Prospa Business Account and Prospa Visa Debit Card
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.
