Payment Processing Services Agreement
1. Introduction
This document outlines the terms and conditions that apply when you use your Five ID for payment authentication. We refer to these as our "Payment Processing Terms" (or simply "Terms" throughout this document).
These Terms, together with the Five ID Terms and Conditions and any other applicable terms, form a legal agreement between:
"you", the account holder; and
"us", Five ID
By using our Five ID to authenticate payments, you agree to these Terms. It is important that you understand those terms. If you have any questions please reach out to us at support@five.id.
2. Who We Are
Five ID is a limited company registered in England under company number 15793519. Our registered office is located at 6 Stannary Street, London, England, SE11 4AA.
3. Using Our Service
We refer to the payment processing services we provide under these Terms as the "Services". To access the Services, you must have an active Five ID account. If your Five ID account is closed, you will no longer be able to use the Services.
To use the Services you must apply and be approved by us. As part of the application, you will need to onboard onto a Five ID supported payment method. For example, if you select direct debit, you will need to agree to a direct debit mandate with Five ID. You must ensure that this mandate remains active when authorising payments and continues to stay active until the funds have been successfully debited from your linked bank account.
Transaction Authorisation: All transactions authenticated using your palm at a Five ID terminal are deemed authorized by you, granting us and our processing partners authority to initiate the corresponding debit.
Transaction Aggregation: We may aggregate multiple purchases into a single transaction, e.g. a single direct debit.
Pre-Notification: We will notify you via text message before debiting your bank account, ensuring transparency.
4. Fund Requirements
Sufficient Funds: You must ensure that there are sufficient funds in your linked account to cover purchases.
Failed Payments: If a payment from your bank account fails due to insufficient funds or any other reason, we will:
Continuously attempt to collect funds and may charge a late payment fee of up to £30.
Apply a compounded monthly fee of 25% on outstanding funds after 30 days from the initial failed payment date.
Block the Service until all outstanding funds, including any additional fees, are repaid.
Request you to transfer funds via faster payments.
Debt Recovery: We reserve the right to refer any outstanding payments to a third party for recovery, and any additional fees incurred will be your responsibility.
Credit Reporting: Unsettled payments may be reported to credit reference agencies, potentially impacting your credit score.
5. Transaction Restrictions
Blocking Transactions: We may block transactions due to insufficient funds, exceeding spending limits, unresolved previous funds collection, legal restrictions, or suspected fraudulent/criminal activity.
Notification: If we block a transaction, you will be informed via text message.
6. Spending Limits
Spending limits are set based on your bank account balance and transaction history and may be adjusted over time.
7. Merchant Relationship
We are not merchants, nor do we sell, endorse, or assume liability for any goods or services purchased from participating retailers.
8. Purchase Protection
If you have any issues with a Five ID transaction, you have 120 days from the transaction date to contact us at dispute@five.id. We will assist you in the resolution process.
9. Usage Restrictions
Geographic Restrictions: The Service is designed for use exclusively within the United Kingdom.
Age Limitations: You must be at least 18 years old to use this Service.
Bank account: you are required to have a UK bank account in one of the banks we support, in good standing, to use the Service. And you are required to have access to mobile banking on your phone.
Phone number: you must have a valid phone number capable of receiving text messages in order to use this service.
Debt: You are required to not have an active CCJ in order to use this Service.
10. Liability and Warranties
Service Provision: We warrant to provide our services with reasonable care and skill.
Limitations of Liability: Our liability in connection with this Agreement is limited to direct losses only. We are not liable for indirect or consequential losses, including loss of profit, revenue, or data, or for damages arising from transactions with merchants, inability to use our services, or events beyond our reasonable control.
11. Canceling Payment Processing Services
If you wish to discontinue the use of Five ID's payment processing services while maintaining your Five ID account, you can request to cancel payment services at any Five ID terminal or by contacting support@five.id. Once canceled, you will no longer be able to authorize payments using Five ID, but you will still be able to use your palm for identification with any other Ancillary Services you are registered for. Any pending transactions must still be completed, and we will retain necessary records as required by law.
12. Termination and Suspension
If you breach any terms of this agreement, we reserve the right to suspend or terminate your access to our Services.
13. Change to the service
This Agreement is accessible on our website. If any amendments are made, we will provide you with appropriate notice unless the changes are urgent or required by law. If you do not agree with the changes, you can close your account by contacting us at support@five.id.
14. General Provisions
Severability: If any part of these terms is found to be invalid or unenforceable, the remainder will continue in effect.
Jurisdiction: These terms are governed by the laws of England and Wales, and any disputes will be subject to the exclusive jurisdiction of the courts of this region.
