This Product Disclosure Statement (PDS) is prepared by PaySmart Pty Ltd ABN 62 695 382 965 (PaySmart, We, Us). We are a wholly owned subsidiary of Transaction Services Holdings Ltd ARBN 125 664 860 (‘THSL’).
How to contact us
You can contact us by telephone (07 3866 9100), via our website (www.paysmart.com.au) or by writing to us at PO Box 5567, Stafford Heights, QLD 4053.
We are the issuer of the PaySmart Direct Debit billing solution (the Product) under an intermediary authorisation with THSL. THSL hold an Australian Financial Services Licence (No. 338256) and we are an authorised representative of THSL (AR No 409047) authorised to provide financial product advice about and deal in the Product.
The Product is a non-cash payment facility which allows you to make reoccurring payments to a single merchant by direct debit from your nominated bank account or credit card (‘Account’). We provide the Product to you when you return a completed and signed Direct Debit Request (DDR) form provided to you by a merchant, for example a gym or fitness centre you have membership to. We can only issue the product to you if you have completed and signed a DDR.
Some information might change from time to time. We will issue a supplementary or replacement PDS to you if there is a materially adverse change to or omission from the information. For other changes, you can obtain up to date information by contacting us. We will send you updated information free of charge on request.
All information in the PDS is general only and does not take account of your individual objectives, financial situation or specific needs. You should consider how the information in the PDS meets your needs before deciding to apply for the Product.
Other information that forms part of the PDS
The Direct Debit Request Service Agreement (DDRSA) is incorporated into, and forms part of, the PDS. You should read that document as it includes important information about the terms and conditions that apply to our provision of the Product to you, including information about cancellation and termination rights, breach of contract, liability and privacy. The DDRSA is printed on the back of our Direct Debit Request (DDR) which you will be given by the merchant to whom you require your payment to be made to. The DDRSA is also publically available to view or download from our website or you can ask us for a copy.
Features and Benefits of the Product
The PaySmart Direct Debit billing solution allows you to make recurring payments from your Account to a single merchant ‒ for example a club or organisation you have membership to. The Product has many benefits, the key benefits are summarised below. Please note that some benefits may be subject to contractual obligations with your merchant.
- Simple and hassle free: By setting up a direct debit or credit card debit with PaySmart at the same time you take up your membership, you no longer have to do any running around to your financial institution to arrange recurring payments from your account. We are responsible for initiating the debit for the correct amount on the correct day and handling it efficiently within our system. As these processes are electronic they are not prone to human error.
- Align payments to your income stream: If you get paid on a Thursday, you can choose to nominate your recurring payment to be debited on a Thursday! You can set your payment frequency to weekly, fortnightly, and monthly or on an ad hoc basis. This means that PaySmart initiates the payment when there is most likely to be money in your Account.
- Choice of term or flexible arrangements: You can choose to have a term contract that expires automatically once you have made all the required payments or a “flexi” contract that carries on after any minimum term until such time as you request us to stop it. This option is not available in South Australia.
- Reversal follow-up: We follow up any payment reversals with an SMS the very next day advising you of a reversal. In this way you are alerted to the state of your payment and can arrange for clear funds to be available in your Account to avoid expensive bank fees.
- Ability to pay off early: Should you request, we can collect more than the required instalment, so you can pay off your account or membership earlier.
- Ability to arrange catch-ups: From time to time you may fall behind in your payments ‒ if this happens we will arrange a ‘catch-up’ payment if they are unable to bring the amount up to date immediately. The catch-up payment amount must be realistic and you must comply with the arrangement to bring the account up to date again as soon as possible.
- Security of data: We have in place security systems of a very high standard to ensure that your personal information is secure from unauthorised access.
Security is very important to us.
- We use state of the art technology which includes comprehensive backup and disaster recovery plans;
- We are PCIDSS Level 1 compliant
- We comply with internationally recognised quality and excellence standards in management systems.
Risks of using the product
The Product is designed to provide you with a simple and easy to use payment solution. The Product is not 100% risk free and there are some risks associated with use of the Product:
- PaySmartʼs systems or the service providers we use may fail and as a result we may not debit your Account on the designated day
- Should you give us incorrect Account information we will not be able to debit your Account.
- You may not have sufficient clear funds in the Account to allow us to debit your Account.
There is no cooling off period for this Product.
If you are not satisfied with our services, please telephone our internal dispute resolution service on (07) 3866 9100 or write to us. We will acknowledge your complaint in writing and endeavour to resolve it promptly. If you are not satisfied with our response, we are a member of the Financial Ombudsman Service, an external dispute resolution body who you can contact by telephone (1300 780 808), fax (03 9613 6399), in writing (GPO Box 3, Melbourne VIC 3001) or via their website (www.fos.org.au).
Costs and other amounts payable
|Set-Up Fee||$0.00 – $150.00|
The fee could range between $0.00 and $150.00 depending on the arrangement with your merchant.
|Once only when a new direct debit request is received.|
|Reversal||$15||On the dishonour or reversal of a payment.|
|Admin Fee||$0.00 – $15.00|
For each Direct Debit from a bank account you may be charged up to $15.00 per transaction.
For Visa and MasterCard transactions you may be charged a minimum 1.7% plus the Admin fee per transaction.
For American Express and Diners cards you may be charged a minimum 3.5% plus the Admin fee per transaction.
|In addition to your regular instalment amount.|