Prospa Business Account and Card Terms and Conditions

Prospa Business Account and Visa Debit Card

Terms and Conditions

Issued by Hay Limited ABN 34 629 037 403
Australian Financial Services Licence No. 515459

Issue date: June 2025

Table of Contents

  • Part 1. Welcome
  • Part 2. Issuer and regulatory information
  • Part 3. Eligibility for Card and Account
  • Part 4. Applicable laws
  • Part 5. Using your Card and Account
  • Part 6. Limits
  • Part 7. Fees
  • Part 8. Annexures
    • 8.1 BPay Terms
    • 8.2 Direct Debit Terms
  • Part 9. Security
  • Part 10. Responsibility for Mistaken or Unauthorised transactions
  • Part 11. Transaction history
  • Part 12. Changing the status of your Account and/or Card
  • Part 13. Responsibilities and boundaries
  • Part 14. Complaints
  • Part 15. Privacy
  • Part 16. How We tell you about changes
  • Part 17. Contact us
  • Part 18. Governing law
  • Part 19. Glossary

Welcome

Thank you for choosing a Prospa Visa Debit Card (Card) and Prospa Business Account (Business Account or Account).

These Terms and Conditions (Terms) are our agreement with you about the use of your Card and Account. Please read them carefully as they set out things such as how Hay or Prospa use your information, security, fees and charges and limits.

These Terms should be read in conjunction with the following documents, made available to you before opening for your Card and Account, as they form part of our agreement with you:

If you commence using the Card and Account you will be deemed to have read, understood, and accepted these Terms.

If you need further assistance or if you don’t understand any of the content in these documents, Prospa can be contacted at:

P: 1300 472 623
E: [email protected]
W: www.prospa.com/business-account

Issuer and Regulatory Information

Hay Limited is the Issuer of the Card and Account. It is authorised, as set out in the Hay Australian Financial Services Licence No. 515459, to offer financial products and services, including non-cash payment products.

If you hold a Card and Account (Card and Account), you will have a contract with Hay Limited.

Hay Limited has authorised Prospa Innovations Pty Ltd ACN 609 580734 (Prospa) (Corporate Authorised Representative number 001313363) to arrange, distribute, and deal in the non-cash payment financial products issued by Hay.

Prospa Innovations is a wholly owned subsidiary of Prospa Advance Pty Ltd ABN 47 154 775 667, Prospa Advance Pty Ltd operates Prospa as a brand.

3. Eligibility for the Card and Account

To apply for a Card and Account, you must:

  • Be an eligible business type for which the product is available; and
  • Have a current ACN or ABN; and
  • The applying person must be aged 18 years or older and be a valid officer of the business to make the application for the product; and
  • Have a valid Australian residential address and phone number; and
  • The applying person must hold Australian citizenship or permanent residency; and
  • Satisfy customer identification and verification requirements.

This product is designed for use by business operators and is not intended for personal use by an individual.

4. Applicable Laws

Anti-Money Laundering and Counter Terrorism Finance (AML) laws

As the issuer of the Card and Account, Hay must comply with the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) (AML Act) and its related Rules.

There are several obligations under the AML Act which We must comply with including know your customer requirements – this is why We require you to provide evidence of who you are.

Verifying your identity and the Document Verification Service

When you provide your identification information, We or Prospa are required to verify that information, which We or Prospa do through independent providers, one of which is the Document Verification Service or DVS.

DVS is provided by the Australian Government, and allows Us or Prospa to verify your identity documents, such as your driver’s license, passport and, if applicable, your residency status (Visa check). When you are completing the application process and uploading your identity document(s), you will be asked to provide a consent for your document to be verified by the DVS as part of that process – this is part of the online process, and you may choose to either (i) provide your consent or (ii) not provide your consent.

What happens if you do not consent to have your identity verified?

If you do not provide your consent for the DVS to conduct the verification of your identity document, We or Prospa may not be able to validate your identity. If We or Prospa cannot complete your identity verification, We may not be able to provide you with the product and services you are seeking from us.

Notifying changes to your details

You must let Us know as soon as possible when any of your details change. You can update your information by accessing the Prospa App at any time.

