Prospa Business Account Terms and Conditions
The documents linked below make up the Terms which you agree to by signing up for a Prospa Business Account
Prospa Business Account and Card Terms and Conditions
TMD Determination for Non-Cash Payment Product
Privacy and disclosure consent
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:
- Product Disclosure Statement (PDS) www.prospa.com/product-disclosure-statement
- Target Market Determination (TMD) www.prospa.com/target-market-determinations
- Financial Services Guide (FSG) www.prospa.com/financial-services-guide
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:
- 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
- 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
- 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.
- 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:
- Initiate a payment via BPAY using the Prospa App.
- Enter the correct Biller Code and your unique Customer Reference Number (CRN) and confirm their accuracy.
- 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:
- the correct BPAY biller code of the biller to be paid;
- the amount of the BPAY payment;
- the biller customer reference number;
- the date you wish to initiate the payment;
- 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
- the appropriate funds are available in your account at the time of acting on your BPAY payment instruction (one-time or recurring).
- 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:
- there is a public or bank holiday on the day you instruct Hay to initiate a BPAY payment;
- you tell Hay to initiate 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; and
- 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:
- 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.
(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:
- 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;
- you did not authorise nor initiate the BPAY payment from your account;
- you believe the BPAY payment was not processed as per your initiation instructions (including delays);
- 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:
- did not observe your obligations under these BPAY conditions; or
- 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:
- 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)
- Sent by email to the email address We hold on file for you;
- Sent by post to the address We hold on file for you; or
- 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.
Product Disclosure Statement
Issued by Hay Limited ABN 34 629 037 403
Australian Financial Services Licence No. 515459
Date of Issue: June 2025
About this Product Disclosure Statement
This document, together with the Terms and Conditions, collectively forms the Product Disclosure Statement (PDS) for your Prospa Visa Debit Card (Card) and Prospa Business Account (Account).
This PDS is issued by Hay Limited ABN 34 629 037 403 Australian Financial Services Licence (AFSL) No.515459 (Hay). This PDS is an important document designed to assist you in deciding whether to acquire the Prospa Business Card and Account.
You should read this PDS and the Terns www.prospa.com/ba-online-terms-and-conditions before applying for and using your Card and Account.
Other documents relevant to this PDS
Terms
The use of the Prospa Card and Account is governed by this PDS, which incorporates the Terms and Conditions of the Card and Account. The Terms and Conditions for use of the Card and Account may be attached to this PDS or provided as a separate document and should be read together.
Target Market Determination
The Target Market Determination (TMD), which can be found at www.prospa.com/business-account and the Prospa App.
The information in this PDS does not consider your individual objectives, financial situation, or needs. Any advice in this PDS is general advice only. You should consider the appropriateness of any general advice to your circumstances before acting on it.
Nothing is intended to constitute investment, legal, tax, accounting or other professional advice and you should seek professional advice on whether the Prospa Visa Debit Card and Prospa Business Account are appropriate for your individual circumstances.
Important information
This PDS has been prepared by Hay. Hay is the issuer of the Prospa Visa Debit Card and Prospa Business Account.
The PDS has been lodged with the Australian Securities and Investments Commission (“ASIC”). ASIC takes no responsibility for the contents of the PDS.
The PDS may only be used by people who receive it in Australia. The information in this PDS does not constitute an offer in any country other than Australia. The distribution of this PDS in countries outside Australia is limited and may be restricted by law. People who come into possession of this PDS who are not in Australia should seek advice on any such restrictions that apply.
The information in this PDS is subject to change and is up to date at the date of this PDS being issued. Where significant change may be required, Hay will issue either a replacement PDS or a supplementary PDS.
For change that is considered significant for a customer, including fees, a notification will be provided. Where that change may materially affect the customer, generally at least 30 days’ notice will be provided before that change is implemented.
Parties Involved in the issue and Distribution of the Account and Card
Product issuer
Hay Limited ABN 34 629 037 403 (Hay) is the holder of Australian Financial Services Licence (AFSL) No. 515459. Hay is a principal member of Visa Aust Pty Ltd, and participating member of Cuscal Limited, which enables access to Australia’s payment system.
Under its AFSL, Hay is authorised to issue financial products and services, including providing non-cash payment products such as the Card and Account.
If you hold a Card and Account, you will have a contract with Hay Limited in its capacity as the issuer of the Card and Account.
Hay Limited has authorised Prospa Innovations Pty Ltd ACN 609 580 734 (Prospa) (Corporate Authorised Representative number 001313363) to arrange, distribute, and deal in the non-cash payment products issued by Hay. Prospa Innovations Pty Ltd is a wholly owned subsidiary of Prospa Advance Pty Ltd ABN 47 154 775 667. Prospa Advance Pty Ltd operates Prospa as a brand.
Product Distributor
Prospa is responsible for the distribution and provision of factual product information about the Account and Card as issued and approved by Hay. Prospa is also authorised by Hay to provide customer service support for the Card and Account.
Neither Prospa nor anyone else acting on its behalf, has the authority on behalf of Hay to:
- tell you anything about the Card and Account that is inconsistent with the information in this PDS;
- give you personal financial product advice (i.e., financial product advice that has considered one or more of your objectives, financial situation, and needs) about the Card and Account; or
- do anything else on Hay’s behalf, other than marketing, arranging for you to apply for and providing customer services for the Card and Account.
Who is Eligible for the Card and Account
Retail individuals must satisfy specific eligibility criteria to apply for this product. To qualify, the Retail individual 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.
About the Card and Account
Hay will open a digital account in your name to which you can transfer funds (which will become your Available Balance). The Card accesses these funds to enable you to conduct transactions at merchants that accept Visa debit cards.
- The Card and Account are financial products that are regulated by the Corporations Act 2001 (Cth).
- You can apply for a Card and Account via the Prospa App or website.
- You can transfer funds to the Account which can be accessed by the Card. Transfers can be made by electronic funds transfers from an account held with another financial institution.
- The Card is linked to your Account.
- Once you have Available Balance in the Account, you can use the Card anywhere in the world (where Visa Debit cards are accepted) to access your funds and make payments (subject to daily limits).
- You can use the Card to withdraw cash at ATMs (subject to daily limits).
- You can transact from your Account via the Prospa App (subject to daily limits).
- You can only access the Available Balance in the Account. The
- The Account cannot have a negative balance. If there are insufficient funds in the account, the transaction will be declined.
- Your Account is not a bank account, and no interest will be payable on the Available Balance.
- The Card is not a credit or charge card and is not a Stored Value card. It is a debit card.
Please note that there may be specific Rules that apply for certain types of payments, including BPay and PayTo (where available). These are set out in the accompanying Terms and Conditions.
Available Balance
The Available Balance of your Account is held on trust for you at an Australian ADI (bank) in a segregated customer funds account.
The Available Balance in your Account does not earn interest. Transfers into the Account are not bank deposits and are not protected by the Australian Government Financial Claims Scheme.
