Thank you for choosing a Prospa Business Account (‘Business Account’ or ‘Account’) and Prospa Card (also ‘Card’). The Card and Account are issued by Hay Limited. This document sets out the terms and conditions of your account and forms part of your contract with Prospa (‘we’, ‘us’ or ‘Prospa’). You will be considered to have agreed to these terms and conditions, on the earlier of when you first use your account or when you otherwise agree to these terms and conditions. We encourage you to read this document.
You should also read through the Product Disclosure Statement (PDS) and Target Market Determination (TMD) you were provided with when you applied for the Card and your Business Account as together these form Hay Limited’s agreement with you for use of these products.
- You can find the PDS here www.prospa.com/product-disclosure-statement
- You can find the TMD here www.prospa.com/target-market-determinations
- You can find the Financial Services Guide (FSG) here www.prospa.com/financial-services-guide
2. Prospa Card and Business Account
- The Prospa Card is a Visa Debit card. When you are issued with a Card you will receive a physical version of the Card which is linked to your Business Account within the Prospa App.
- Once you have loaded value to your Card, you can use it anywhere in the world (where Visa Debit cards are accepted) to access your Available Balance and make payments.
- You can use the Card to withdraw cash at ATMs (note there is a daily limit that applies see clause 7 fees and limits) . Your Business Account is linked to your Card. You can make Pay Anyone transactions from your Account via the Prospa App.
- You only access the value you have loaded to your Card. The Card is not a credit or debit card.
3. Opening your account
- To apply for a Prospa Card and Business Account, you must be at least 18 years old and comply with any of our eligibility criteria communicated during the onboarding process.
- You will need to supply certain information and documents to us, including basic KYC (Know Your Customer) information such as your name, residential or business address and date of birth, financial (and related) information and other relevant information (if relevant for identifying you.
4. Using your account
- You can load value to your Account by transferring from an account held with another financial institution.
- Payments to your Account will be credited to your Available Balance when they have cleared. Once the value is showing in your Account, you can use it to make payments on your Card.
- You can access your account through the mobile app or the web portal.
- You can make payments from your account in two ways:
- To have funds transferred directly to a third party, you can log into your online Prospa account (including through the Prospa mobile app) and use the available features, including BPay, scheduled payments or direct transfer to facilitate a payment directly to a third party.
- To use funds to purchase goods and services in store, you can use your Prospa Card to make payments at any location that accepts Visa Debit .
- You can only withdraw cash from your account electronically or from an ATM .
- You can make Pay Anyone transactions from your Business Account via the Prospa App. It is really important to enter the correct BSB and account information when authorising internet payments from your Hay Issued Account. Where you enter the wrong information:
- Funds may be credited to the account of an unintended recipient if the BSB number and/ or identifier do not belong to the person you name as the recipient; and
- If you enter the incorrect details it may not be possible to recover funds from an unintended recipient.
5. Prospa Card
- Once we have approved your application for a Prospa Card and Business Account, your Card will be sent to you via the post . Before you use your Card for the first time you will need to unfreeze it in the settings of your Prospa App.
- You will receive a business Visa debit card which you can use to make payments wherever Visa debit cards are accepted (Prospa Card). The Prospa Card is linked to a digital account (which is not a bank account) which can be accessed via the Prospa App (Prospa Account). Because the Prospa Account is not a bank account, the debit cards are not protected under the financial claims scheme.
- You can use your Card to make payments anywhere that Visa Debit cards are accepted.
- Within Australia you can make contactless transactions under $100 without using your PIN. Contactless limits may vary in different countries. Like with any transaction, please make sure you check the amount is correct on the terminal before authorising a contactless transaction.
- You can withdraw cash from your Available Balance using your Card at any ATM up to the limit that applies for ATM transactions. There are no Prospa fees for using ATMs. However, you may be charged fees by other financial institutions or ATM providers when using some ATMs.
- Hay does not charge a fee for using an ATM while outside Australia where you withdraw up to $500 in a calendar month. Where you withdraw more than $500 in a month, a fee of 1.5% of the withdrawal amount (in excess of the $500) applies. ATM operator fees may apply.
- You only access the value you have loaded to your Prospa Card. The Prospa Card is not a credit or charge card.
- We will deduct the amount of any transaction using your Prospa Card from your Available Balance. You can’t stop payment on a transaction after it has been completed. For mistaken or disputed payments please refer to the section below titled Liability for mistaken payments, unauthorised or fraudulent transactions. We do not allow negative balances on the Prospa Card and Prospa Business Account.
