Terms and Conditions

Presented below are the PayCo Terms and Conditions. Please read them carefully.

  1. These Terms and Conditions is a legal and binding agreement between PayCo and the client. It governs your use of your PayCo account and the PayCo services. By using any PayCo services, you acknowledge that you have read and understood this agreement. Furthermore, by using any PayCo services, you are automatically bound by this agreement and all documents incorporated by reference.
  2. This website and its contents may not be copied or reproduced under any circumstances unless written permission has been given.
  3. You are advised to read the About Us and Frequently Asked Questions page on our website.
  4. Additional Terms and Condition may apply depending on the type of account you have. These additional Terms and Conditions will be communicated to you accordingly.

  1. Your PayCo account is an electronic money account that enables you to send and receive electronic payments.
  2. Your PayCo account is denominated in USD currency by default.
  3. The electronic money held on your PayCo Account does not expire but it will not earn any interest.
  4. Your PayCo account is not a bank account.
  5. The funds in a PayCo account belongs solely to the registered account holder. The rights to it shall also belong solely to the registered account holder with the exception of succession cases.
  6. You are not allowed to transfer, assign, or designate the ownership of your PayCo account to any third party. Likewise, you are also prohibited from granting third any third party the legal or equitable interest over your PayCo account.
  7. All PayCo accounts may be subjected to amount limits for the upload, payment, and withdrawal processes depending on the country of residence, the verification status of your PayCo account, and other requirements. Such limitations are determined by us at our sole discretion.

  1. When you open a PayCo account, you are required to register your details on the PayCo website. Upon registration, you will have to accept this Terms and Conditions in order to start using the PayCo account and the PayCo services. Additional Terms and Condition may apply depending on the type of account you have. You should print out and keep a copy of these Terms and Conditions for future reference.
  2. You must be 18 years or older to open a PayCo Account. By registering a PayCo account, you are officially declaring that you are 18 years or older. PayCo reserves the right to demand, at any time, a proof of your age.
  3. You are allowed to open one PayCo Account per type.
  4. You may only open a PayCo Account if it is legal to do so in your country of residence. By opening a PayCo Account, you are officially declaring that you are not violating any laws or regulations applicable to you. We shall not be held responsible for any damages incurred from the breach of this section. Furthermore, you shall cover us against any losses caused by the breach of this section.
  5. All information you provide during the registration process or any time thereafter are assumed truthful and accurate. You shall be held responsible for any misinformation supplied by you.
  6. We allow the use of PayCo account for commercial purposes (for example, accepting small payments for the services or goods rendered with some restrictions applied) but only if you register as a Merchant any time after completion your registration of personal Account with PayCo. Additional Terms and Conditions and Service may apply in case of your registration as a Merchant with us.

  1. You are responsible for the information recorded on your PayCo Account. It is your duty to guarantee that it is always accurate and up to date.
  2. PayCo shall not be liable for any loss arising out of your failure to do so.
  3. PayCo reserves the right to confirm the accuracy of your information or to provide documents or other evidence at any time.
  4. We may contact you by e­mail or by internal PayCo messaging system with information or notices regarding your PayCo Account. You are responsible for the regular update and for the proper functioning of your e­mail account and the other methods of communication that you have registered with your PayCo Account. Furthermore, you are responsible for retrieving and reading messages relating to your Account at the soonest time possible. We shall not be liable for any loss arising out of your failure to do so.
  5. Fund deposits, payments received, payments sent, and fund withdrawals are displayed in your online transactions history together with the fees charged. You should check your Account balance and transaction history regularly. You should report any irregularities or clarify any questions you have as soon as possible by contacting PayCo's Customer Support.

