Updates to the Terms
Last material update: 27 January 2025
Updated terms and conditions
On 14/03/2025, Teya's payment terms ("Payment Terms") will be updated. On the same day, new terms and conditions will come into effect, including the payment terminal terms ("Terminal Terms") and Teya's general terms and conditions ("General Terms"), collectively referred to as the "Terms." Details of these changes, including a summary of the main updates, are available below. Please note that the overview of the main changes is for informational purposes only. The binding versions of the changes can be found in the updated Terms.
When will the new terms come into effect?
For existing Teya customers, the new terms will take effect from 14/03/2025. For new customers, they are valid upon publication.
What is changing?
Some of the main changes are as follows:
1. Teya's Payment Terms & General Terms The Teya group provides a wide range of services across Europe and beyond, each previously governed by specific terms and conditions. To simplify and harmonize these, we have introduced Teya's General Terms, which now apply to all services unless otherwise stated. This change ensures consistency in our service offerings regarding contractual obligations, such as notice periods, limitation of liability, validity periods, and contract termination. These elements are now consolidated into Teya's General Terms, which are incorporated into the company's Payment Terms.
2. Payment service The updated Payment Terms offer a more detailed description of Teya's services, including acquiring and related services, in a separate section. They also provide more comprehensive information on Teya's role in collecting customer information and assessing their operations and reliability. This is to evaluate financial situations and creditworthiness, thereby reducing Teya's risk.
3. Keeping us Informed To provide you with the best service and respond promptly to any issues, it is essential that you notify us of certain incidents, such as security breaches or the loss of a payment terminal. While the updated Payment Terms remain largely unchanged in this aspect, we have revised the wording to make it clearer when and what information needs to be disclosed.
4. Service charges, settlement, and deduction We have clarified where to find information about relevant service fees, whether listed in the fee schedule, provided in a notification when a business relationship is established, or communicated through other approved means. Additionally, we have included more detailed explanations of both blended and unblended service fees and the components of these fees. A new provision has been added regarding the acceptance of blended service fees, which are based on the information you provide about your business. If there is a significant discrepancy between the information provided and your actual sales pattern, we reserve the right to adjust the service fees accordingly. Furthermore, we have detailed when service fees will be deducted and when they should be paid.
5. Postponement of settlements There are occasions, such as when we suspect fraud or anticipate increased chargebacks against your account, when we may delay settlement payments. While many of the reasons for suspending settlement payments remain the same as in the previous terms, we have clarified the wording and our approach. The main changes are as follows: 1) the reasons for suspending settlement payments have been expanded; 2) we will make our best effort to notify you of any suspension of settlement payments, although we are not obligated to do so unless required by applicable law; and 3) Teya's authorizations to establish and manage reserves have been extended. This includes increased authorizations regarding the use of funds in reserves to settle debts resulting from violations of the company's Payment Terms. These actions are taken only when necessary. For more detailed information, please refer to the updated Payment Terms.
6. Validity period and end of contract The principle of Teya's Payment Terms regarding validity and termination remains largely unchanged. There are no long-term commitments, and termination is allowed at any time without notice, unless otherwise agreed separately. However, we are always sorry to see you go. The updates made to these provisions mainly focus on simplifying the wording.
7. Authorization to change the Payment Terms We have made minor adjustments to the wording of the provisions that allow us to change the Payment Terms and service fees, aiming for greater clarity. Additionally, we have further clarified when certain minimum rights, such as notice and termination deadlines, are considered waived.
8. Information about transactions We have updated the provisions regarding where you can obtain more information about your transactions and settlements.
9. Limitations We have made minor changes to clarify what is permissible and what is not, mostly consolidating these provisions into one section. New restrictions include prohibiting the setting of a minimum price for accepting payment cards and charging extra for their use, unless specifically permitted by the rules of a payment service system, such as Visa or Mastercard, or by law.
10. Rules of payment service systems and payment methods Teya offers a variety of payment methods through service providers such as Mastercard, Visa, and American Express. These payment service systems have specific rules governing their use, which apply i.a. to Teya, merchants, and cardholders. Our role includes enforcing these rules based on the payment service system's guidelines. Teya's Payment Terms now include the relevant rules of these payment service systems. While this is not a change from the previous terms, we have simplified the references to these rules and clarified which rules apply in case of discrepancies, such as between Teya's Payment Terms and payment service system rules. Additionally, we have added a provision granting us the authority to cancel payment methods and simplified the provisions regarding the use of payment service system trademarks.
11. Interactive Currency Exchange Our updated Payment Terms offer a more detailed description of our approach to dynamic currency conversion (DCC). Key points include: 1) when a cardholder elects DCC, the product or service will be converted using a specific currency selection rate. Additional fees may be charged to cardholders, and Teya will decide whether a portion of those fees will be shared with you; 2) Teya may change the currency service provider at any time; and 3) you are obligated to ensure that your staff can meaningfully inform cardholders about DCC, properly present DCC, and comply with the relevant rules of the payment service system.
13. Language As mentioned, the Teya Group consists of various companies primarily located in Europe. Additionally, Teya Iceland hf. provides its payment services beyond its domestic operations, including countries such as Hungary, the Czech Republic, and Croatia. Ensuring a consistent customer service experience is crucial to us, and this extends to our terms of service. Therefore, the current version of Teya's Payment Terms, along with the company's other terms and conditions, will be in English. However, we will also provide a copy of our terms in your language for your reference and will continue to communicate in your native language whenever possible.
13. Obligations In the updated Payment Terms, we have clarified your obligations when using Teya's payment services to make them simpler to understand. New provisions have been added, including the requirement to regularly check settlement statements and to refund accidental charges or overcharges. Additionally, if you have rented hardware from us, there is an obligation to return it at the end of the contractual relationship. For more detailed information about these obligations, please refer to the updated Payment Terms.
14. Chargebacks In the updated Payment Terms, we have clarified the definition of chargebacks, the main situations that could give rise to such claims, and the handling process for chargebacks. We have also refined the provisions that allow Teya to withhold settlements when the risk of chargebacks increases, as well as the procedures related to managing these chargebacks.
15. American Express Terms At the request of American Express, the updated Payment Terms include a new provision requiring companies in the tourism industry that accept American Express payment cards to adopt a policy against modern slavery.
16. Terminal Terms Along with the updated Payment Terms, we have introduced new Terminal Terms. Teya's General Terms are part of the Terminal Terms, just as they are with the Payment Terms. The Terminal Terms describe Teya's role as a service provider, which includes assisting with the installation of payment terminals, updating software, and replacing equipment in case of problems, albeit with limitations. The Terminal Terms also outline your obligations, including updating the payment terminal software, installation, and maintenance, if applicable.