If you have any issues with making changes to your details, please contact Us for assistance.

What happens when We have a concern about a transaction?

Hay is committed to protecting you and your monies from fraud and scam activities.

Where We reasonably consider that a transaction is fraudulent or may breach the AML Act, We may need to delay or refuse transactions or Block or close your Card and Account. We must Block the Card and Account until We can verify or re-verify your identity.

We or Prospa are not responsible for any loss that arises where this occurs.

Where We can, We will let you know why We have stopped the transaction or Blocked the Account. However, in some instances our legal obligations will stop Us from being able to tell you and failing to inform you of the reasons is not a breach by us.

5. Using your Card and Account

(a). Transferring funds to and from your Account

You may add funds into your Account by transferring funds electronically (typically from another Financial Institution) using your BSB and Account number.

You can access your Account and find your BSB and Account number through the Prospa App.

Payments to your Account will be credited to your Available Balance once they have cleared.

You may make withdrawals from your Account by:

  • Using your Card to make a Purchase at a Merchant
  • Using your Card to make an ATM withdrawal
  • Pay Anyone (payment to a third party)
  • BPAY
  • Authorising a Direct Debit

Warning

It is important to enter the correct BSB and account information when making payments from your Account. We do not verify the account name provided with the BSB and account number. Where you enter incorrect information:

  1. funds may be credited to the account of an unintended recipient if the BSB and account number do not belong to the person you name as the recipient; and
  2. if you enter the incorrect details, it may not be possible to recover funds from an unintended recipient.

Confirmation of Payee

What is Confirmation of Payee?

Confirmation of Payee allows financial institutions to undertake a matching process on account details when their customers (payers) are making an outbound payment using a BSB and account number for the recipient of that payment.

It is intended to assist customers by letting them see more details about where they are paying their money to before making a payment, thereby reducing mistaken payments, and potential loss due to a fraud or scam.

While We do not currently offer this service, other financial institutions may provide it to their customers. As a result, your Account details may be used and shared for Confirmation of Payee purposes.

How it works

When a customer at another financial institution enters your Account Name, BSB and Account Number to make a payment, Confirmation of Payee will check the details entered to “match” the details We hold for your Account.

The paying customer will be able to see the result of the matched record (which may include your name), which enables them to choose whether to proceed with the payment (details match), to pause and check the details again, or to stop the payment (details do not match).

Match outcomes

There are four (4) types of match outcomes, the types and meaning are:

  • Match: Means the details the payer has entered match your Account records. Your Account name details will be displayed.
  • Close Match: Means the details the payer has entered closely match your Account records. Your Account name details will be displayed.
  • No Match: Means that the details the payer entered do not match your account. Your Account name details will NOT be displayed.
  • Error: The Confirmation of Payee service could not confirm the Account details the payer has entered. Your Account name details will NOT be displayed.
What information you should share to receive a payment from someone else?

To receive money from someone else without any potential delays, you should share the name, BSB and Account number for your Account.

Business Accounts: This is especially important if you’re a business with an Account name that differs from the name you’re using to take a payment; for instance, if you have a different trading name for a particular part of your business.

Opting out of Confirmation of Payee

Opt-out is not available for business Account.

CoP Acknowledgement

You acknowledge and authorise:

  • iii) Us to use and disclose your Account details in the Confirmation of Payee service; and
  • iii) Payers’ financial institutions to use your Account details for the purposes of the Confirmation of Payee service; and
  • iii) Us to confirm, disclose, store and use your Account details through the Confirmation of Payee service to government agencies for the purposes of making a payment to you by government agencies.

(b). Receiving your Card

Once We have approved your application for a Card and Account, We will send you a physical Card.

You can also add your Card to Apple Pay and Google Pay on supported Devices. Apple Pay and Google Pay usage is subject to additional terms. Apple Pay Terms can be found here; and Google Pay Terms can be found here.

(c). Activating your Card

Before you use your Card for the first time, you will need to activate the Card in the Prospa App.

(d). Using your Card

You can make Purchases using your Card anywhere Visa cards are accepted, including Cash Withdrawals at ATMs. We may block certain Merchant categories to manage our risk.