  1. You are responsible in keeping your Account password safe at all times. Never disclose it to anyone. Be reminded that the PayCo team will never ask you to provide your password to us or to a third party. Any message you receive or website you visit that asks for your password, other than the PayCo Website or a PayCo payment gateway on a merchant website, should be reported to us. If you are in suspicious of a website’s legitimacy, you should immediately get in touch with PayCo’s Customer Support. It is advisable that you change your password regularly. Furthermore, we strongly advise against any of the following:
    1. write down or otherwise store your password anywhere;
    2. give anyone access to your Account or watch you while you access your Account;
    3. choose a password that is easily guessed from information someone might know or gather about you; or
    4. choose a password that has a meaning.
  2. If you have any indication or doubt about your login details, password or other security feature being lost, stolen, used without authorization, or otherwise compromised, you should change your password and you must contact PayCo’s Customer Support as soon as you can. Any unreasonable delay in letting us know will not only affect the security of your Account, but it will also result in you being liable for any losses as a result.
  3. We may at, any time and at our discretion, suspend or otherwise restrict the functionality of your PayCo Account if we suspect that it has been accessed without your authorization or we suspect that it has been otherwise compromised.
  4. You are responsible in making sure that your e­mail account(s) are secure and only accessed by you. Unauthorized access to email accounts are dangerous as it may be used to reset passwords or to communicate with you with regards to the security of your PayCo Account. In case any of the e­mail addresses registered with your PayCo Accounts are compromised, you should immediately contact PayCo’s Customer Support and your email service provider.
  5. In case of a public or shared computer access, you are responsible in making sure that your login details are not stored by the browser or cached or otherwise recorded. If you are using your own computer, you are responsible in making sure that only you have access to it. You should never use any functionality that allows login details or passwords to be stored by the computer you are using.
  6. Any additional products or services you use may have additional security requirements. You are strongly advised to familiarize yourself with them as notified to you.

  1. You may close your PayCo Account at any time by contacting PayCo’s Customer Support.
  2. In case your PayCo Account holds a balance at the time of closure, you will be given a withdrawal period where you must withdraw your funds.
  3. If you do not withdraw funds within the set time period, we may (but will not be obliged to) send you a cheque to the address registered in your PayCo Account profile and charge you the fee applicable to cheque withdrawals (including applicable foreign exchange fees). It is your responsibility to keep your address data updated. We shall not be liable for any loss arising from your failure to do so.
  4. If you do not withdraw funds within the set time period, we may (but will not be obliged to) send you a cheque to the address registered in your PayCo Account profile and charge you the fee applicable to cheque withdrawals (including applicable foreign exchange fees). It is your responsibility to keep your address data updated. We shall not be liable for any loss arising from your failure to do so.
  5. If you do not withdraw funds within the set time period, we may (but will not be obliged to) send you a cheque to the address registered in your PayCo Account profile and charge you the fee applicable to cheque withdrawals (including applicable foreign exchange fees). It is your responsibility to keep your address data updated. We shall not be liable for any loss arising from your failure to do so.
  6. If you do not withdraw funds within the set time period, we may (but will not be obliged to) send you a cheque to the address registered in your PayCo Account profile and charge you the fee applicable to cheque withdrawals (including applicable foreign exchange fees). It is your responsibility to keep your address data updated. We shall not be liable for any loss arising from your failure to do so.
    1. If you do not withdraw funds within the set time period, we may (but will not be obliged to) send you a cheque to the address registered in your PayCo Account profile and charge you the fee applicable to cheque withdrawals (including applicable foreign exchange fees). It is your responsibility to keep your address data updated. We shall not be liable for any loss arising from your failure to do so.
    2. If you do not withdraw funds within the set time period, we may (but will not be obliged to) send you a cheque to the address registered in your PayCo Account profile and charge you the fee applicable to cheque withdrawals (including applicable foreign exchange fees). It is your responsibility to keep your address data updated. We shall not be liable for any loss arising from your failure to do so.
  7. If you do not withdraw funds within the set time period, we may (but will not be obliged to) send you a cheque to the address registered in your PayCo Account profile and charge you the fee applicable to cheque withdrawals (including applicable foreign exchange fees). It is your responsibility to keep your address data updated. We shall not be liable for any loss arising from your failure to do so.