Benefits of the Prospa Business Card and Account
- it reduces the need to carry cash and is a convenient way to make payments at merchants who accept Visa Debit Cards;
- you can make real time payments from and receive payments to your Account;
- you can schedule one-off and recurring payments;
- you receive the Visa exchange rate when the transaction completes (no margin, spread or fees are charged by Hay);
- the Card can be used to withdraw cash at ATMs (subject to daily limits);
- you can download custom statements in PDF and CSV format for reporting;
- you can manage your account 24/7 with a mobile app and online portal access;
- if your Card is lost or stolen you can immediately freeze the card through the Prospa App; and
- you can cancel the Card within the Prospa App.
Risks of the Prospa Business Card and Account
The significant risks of the Card and Account are:
- unauthorised transactions could happen if your Card is lost or stolen, if your PIN or passcode is revealed to an unauthorised person, as a result of fraud, or if you breach the Terms and Conditions of the Card and Account outlined in this PDS and the Terms and Conditions;
- you might not be able to get your money back if unauthorised transactions or mistaken transactions occur. The higher the Available Balance in your Account, the more you could lose due to an unauthorised transaction;
- due to equipment errors, malfunctions or equipment being used incorrectly, the same transaction may be processed more than once, or transactions may not be processed at all;
- merchants and ATM operators (domestic and international) may charge fees for using the Card at their facilities and these fees change over time and by ATM operator;
- if the network enabling the use of the Card or Account is unavailable, you may not be able to perform transactions or get information using the Prospa App;
- merchants may, at their discretion, refuse to accept the Card as a method of payment. You should always check with the merchant that it will accept the Card before purchasing any goods or services;
- you will not earn interest on any Available Balance that is stored on your Account;
- the Australian Government’s Financial Claims Scheme (see Financial Claim Scheme) does not apply in relation to your Card and Account. If Hay fails, any Available Balance held on your Account will not be protected by the FCS, and you may lose all or part of your Available Balance; and
- as Hay has not considered your individual circumstances or needs, you should consider seeking independent advice about the product.
Card and Account Limits
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 Hay adjusts the limits, you will be provided with notice as per the Terms and Conditions. You can find the current limits that apply to your Card and Account within the Prospa App.
Fees
We will debit your Account for any fees (if applicable) including any fees that Hay is permitted to debit in accordance with the PDS and accompanying Terms.
All fees are in Australian Dollars (AUD) unless otherwise stated.
Description | 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
Cooling off rights
There are no cooling-off rights attached to the Account and Card. However, you may cancel the Card and close your Account at any time, by providing instructions via the Prospa App or by contacting Prospa (see Contact Us section for details).
Disputing a Transaction
We require you to review your transaction history monthly.
Where your Card is used for Unauthorised Transactions, we will seek to reverse the transaction if we can under the Visa Scheme Rules (Chargeback). Your ability to dispute a transaction or reverse an Unauthorised Transaction may be lost if you do not notify us immediately (see Chargeback and Disputed Transaction in the Terms and Conditions).
It is your responsibility to review your online transaction history monthly to identify Unauthorised Transactions. Under these Terms and Conditions, we may not be responsible for any loss to you if you do not dispute an Unauthorised Transaction within 45 days of the transaction date.
Terms and Conditions
The Terms and Conditions for use of the Card and Account are set out in the Terms, which is a separate document but forms part of this PDS and can be accessed at www.prospa.com/ba-online-terms-and-conditions
You should read the Terms and Conditions before acquiring the Card and Account as they set out the legal relationship between you and us. You can download an electronic copy of the Terms via the Prospa App or website.
The Terms and Conditions cover:
- how to use your Card and Account
- restrictions of use of your Card and Account;
- security requirements and what to do if you lose your Card, or if your Card or Account is compromised;
- what will happen where you make a mistaken payment, or an unauthorised transaction occurs;
- limits on what Hay is responsible for;
- suspension and termination of your Card and Account; and
- what to expect if there are changes to the Terms and Conditions.
The above points are a high-level summary of what is covered in the Terms and Conditions and not a substitution for reading them. We strongly encourage you to read and understand the Terms and Conditions as well as the Privacy Policy before obtaining the Card and Account.
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 stored 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
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 and where you live.
Verifying your identity and the Document Verification Service
When you provide your identification information, We 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 and 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 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.
Complaints
If you have a complaint relating to the Prospa Business Card and 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
Contact Us
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
Governing law
The laws of New South Wales will govern the Card and Account and any legal questions concerning this agreement.
Financial Services Guide
Issue date: June 2025
About this Guide
This Financial Services Guide (“FSG”) is prepared by Hay Limited ABN 34 629 037 403 Australian Financial Services Licence No. 515459 (Hay).
This FSG is an important document, which provides information about the financial services offered by Hay and is designed to assist you in deciding whether to use the services offered in this FSG.
Under its Australian Financial Services Licence, Hay is authorised to issue non-cash payment facilities such as Prospa Business Account and Prospa Visa Debit Card (“Account and Card”).
This FSG is distributed by Prospa Innovations Pty Ltd ACN 609 580 734 (Prospa) which has been authorised by Hay Limited (Corporate Authorised Representative number 001313363) to market, promote, and distribute Hay Limited non-cash payment products.
Important Information
This FSG is designed to assist you make an informed decision about whether to use our financial services. It contains important information about:
- The financial services we provide and documents you may receive from us
- Fees and other benefits we may receive for providing the financial services to you
- How you can make a complaint to us and how we will deal with your complaint
After reading this FSG, you will know:
- Who the different parties are, what we each do, and how to contact each of us
- What financial services we can provide to you and how these services will be provided to you
- How we (and any other relevant persons) may be remunerated
- Whether any relevant associations or relationships exist that may influence our services
- How we maintain your personal information
- How to access our internal and external complaints handling arrangements
The content of this FSG is general information only and does not consider your particular needs or objectives or whether our services are suitable for you.
If you need any more information than is contained in this document, please contact us. You can ask us about our services, fees, and charges, and what you can do if you have a complaint about our services.
Documents You May Receive
This FSG is available prior to applying for the product and as part of the acceptance of terms upon successfully opening the Account and Card. You can also view it at any time on the Prospa website by visiting https://www.prospa.com/business-account.
You will also be provided with the Product Disclosure Statement (PDS) before you sign up to our product(s). The PDS provides information about the product, its features, benefits, risks, costs and other relevant information. The PDS is available in the Prospa App and on the Prospa website.
The use of the Account and Card are governed by the Terms and Conditions which form part of the PDS and can be found in the Prospa App and on the Prospa website.
You should read the PDS and Terms and Conditions before you decide to apply for our product(s).
About the Issuer – Hay Limited
Hay holds an Australian Financial Services Licence (AFSL) No. 515459. Under its AFSL, Hay is authorised to issue and provide general advice in relation to non-cash payment products.
