GlobePay Consumer Duty Mission Statement and Product Information
The FCA Consumer Duty regulation has set higher standards of care that firms provide to consumers. It has outlined:
A firm must act to deliver good outcomes for retail customers
· Act in good faith toward retail customers
· Avoid foreseeable harm to retail customers
· Enable and support retail customers to pursue their financial objectives
· Products and services
· Price and Value
· Consumer understanding
· Consumer support
At GlobePay Limited we are committed to ensuring that we deliver good outcomes to our customers and always putting customers at the heart of our business by:
· Ensuring that our products are designed to meet customers’ demands and needs, and
· Constantly providing our products and services which offer fair value to all customers;
· Presenting information of products and services clearly and unambiguously, easy for customer to make properly informed decisions;
· Consistently considering the needs of customers, change of demands or behaviours, at every stage of the product/service lifecycle;
· Communicating with customers effectively and responding to their needs in a timely manner;
· Providing the right facilities and communication channels to support vulnerable customers of any kind;
· Regularly monitoring, reviewing and reporting outcomes that our customers are experiencing and taking action to address any risks to good customer outcomes; and
· Continuously learning from our journey of delivery of good customer outcomes, and improving our products and services.
Payment services allow merchants to accept e-wallet, bank-to-bank payments, and card payments. This includes the processing of transactions, reconciliation, and settlement of funds.
Payment services is a licensed activity and approval is necessary from the financial regulator in the region.
The service provider (GlobePay) is an acquirer partner of WeChat Pay and Alipay, and a gateway provider partner of UnionPay, Openbanking,and card scheme members. GlobePay can provide you with a merchant account to allow you to accept payment in the UK and Gibraltar in a secure and compliant manner.
We will provide you with documentation and support to ensure that you understand the features, benefits, and risks of our payment services.
You will agree to be bound by our terms of service and pay the fees and other charges for using our acquiring services.
GlobePay must observe our payment service partners rules to maintain the partner qualification. All payment service partners have programs that measure and monitor acquirer performance in key areas such as fraud, compliance, Business Risk Assessment and Mitigation (BRAM) violation, and disputed transactions (chargebacks). In the unlikely event that these are breached, the service provider can be fined under payment service partners rules and these fines may be passed on to you.
We will work with you to make sure that any fines are minimal.
We offer WeChat Pay and Alipay, and we assist payment service partners to offer UnionPay, bank-to-bank payment, Visa and MasterCard.
T+2 settlement: receive funds three days after the transaction day; or
T+3 settlement: receive funds the day after the transaction day (only for Alipay Plus).
We provide online reporting as standard so you can see all your payments data in one place for a complete view of your online and offline payments. You can monitor your transactions in real-time and download the data to use offline.
To view your transactions, go to https://pay.globepay.co/login_old.html and click the Login button to access your account. If you need assistance to access your account, please contact support@globepay.co.
In return for us providing payment services you agree to pay the fees as stated on our platform.
We may charge you late payment, settlement, and other fees according to our terms of service.
GlobePay Limited (GlobePay) is regulated by the Financial Conduct Authority and is authorised to act as an Authorised Payment Institution (API) for the provision of payment services (register reference number: 930172).
Funds from transactions processed by GlobePay are safeguarded and segregated as client funds. These are treated in accordance with the safeguarding requirements set out in Section 23 of the Payment Services Regulations 2017. This includes placing amounts due to you into specially designated safeguarded funds accounts provided by FCA-authorised banking institutions prior to settlement into your nominated bank account.
Money held in the merchant account is not protected under the Financial Services Compensation Scheme (FSCS). Instead, APIs are required to safeguard relevant funds using either segregation or insurance/guarantee. See above – How is your money protected?
You may cancel your agreement at any time with us by giving us a written notice. There are no charges for cancellation, but if your account has outstanding amounts owed to us, you will have to clear the amounts before we can close the account.
In the event of cancellation and in line with our terms and conditions, we may be required to hold back any future settlement owed to you for a period of time during which there is a risk of disputes. This is to ensure there are funds available to cover this.
If you believe that you fall into any category of vulnerability as defined by the Financial Conduct Authority (see below), please contact our Customer Support team on +44(0)20 8226 5115 and they will be able to assist you further:
• Health (health conditions or illnesses that affect the ability to carry out day to day tasks).
• Life events (major life events such as bereavement or relationship breakdown).
• Resilience (emotional resilience such as low ability to withstand emotional shocks or financial resilience such as low ability to withstand money pressures).
• Capability (for example low knowledge or confidence in managing finances, poor English language skills, learning difficulties).
Customer satisfaction is very important to us and if you do have any cause to complain about the payment services provided, there are clear procedures provided by the Financial Conduct Authority to ensure your complaint is dealt with fairly.
Please contact us in the first instance at support@globepay.co and we will try to resolve your complaint. You can also call us on 020 8226 5115 or write to us at:
GlobePay Limited
Level 2
30 Churchill Place
London
E14 5RE
If you are not satisfied with our response, you may refer your complaint to the Financial Ombudsman Service free of charge at:
The Financial Ombudsman Service
Exchange Tower
London
E14 9SR
Tel: 0800 023 4567
Website: www.financial-ombudsman.org.uk
You can find our full Complaints Policy on our website here.
For financial support, please contact an FCA authorised company offering debt advice, such as Money Advice Network – Money Helper, who are sponsored by the Department for Work and Pensions.
The information provided in this product information document is based on our understanding of current law and practice which may be subject to change.
Full details of the legally binding contract between you and GlobePay are included in our terms of service which can be found here.
WeChat Official Account
Customer Service
WhatsApp Business Account
©2018 GlobePay Limited is authorised and regulated by the UK Financial Conduct Authority(FCA), with the Firm Reference Number (FRN) 930172.