  1. You can deposit funds by visiting the Website, logging into your PayCo Account, and following the simple deposit instructions. You will be presented with a number of different deposit methods, depending on the availability of such payment methods in your country of residence.
  2. You may be asked to provide additional information or to complete other activities that we may reasonably require to ensure proper authorization of a deposit transaction.
  3. If you choose a payment method that may be subject to chargeback rights such as (but not limited to) credit or debit card or direct debit, you declare that you will not exercise such chargeback right other than for non­-authorized use of the payment method or for a breach by PayCo of these Terms and Conditions.
  4. You may not chargeback any deposit transaction or allow a chargeback of any deposit transaction for reasons that PayCo is not responsible for including (but not limited to):
    1. disputes with merchants for non delivery of goods;
    2. services or insufficient balance on the payment method account.
  5. PayCo reserves the right to charge you fees and expenses that we may incur in connection with such chargeback and any action undertaken to challenge the same.
  6. In case a charge back or reversal of a deposit transaction results in a negative account balance, you will be required to repay such negative balance by depositing sufficient funds into your PayCo Account. Failure to do so is a breach of these Terms and Conditions.
  7. Repayment of the negative balance is due immediately without notice. However, we reserve the right, at any time, to send you reminders or to take other debt collection measures including but not limited to mandating a debt collection agency or solicitors or to pursue the claim in court. We reserve the right to charge you the expenses we reasonably incur in connection with any debt collection or enforcement efforts.
  8. Deposited funds will be credited to your PayCo Account on the same day as the funds have been received by PayCo. Some deposit transactions, such as those by credit or debit card, direct debit or direct banking will be credited to your PayCo Account immediately, but are subject to reversal in case the actual funds do not reach PayCo within a reasonable time. If this happens, PayCo will deduct such reversed transaction from the balance of your PayCo Account. If the Account balance is insufficient, we reserve the right to require repayment from you.
  9. For the purposes of a deposit transaction through a payment method, PayCo is a payment recipient and not a payment service provider.
  10. Whenever adding funds to your PayCo account, you may only use payment methods (such as bank accounts, credit cards or debit cards) to your PayCo Account if you are the named account holder of that payment method. Any violation of this requirement will be treated as a fraudulent act.
  11. Deposits may be subject to deposit limits for security and legal requirements. These limits are set dynamically depending on your verification status and the deposit method you want to use. You should be aware that depending on your verification status, your deposit limits may be higher than your withdrawal or spending limits.
  12. Deposits are subject to deposit fees and currency conversion depending on which deposit method is chosen.

  1. Sending payments using PayCo requires that you are logged in. We may ask you additional security questions related to you or your PayCo Account. PayCo Accounts that employ additional security measures must follow the instructions provided in order to successfully log in.
  2. Every recipient of a payment you wish to send through PayCo must have a valid PayCo ID.
  3. You are responsible in making sure that the information asked about the recipient, including the PayCo ID, is filled in accurately and completely. This is crucial as PayCo uses IDs generated using intricate algorithm as the unique identifier to determine the intended recipient.
  4. If the recipient’s PayCo ID is valid, the funds will be instantly credited to the PayCo Account associated with that ID.
  5. Once funds are credited to the recipient’s Account, the transaction becomes irreversible.
  6. In case your payment was made to a valid, but not the intended PayCo ID, you should contact our PayCo's Customer Support. They will try and resolve matter with the recipient. Return of the payment may be made solely at our PayCo's Customer Support discretion.
  7. Payments are subject to payment limits for security and legal requirements. These limits are set dynamically depending on your verification status. You should ensure that your limits are sufficient to cover the payment you intend to make as well as any applicable fees including service fees.

  1. Whenever you receive funds into your PayCo Account, we will send you a notification e­mail and display the payment in your transactions history. You should regularly review and match incoming payments with your own records.
  2. Receipt of payments to your PayCo Account does not necessarily mean that these transactions cannot be reversed. PayCo reserves the right to reverse a payment in case the payer has a chargeback or otherwise reversed a deposit or other payment which was used to fund the payment to you.
  3. The receipt of payments is subject to fees and currency conversion, depending on the type of payment you receive and the type of account you have.

  1. You can request withdrawal by visiting the Website, logging into your PayCo Account, and following the simple withdrawal instructions. You will be presented with a number of different withdrawal methods, depending on the availability of such payment methods in your country of residence.
  2. You can request a withdrawal of all or part of the funds held in your PayCo Account at any time.
  3. Withdrawals may be subject to withdrawal limits for security and legal requirements. These limits are set dynamically depending on your verification status and the withdrawal method you want to use.
  4. You are responsible in making sure that your current withdrawal and spending limits meet your withdrawal and spending requirements.
  5. If your withdrawal request exceeds the current limit, we may decline your request and instead require you to send us documents verifying your identity and address.
  6. Withdrawals are subject to withdrawal fees and currency conversion depending on which withdrawal method is chosen.
  7. For the purposes of a withdrawal transaction, PayCo is a payer and not a payment service provider.
  8. Whenever withdrawing funds to your PayCo account, you may only use payment methods if you are the named account holder of that payment method. Any violation of this requirement will be treated as a fraudulent act. Without prejudice to claiming further damages, if we are required to return funds deposited from a payment method that is not in your name, we may charge an administration fee up to of 50 USD.
  9. You are responsible in making sure that the payment details you enter when withdrawing funds are accurate and complete. PayCo will not be held liable for withdrawn funds being sent to the wrong payment method due to your misinformation of the payment details.
  10. You are responsible in making sure that the information asked about the recipient in bank withdrawals are accurate and complete.
  11. In case you have withdrawn funds to the wrong payment method, you may request that we assist you in reclaiming the funds.