For Contactless Transactions, you may not need to enter your PIN under certain limits.

Please make sure you check the amount is correct on the terminal before presenting your Card and authorising a Contactless Transaction.

We will deduct the amount of any transaction using your Card from your Available Balance. You cannot stop payment on a transaction after it has been completed. Please see the section Unauthorised Transactions or other Disputed Payments.

(e). Negative balance

It is your responsibility to ensure that you have sufficient Available Balance to complete a transaction. If you do not have sufficient Available Balance in your Account, transactions will be declined.

However, in certain circumstances, a transaction may be processed to your account that exceeds your Available Balance. You must immediately repay any amount in excess of your Available Balance. If a transaction exceeds the Available Balance, We are not increasing your Available Balance.

If your Account becomes overdrawn, the overdrawn amount becomes immediately due and payable.

(f). Restrictions on use

  1. You cannot use your Card or Account for any illegal purposes including using it to fund or Purchase anything that is illegal under Australian law.
  2. You must not allow any other person to use your Card or Account. Allowing someone else to use your Card or Account is a breach of these Terms.

(g). Using your Card outside Australia

All transactions in foreign currencies will be converted into Australian dollars and will be processed using the foreign exchange rate determined by Visa at the time of settlement.

(h). Card expiry

The expiry date is shown on your Card. Prior to the expiry, We will re-issue your Card or contact you and provide further information about replacing your Card.

6. Limits

Below are the limits that apply to your Card and Account.

Account Limits
Maximum balance This is the maximum value you can store in your Account at any one time $500,000
Minimum balance This is the lowest amount you can hold in the Account at any one time $0
Daily deposit limit (transfers in) The highest total amount that can be transferred into the account per day $250,000
Daily ATM withdrawal limit The maximum total amount you can withdraw from an ATM per day $2,000
Daily BPAY transaction limit The maximum amount that you can transfer via BPAY transfer per day (Bill Payment) $50,000
Daily transfer limit (transfers out) The maximum amount you can transfer out of your Account per day, (excluding BPAY and using your Card) $50,000
Direct Debit (out) The maximum amount that can be processed via a Direct Debit from the Account $30,000
Visa Debit Card Limits
Daily Card spend limit The total amount you can spend on your Card per day $25,000
Single Card transaction limit The maximum amount you can spend on your Card in a single transaction $25,000

NOTE: Other Merchant or Financial Institutions may also impose their own limits.

Where the limits are adjusted, you will be provided with notice as per these Terms and Conditions. You can find the current limits that apply to your Card and Account within the Prospa App.

7. Fees

We will debit your Account for any fees (if applicable) including any fees that Hay is permitted to debit in accordance with the [CLIENT PDS and these Terms].

All fees are in Australian Dollars (AUD) unless otherwise stated.

Charged by Hay
Transaction Fees
Account opening Nil
Account keeping Nil
Direct Debit Dishonour Nil
ATM Withdrawal $0*
Domestic Transaction Nil
International Transaction Nil (including no % spread on foreign exchange rates)
Card Fees
Card issuance fee (physical card) Nil
Card replacement fee Nil
Disputed Transaction and Chargeback Fees
Card payments Nil
Non-card payments and transfers Nil

*Hay does not charge any ATM fees. Fees may be charged by the ATM Operator

8. Annexures

8.1 BPAY

(a). BPAY Payments from your Prospa Business Account

Hay Limited is an authorised participant of the BPAY Scheme. This authorisation enables your access to BPAY and allows you to initiate BPAY payments.

To initiate BPAY payments from your Account:

  1. Initiate a payment via BPAY using the Prospa App.
  2. Enter the correct Biller Code and your unique Customer Reference Number (CRN) and confirm their accuracy.
  3. Ensure you have an available balance to cover the payment and any related fees at the time your payment instruction is acted upon by Hay.

The BPAY Scheme, Card and Account Terms will apply.

Hay is not obliged to process a BPAY payment if any of the above information is not available or inaccurate.

(b). About BPAY

BPAY is an Australian electronic bill payment system, owned by Australia’s leading banks via the group called Australian Payments Plus (AP+). It allows consumers to pay bills using their banking services. Highly trusted, it is incorporated directly into online banking platforms, enabling seamless payments to a diverse range of businesses and service providers across the country.

