Read more about how conduct of business requirements affect payment service providers.
The PSRs require payment service providers to provide users with a range of information. This includes:
- pre-contract information, such as terms and conditions, and
- post contract information such as amount and currency of payment)
Other provisions regulate the rights and obligations of payment service users and providers. For example, firms are prevented from deducting charges unless otherwise agreed.
Full details are set out in:
The 'corporate opt-out' enables payment service providers to agree different terms with their customers for certain conduct of business provisions.
The corporate opt-out is only available where the customer is not:
- a consumer
- a micro-enterprise, or
- a charity with an annual income of less than £1m
The corporate opt-out must be agreed by the customer. This can be done through account terms and conditions.
Agreement by conduct
A payment service provider that wishes to use the corporate opt-out must secure agreement from the customer, otherwise the PSRs apply in full. Payment service providers need to consider:
- the terms of their own existing customer agreements, and
- seeking professional advice where appropriate
Read about agreement by conduct in full in:
Try our e-learning package on the Payment Services Directive.