  1. It is strictly forbidden to send or receive payments as consideration for the sale or supply of:
    1. Prescription drugs
    2. Drugs and drug paraphernalia
    3. Firearms or ammunition
    4. Weapons and knives
    5. Satellite and cable TV descramblers
    6. Government IDs and licenses including replicas and novelty items
    7. Unlicensed lotteries or gambling services
    8. Prepaid debit cards or other stored value cards that are not associated with a particular merchant and are not limited to purchases of particular products or services
    9. Multi­level marketing, pyramid selling or ponzi schemes, matrix programmes or other “get rich quick” schemes or high yield investment programmes
    10. Goods or services that infringe the intellectual property rights of a third party.
  2. It is strictly prohibited for citizens or residents of certain countries to make payments to or to receive payments from persons or entities offering gambling services, including (but not limited to) sports betting, casino games and poker games.
  3. It is strictly prohibited to use your PayCo Account for any illegal purposes including but not limited to fraud, terrorism financing, and money laundering. PayCo will report any suspicious activity to the relevant law enforcement agency.
  4. You may only accept payments for certain categories of business after the approval by PayCo in its sole discretion. Such business categories include but are not limited to:
    1. money exchange or remittance businesses;
    2. the collection of any form of donations or;
    3. payments to charitable or not­for­profit organizations.
  5. In case you have suspicions about whether your business falls under any of the above categories, please contact PayCo's Customer Support.
  6. PayCo reserves the right at its sole discretion to add prohibited items to the list of prohibited transactions above, and business categories requiring approval by PayCo above.
  7. If you conduct or attempt to conduct any transaction in violation of the prohibitions contained in this section or without the necessary approval of the requirements above, we reserve the right to:
    1. reverse the transaction; and/or
    2. close or suspend your PayCo account; and/or
    3. report the transaction to the relevant law enforcement agency; and/or
    4. claim damages from you; and
  8. It is your and not PayCo responsibility to ensure that you only send payments to or receive payments from persons or entities for the sale or supply of goods and services that you may provide or receive in compliance with any applicable laws and regulations. The mere fact that a person or entity accepts payments through PayCo is not an indication of the legality of the supply or provision of their goods and services. If you are in doubt as to the legality of a supply or purchase, you should not continue with your payment.
  9. If you are in doubt as to the legality of a supply or purchase, you should not continue with your payment.

  1. If you detect any error in the data we hold on you, you should immediately correct the data in your Account Profile. For data that cannot be changed in the Account Profile, please contact PayCo's Customer Support.
  2. After termination of your PayCo Account for any reason, we will continue to hold your personal Account data.

  1. In case of unauthorized payments or incorrectly executed payments due to an error by PayCo, PayCo shall, at your request, immediately refund the payment amount including all fees deducted therefrom. However, this shall not apply to the following:
    1. Where the unauthorized payment arises from your failure to keep the personalized security features of your Account safe in accordance with the section entitled Keeping Your PayCo Account Safe.
    2. If you fail to promptly notify us of your lost password or other event that could reasonably be expected to have compromised the security of your Account, after you have gained knowledge of such event, then you shall be liable for losses incurred up to your notification to us;
    3. In case the transaction was unauthorized but you have compromised the security of your PayCo Account with intent or gross negligence in which case you shall be solely liable; or
    4. If you fail to dispute and bring the unauthorized or icorrectly executed transaction to PayCo’s attention within 3 months from the date of the transaction.
  2. Without prejudice to the foregoing, you are responsible to check the transactions history of your PayCo Account regularly and frequently. You are also responsible for contacting PayCo's Customer Support immediately in case you have any questions or concerns.
  3. In case of any incorrect or mishandled payment, PayCo shall take reasonable procedures to help you with tracking and recovering such payments.
  4. Subject to the foregoing, PayCo shall not be liable for any disruption or impairment of its service or for disruptions or impairments of intermediary services on which PayCo relies for the performance of its obligations hereunder. This is true provided that such disruption or impairment is due to abnormal and unforeseeable circumstances beyond its reasonable control or the control of the intermediary affected.
  5. PayCo shall not be liable for any indirect or consequential damages including but not limited to loss of profit, loss of business and loss of reputation.
  6. Nothing in these Terms and Conditions shall operate to exclude liability for death or personal injury due to negligence or for fraud or fraudulent misrepresentation or for any statutory liability that cannot be excluded or amended by agreement between the parties.
  7. PayCo’s responsibilities under these Terms and Conditions is limited to providing you with an electronic money account and related payment services and does not make any statement in relation to or endorsement of the quality, safety or legality of any goods or services provided by a PayCo client or intermediary.
  8. PayCo shall not be held liable for the assessment or payment of any taxes, duties or other charges that arise from the underlying commercial transaction between you and another PayCo customer.