About the Authorised Distributor – Prospa
Hay has provided Prospa an authority to act under its AFSL for specific activities, meaning it can:
- Arrange for you to apply for the Prospa Business Account and Prospa Visa Debit Card
- Provide factual product information in relation to the Prospa Business Account and Prospa Visa Debit Card
- Publish or issue certain promotional material in relation to the Prospa Business Account and Prospa Visa Debit Card
Prospa cannot provide personal advice to you about the non-cash payment product offered by Hay. This means neither Hay nor Prospa has taken into consideration your objectives, financial situation, or needs.
Prospa is a wholly owned subsidiary of Prospa Advance Pty Ltd ABN 47 154 775 667. Prospa Advance Pty Ltd operates Prospa as a brand.
You will need to decide whether any factual product information given by Prospa in its promotional material is suitable for you, or to obtain personal advice from an appropriately qualified and authorised person.
Please be aware that Hay is not responsible where Prospa provides any services outside of the authorisation we have provided, as outlined above. If you have questions regarding the information or materials you receive, you can contact Hay at:
- Email: [email protected]
- Postal: PO Box 772, Surry Hills, NSW 2010
Can I Provide Prospa with Instructions?
You can provide Prospa with specific instructions by email or other means (as agreed with a Prospa representative).
- Email: [email protected]
- Phone: 1300 882 867
What Commissions, Fees or Other Benefits Are Received?
All fees relevant to the Prospa Business Account and Prospa Visa Debit Card are set out in the PDS for each product Hay issues, and that Prospa distributes, which can be found on the Prospa website and the Prospa App.
There are no commissions, fees or other benefits received by either Hay or Prospa other than those set out in the PDS.
Associations and Relationships
Hay and Prospa are not related companies and have no association or relationship with one another other than for the purpose of issuing and distributing the financial services set out in this FSG.
Neither Hay nor Prospa is aware of any situation or arrangement that would give rise to a potential or actual conflict of interest that could influence the issue, operation, or distribution of the financial services.
Privacy and Your Information
Hay and Prospa are committed to protecting your privacy and the information you may provide us with.
All personal information we collect about you is collected, used and disclosed by us in accordance with our Privacy Statement which is available at https://hellohay.co/privacy or by calling 1800 080 081. Prospa also provides its customers with the Prospa Privacy Policy which can be located at https://www.prospa.com/privacy-policy.
You do not have to provide us with any personal information but, if you don’t, we may not be able to process your application or request for products and services.
Our Privacy Statements also provide information about how you can access and correct your personal information, and how to make a complaint if you are concerned about how we have dealt with your privacy and information.
Feedback and Resolving Complaints
When you provide feedback, Hay and Prospa have the opportunity to improve the services provided to you.
If you have a query or complaint relating to the Account and Card that Prospa has provided to you, you should initially direct the query to Prospa through:
- Email: [email protected]
- Phone: 1300 472 623
- Website: www.prospa.com/business-account
Please provide a full explanation of your feedback or complaint. Prospa may request further details from you.
When managing your complaint, we will:
- Keep a record of your complaint
- Acknowledge receipt of your complaint within 1 business day
- Respond within 30 calendar days
- If we cannot complete our investigation within 30 calendar days, we will let you know why
If you are unable to resolve your issue with Prospa directly, you can escalate your enquiry to Hay via [email protected] or by phone 1800 080 081.
If we are unable to resolve the matter to your satisfaction, you may be eligible to refer the complaint 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.
Contact details for AFCA:
- Postal: GPO Box 3, Melbourne VIC 3001
- Phone: 1800 931 678 (free call)
- Email: [email protected]
- Website: www.afca.org.au
- Online portal: https://www.afca.org.au/portal
TMD Determination for Non-Cash Payment Product
Target Market Determination | ||
Product: | Prospa Business Account and Visa Debit Card | |
Non-cash payment product | ||
Issuer | Hay Limited ACN 629 037 403 Australia Australian Financial Services License 515459 (Hay Limited) | |
Start Date: | Date the determination was made July 2022 | |
Version: | 2.0 | |
Scheduled Review Date: | July 2023 | |
Target Market:
Class of consumers that comprise the target market for the product |
Consumer Description:
This describes consumers in the target market |
Eligibility criteria for the product:
Customers will need to satisfy specific eligibility criteria to maintain this product. Customers must:
Objectives & Needs This product is targeted at individuals with the likely objectives, financial situation and needs of wanting:
Financial Situation
|
Product Description:
This describes the non-cash payment product. |
|
|
Appropriateness Statement:
This explains why the product is consistent with the target market’s likely objectives, financial situation, and needs. |
The issuer, Hay Limited, has considered that the product is likely to be consistent with the possible objectives, financial situation and needs of the Target Market as:
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Category | Description | |
Distribution Conditions:
The conditions and restrictions on the distribution of the product |
Marketing and Promotion
This condition applies to marketing and promotional materials that describe the product |
Condition 1
The authorised distribution partner must only market and promote the product as a reloadable Non-Cash Payment Product in Australia. This condition is suitable as the issuer has distributed this product using these methods, with limited risk to consumers. |
Retail Product Distribution Conduct (other than Marketing)
This condition applies to all conduct (other than marketing), such as issuing, arranging, and providing disclosure material. |
Condition 2
An authorised distributor must only engage in retail arranging, distribution and |
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providing factual product advice:
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Review Triggers:
The events and circumstances that would reasonably suggest the determination is no longer appropriate |
The issuer, and any distributor of this product, must cease retail product distribution conduct in respect of this product when the issuer determines a material event or circumstance has occurred concerning: | |
Material Complaints | Material complaints (in number or significance) relate to complaints concerning the terms of this product and or the distribution conduct. | |
Product Performance | Evidence, as determined by the issuer, of the product’s performance, in practice, may suggest that the product is not appropriate for the target market. | |
Distributor Feedback | Reporting from distributors, or consistent feedback from distributors on the target market, suggesting that the determination may no longer be appropriate. | |
Substantial Product Change | A significant change to the product features outlined in the product description will likely make the determination no longer appropriate for the target market. | |
A significant change to the product because of regulatory, legislative or code changes will likely result in the determination no longer being appropriate for the target market. | ||
Significant Dealing | A material pattern of dealings in the product or distributor conduct is inconsistent with the determination. | |
Notification from ASIC | A notification from ASIC requiring immediate cessation of product distribution or conduct concerning the product. | |
Review Trigger Information Reporting requirements | The distributor of this product must provide the following information to Hay Limited within the below timeframes. | |
Product Complaints data | Information relating to complaints received, including the number and complaint summary details by the distributor of this product and provided quarterly within ten days of the end of the Quarter. | |
Significant Dealings | Any significant dealings of the product to customers who are outside the target market. These should be provided as soon as practicable and no later than 10 business days after the distributor becomes aware. |
Note that when printed, this document may have been superseded. Please refer to https://www.prospa.com/target-market-determinations for the most current version of this document. Hay Limited ACN 629 037 403 Australia Australian Financial Services License 515459 (Hay) effective July 2022
Document Control
Version | Date | Comments |
1.0 | 5 October 2021 | Determination commenced due to the new DDO Regime.