The BPAY scheme is an electronic payments scheme through which you initiate BPAY payments to billers who are registered to accept BPAY payments through the BPAY scheme. Through the Hay Limited issued products, you have access to specific BPAY services to initiate payments.

Hay is an authorised participant of the BPAY scheme and offers this capability as the Issuer of the Card and Account. We will inform you if We cease to become a member and this capability is no longer available.

The terms and conditions set out in this section apply when you initiate a payment through the BPAY Scheme with Hay.

(c). Using the BPAY scheme

When you initiate a BPAY payment, the following conditions must be present and or information must be provided at the time of your instruction:

  1. the correct BPAY biller code of the biller to be paid;
  2. the amount of the BPAY payment;
  3. the biller customer reference number;
  4. the date you wish to initiate the payment;
  5. the payment frequency. You can make a one-time payment instruction or set up a recurring payment instruction (the Prospa App will support the required options); and
  6. the appropriate funds are available in your account at the time of acting on your BPAY payment instruction (one-time or recurring).
  7. You acknowledge and accept that a BPAY payment could fail or be paid incorrectly if you do not provide all the information or provide inaccurate information.

If all the required information is successfully provided, your Account will be debited with the amount of that BPAY payment on the date you have provided.

You will be unable to initiate the BPAY payment when your Available Balance does not contain sufficient funds at the time you have initiated the payment or the date if the payment is recurring payment or a one-time future payment date.

(d). BPAY Scheme Payments

BPAY operates as a batch processing payment system, which means transactions are accumulated over a period and processed collectively at predetermined times. Financial institutions collect and send payment instructions in batches, usually at the end of the business day, streamlining the payment process between financial institutions and ensuring funds are transferred systematically.

Once you have submitted a BPAY instruction to pay the instruction cannot be stopped. If your instruction has been made in error, you will need to follow the steps in Clause 10 immediately as there are no BPAY payment Chargeback rights.

The processing of a BPAY payment may be delayed where:

  1. there is a public or bank holiday on the day you instruct Hay to initiate a BPAY payment;
  2. you tell Hay to initiate a BPAY payment on a non-business day;
  3. another financial institution participating in the BPAY scheme does not comply with its obligations under the BPAY scheme; and
  4. a biller fails to comply with its obligations under the BPAY scheme.

Although any BPAY payment processing delay is not expected to continue for more than one business day, you acknowledge and accept that a delay may continue for a longer period.

(e). Incorrect payment amount to a biller

If you believe that you have made a mistake in a BPAY payment, you must contact Prospa as soon as possible so that We can identify and assess the transaction.

If you discover that you have given an incorrect payment amount instruction to BPAY:

  • contact the biller directly for a refund if the amount you instructed BPAY to pay is greater than the required amount,
  • initiate a further BPAY payment to the biller for the difference if the amount is less than the required amount.
(f). Biller unable to process a payment

If your BPAY payment cannot be processed by a biller, you will be notified and your account credited for the amount of the BPAY payment.

Suspension of BPAY

If at any time in the future continued use of the BPAY service may cause loss to you or Hay elect to not continue with the service, Hay may:

  1. suspend or cancel your right to use BPAY in relation to a particular Biller; and
  2. suspend or cancel your registration to use BPAY without prior notice.
(g). Processing Times

BPAY payments made on a Saturday, Sunday or Public Holidays are processed on the next business day. BPAY payments may take longer if the biller does not process a payment as soon as they receive its details.

Liability for mistaken payments, unauthorised or fraudulent transactions

You must notify Prospa immediately if:

  1. you become aware that you may have made a mistake (except in relation to the BPAY payment amount – see Incorrect payment amount to a biller section above) when instructing Hay to initiate a BPAY payment;
  2. you did not authorise nor initiate the BPAY payment from your account;
  3. you believe the BPAY payment was not processed as per your initiation instructions (including delays);
  4. you think you have been fraudulently induced to initiate a BPAY payment.