  1. PayCo reserves the right to terminate your PayCo Account or any payment service associated with it by giving you only two weeks prior notice.
  2. You may terminate your Account with us at any time. Different termination rights may apply if you hold a Merchant Account.
  3. We may give you reasonable instructions on how to withdraw remaining funds together with a termination notice or at any time thereafter.
  4. If your Account is subject to a reserve, termination of your Account will not affect our right to hold the reserve and to make deductions therefrom for the time agreed.
  5. We may at any time suspend or terminate your PayCo Account without notice in case of the following:
    1. You breach any section of these Terms and Conditions or any other section applicable to specific services covered by separate Terms and Conditions;
    2. You violate or we have reason to believe that you are in violation of any law or regulation that is applicable to your use of PayCo services; or
    3. If we have reason to believe that you are in any way involved in any fraudulent activity, money laundering, terrorism financing or other criminal activity.
  6. We may suspend your Account at any time if:
    1. we have reason to believe that your Account has been compromised or for other security reasons; or
    2. we reasonably suspect your Account to have been used or is being used without your authorization or fraudulently; and we shall notify you either prior to the suspension or, if prior notification is not possible under the circumstances, promptly after the suspension unless we are prohibited by law to notify you.

  1. These Terms and Conditions and any additional terms and conditions that may apply to additional services are subject to change. Changes will be implemented with prior notice from PayCo under the procedure set forth in this section.
  2. PayCo shall give notice to you of any proposed change by sending an e­mail to the e­mail address registered with your Account.
  3. The proposed change shall come into effect two weeks after the date of the change notice, unless you have given us notice that you object to the proposed changes before the changes come into effect.
  4. Changes that make these Terms and Conditions more favorable to you shall come into effect immediately if so stated in the change notice.
  5. Changes to exchange rates shall come into effect immediately without notice and you shall not have the right to object to such a change.
  6. If you object to the changes, they will not apply to you. However, any such notice of objection shall constitute a notice to terminate and close your Account.

  1. We will contact you through our standard means of communication which is via e­mail. For this purpose, you must at all times maintain at least one valid email address in your Account profile. You are responsible in checking and reviewing your incoming messages regularly and frequently. E­mails may contain links to further communication on our Website.
  2. In case legislation requires us to provide information to you on a durable medium, we will either send you an email (with or without attachment) or send you a notification pointing you to information on our Website in a way that enables you to retain the information in print format or other format that can be retained by you permanently for future reference. You are required to keep copies of all communications we send or make available to you.
  3. You may request a copy of the current Terms and Conditions or any other contractual document relevant to you by contacting PayCo's Customer Support.
  4. In order to view emails, you need a computer with email software that can display e­mails in HTML format. We may also send you attachments in Adobe Systems Inc.’s Portable Document Format (PDF), for which you need Adobe’s Acrobat Reader, which can be downloaded for free at http://www.adobe.com.
  5. We will never send you any e­mails with executable files attached or with links to any executable files. If you receive any email with such attachments, you should delete the message without clicking on the attachment. If you are unsure whether a communication is originating from us, please contact PayCo's Customer Support.
  6. We will communicate to you in English and will always accept communications made to us in English. Documents or communications in any other languages are for convenience only and shall not constitute an obligation on us to conduct any further communication in that language.
  7. We may contact you via letter or telephone, where appropriate. If you use any mobile services, we may communicate with you via SMS.
  8. You may contact us at any time by sending a message to PayCo's Customer Support via the chat system, by e­mail, or by phone numbers listed on our site

  1. All complaints about PayCo or the services we provide should be addressed to us in the first instance by contacting PayCo's Customer Support. You are required to indicate that you are making a complaint to us in order for us to differentiate the complaints from the comments and suggestions.
  2. PayCo will acknowledge the receipt of complaints within 5 business days.
  3. We make effort to provide you with an answer or resolution to your complaint within the reasonable timeframe. Should this not be possible due to unanticipated circumstances or lack of information, we will contact you

  1. No person other than you shall have any rights under these Terms and Conditions.
  2. Your PayCo Account is personal to you and you may not assign any rights under the Terms and Conditions to any third party.
  3. If any part of these Terms and Conditions is found by a court of competent jurisdiction to be invalid, unlawful or unenforceable then such part shall be severed from the remainder of the Terms and Conditions, which shall continue to be valid and enforceable to the fullest extent permitted by law.
  4. This website and it's content may not be copied or reproduced under any circumstances unless explicit and written permission has been provided.

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