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2.0 | 29 July 2022 | Template updated to accommodate Shaype Platform Clients where the non-cash payment product is integrated into a platform Client’s product or service. |
- Privacy Policy
This Policy outlines how we, Prospa Advance Pty Ltd and Prospa NZ Ltd (as applicable) (collectively, “Prospa”) and their related companies and permitted assigns (“we / us / the Group”), collect, use, and handle your personal information including credit related information in accordance with relevant legislation, including:
- if you are in Australia, the Privacy Act 1988 (Cth) and the Australia Privacy Principles; and
- if you are in New Zealand, the Privacy Act 2020,
(each a “Privacy Act”), and the Credit Reporting Privacy Code (as applicable to your jurisdiction) as amended or replaced from time to time (“Privacy Laws”).
Use of the terms “you” or “your” in this policy means both you as an individual and, where you interact with us as a representative of a business, your business. This policy is not limited to current customers or guarantors of customers (where applicable) – it relates to all other individuals who deal with us, whether in relation to the provision of credit or otherwise. By using our services or otherwise dealing with us, you are deemed to agree to our Privacy Policy.
If you provide any personal information to us about another person, you confirm that you have the authority of that person to share their information with us and to permit us to collect, use and handle their information in accordance with this Privacy Policy. You must inform them of their rights to access and request correction of their information set out below, and how they can get access to Prospa’s Privacy Policy.
- What information we collect
We may collect your personal information from you, your agent or any other party that you authorise to disclose information to us and others such as our service providers, marketing companies, our agents, your financial service provider, advisers, brokers, employers, government agencies, public records or social media.
We collect information about you and your interactions with us, for example, when you enquire, apply for, request or use our products or services, make a card payment or transfer money, participate in a competition, promotion or survey, phone us or visit any of our websites. We also collect information about staff, prospective staff, contractors and suppliers, as well as the contact details of individuals who work for contractors and suppliers, and other types of professional associates.
It is not mandatory for you to provide us with the personal information that we request – however if you do not do so it may affect the products and services that we can provide to you or our ability to interact with you.
The types of information we may collect includes:
- Key personal information such as your name, residential and business addresses, telephone numbers, email and other electronic addresses, identity documents, biometric information including a photo of your face;
- Financial and related information, such as your occupation, financial records, bank account information and transaction history, assets, expenses, income, revenue, dependents, and regarding your employment, financial and business dealings and other relevant events;
- Your transaction history (with us and our associates or relevant third-parties), which may include information about products you have used with us in the past, your payment history, and the capacity in which you have dealt or deal with us; and
- Other relevant information, which, depending on the circumstances, may also include invoicing information, accounting information, your gender, your marital status, tax file number information, director identification number and other government identifiers.
Sensitive information
We may inadvertently collect sensitive information such as your health information whilst assisting you with a hardship application, debt recovery or a complaint. Sensitive information is used only for the purpose for which it was collected.
Bank statement information
If you agree to use bank statements and third-party account aggregation service providers in connection with our assessment of your application and loan management, you permit such third-party services to access your banking transaction data linked to the online banking credentials you provide. The third-party service provider may access transactional data from any account that is associated with the login credentials that you submit. This may include personal accounts as well as business accounts.
Through the use of such third-party service providers, we will obtain up to the last twelve (12) months of bank transactions when you apply for a product or service with us. We may also obtain further ongoing bank transactions during the term of the product or service we provide. This information is used for the purposes of assessing your application, administering our products and services, making future offers to you, meeting our audit, legal and regulatory obligations, and data analytics.
Your provision of banking login credentials to utilise such third-party service providers does not provide us with your login credentials or passwords or the ability to access your internet banking (other than as stated above). We note that your bank’s terms may prohibit you from sharing your login, so you agree to appoint our third-party service provider as your agent to access your internet banking on your behalf solely for this purpose, and you consent to our ongoing access to this information.
Should you agree to the use of such a third-party service provider, you will be subject to their terms and conditions and privacy policy which will govern any act or omission of that third-party service provider in connection with your use of that service.
Cookies
When you use our website or mobile applications, we may collect information about your location or activity including your IP address, telephone number and whether you’ve accessed third-party sites. Some of this website information we collect using cookies. We also use cookies to improve your user experience when using our website and to learn how you interact with our content.
- Using your information
We use your information to:
- Establish your identity and consider your applications for products and services;
- Price and design our products and services current, and future;
- Administer products and services offered or managed by us, including for purposes such as assessing whether to make any future offer to you, loan management including debt collection, communicating with you, complaint management, facilitating payments, generally carrying out our business functions and activities such as staff training, system monitoring, system development, credit scoring and audits;
- Establish and manage our relationship with you, including fulfilling our obligations and exercising our rights under any agreement with you;
- Conduct and improve our businesses and improve our customers’ experience;
- Direct marketing, including by email or other electronic means;
- Manage our risks and help identify and investigate illegal activity, such as fraud;
- Assess applications for employment and complete background checks for prospective staff, contractors or suppliers;
- Comply with our legal & regulatory obligations (including obligations under the Anti-Money Laundering and Counter-Terrorism Financing Act 2006 (Cth) and the Anti-Money Laundering and Countering Financing of Terrorism Act 2009 (NZ)) and assist government and law enforcement agencies or regulators; and
- For identification and provision of products or services offered by us, any of our Group members or any third-parties that may reasonably be of interest to you (refer to section 3.1 below).
We may also collect, use and share your information in other ways where you have authorised us to do so or where permitted by law.
Data insights
Improvements in technology enable organisations to collect and use information to get a more integrated view of customers and provide better products and services. We may combine our customer information with information available from a wide variety of external sources (for example census or Bureau of Statistics data). We are able to analyse the data in order to gain useful insights which can be used for any of the purposes mentioned in this policy. In addition, Group members may provide data insights or related reports to others, for example, to help them understand their customers better. These insights and reports are based on aggregated information and do not contain any information that identifies you.
- Sharing your information
We may share your information with Group members and third-parties where this is permitted or required by law, or for any of the purposes mentioned in section 3.
Third-parties include but are not limited to:
- Your co-applicant(s) (if any) and Guarantors or any person providing security for any service or product we provide;
- Entities that provide services to us and other service providers including funders, investors, rating agencies, auditors, advisors, identity verification providers, direct marketing providers, mailing house, call centre operators, information technology and software providers, debt recovery agents, law firms, market research / data providers, loyalty program redemption partners, dispute resolution services, and other entities that provide products and services to us;
- Brokers, agents and advisers and other persons acting on your behalf, for example guardians or persons holding power of attorney;
- References that you provide to us, for example landlord details or trade references;
- Other financial institutions such as banks and credit providers or their authorised representatives or partners, or another third-party organisation or partner, including where such entities provide products and/or services that may reasonably be of interest to you;
- Employers or former employers;
- Recruitment agencies and partners that assist with recruitment and background checks;
- Government and law enforcement agencies or regulators;
- Credit reporting bodies;
- Third-parties that provide identity verification services using government records such as name, address, date of birth, unique identifiers and identity document details;
- Entities established to help identify illegal activities and prevent fraud;
- Third-parties on a strictly confidential basis in the event we offer to sell our business or assets; and
- Any other parties that you authorise or that we are required or permitted by law to share information with.