Hay will work with the relevant parties to rectify any issues with your BPAY payment in the way described in this clause. If a BPAY payment is made on your account without your knowledge or consent, liability for that unauthorised BPAY payment will be determined in accordance with these terms. Otherwise, except as outlined in this clause, neither Prospa or Hay will be liable for any loss or damage you suffer as a result of using the BPAY scheme.

If a BPAY payment is made to a person or for an amount that is not per your initiation instructions and your account has been debited with the amount of that payment, Hay will credit that amount to your account. However, if you were responsible for a mistake resulting in that payment, you must repay that amount, and you authorise Hay to debit that amount from your account.

If a BPAY payment is made in accordance with a payment instruction which appeared to us to be from you or on your behalf, yet upon investigation it is determined you did not give authority, We will credit your account with the amount of that unauthorised payment.

If a BPAY payment is unauthorised from your account, you must give the relevant written consent to the parties to access or receive personal details to allow a full investigation. We will guide you through this process and you can choose what you will or will not provide which may or may not impact the progress of your claim.

We are not obligated to investigate or rectify any BPAY payment if you do not give the relevant parties this consent. If you do not give Us that consent, the biller may not be permitted under law to disclose to Hay information Hay needs to investigate or rectify that BPAY payment.

Chargeback rights do not apply to BPAY payments.

If you notify Us of a mistake, We will do our best to recover the payment.

You indemnify Hay against any loss or damage We may suffer due to any claims, suits, demands or action of any kind brought against Hay arising directly or indirectly because you:

  1. did not observe your obligations under these BPAY conditions; or
  2. acted negligently or fraudulently in connection with these Card and Account Terms and any other terms and conditions of your Card or Account.

We are not liable for any consequential loss or damage you suffer as a result of using the BPAY scheme, other than loss or damage which is due to our negligence or a breach of any condition or warranty implied by law which cannot be excluded, restricted or modified at all or only to a limited extent.

9. Security

(a). Protecting your important information

It is important you keep your Device, log-in to the Prospa App, Card information, PIN and Passcode secure:

You must not:

  • unnecessarily disclose the Card number on your Card
  • write a PIN or Passcode down either on the Card or on something you carry with the Card
  • share your PIN or Passcode with any other person
  • allow another person to register their Biometric details on your Device

(b). What to do when you suspect your Card has been lost

If you believe your physical Card is lost (and there’s a chance you’ll find it) you can Freeze your Card in the Prospa App so that it cannot be used. While the physical Card is Frozen, you can continue to use your Card with Apple and/or Google Pay and make payments from your Account. If you locate your Card, you can Unfreeze it in the Prospa App. If you cannot locate your Card, you must report this immediately via the Prospa App.

(c). What to do when you suspect your Device has been lost or stolen

If you believe your Device is lost, stolen or otherwise compromised, then you must inform Prospa so that your Card can be blocked, and access to Prospa App disabled. You can inform Prospa by sending an email with your account details to [email protected].

(d). What to do when you suspect your Card or Account has been compromised

Where you think a transaction is an Unauthorised Transaction, is otherwise incorrect or someone else has access to your Account, Card, Device, PIN or Passcode, you must report this immediately via the Prospa App, or by calling Prospa on 1300 472 623 and provide as much information as you can so it may be investigated. If you need to contact us outside of our available contact hours, please leave a message or send an email and we will contact you as soon as possible.

You should also mark your Card lost or stolen in the Prospa App. You must change your password, Passcode and PIN for Prospa App immediately.

10. Responsibility for Mistaken or Unauthorised Transactions

Where you think a transaction is an Unauthorised Transaction or is otherwise incorrect, please get in touch with Prospa immediately and provide as much information as you can about the relevant transaction so Prospa and Hay can investigate further.

There are specific circumstances and time frames where We can claim a refund in connection with a Disputed Transaction. This means that our ability to investigate a Disputed Transaction is limited to the time frames imposed by payment service providers and card schemes (like Visa) that We deal with, so it is important to let Us know as soon as possible after you become aware of a Disputed Transaction.

If you suspect that the security of your Account has been compromised, please request Prospa to block your Account to avoid continued unauthorised use.