- Sometimes a transaction cannot be processed due to reasons outside of our control, like where there are network issues which may affect the relevant payment terminal. We are not responsible where a transaction authorisation is declined for any reason.
Restrictions on Use
- You can’t use your Prospa Card or Prospa Account for any illegal purposes including purchasing anything that is illegal under Australian law.
- You can’t sell or give your Prospa Card to any other person;
- Your business entity can only have one Prospa Card at a time.
Using your Card outside Australia
- All transactions in foreign currencies will be converted into Australian dollars.
- All foreign currency transactions will be processed using the foreign exchange rate determined by Visa at the time of settlement. We do not charge fees, margins, or spreads for foreign exchange payments.
- The actual foreign exchange rate that has been applied will be shown in your App on settlement.
Card or Business Account cancellation
- We can cancel the Prospa Card where we have concerns about security or to protect your Available Balance where we suspect the Prospa Card has been compromised.
- If we become aware that you haven’t done what you’ve agreed to do as set out in these Terms we may cancel your Prospa Card or Business Account. If this happens, we will let you know as soon as possible and refund your Available Balance to your nominated account.
- We may cancel your Prospa Card or Business Account by giving 90 days’ notice. If this happens, we will refund your Available Balance to your nominated account.
- The expiry date is shown on your Prospa Card. We will contact you prior to the expiry to let you know next steps for continuing to use your Prospa products after the expiry date.
- You must hold an active Prospa Business Account to make BPAY payments through the BPAY scheme and these terms and conditions will apply.
- Prospa provides BPAY through Hay, which is a member of the BPAY scheme. We will inform you if Hay ceases to become a member.
Using the BPAY scheme
- When you instruct us to make a BPAY payment, you must provide us with the following information:
- the account from which the BPAY payment is to be debited;
- the BPAY biller code of the biller to be paid;
- the amount of the BPAY payment; and
- the biller customer reference number.
- The date you wish to make the payment
- You acknowledge and accept that we are not obliged to make a BPAY payment if you fail to provide all of the information or provide inaccurate information.
- If the information is successfully provided, we will debit the specified account with the amount of that BPAY payment on the date you have provided.
- We will not make the BPAY payment if there are insufficient funds in the specified account for the date you have instructed us to make that payment.
BPAY Scheme Payments
- We cannot not accept an instruction to stop a BPAY payment once you have instructed us to make that BPAY payment.
- The processing of a BPAY payment may be delayed where:
- there is a public or bank holiday on the day you tell us to make a BPAY payment;
- you tell us to make a BPAY payment on a non-business day;
- another financial institution participating in the BPAY scheme does not comply with its obligations under the BPAY scheme;
- 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.
Incorrect payment amount to a biller
- If you believe that you have made a mistake in a BPAY payment, you must contact us as soon as possible so that we can identify and assess the transaction.
- If you discover that you have instructed us to make a payment to a biller for an incorrect amount:
- if the amount you instructed us to pay is greater than the required amount, contact the biller directly for a refund.
- if the amount is less than the required amount, you should make a further BPAY payment to the biller for the difference.
Biller unable to process a payment
- If we are notified that your BPAY payment cannot be processed by a biller, we will notify you and credit your account 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 Prospa or we elect to not continue with the service, we may;
- suspend or cancel your right to use BPay in relation to a particular Biller; and
- suspend or cancel your registration to use BPay without prior notice.
- 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 us immediately if:
- you become aware that you may have made a mistake (except in relation to the BPAY payment amount – see clause 4) when instructing us to make a BPAY payment;
- you did not authorise the BPAY payment from your account;
- you believe the BPAY payment was not processed as per your instructions (including delays);
- you think you have been fraudulently induced to make a BPAY payment.
- We will attempt 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, we will not 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 instructions and your account has been debited with the amount of that payment, we will credit that amount to your account. However, if you were responsible for a mistake resulting in that payment, you must pay Prospa that amount, and you authorise us to debit that amount from your account.
- If a BPAY payment is made in accordance with a payment direction which appeared to us to be from you or on your behalf, yet you did not give authority, we will credit your account with the amount of that unauthorised payment. However, you must pay us the amount of that unauthorised payment, and you authorise us to debit that amount to your account.
- If a BPAY payment is induced by the fraud of a person involved in the BPAY scheme, you must bear that loss (and you authorised us to debit that amount of the fraud induced payment to your account) unless some other person involved in the BPAY scheme knew of the fraud or would have detected it with reasonable diligence, in which case we will attempt to obtain a refund for you of the fraud induced payment.