Information sharing with an introducer
If you were introduced or applied to us through a partner, broker or other agent, we will provide them with information about each application you make with us and each product or service which we provide to you. Your account will be linked to that agent, and we will continue to provide them your information for each application or request you make with us whether that application or request is made through that agent or direct with us. If you do not wish us to provide your information to the agent, you must advise us by contacting us using the details set out in section 8.
Overseas disclosure
We use customer service teams located within Australia, New Zealand and the Philippines. We may send your information overseas, including to overseas Group members and to service providers or other third-parties who operate or hold data outside Australia and New Zealand. Where we do this, we take reasonable steps to ensure that appropriate data handling and security arrangements are in place.
Where we send your information overseas, it is likely to be to Canada, Hong Kong, India, the Philippines, Singapore, South Africa, Vietnam, United Kingdom and/or United States of America.
- Credit reporting policy
If you apply to us for credit or propose to be a guarantor, we need to know if you’re able to meet repayments under your agreement with us. We also want to avoid giving you further credit if this would put you in financial difficulty. One of our checks involves obtaining a credit report about you.
5.1 Credit reports
A credit report contains information about your credit history that helps credit providers assess your credit applications, verify your identity and manage accounts you hold with them. Credit reporting bodies collect and share this information with credit providers like us and other service providers such as phone companies.
Credit reports include information about the types of credit accounts you have had or enquired about, your credit limits, payment history and certain other information such as bankruptcies and court proceedings. We also ask the credit reporting body to provide us with an overall assessment score of your creditworthiness and other comprehensive credit information as necessary.
The Privacy Act and Credit Reporting Privacy Code limit the information that credit providers can disclose about you to credit reporting bodies, as well as the ways in which credit providers can use credit reports.
We may use one or more of the following credit reporting bodies:
Name | Contact details – Australia | Contact details – New Zealand | ||
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Equifax |
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Illion | www.illion.com.au 1300 734 [email protected] |
www.illion.co.nz 0800 733 [email protected] |
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Creditorwatch | www.creditorwatch.com.au GPO Box 276 Sydney, NSW 2001 1300 50 13 [email protected] |
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Centrix |
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5.2 Information shared with credit reporting bodies
If you are in Australia, the information we can share with credit reporting bodies includes:
- your identification details;
- the type of credit products you have or enquired about;
- how much you’ve borrowed or enquired about;
- how many accounts you’ve had or currently have;
- whether or not you’ve met your scheduled repayment obligations; and
- if you have committed a serious credit infringement (such as fraud).
If you are in New Zealand, we may share credit information with credit reporters and we also ask the credit reporters to provide us with an overall assessment score of your creditworthiness.
The credit reporting bodies we use will hold your personal information on their terms and treat your information in accordance with their own privacy policies.
5.3 Use of credit-related information
We use information from credit reporting bodies to confirm your identity, assess applications for commercial credit, provide quotes, manage our relationship with you, protect our legitimate interests and collect overdue payments. We also use this information as part of arriving at our own internal assessment of your creditworthiness.
We store credit-related information with your other information. We may combine this information with other insights such as risk ratings and credit scores as set out in section 3 above.
We may disclose credit-related information within the Group and to debt collection agents, your guarantors, our external dispute resolution scheme, government and law enforcement agencies or regulators or any other parties that you authorise or that we are required or permitted by law to share information with.
You can access credit-related information we hold about you, request us to correct the information and make a complaint to us about your credit-related information as set out in section 8 of this policy.
5.4 Other rights you have
Credit providers may ask credit-reporting bodies to use their credit-related information to pre-screen you for direct marketing. You can ask a credit reporting body not to do this. Also, if you’ve been, or have reason to believe that you’re likely to become, a victim of fraud (including identity fraud), you can ask the credit reporting body not to use or disclose the credit-related information it holds about you.
- Keeping your information secure
We store your hard-copy or electronic records on our premises and systems or offsite using trusted third-parties. We use reasonable endeavours to keep your personal information secure, however, this security cannot be guaranteed. Our security safeguards include staff education, data handling and security arrangements when sending information overseas or to third-parties; encryption and other security protocols.
You must keep your log-in details private and confidential. Your log-in details are your responsibility and you should not share those details with anyone else.
- Accessing, updating and correcting your information
7.1 Access to information
You can ask for access to your basic information (for example what transactions you’ve made) by accessing Prospa Online or Prospa App or calling us. To obtain a copy of current credit-related information we hold about you, you can call or email us using the details in section 9.
7.2 Information access fee
There is no fee for making the initial request. However, in some cases, where permitted by law, there may be an access charge to cover the time we spend locating, compiling and explaining the information you ask for. If there is an access charge, we’ll give you an estimate up front and confirm that you’d like us to proceed. Generally, the access charge is based on an hourly rate plus any photocopying or reproduction costs or other out-of-pocket expenses. You’ll need to make the payment before we start unless you’ve authorised us to debit your account.
In certain circumstances we’re allowed to deny your request or limit the access we provide. For example, we might not provide you access to commercially sensitive information. Whatever the outcome, we’ll write to you explaining our decision.
7.3 Correction requests
It’s important that we have your correct details, such as your current address and telephone number. You can check or update your information by going online, emailing or phoning us.
You can ask us to correct any inaccurate information we hold or have provided to others (including credit-related information) by contacting us. If the information that is corrected is information we have provided to others, you can ask us to notify them of the correction. If your request relates to credit-related information provided by others, we may need to consult with credit reporting bodies or other credit providers.
If we’re able to correct your information, we’ll inform you when the process is complete. We don’t charge a fee for these requests.
If we disagree with you that information should be corrected, we’ll let you know in writing our reasons. You can ask us to include a statement with the relevant information, indicating your view that the information is inaccurate, misleading, incomplete, irrelevant or out-of-date. We will take reasonable steps to comply with such a request.
We try to respond to access or correct requests within twenty (20) business days; and process these requests within thirty (30) business days. If we can’t complete the request within thirty (30) business days, we’ll let you know the reason for the delay within twenty (20) business days and try to agree a timeframe with you to extend the period.
- Contacting us or making a complaint
For privacy related queries including access and correction requests, complaints, to request a printed version of this policy or if you no longer want to receive direct marketing, please contact us on details below.
We’ll review your situation and try to resolve it straight away. However, if we’re unable to provide a final response within thirty (30) days we’ll contact you to explain why and discuss a timeframe to resolve the complaint.
