FAQ
A compilation of advices and answers from our Team
and you will achieve yours.”
― Les Brown
GETTING STARTED
Paynetics.online is an innovative solution that helps businesses in their everyday life. We offer payment accounts, which your business can get without a painful application process, credit checks or long waiting times.
Paynetics.online offers FX Exchange, Referral Program, SEPA, Faster Payments and more. We are looking forward to seeing you on board.
Paynetics.online is owned and operated by Paynetics AD, a joint-stock company, established in Bulgaria, registered with the Bulgarian Commercial Register with reg. No. 131574695. Paynetics AD is a regulated Electronic Money Institution, licensed by the Bulgarian National Bank and passported to provide its services across the EEA. It pioneers innovative and comprehensive payment solutions in acquiring of payments and provision of e-money and payment services such as opening of e-money and payment accounts and issuance of debit cards.
Paynetics AD is not a bank. We specialize in delivering e-money and payment services with a contemporary taste, positioning ourselves as the innovative counterpart to conventional payment service providers, including banks. Our services extend beyond mere transactions; we empower customers with the issuance of payment accounts and cards, all accessible from the comfort of your home. Say goodbye to the days of queueing at bank branches — Paynetics brings financial convenience directly to your doorstep.
Paynetics.online is only for businesses and it is not possible to open a personal profile or payment account.
To open a Business profile, you will need to fill out a short online application form. Once you have submitted your application, you will receive an email with a profile activation link. You will have to tap the link to activate your Business profile. You will be then redirected to the Strong Customer Authentication (SCA) setup page. Once you have your SCA set up you will be able to log in to your Business profile.
However, you still do not have a payment account with us and won’t be able to use our payment services yet. You will have to request your payment account(s) in any of the supported currencies, provide the necessary information and pass the identity verification. Once this is done, you will join the short queue to get your application for a payment account opening reviewed by us. Our team will review your application and may reach out to you to confirm a few details or request additional information.
Our policy requires that we verify your email address to activate your Paynetics.online profile. Email verification is easy. After you have completed Sign Up we will send you an email with an activation link which you will need to click on to verify your email. Remember to check your spam folder if you don’t receive the email.
To open a Paynetics.online payment account, we’ll need a few bits of basic information about you and your business, including:
• Official ID and proof of address for each person who represents the company and each person who is otherwise authorized to dispose with the balance on the Paynetics.online account
• Power of attorney, where applicable, for persons authorized to dispose with the balance on the Paynetics.online account
• The act, where applicable, appointing the persons authorized to dispose with the balance on the Paynetics.online account
• Constituent act/company contract/by-laws of the company
• Document certifying the commercial registration of the company
• Official ID and proof of address of the beneficial owners of the company
• If the company’s activity under the Paynetics.online account will be related to deals and transactions, subject to license, permission or registration – a copy of the relevant license, permission or registration certificate
More detailed instructions regarding the identification process can be found in our Terms & Conditions, accessible here.
The above listed documents may change, depending on the place of establishment of your company. Once we’ve reviewed your application, we may ask you to provide additional documents.
To apply for a Paynetics.online payment account, your business must satisfy the requirements laid down in our Terms & Conditions, accessible
here.
In any case, we reserve the right to accept or decline your application.
Please note that you must reside within any of the European Economic Area Member States to open a Paynetics.online payment account. The EEA includes:
Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, and Sweden.
PROFILE
We use Strong Customer Authentication (SCA) to ensure the protection of confidentiality of the data used for your authentication. SCA is a method of confirming the user’s claimed identity by using a combination of two of the following three different factors: 1) something you know, 2) something you have, 3) something you are.
Yes, you can change your email address in the “Profile” section of your Paynetics.online profile. Here is how to do it:
- Login to your Paynetics.online profile,
- Head to your ‘Profile’
- Click “Change” to your Email
- Follow the instructions
If you have forgotten your password to access your Paynetics.online profile, tap on ‘Forgot Password?’ on the Login page and follow the instructions to reset your password.
If you have your phone lost or stolen, you should immediately contact our support team.
If you would like to edit your company details in your Paynetics.online profile or the details provided during the sign-up process change with time, you will need to be re-verified and provide proof of the change. Please do this by contacting our support team.
ACCOUNTS
Currently we support accounts in the following currencies: EUR, GBP, BGN.
You can easily generate your account statement for certain periods from the “Accounts” tab in your Paynetics.online profile.
Yes, you can export your account statement in PDF format from the “Accounts” tab in your Paynetics.online profile.
The Available Balance displays the amount of funds in your payment account that can be accessed immediately while the Overall Balance shows the total balance of your payment account which includes the minimum required sum that is required to be maintained at any time while your framework agreement for the use of our payment services is in force, plus the sums of already instructed but still not performed payment transactions, plus any sums blocked for other valid reasons.