- If you tell us that a BPAY payment made from your account is unauthorised, you must first give us your written consent addressed to the biller who received that BPAY payment, consenting to us obtaining from the biller information about your account with that biller or the BPAY payment, including your customer reference number and such information as we reasonably require to investigate the BPAY payment. We are not obligated to investigate or rectify any BPAY payment if you do not give us this consent. If you do not give us that consent, the biller may not be permitted under law to disclose to us information we need to investigate or rectify that BPAY payment.
- You indemnify us against any loss or damage we may suffer due to any claims, suits, demands or action of any kind brought against us arising directly or indirectly because you:
- did not observe your obligations under these BPAY conditions; or,
- acted negligently or fraudulently in connection with the other terms and conditions of your 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.
7. Fees and Limits
- Current fees and charges that apply to your Card and Account can be found here: https://www.prospa.com/ba-online-terms-and-conditions
- We will debit your Available Balance for any fees that are payable to us.
- We will let you know at least 30 days before a change takes effect through the App of any fee changes so that you can stop using the Card if you don’t like our new fees. Merchants and financial institutions may also impose fees or surcharges.
- The fees that apply for the issue and use of the Prospa Card (as at April 2022) are as follows:
|Direct Debit Dishonour||$0|
|Domestic ATM withdrawal||$0 at all major bank ATM’s|
|International ATM withdrawal||$500 per month fee-free limit. 1.5% above limit|
|Non-card payments and transfers||up to $20|
There are default limits that apply to the Prospa Card and Prospa Account for:
|$500,000||Maximum value you can store in your Hay Account at any one time|
|-$50,000 (if eligible)||Minimum balance (i.e maximum overdraft limit)|
|$250,000||Maximum deposits per day|
|$2,000||Maximum ATM cash out per day|
|$50,000||Maximum transfer limit per day (BPAY)|
|$50,000||Maximum transfer limit per day (DE/NPP)|
|$25,000||Maximum card spend per day|
|$25,000||Maximum card spend per day (individual transaction)|
|Available balance||Total daily transaction limit|
At any time, we can adjust the limits to protect your interests or ours and we will let you know if this happens. You can find the actual limits that apply to your Prospa Card and Prospa Account within the Prospa App or Portal. Please check the Limits section in the App so you know what limits apply to your use of the Card.
Protecting your Prospa Card information and PIN
- It is important you keep your Prospa App and Prospa Card information and PIN and Passcode secure. This means that you must not unnecessarily disclose the card number on your Prospa Card, write a PIN or Passcode down either on the Prospa Card or on something you carry with the Prospa Card, or share your PIN or Passcode with any other person.
What to do when you suspect your Prospa Card is compromised or lost
- If you believe your physical Prospa Card is lost (and there’s a chance you’ll find it) you can simply freeze your Prospa Card in the Prospa App so that it cannot be used. While the physical card is frozen you can continue to make payments from your Business Account. After you have frozen your Prospa Card, you will not be able to use your Prospa Card until you unfreeze it.
- If you believe your Prospa Card has been lost, damaged or compromised (not just temporarily lost) then you are able to request a new Prospa Card in the Prospa Web Portal or contact us immediately on 1800 992 160.
- We may need to block, delay, freeze or refuse transactions or suspend or close your account where we reasonably consider that a transaction is fraudulent or in breach of anti-money laundering laws or where we have concerns regarding your money laundering or terrorism financing risk. We 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. However, in some cases our legal obligations will stop us from being able to tell you.
9. Responsibility for mistaken or unauthorised transactions
Where you think a transaction is unauthorised or is otherwise incorrect, please get in touch with us immediately via the Prospa App, 1300 714 530 or [email protected] and provide as much information as you can about the relevant transaction so we 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 schemes that we deal with so it is important to let us know as soon as possible after you become aware of a disputed transaction.
When might Prospa suspend or block a Prospa Card due to unusual activity?
- Prospa may temporarily block, suspend or terminate your Prospa Card or Business Account without notice if we suspect fraud or an unauthorised transaction has occurred, or where we are required by applicable laws
- We will endeavour to minimize disruption to you and will contact you to validate the transaction or activity before removing the suspension.
Where you make a mistake when making a payment, 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.
Incorrect payments/issues with a purchase
If you have a problem with a purchase made with your Prospa 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 us about the disputed transaction via the Prospa App.
Lost, stolen Prospa 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, PIN or Passcode reasonably secure; or
- there was an unreasonable delay in freezing or cancelling your Card where you believed it was lost, stolen or otherwise compromised.
You can view your transaction history in the App at any time. We take security seriously but please regularly check it to make sure there is nothing unusual such as:
- transactions you don’t recognise;
- transactions 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.