Australia | New Zealand |
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Phone 1300 882 867 or email [email protected].
Our customer service representatives are available Monday to Friday. See hours of operation. See our feedback page for more information. |
Phone 0800 005 797 or email [email protected]
Our customer service representatives are available Monday to Friday. See hours of operation. See our feedback page for more information. |
8.2 External review of privacy complaints
If you’re not satisfied with our handling of your matter, you can refer your complaint to external dispute resolution scheme or Government body noted below. We suggest you do this only once you’ve first followed our internal complaint processes set out above.
Australia | New Zealand | |
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Prospa is a member of the Financial Services Complaints Ltd (FSCL). FSCL can be contacted by calling them on 0800 347 257 or online at www.fscl.org.nz. | |
The Office of the Australian Information Commissioner by calling them at 1300 363 992, online at www.oaic.gov.au or writing to the Office of the Australian Information Commissioner (OAIC), GPO Box 5218 Sydney NSW 2001. | The Office of the Privacy Commissioner by sending them a complaint using the online complaint form, or by writing to the Office of the New Zealand Privacy Commissioner, PO Box 10094, Wellington 6143, New Zealand. |
- Amendments to this Privacy Policy
We may change this Privacy Policy at any time by changing or removing existing terms, adding new terms or publishing a new Privacy Policy in replacement of the previous version. We will tell you about any changes by posting an updated Privacy Policy on our website: www.prospa.com and www.prospa.co.nz. Any change we make apply from the date posted on the website. By continuing to use our products or services you will be deemed to agree to our updated Privacy Policy.
Last updated – August 2024
Consent Information
Privacy Consents
By accepting the following terms and conditions you consent to Prospa Advance Pty Ltd ACN 154 775 667, Prospa NZ Limited NZBN 9429046731678 and our related companies from time to time (‘we’, ‘us’) collecting, using, disclosing and storing personal information about you in accordance with our Privacy Policy (as updated from time to time). The Privacy Policy overrides the terms in this Privacy Consent in the case of any inconsistency.
If you provide any personal information to us about another person, you confirm that you have the authority of that person to share their information with us and to permit us to use, disclose and store disclose their information in accordance with our Privacy Policy.
The type of personal information we collect includes key personal information such as name, address date of birth, financial and related information, transaction history and other information. We may be required to collect this information under anti-money laundering laws. It is not mandatory for you to provide us with the personal information that we request – however if you do not do so it may affect the products and services that we can provide to you. We may use and disclose personal information for the purpose of providing our products and services including credit, for direct marketing of products, to enhance products & services offered by us or any of our associates and other purposes set out in our Privacy Policy. We may disclose personal information to our service providers (including credit reporting bodies), guarantors or your agents and other third-parties including overseas recipients as set out in Privacy Policy.
You have the right to request not to receive direct marketing material by advising us at any time. You can gain access, seek updates or correction to the information held about you or complain about our information handling practices by contacting us on 1300 882 867 (AU) or 0800 005 797 (NZ) or as otherwise set out in our Privacy Policy.
You consent that we can do the following:
- Credit information: Seek and use credit information about you to assess an application for credit or making any future offer to you.
- Landlord information: Seek and use landlord information and rental confirmation from your current landlord.
- Obtain a credit report from credit reporting bodies: Seek and use a credit report about you provided by a credit-reporting agency for the purpose of assessing your application, ongoing loan management, making future offers and verifying your identity.
- Customer identification: Disclose personal information about you to a credit reporting agency for the purpose of verifying your identity against the information held on your credit file; or to third-parties that provide identity verification services using government records such as name, address, date of birth, unique identifiers and identity document details. Should you not agree to have your identity verified by these means, please contact us so that we can discuss other options with you.
- Provide information to credit reporting bodies: Give to a credit reporting body personal or commercial information about you. The information may include identity particulars; the fact that credit has been applied for and the amount; the fact that we are a current credit provider to you; advice that payments are no longer overdue; in specified circumstances that in our opinion you have committed a serious credit infringement; and the credit provided to you by us has been paid or otherwise discharged.
- Bank Statements and third-party account aggregation service provider: By obtaining from you access to your internet banking, our third-party service provider will access your personal information for the purpose of providing your bank account information to us. We will obtain up to the last twelve (12) months of bank transactions when you apply for credit and throughout the term. We use this information for assessing your credit application or any future offer, general lifecycle management and data analytics. We note that your bank’s terms may prohibit you from sharing your login, so you agree to appoint our third-party service provider as your agent to access your internet banking on your behalf solely for this purposes and you consent to our ongoing access to this information for the purposes outlined above.
- Provide information about the product or service we provide to you, which may include personal information, to any introducer including but not limited to the loan term, balance, price, grade, account status and repayment history.
- Consent to Receive Contract Documentation Electronically
You consent to us sending you notices and other documents in connection with your dealings with us by electronic means (“Electronic Communication”), including by email, text, push notifications or on the Prospa portal accessible via our web site or mobile app. You understand that upon the giving this consent:
- We will make all notices, statutory disclosures, statements of account, copy of the contract and other documents available for a reasonable period of time in the Prospa portal on our website or mobile app for retrieval by you, OR we will send you such documents by email or other form of electronic communication;
- If the information is displayed in the Prospa portal or mobile app, we will promptly send you an email or other form of electronic communication to the email address nominated notifying you that information is available for retrieval from our website or mobile app, and notify you of the nature of that information; and
- You must regularly check your nominated email inbox for notices.
You may withdraw your Electronic Communication consent at any time by contacting us on 1300 882 867 (AU) or 0800 005 797 (NZ), however this may have an impact on our ability to provide services to you.
- User authorisation
You are advised to keep your log-in details private and confidential. Your log-in details are your responsibility and we advise you not to share those details with any party.
Online Terms
Updated March 2025
1. General terms
Prospa Advance Pty Ltd and Prospa NZ Limited (as applicable), and their subsidiaries and affiliates (“Prospa”) require you to comply with these online terms and conditions (the “Online Terms”) when accessing the Website and online and mobile sites and applications (including the Prospa App, Partner Portal and Prospa Online), services and tools (together with the Website, the “Digital Channels”).
In the Online Terms, “you”, “your”, and “yours” refers to the person using the Digital Channels and “we”, “us” and “our” refers to Prospa.
1.1 Acknowledgment & Acceptance
Please read this document carefully as it sets out the terms under which you access and use the Digital Channels. Each time you use the Digital Channels, your use indicates your acknowledgement and acceptance of these Online Terms.
The terms and conditions applicable to products and services offered by Prospa, or terms of any other agreement between you and Prospa apply in addition to these Online Terms. To the extent there is any inconsistency between these Online Terms and the terms of the product or service or other agreements, the terms of the specific product or service or other agreement will prevail.
These Online Terms irrevocably govern the access and use of the Digital Channels. Any reference to other terms & conditions about the access and use of Digital Channels should be interpreted as a reference to these Terms.
