Product Disclosure Statement

1.       GENERAL
1.1.   The general terms and conditions as set forth in Clause 1 – General of the iPayd Website Terms and Conditions shall apply equally herein.  

2.      References
2.1.  The references terms and conditions as set forth in Clause 2 – References of the iPayd Website Terms and Conditions shall apply equally herein. 

3.      Definitions
3.1.  Please find below a list of terms that are mentioned throughout this document and their respective meanings. Capitalised terms not defined herein shall have the meaning as set forth in the iPayd Website Terms and Conditions. Terms that are not defined herein or in the iPayd Website Terms and Conditions, take the meaning intended per their context in this document or as outlined in English dictionaries. 

4.1.  This Product Disclosure Statement (‘PDS’) is issued by iPayd Pty Ltd, ABN 12 649 359491 (iPayd P/L) and copies of it are available on the Website or on request via
4.2.  Flexewallet Pty Ltd ABN 16 164 657 032 (‘Flexewallet’) holds an Australian Financial Services Licence (‘AFSL’) # 448066 and iPayd P/L pays Flexewallet so that iPayd P/L can operate as a Corporate Authorised Representative 001296838 of Flexewallet’s AFSL and iPayd P/L issues this PDS under Flexewallet’s AFSL.  
4.3.  You should read and understand this PDS carefully and in its entirety as this PDS is designed to assist You in deciding whether to Use the Services.  
4.4.  The information in this PDS does not take into account Your personal circumstances including Your financial situation, Your financial objectives or Your needs. Before making a decision about the Services or whether to Use the Services, You should consider whether the Services are right for You. Any advice in this PDS is general advice only. For more information on the Services, please visit

5.1.  Information in this PDS is subject to change and Updated PDS will be available at Where a change is materially adverse to Users, We will notify You of that change by sending You a digital notice. You can also request an electronic copy of updated information, which We will provide to You free of charge.

6.1.  The Services allow Buyers to transact Goods valued at $1,000 or more, over the internet with the confidence that their Deposited Funds (less Fees) will only be released from the relevant iPayd Vault to the Seller’s nominated Bank account once all applicable conditions are met and that their iPayd Transaction is overseen by Us (i.e. a third party and not a party to any iPayd Transaction).  
6.2.  The Services offer Sellers comfort that the relevant iPayd Vault receives the Deposited Funds for the Goods that they are selling, before the Seller must deliver or arrange delivery of the Goods. 
6.3.  The Services do not offer bank accounts or wallets to Users.  
6.4.  Deposited Funds into an iPayd Vault do not earn any interest.  

7.1.  By Using the Services, You are entering into a contractual relationship with Us, which is governed by this PDS, and the Terms, as well as the Financial Services Guide which are all available on

8.1.  By Using the Services, You agree to receive communication in digital form or other forms deemed necessary or appropriate by Us. This may include You receiving emails from Us to the email address that You provide when registering to Use the Services, as well as text messages or telephone calls from Us. You acknowledge and agree that Our communication may include a copy of or a link to the relevant communication. 

9.1.  Monoova Moneytech Payments Pty Limited ABN 38 126 015 227 (“Monoova”) is engaged by iPayd P/L to provide deposit taking of funds settled by the Banking Institution and held on Our behalf until We provide Monoova with instructions on what to do with the settled funds. Monoova provides Us with an automated process for receiving, managing and disbursing funds.
9.2.  The funds that You deposit (or attempt to deposit) into or receive (or expect to receive) from an iPayd Vault may be subject to limits imposed by Your Bank.   

10.1.  If You have been told anything that is inconsistent with this PDS, or if You have been given any financial product advice by anyone seeming to act on behalf of iPayd P/L, You should NOT rely on it in making any decisions about Using the Services. You should only rely on what is in this PDS. 