10. Closing your account
- You can close your Business Account via the Prospa App. We need to wait for all payments to be settled before your Business Account is closed. After your Business Account is closed, you will no longer be able to use your Prospa Card.
- You will remain liable for any transactions that were not processed, or that occur, on your Business Account (including, but not limited to, outstanding merchant purchases) at the time the Business Account is closed.
- You must also pay to us all unpaid fees and charges (and any outstanding amounts in relation to an overdraft, if applicable) prior to closing the Business Account.
11. Complaints and notices
You can find our complaints process here which sets out what you can do if you have any complaint or dispute relating to you Prospa Visa Debit Card or Prospa Business Account.
Escalating a Complaint
If we are unable to resolve the dispute to your satisfaction, you may apply to the Australian Financial Complaints Authority (AFCA). AFCA provides fair and independent financial services complaint resolution that is free to consumers. It’s important you raise your concerns with us first before going to AFCA, as AFCA will generally encourage this before they will investigate. The contact details for AFCA’s details are:
- Australian Financial Complaints Authority
Email: [email protected]
Phone: 1800 931 678 (free call)
Mail: Australian Financial Complaints Authority, GPO, Box 3, Melbourne VIC 3001
How we communicate with each other
- You can contact us via the Prospa App or the Prospa website.
- We may give you any information, notices or other documents related to the Prospa Card or Business Account by:
- notification (including a push notification) or message sent to you or your device through the Prospa App;
- notification on the website;
- by email to the email address recorded for you in the Prospa App;
- by letter to the address recorded for you in the Prospa App.
13. Limits and responsibilities
- We are responsible for things that occur that are directly our fault. This includes your Available Balance being incorrectly debited due to our error or our fraud.
- We are not responsible for matters outside our control including but not limited to;
- where a merchant does not accept your Prospa Card;
- delays or interruptions not caused by us;
- transactions not being able to be processed, despite us taking reasonable measures;
- a dispute between you and the supplier of goods or services purchased with the Prospa Card.
- Where we are responsible, to the extent permitted by law and Visa scheme rules, the most we are responsible for is the value of a transaction processed due to our error or, for other things that we may be responsible for, the amount of your Available Balance.
- If the laws in Australia impose any guarantees, warranties or conditions on the Prospa Card or Business Account, then our liability for a breach of such guarantee, warranty or conditions will be limited to:
- supplying the services again; or
- the payment of the cost of having the services supplied again.
14. Changes to these terms
- As the issuer of the Card and Account Hay Limited can make any necessary changes to the Card and Account Terms and Conditions, PDA, TMD or FSG. Prospa will upload the new Terms to our website and letting you know about the changes via the Prospa App. If you keep using your Prospa Card or Business Account after the change becomes effective, this shows that you agree to the changes.
- Where we decide to charge new fees or increase our fees or any other changes are made which are not in your favour, we will give you at least 30 days’ notice before the change so you can stop using your Prospa Card or Business Account if you don’t like the change.
15. Governing Law
- The laws of New South Wales will govern the Prospa Card and Business Account, and any legal questions concerning these Terms.
16. Meaning of words
In these Terms, words that have a capital letter have the following meaning:
- Available Balance: means the value stored on your Card and available in your Account at a particular point in time (in AUD) which you can see in the Prospa App.
- Account or Business Account: means the digital account that is linked to your Card and issued by Hay Limited. The Account represents your Available Balance but is not a bank account.
- Card or Prospa Card : means the physical reloadable Debit Visa card which Hay Limited issues to you for use wherever you see the Visa acceptance marks.
- 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 4-digit personal identification number used to protect access to your Card which is created by you when signing up.
- Prospa Representative means an individual paid by Prospa Advance to promote, market or provide customer service for the Prospa Card and Account
- Unauthorised Transactions: means a transaction which you haven’t authorised and without your knowledge and consent.
- Visa: means Visa Worldwide PTE Ltd.
- Cardholders: means the person to whom a Prospa Business Account and Visa Debit Card is issued by Hay.
- Hay: means the Hay Limited ABN 34 629 037 403 the Card and Account Issuer and holder of the Australian Financial Services Licence No. 515459
- Issuer: means Hay Limited ABN 34 629 037 403
- Prospa Business Account: means the digital (virtual) account issued by Hay to which the Cardholder can transfer funds and to which the Prospa Visa Debit Card is linked.
- Prospa Visa Debit Card: means a physical debit Visa card which is issued by Hay, and which is linked to the Prospa Business Account.
- Prospa Business App: means the Prospa App through which Business Account customers will access their Prospa Business Account and Prospa Visa Debit Card.
- Merchant: means authorised vendors who can accept and process a Visa Debit Card.