Payment Processing Services Agreement
1. Introduction
This document outlines the terms and conditions that apply when you use your Five ID for payment authentication. We refer to these as our "Payment Processing Terms" (or simply "Terms" throughout this document).
These Terms, together with the Five ID Terms and Conditions and any other applicable terms, form a legal agreement between:
"you", the account holder; and
"us", Five ID
By using our Five ID to authenticate payments, you agree to these Terms. It is important that you understand those terms. If you have any questions please reach out to us at support@five.id.
2. Who We Are
Five ID is a limited company registered in England under company number 15793519. Our registered office is located at 6 Stannary Street, London, England, SE11 4AA.
3. Using Our Service
We refer to the payment processing services we provide under these Terms as the "Services". To access the Services, you must have an active Five ID account. If your Five ID account is closed, you will no longer be able to use the Services.
To use the Services you must apply and be approved by us. As part of the application, you will need to onboard onto a Five ID supported payment method. For example, if you select direct debit, you will need to agree to a direct debit mandate with Five ID. You must ensure that this mandate remains active when authorising payments and continues to stay active until the funds have been successfully debited from your linked bank account.
Transaction Authorisation: All transactions authenticated using your palm at a Five ID terminal are deemed authorized by you, granting us and our processing partners authority to initiate the corresponding debit.
Transaction Aggregation: We may aggregate multiple purchases into a single transaction, e.g. a single direct debit.
Pre-Notification: We will notify you via text message before debiting your bank account, ensuring transparency.
4. Fund Requirements
Sufficient Funds: You must ensure that there are sufficient funds in your linked account to cover purchases.
Failed Payments: If a payment from your bank account fails due to insufficient funds or any other reason, we will:
Continuously attempt to collect funds and may charge a late payment fee of up to £30.
Apply a compounded monthly fee of 25% on outstanding funds after 30 days from the initial failed payment date.
Block the Service until all outstanding funds, including any additional fees, are repaid.
Request you to transfer funds via faster payments.
Debt Recovery: We reserve the right to refer any outstanding payments to a third party for recovery, and any additional fees incurred will be your responsibility.
Credit Reporting: Unsettled payments may be reported to credit reference agencies, potentially impacting your credit score.
5. Transaction Restrictions
Blocking Transactions: We may block transactions due to insufficient funds, exceeding spending limits, unresolved previous funds collection, legal restrictions, or suspected fraudulent/criminal activity.
Notification: If we block a transaction, you will be informed via text message.
6. Spending Limits
Spending limits are set based on your bank account balance and transaction history and may be adjusted over time.
7. Merchant Relationship
We are not merchants, nor do we sell, endorse, or assume liability for any goods or services purchased from participating retailers.
8. Purchase Protection
If you have any issues with a Five ID transaction, you have 120 days from the transaction date to contact us at dispute@five.id. We will assist you in the resolution process.
9. Usage Restrictions
Geographic Restrictions: The Service is designed for use exclusively within the United Kingdom.
Age Limitations: You must be at least 18 years old to use this Service.
Bank account: you are required to have a UK bank account in one of the banks we support, in good standing, to use the Service. And you are required to have access to mobile banking on your phone.
Phone number: you must have a valid phone number capable of receiving text messages in order to use this service.
Debt: You are required to not have an active CCJ in order to use this Service.
10. Liability and Warranties
Service Provision: We warrant to provide our services with reasonable care and skill.
Limitations of Liability: Our liability in connection with this Agreement is limited to direct losses only. We are not liable for indirect or consequential losses, including loss of profit, revenue, or data, or for damages arising from transactions with merchants, inability to use our services, or events beyond our reasonable control.
11. Canceling Payment Processing Services
If you wish to discontinue the use of Five ID's payment processing services while maintaining your Five ID account, you can request to cancel payment services at any Five ID terminal or by contacting support@five.id. Once canceled, you will no longer be able to authorize payments using Five ID, but you will still be able to use your palm for identification with any other Ancillary Services you are registered for. Any pending transactions must still be completed, and we will retain necessary records as required by law.
12. Termination and Suspension
If you breach any terms of this agreement, we reserve the right to suspend or terminate your access to our Services.
13. Change to the service
This Agreement is accessible on our website. If any amendments are made, we will provide you with appropriate notice unless the changes are urgent or required by law. If you do not agree with the changes, you can close your account by contacting us at support@five.id.
14. General Provisions
Severability: If any part of these terms is found to be invalid or unenforceable, the remainder will continue in effect.
Jurisdiction: These terms are governed by the laws of England and Wales, and any disputes will be subject to the exclusive jurisdiction of the courts of this region.