(a). Mistaken payment

Where you make a mistake when making a payment, you must inform Us as soon as you realise that a mistaken payment was made. You must provide Us with sufficient details of the transaction, so We can attempt to trace it. We will try to reverse the transaction and retrieve your funds. However, if We can’t reverse the transaction, We are not responsible, and you will be liable for the mistaken payment.

If We are reasonably satisfied that funds were paid into your account by mistake, through unauthorised activity, or due to fraud, and your account has a sufficient balance, We may debit your account for the amount received and return it to the payer without prior notice.

(b). Incorrect payments/issues with a Purchase

If you have a problem with a Purchase made with your Card or a Disputed Transaction, the first step is to get in touch with the merchant you made the Purchase from. If you cannot resolve the matter with the merchant, contact Prospa about the Disputed Transaction.

(c). Lost, Stolen Card or Compromised PIN

You will not be responsible for Unauthorised Transactions:

  • that occur before your Card is issued to you;
  • that occur after you have Frozen or cancelled your Card and while it remains Frozen; or
  • where you didn’t contribute to the Unauthorised Transaction.

We may consider that you have contributed to an Unauthorised Transaction where:

  • you have not kept your Card or PIN reasonably secured; or
  • there was an unreasonable delay in Disabling or cancelling your Card where you believed it was lost, stolen or otherwise compromised; or
  • there was an unreasonable delay in notifying us or Prospa after you reasonably became aware that your PIN, Passcode, Card, Device or Account was compromised.

11. Transaction history

You can view your transaction history in the Prospa App at any time. You should regularly check it to make sure there is nothing unusual, such as:

  • transactions that you don’t recognise;
  • transactions that you didn’t authorise;
  • transactions where you never received the relevant goods or services;
  • transactions where the Purchase price differs to the Purchase amount; or
  • you think a transaction may have been duplicated.

12. Changing the status of your Card and Account

(a). Accountholder instruction to close Account

You can provide instructions to close your Card or Account via the Prospa App. All transactions, including any fees or charges owing on your Account must be settled and the balance brought to $0, before We can close your Account.

(b). When We can Block or close your Card and/or Account

We can Block or close your Card and/or Account if we have concerns about security and to protect your balance where we suspect the Account or Card has been compromised. We may close your Card and/or Account after giving you reasonable notice, including where you have not used the Card or Account for a period of three (3) months.

In some circumstances, at our discretion, We may Block or close your Card and/or Account without notice:

  • If We have concerns about its security or if We suspect your Card or Account has been compromised
  • If We become aware that you haven’t complied with these Terms
  • If We are required to by applicable laws
  • If We suspect that your Card or Account are being used for illegal activity
  • To manage any risk
  • If We reasonably consider that a transaction is fraudulent, in breach of the AML Act, or if We have concerns regarding money laundering or terrorism financing risk
  • If we reasonably consider you are engaging in conduct that is:
    • coercive or controlling behaviour to limit a person’s access to or use of funds
    • making profane, derogatory, discriminatory or harassing comments to any person
    • making or promoting threatening or abusive language to any person
    • making or threatening physical or psychological harm to any person

Where possible, We will inform you why We have suspended or closed your Card and/or Account, however, in some cases, our legal obligations may prevent Us from providing this information, and our failure to inform you of the reasons does not constitute a breach of these Terms.

(c). If We cancel your Card and/or close your Account

You must pay any outstanding fees or charges owed to us.

We may need to wait for all pending transactions to be processed and for your account balance to reach $0 before We can close your account.

If there is a credit balance remaining, We will take reasonable steps to return it to you.

You will no longer be able to use your Card or Account.

You remain responsible for any transactions that occur on your Card or Account (including outstanding Card transactions), even after cancellation.

13. Responsibilities and boundaries

Hay is responsible for issues that occur due to our error. This includes instances where your Card or Account is incorrectly debited because of our mistake. However, We are not responsible for issues outside of our control, such as:

  • When a Merchant does not accept your Card;
  • Delays or interruptions not caused by us;
  • Transactions that cannot be processed despite our reasonable precautions;
  • Disputes between you and the supplier of goods or services Purchased with the Card or Account.