1.2 User obligations
By using the Digital Channels, you agree that you must:
- not provide Prospa with any information that is false, misleading or incomplete, including, without limitation, in relation to your identity, your financial position or trading information or that of your business;
- provide Prospa with your current and complete contact information and ensure that you advise Prospa promptly if any of these details change;
- not use the Digital Channels for any activity that is fraudulent, improper or illegal;
- immediately contact Prospa if you believe that your Account has been compromised or improperly accessed through the Digital Channels, or there have been any fraudulent or improper transactions or a security breach in relation to your Account.
1.3 About the Digital Channels
Digital Channels can be used to access your Account. Account means the unique, personalised access point associated with your email address created for you upon registration with Prospa. Depending on the type of your Account, the Digital Channels may allow you to:
- access specific information in connection to past and current Prospa products including viewing your balance, and performing transactions
- apply for Prospa or affiliate products
- refer leads or submit applications to Prospa, view draft and submitted applications, view commission details and view & access training materials and other important documents
- update your information
- communicate with Prospa, or
- access information about Prospa products and services.
Not all products and services offered by Prospa, or all features of such products and services, are available through the Digital Channels or in each jurisdiction. The Prospa App offers additional functionality tailored to mobile devices.
You must only use the Digital Channels for its intended purpose.
1.4 You need to contact us
If you need to contact us or there’s anything in this document that you’d like to clarify or know more about, simply contact us at:
Australia | New Zealand |
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In Australia: 1300 882 867 [email protected] Monday – Friday: 7:30am – 7pm (AEST) Level 1 / 4-16 Yurong Street SYDNEY, NSW 2000 |
In New Zealand: 0800 005 797 [email protected] Monday – Friday: 9am – 7pm PO Box 331431, Takapuna, Auckland 0740 |
2. Changes to the Online Terms
We may vary the Online Terms from time to time. We may give you notice of these changes by publishing the new Online Terms on the Prospa website, www.prospa.com or www.prospa.co.nz (in Australia and New Zealand respectively) (the “Website”), making them available through the Digital Channels or by an electronic communication.
We do not have to give you prior notice of a change other than where we make any changes which impose fees and charges for use of the Digital Channels, in which case you will be provided with written notice no less than 20 days prior to such change taking effect. Your continued access and use of the Digital Channels following any such changes will be deemed to signify and confirm your acceptance of any such changes.
3. Jurisdictional limitations
Not all products and services offered by Prospa are available in all geographical locations. You acknowledge and accept that accessing Digital Channels in a geographical location other than your own may result in your receiving information in respect of products and services which are not available in that location and that Prospa is under no obligation to provide you with such products and services.
4. Intellectual Property
The content of the Digital Channels is the exclusive property of Prospa or is used by Prospa under licence from another party. Users of the Digital Channels are prohibited from using any intellectual property, including any trademarks, logos and marks (“Digital Channels IP”) for any purpose without the prior written permission of Prospa or such third party which may own the relevant Digital Channels IP.
All information and content available on or through the Digital Channels (including any software tools or programs) (“Content”) is protected by copyright. You are prohibited from modifying, copying, distributing, transmitting, displaying, publishing, selling, licensing, creating derivative works or using any Content for any commercial or public purpose. Prospa reserves the right to change, remove or add to the Content; or to limit access or cease providing Content.
The Digital Channels may contain hyperlinks to third-party sites and materials (“Links”). These Links are provided for information purposes only and Prospa does not thereby endorse or authorise the content of such Links or imply any ownership or control over such Links. You should assess the risks and consider the reliability of the content of such Links before relying upon or retrieving information from such Links.
5. Costs
Subject to any change notified in accordance with section 2, the Digital Channels are provided to, and can be used by, Prospa customers and Partners free of charge however at all times standard fees and charges for using Prospa products and services still apply regardless of how such use is effected. If you are downloading or accessing the Digital Channels (including the Prospa App) through your mobile service provider or through Wi-Fi, you may incur internet data charges from your mobile or internet service provider.
You agree that, by downloading and signing in to the Prospa App or signing in to Prospa Online or Partner Portal, Prospa may send messages to your nominated mobile number. Prospa is not liable for any loss or damage you suffer as a result of any person other than you accessing those messages. You may incur charges from your mobile or internet service provider as a result of such message. Any such charges are your responsibility.
6. Security
6.1 Your security responsibilities
You must, without limiting any other obligation to Prospa, take all reasonable steps to:
- safeguard any information, software and equipment required for your operation of any Digital Channel;
- ensure the integrity and proper operation of your own security procedures and your connection to Prospa;
- keep the Access Methods secure;
- not share or disclose the Access Methods with anyone;
- regularly log into your Account to check for any unusual activity including unauthorised access or transactions;
- immediately report any unusual activity to us; and
- prevent unauthorised access to your Account. This may include (without limitation) ensuring you have adequate anti-virus and device security measures in place.
If your mobile device has been “jailbroken”, the security of your device operating system may have been compromised. This makes you susceptible to third-party applications that may contain malware or the ability for third parties to harvest your information, including information available through applications on your mobile device. Prospa will not be liable for any loss arising from your use of the Digital Channels or any other loss that may arise in connection with the Digital Channels as a result of your device being jailbroken.
We recommend that you keep the operating system and security software for your mobile device updated with any releases issued by the manufacturer of the mobile device or your system provider.
6.2 You must let us know about any security breaches
You must advise us as soon as possible of the loss, theft, misuse of Access Methods or electronic equipment used to access the Digital Channels. You must also report as soon as possible if you believe there has been unauthorised access to your Account.
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. Our contact details are located at section 1.4 of these Online Terms.
7. Accessing the Digital Channels
Access to the Digital Channel may occasionally be limited or unavailable due to hardware or software failures or defects or other matters outside of Prospa’s control. From time-to-time access to the Digital Channels may also be limited or unavailable due to routine or ad hoc system upgrades or testing. Access to and use of a Digital Channel is offered on an “as is, as available basis” only. You are responsible for ensuring that you have adequate contingency plans to enable you to transact by other means in the event of an interruption or unusual delay in respect of the operation of a Digital Channel. To the extent permitted by law, Prospa will not be liable for any loss or damage incurred as a result of the Digital Channels being unavailable or limited for any reason.
To access your Account via the Prospa App, simply download the Prospa App from the iOS App Store or Google Play Store (as applicable for your mobile device). Follow the prompts in the Prospa App to complete the initial sign in process and you will see your products in the Prospa App. Prospa Online & Partner Portal are browser-based service so all you need is a compatible browser.
For security reasons, you will be automatically signed out of the Digital Channels after 5 minutes of inactivity.
8. Authentication
There are different authentication methods for the Prospa App, Partner Portal and Prospa Online.
If you use the Partner Portal or Prospa Online, access to your Account is authenticated through email and password and a verification code may be sent to your registered mobile number.
If you use the Prospa App, you will be prompted to:
- authenticate your access through email and password for the first time;
- select a passcode; and
- if you would like to, set up biometric information such as the fingerprints or facial data you store on your chosen mobile device for accessing the Prospa App.
