach of all or part of these Conditions shall (unless expressly agreed in writing by the waiving party) be construed as a waiver of any future breach of the same or as authorizing a continuation of a particular breach.

18. REMEDIES

The Customer shall indemnify Pagasol and keep Pagasol indemnified against all losses, taxes, expenses, costs and liabilities whatsoever (present, future, contingent or otherwise, and including reasonable legal fees) which may be suffered or incurred by Pagasol as a result of or in connection with: (i) Any breach of these Conditions by the Customer; or (ii) As a result of illegal actions performed by the Customer using Pagasol services.

19. DISPUTE RESOLUTION AND JURISDICTION

19.1. The Customer and Pagasol shall make every endeavour to amicably resolve any dispute, in good faith and in a constructive manner. The Customer acknowledges and agrees that threats and blackmailing towards Pagasol are prohibited and constitute a valid ground for interrupting negotiations and for immediate termination of any Business relationships;

19.2. In carrying out any activities under this Agreement, the Parties shall observe the laws of Singapore. In the first instance, the Customer shall raise any complaint relating to the services provided under these Conditions with Pagasol. If Pagasol is unable to resolve such complaint to the satisfaction of the Customer, the Customer may be able to refer that complaint to The Monetary Authority of Singapore (“MAS”) who offers a complaints resolution service to individuals, micro-enterprises, small charities and trustees of small trusts. The MAS can be contacted by telephone on 06225-5577 (from inside Singapore) or (65)-6225-5577 from other countries; or By post at 10 Shenton Way, MAS Building, Singapore 079117. The Parties shall endeavour to settle all disputes and discrepancies arising from these Conditions and relating to execution, validity and abrogation of these Conditions via negotiations. If such negotiations last for more than 22 (Twenty-two) Business Days and if the matter is not one that can be referred to the MAS, this dispute and discrepancy shall be submitted, at the discretion of any Party to the Courts of Singapore. Pagasol may also sue the Customer in connection with the Conditions in the jurisdiction in which that respective Party has its registered office (if different).

20. Applicable law These Conditions are governed by the laws of Singapore; In carrying out any activities under this Agreement, the Parties shall observe applicable laws and regulations and rules of the international payment system (such as but not limited to Visa Europe, MasterCard Worldwide).

21. Third party rights

No term of these Conditions is intended to confer a benefit on or to be enforceable by, any person who is not a part of these Conditions.

22. Assignment

None of the Parties shall assign or transfer these Conditions or any or all of their rights and/or obligations under these Conditions nor any part of it, nor any benefit nor interest in or under it, to any third party without the prior written consent of the other Party which shall not be unreasonably withheld; provided, however, that Pagasol may assign these Conditions without the consent or approval of Customer to Pagasol parent or subsidiary or associated companies, in connection with a merger, reorganization, recapitalization or sale of all of or substantially all of Pagasol stock, business or assets. Any attempt to assign these Conditions other than as permitted herein shall be null and void. Subject to the foregoing, these Conditions will be fully binding upon, inure to the benefit of and be enforceable by the parties hereto and their respective successors and assigns.

23. Force majeure

No failure or omission by any Party to carry out its obligations or observe any of the stipulations or conditions of these Conditions shall give rise to any claims against the party in question or be deemed a breach of this Conditions, if such failure or omission arises from a cause of force majeure, such as acts of God, war or warlike hostilities, civil commotion, riots, blockades, embargos, sabotage, strikes, lockout, shortage of labor, delay in deliveries of whatsoever from sub-contractors or machine failure caused by force majeure, or any other event beyond the control of the party in question.

24. Notices and consents

Any notice to be given by either of the Parties hereto to the other in connection with this Conditions shall be in writing and shall be delivered to the address stated in this Conditions or Customer application or to such other address as either party may notify to the other for such purpose.