To the extent permitted by law and applicable Visa and payment rail rules including the NPP, PayTo, PayID, BPay, Direct Debit and such other rules as may be applicable from time to time relevant to your Card and Account, Hay’s maximum liability is the value of a transaction processed due to our error. For other issues that Hay may be responsible for, our liability is limited to the amount of your Available Balance.

14. Complaints

If you have a complaint relating Card or Account or the financial services We have provided to you, you can make a complaint to Prospa, to Hay or to the independent complaint handling body, AFCA.

If you have a complaint, please contact Prospa in the first instance.

Prospa can be contacted via:

Phone: 1300 472 623
Email: [email protected]
Website: www.prospa.com/business-account

If you are unable to resolve your issue with Prospa directly, you can escalate your enquiry to Hay via [email protected]

We will acknowledge your complaint within 1 business day and respond within 30 calendar days.

If We cannot complete our investigation within 30 calendar days, We will let you know why before the 30 calendar days lapse.

It’s important you raise your concerns with Us first before going to AFCA, as AFCA will generally encourage this before they will deal with a complaint matter.

The contact details for AFCA are:

Mail: GPO Box 3, Melbourne VIC 3001
Phone: 1800 931 678 (free call)
Email: [email protected]
Website: www.afca.org.au

Further information about the process can be found in the PDS, and in the Financial Services Guide.

15. Privacy

We are committed to complying with the Privacy Act 1988 and its accompanying Australian Privacy Principles.

Our Privacy Statement can be found at hellohay.co/privacy, or you can request a copy of the Statement at any time, and We will email or mail a copy to you.

The Privacy Statement sets out the details about how We manage your personal information, including how and why We collect that information, when We might need to disclose and use that information, and how We store and handle your information.

Hay and its related body corporates collect your personal information to provide you with products and services and to provide assistance and support to you.

We may share your personal information with members of our Group of companies (including members of our group outside Australia), our Business Partners (who help Us provide our products and services to you), and all of them may share your personal information with us.

The Privacy Statement sets out:

  • why We collect your personal information
  • the consequences if you don’t provide your personal information to us
  • the other parties We need to disclose your personal information to and why, including when that information is disclosed outside of Australia
  • how to access your information and ask for correction of your personal information; and
  • how to make a complaint if you believe We have breached our obligations in respect of your personal information and how We will deal with such a complaint.

The Statement also provides details about our procedures and processes to protect your information, including technology and operational activities We use to secure that information.

If you have any questions or need to speak to Us about how your information is handled or about our Privacy Statement, you can contact Us at:

Privacy Officer – Hay Limited
E: [email protected]
P: 1800 592 323
M: PO Box 772, Surry Hills NSW 2010

 

16. How We tell you about changes

Change Minimum Notice Period (Calendar Days)
Changes to Terms and Conditions or the PDS No later than the day of the change; or For material or unfavourable changes, 30 days
Introduce, remove or change limits 30 Days

*Unless for security or financial integrity reasons the change needs to be enacted immediately
Introduce a new fee or increase an existing fee 30 Days

 

We may give notices to you in the following ways:

  1. Published to the Prospa App or Prospa website, notifying you that We have done so (including, but not limited to, by SMS or Push Notification to the Prospa App)
  2. Sent by email to the email address We hold on file for you;
  3. Sent by post to the address We hold on file for you; or
  4. Delivered by any other means permitted by law

If you keep using your Card and/or Account after the notice of change is posted and the change becomes effective, you will be bound by the amended Terms. If you no longer wish to continue using the Card and Account under the updated Terms, you can request closure of your Card and Account.

17. Contact Us

To contact Us about these Terms and Conditions:

Prospa Contact Details

P: 1300 472 623
E: [email protected]
W: www.prospa.com/business-account

Hay Contact Details

Hay Support Team
P: 1800 080 081
E: [email protected]
M: PO Box 772, Surry Hills NSW 2010
W: hellohay.co
Hours: Mon – Fri 8:00am to 6:00pm

18. Governing law

The laws of New South Wales will govern the Card and Account and any legal questions concerning this agreement.