If you choose to use biometric information to log into the Prospa App, you should ensure that only your biometric information is stored on the mobile device. Each time the mobile device registers a use of biometric information to authorise any transactions through Prospa App, you instruct us to perform those transactions. If another person’s biometric identifiers are stored on your mobile device, you acknowledge that they will be able to access your Account through the Prospa App.
8.1 It is your responsibility to keep your Access Methods secure
You must ensure your passcode, password and/or biometric identifiers (collectively, Access Methods”) remain secure. As keys to your Account, Access Methods allow anybody using them to conduct operations on your Account. You authorise us to allow any transaction or act on any instructions received on an Account for which the correct Access Methods have been provided.
8.2 Two-factor authentication
SMS code is an additional layer of security to protect your Account. For certain transactions on the Digital Channels, you’ll be sent an SMS code to your mobile number, which you will need to input to complete the transaction.
We don’t charge you a fee for sending a SMS code to your mobile number. However, your mobile phone service provider may impose fees and charges, including fees and charges for sending and receiving SMS messages. The payment of any such fees is the responsibility of the mobile phone account holder. If you have any concerns regarding such fees and charges, please speak to your mobile service provider.
9. No warranty
All Content provided or displayed through the Digital Channels is provided on an “as is” basis. Prospa does not warrant the results that may be obtained from the use of the Digital Channels, or the accuracy, adequacy or reliability of any Content obtained through the Digital Channels, regardless of whether the Content is from Prospa or any other third party, and Prospa expressly disclaims liability for errors or omissions in the content. Notwithstanding any other provision of the Online Terms, no warranty of any kind, implied, express or statutory, including but not limited to the warranties of non-infringement of third-party rights, title, satisfactory quality, merchantability, fitness for a particular purpose and freedom from computer virus or other invasive or damaging code, is given in conjunction with the Digital Channels.
Balances – Whilst we endeavour to provide you with an accurate balance for your Accounts through the Digital Channels, transactions on your Accounts, howsoever effected, may not be reflected until up to 3 business days after the transaction is processed. Should you require confirmation of receipt of funds or payments made from or to your Account please contact Prospa.
10. No advice
Any information provided in the Digital Channels is general in nature and, unless expressly stated otherwise, does not constitute an offer or invitation for finance or to enter into a legally binding arrangement for any of Prospa’s products or services. All applications for finance through Prospa’s products and services are subject to standard credit approval, fees, terms and conditions.
Prospa does not make any representation that the Digital Channels or its products and services are appropriate or suitable for you or your circumstances. You acknowledge that your use of the Digital Channels and any enquiries or application for any products or services offered by Prospa is not made as a result of any inducement by Prospa and that any information available through the Digital Channels is not to be treated as and does not constitute financial advice.
11. Personal information
Prospa will collect information about your use of the Digital Channels. We will manage this information in accordance with our Privacy Policy. Such information may also be used for the purposes of analytics, research, and improvement of our products and services.
12. Stopping access or use
Prospa may change, suspend or terminate any of the Digital Channels at any time, in its absolute discretion.
Despite any right contained in these Online Terms, we can suspend, block or terminate your access to the Account, any associated features or the Digital Channels without telling you if:
- Prospa suspects fraud or an unauthorised transaction has occurred;
- Prospa reasonably considers that the Account or Digital Channels are being used for a purpose other than its intended purpose or in a manner inconsistent with these Terms or any other agreement between you and Prospa;
- you do not provide us with information we reasonably request;
- your Account is cancelled, blocked or suspended;
- Prospa is required by applicable laws, a court order or a direction of a regulator;
- we think it’s reasonably necessary to do so, for example, to comply with laws or to protect our legitimate business interests; or
- you have not accessed the Account for six months (you may contact us to unlock your access).
The suspension, blockage or termination of your access to the Account or the Digital Channels does not affect the conditions in these Online Terms including relating to your obligation to indemnify Prospa and limitations on Prospa’s liabilities.
13. Governing Law
If you are domiciled in Australia, these Online Terms are governed in accordance with the laws in force in New South Wales, Australia and the parties submit to the exclusive jurisdiction of the courts of New South Wales, Australia.
If you are domiciled in New Zealand, these Online Terms are governed in accordance with the laws in force in New Zealand and the parties submit to the exclusive jurisdiction of the courts of New Zealand.
14. Limitation of Liability
To the extent permitted by law, Prospa is not liable to you for any loss or liability arising from or in connection with the Account, Digital Channels. This may include, without limitation, loss or liability arising from:
- Content on the Digital Channels;
- your use of the Digital Channels, including any damage to your mobile device or electronic systems resulting from your access or use of the Digital Channels;
- your improper use of the Account or the Digital Channels. This includes losses arising as a result of a security breach, any fraudulent act by you or any loss which is caused by or contributed to by you, including failure to comply with these Online Terms or other policies on our Website;
- your inability to access your Account through the Digital Channels;
- any modification, suspension or discontinuance of the Digital Channels; or
- any costs, charges or expenses you incur as a result of using the Digital Channels, such as mobile carrier charges.
You agree to indemnify Prospa and all other users of the Digital Channels against any claim, loss, cost, damage, action or expense which Prospa or any other user may experience arising from your use of the Digital Channels, your failure to keep your Access Methods secure, the use of the Digital Channels by any person on your behalf or the use of your Access Methods by any other person, including any use not approved or contemplated by you.
15. Responsibility for mistaken and unauthorised payments
15.1 Mistaken payments
It is important to enter the correct BSB and account information when authorising payments from your Account. We rely on the BSB and account number entered by you to process the payments. We do not verify the account name provided with the BSB and account number. Where you enter the wrong BSB and/or account number:
- funds may be credited to the account of an unintended recipient; and
- it may not be possible to recover funds from an unintended recipient.
15.2 Unauthorised payments
You will not be responsible for an unauthorised payment where in our reasonable opinion you didn’t contribute to the unauthorised payment.
We may consider that you have contributed to unauthorised payment where:
- you have not kept your Account or Access Methods reasonably secure; or
- there was an unreasonable delay in reporting that the security of your Account or Access Method has been breached
Promotional Terms & Conditions
The reduced origination fee offer is available to eligible repeat customers who apply for a new Prospa Small Business Loan or Prospa Business Loan Plus (each a “Loan”) that is approved and settled between 6 June 2024 and 30 June 2024 (inclusive). Customers approved for the offer will pay a reduced origination fee of 2.5% on the Loan. The offer is only available to eligible businesses established and operating in Australia. The offer is not available in conjunction with any other Prospa offer and it may be withdrawn without notice. Offer only available to repeat customers who have had a previous Prospa loan but do not have any Prospa funding at the date of application, with a clear repayment history on previous Prospa loans. Loan and offer eligibility and approval subject to standard credit assessment criteria. Fees, terms and conditions apply.