Safeguarding of Funds
PayXpert Limited is authorised by the Financial Conduct Authority under the Payment Services Regulations 2017 (Firm Reference 744033). Our registered address is 30 Churchill Place, London, E14 5RE, UK.
As an authorised payments institution, PayXpert is committed to safeguarding funds received for merchants. We adhere to strict regulations to keep these funds secure and separate from our own. This practice, known as safeguarding, ensures the protection of merchant funds at all times.
This page provides essential details on our safeguarding measures and how we uphold these standards.
How PayXpert Safeguards Funds for Merchants
PayXpert is dedicated to safeguarding the funds of our merchants in strict compliance with the Payment Services Regulations 2017. To achieve this, we utilize the segregation method. This method ensures that we hold merchant funds separate from our own funds, providing the required layer of security.
The segregation of funds is implemented by holding them in a Banking institution (an authorised bank). This practice ensures the protection and integrity of merchant funds at all times. You will not receive interest or any other earnings on your Balance.
Holding Funds in a Banking Institution
When we hold merchant funds in a banking institution, such as a bank, we do so in a specially designated safeguarding account. This ensures that the funds are held in a ring-fenced and protected manner, exclusively for the benefit of the merchant. These funds are not accessible to PayXpert for our own operational use. Client funds are also insulated against the claims of any other of PayXpert’s creditors. By doing this, PayXpert provides assurance that it will not use client funds to pay its own debts and obligations, and in the event of the Firm’s insolvency, they will be used to repay clients after applicable costs are deducted by the administrator of liquidator of the Firm during the insolvency process. Client funds are also protected from any interest in, recourse against, or right of set-off from the financial institution where PayXpert holds client funds. PayXpert regularly carries internal and external audits to demonstrate that it is safeguarding client funds in compliance with applicable regulations in the UK.
The Banking institution holding these funds is also subject to rigorous regulations, providing an additional layer of protection for the funds entrusted to us by our merchants.
Protection
PayXpert is not a banking institution, and we are not subject to the protection granted under the Financial Services Compensation Scheme (FSCS) in the UK. However, all merchant funds are held in specially designated safeguarding accounts. This means that at all times, those funds remain protected and secure.
If PayXpert were to go out of business, although payment services funds are safeguarded as per the requirement of regulation 23 of the PSRs 2017, it could take longer for monies to be refunded and some costs could be deducted by the administrator or liquidator of the Firm during the insolvency process so client’s might not get all their monies back.
Clients can contact PayXpert or check the FCA website (https://www.fca.org.uk/consumers/using-payment-service-providers) to find guidance in deciding whether the level of protection the Firm offers are appropriate in their circumstances.
Your rights
As a merchant, you have the right to request information about how your funds are being safeguarded. If you have any questions about our approach and the protection of your funds, please contact your designated PayXpert Account Manager or contact us Through the phone numbers or emails available on our website.