19. Meaning of words

In these Terms, words that have a capital letter have the following meaning:

  • Account means the digital account that is linked to your Card and issued by Hay Limited. The Account is not a bank account.
  • Accountholder means the person or entity in whose name the Account is held by Hay.
  • ATM withdrawal means removal of physical cash from your Account through an Automatic Teller Machine (ATM).
  • Available Balance means the total dollar value that is available in your Account at a particular point in time which you can view by using the Prospa App and access through your Card or Account.
  • Apple means Apple Pty Limited ABN 46 002 510 054 and its related bodies corporate and affiliates.
  • Apple Pay means the payment platform created by Apple for making payments using an Apple Device and a supported Card registered on such a Device. Apple Pay is a registered trademark of Apple Inc.
  • Block means a temporary status Prospa or Hay has applied to an Account or Card to prevent transactions from being processed. Only Hay or Prospa can remove a Block.
  • Card or Prospa Visa Debit Card means the physical or digital Visa Debit Card which Hay Limited issues to you for use wherever Visa Cards are accepted.
  • Cardholder means the person to whom a Card is issued by Hay.
  • CoP or Confirmation of Payee means a product provided by Australian Payments Plus that is used by initiating and receiving financial institutions to “match” details used by a payee to reduce mistaken payment, fraud and scam risks.
  • Contactless Transaction means a transaction where a contactless-enabled Card is used to make a payment by tapping it near a contactless-enabled terminal, without the need to insert the Card.
  • Chargeback means the process established by Visa in which a Cardholder challenges a transaction made via their Card.
  • Device means any equipment (electronic or otherwise), or artefact designed to be used to access your Card or Account.
  • Direct Debit is a payment method that allows an Accountholder to authorise a company to automatically withdraw funds from your Account on a scheduled basis. Direct Debits must be formally removed by the Accountholder and the company they established the authority with.
  • Disputed Transaction (or a Dispute) means a Card or Account transaction that the Accountholder is claiming is illegitimate in some way. For an Account transaction Dispute, the process to lodge and assess this claim is established by the New Payments platform (NPP) and Direct Entry (DE).
  • Freeze means a temporary status placed on a Card which results in all transactions processed using the physical Card number being prevented until the Freeze is removed.
  • Google Pay means the mobile wallet service provided by Google that enables you to make Google Pay payments. Google Pay® is a trademark of Google LLC.
  • Hay means Hay Limited ABN 34 629 037 403 Australian Financial Services License No. 515459 (also referred to as We or us).
  • Issuer means Hay Limited ABN 34 629 037 403 Australian Financial Services License No. 515459 as the Issuer of both the Card and Account.
  • Merchant means authorised vendors who can accept and process Visa Card transactions.
  • Passcode means a code you choose to protect access to the Prospa App, or your Device, or any other password or code Prospa provides to you (for example, to help you log in to your Account or authorise a transaction).
  • Pay Anyone means a payment from your Account to another person’s account with an Australian Financial Institution by using the BSB and account number of the person to whom you are making the payment.
  • PIN means the personal identification number used to protect access to your Card which is created by you.
  • Prospa App means the mobile application or online portal that operates and supports the Account and Card.
  • Prospa means Prospa Innovations Pty Limited (ACN 609 580 734), a wholly owned subsidiary of Prospa Advance Pty Ltd (ABN 47 154 775667). Prospa Advance Pty Ltd operates Prospa as a brand.
  • Prospa Representative means an individual paid to promote, market or provide customer service for the Prospa Account and Card product.
  • Purchase means payment made using a Card to acquire goods or services from a Merchant.
  • Terms and Conditions (Terms) means the detail and rules that apply to the opening, fulfilment and use the Card and Account.
  • Unauthorised Transaction means a transaction which is carried out without your knowledge and/or consent.
  • Visa means Visa Worldwide PTE Ltd.
  • We, Us means Hay.

Annexure Glossary

  • BPAY means BPAY Group Holding Pty Ltd (ABN 44 626 481 525) – which consists of BPAY Group Pty Ltd (ABN 60 003 311 644) and BPAY Pty Ltd (ABN 69 079 137 518) – manages the BPAY® bill payment service which allows customers to make bill payments through their financial institutions online banking service.