RECEIVING MONEY
You can receive money to your Paynetics.online account via transfer. You can send your friends, clients and partners your Paynetics.online account details so they can transfer money to you. To find your Paynetics.online account details:
- Login to your Paynetics.online profile
- Open the "Accounts" menu
- Click the Account “Info” button
You can review all fees applicable to your Paynetics.online account on our Pricing page.
Each account comes with certain types of transactional limits. Here is how to check them:
- Login to your Paynetics.online profile
- Open the "Accounts" menu
- Click the Account “Info” button
- Choose the Account “Limits” tab
Yes, you can receive money from other Paynetics.online account holders via an internal money transfer.
SENDING MONEY
The internal money transfer is the internal service that allows you to transfer money between your accounts and send money to other Paynetics.online users instantly.
Sending internal money transfer is quite easy; here is how to do it:
- Login to your Paynetics.online profile
- Open the "Transfers" menu
- Select the type of transfer wanted - “Between My Accounts” or “To Other Paynetics Account”
- Choose the account the money will be sent from
- Fill in the amount, currency and receiver’s account
- Click “Pay Now”
To authorize an internal money transfer “To Other Paynetics Account” you’ll be required to complete Strong Customer Authentication.
Yes, you can instantly send an internal money transfer to other persons having a Paynetics.online account. Simply Login to your Paynetics.online profile, go to “Transfers” menu, select “To Other Paynetics Account” and follow the instructions.
With Paynetics.online you can make transfers within the EEA directly from your account. Here is how to do it:
- Login to your Paynetics.online profile
- Go to "Transfers" menu
- Select the type of transfer wanted - “EEA Wire Transfer”
- Choose the account the money will be sent from
- Fill in the amount, currency, reason for payment and receiver’s account details
- Click “Pay Now”
To authorize a transfer you’ll be required to complete Strong Customer Authentication.
You can send internal or external transfers in the following currencies: BGN, EUR, and GBP.
Please note, if you transfer money to an account which holds a different currency (for example, if you transfer GBP to an account which holds CADEUR), a conversion fee will be applied.
You can transfer money to recipients within the EEA or UK. Please note that for outgoing credit transfers to the UK additional requirements should be present, such as the payment account of the recipient to have an account number and sort code.
The beneficiary will see your company’s name as the payer which ordered the transfer to the beneficiary’s account.
First, check your account balance to make sure that your account has sufficient available funds to carry out the transfer, including all applicable fees. Also, check if the transfer details are correct. If everything is in order and the issue persists, please contact our support team so we can help.
MESSAGES
If you need any help from us when using Paynetics.online or just have a question, you can always contact our support team via our in-app contact form. Your message will be filed in our system and assigned to a customer support team member to ensure you get help from us as quickly as possible. We also reserve the right to send you messages when this is necessary. You can review those messages in the ‘Inbox’ section of your Paynetics.online profile.
If you would like to file a complaint, the best way is to contact our support team via our in-app contact form.
FEES
You can review all fees applicable to your Paynetics.online account on the ‘Pricing’ Tab in your profile.
LIMITS
Each Paynetics.online account comes with certain types of transactional limits. Here is how to check them:
- Login to your Paynetics.online profile
- Go to "Accounts" menu
- Click the Account “Info” button
- Choose the Account “Limits” tab
FX RATES
Please Login to your Paynetics.online profile and review our latest or historical foreign currency exchange rates or in the “Buy/Sell Rates” Tab.
Yes, simply Login to your Paynetics.online profile and use our FX Calculator to pre-check what would be the conversion rates and converted amounts for a particular transfer.
Yes, please contact our support team via our in-app contact form to request preferential foreign currency exchange rates for a particular transfer.
We support the following currencies for holding and exchange: BGN, GBP, EUR.
SECURITY
Yes. Paynetics AD is a licensed e-money institution and as such is subject to the obligations for safeguarding of funds under the PSD2 and the Bulgarian Payment Services and Payment Systems Act. We safeguard your money by separating our own funds with the funds received from payment service users or through other payment service providers for the execution of payment transactions. We do so by putting your money in a safeguarding account - a separate account opened in our name with a bank licensed in a Member State of the EU. This means that the payment service users’ funds are protected from Paynetics’ creditors’ claims and can be repaid to our customers in case of our insolvency.
The Bulgarian Deposit Insurance Fund protects deposits you pay into a bank up to a maximum of BGN 196,000.
E-money is considered a payment method, like cash or currency, and not a deposit that a bank holds. This means it falls outside the remit of the Bulgarian Deposit Insurance Fund.
Check the link below for more information:
https://www.dif.bg/en