11.1. There are some significant benefits to You associated with Your Use of the Services, including:
          (a)   iPayd P/L, a neutral third party, will monitor Your iPayd Transactions including the exchange of                   payment and Goods;
          (b)   Once We verify that the relevant iPayd Vault has received all required Deposited Funds, the Seller will                    be instructed to ship the Goods to the Buyer;
          (c)    iPayd will facilitate the holding of Deposited Funds (less Fees) in the secure iPayd Vault until the                    earlier of any of the following occurring:
                     -  the receipt and approval of the Buyer’s purchased Goods is confirmed via the Services;
                     -  the Buyer rejects the purchased Goods and the Goods are accepted as returned to the Seller; or
                     -  a Dispute is resolved and iPayd P/L has received the Dispute’s resolution particulars which                          instructs iPayd P/L to release the Deposited Funds (less Fees) to the Seller or the Buyer or                          both accordingly;
          (d)   The Buyer receives the Goods purchased and is afforded an Inspection Return Period to approve or                    reject the Goods, before any Deposited Funds (less Fees) are released;
          (e)   the Seller does not need to ship the Goods to the Buyer until after the Buyer deposits all required                   Deposited Funds into the relevant iPayd Vault, knowing that the amount equal to the sale price is                   being held securely;
          (f)   As Deposited Funds are deposited into a secure and unique iPayd Vault for the relevant iPayd                   Transaction, this offers protection for the Buyer that they will get the Good that they have been                   promised by the Seller (and if not, the Buyer can reject the Goods) and it also provides protection                   for the Seller that they will get paid once the Goods as promised have been delivered as promised;
          (g)   iPayd is for transactions with a value of $1,000 Australian Dollars (‘AUD’) or more. Therefore, Users can                   transact expensive Goods with confidence;
          (h)   iPayd only accepts AUD;
          (i)     Each iPayd Transaction will be allocated a unique iPayd Vault, assisting to ensure that iPayd                     Transactions are transacted securely;
          (j)     The Services are provided to You at affordable rates;
          (k)    Whilst Deposited Funds are in a unique iPayd Vault, iPayd Transactions can be carried out safely                    knowing that the Deposited Funds (less Fees) are securely held and that they are available when the                    iPayd Transaction is complete or a Dispute is resolved;
          (l)     The Services are available online and accessible 24 hours a day, 7 days a week; and
          (m)  Users can only access the Services with their correct login credentials.  

12.1.  There are some significant risks associated with use of the Services that You should be aware of, including:
          (a)   There is a risk that the security of Your Account could be compromised and is subjected to an                   account takeover, or other fraudulent activity. You must take steps to safeguard Your Account                   including protecting any security codes, passwords, equipment, devices or software required for                   Using the Services;
          (b)   Unauthorised transactions can happen via the Services. For example, a User does not comply with                    Our Terms or commits an offence, gains unauthorised access and uses another person’s account                    to process an iPayd Transaction, or a Seller sells a Good via the Services which they do not have                    the right to sell;
          (c)    You may be liable for losses resulting from an unauthorised transaction under the Terms;
          (d)   You are responsible for any loss or damage incurred or suffered by You in connection with an                    unauthorised iPayd Transaction, where on the balance of probability, We determine that You                    caused directly or indirectly, or contributed directly or indirectly to that loss or damage;
          (e)    You may not be able to get Your Deposited Funds (less Fees) back if unauthorised or unintended                    transactions occur via the Services;
          (f)     If the electronic network enabling the Use of the Services is unavailable, You may not be able to                     undertake any iPayd Transactions or get information Using the Services;
          (g)    In certain instances, there is a risk that the Services will be unavailable for a period of time. We are                     also dependent on there liability and operational processes of technology and communication                     providers with respect to computer and telecommunication networks as well as Our banking and                     payment processor providers in order to process payments. Whilst We seek to achieve 100%                     availability, process and service disruptions may occur from time to time;
          (h)    There is no guarantee that the Seller will release the Goods to the Buyer or that the Seller will                    release the Goods that the Buyer bought. In these circumstances, We will assist the Buyer to obtain                    a refund of Deposited Funds (less Fees) or the correct Goods;
          (i)     There is no guarantee that the Goods released by the Seller will satisfy the Buyer’s expectations.
                   Therefore, We recommend that Buyers utilise the Purchase Inspection Period to inspect the relevant                    Goods, and reject the Goods via the Services during that Purchase Inspection Period, if such Goods                    are not what the Buyer agreed to purchase;
          (j)     Transaction delays may occur, so You may not receive Deposited Funds (less Fees) on the day that                    You expect and therefore You would not earn interest on those funds in Your Bank account that You                    may have earned, had You received the Deposited Funds(less Fees) earlier. 

13.1.  There are some other important things that You need to be aware of about the Services:
          (a)   You do not earn and We do not pay to You, any interest on Deposited Funds;
          (b)   If You deposit more than the required amount of $AUD into the iPayd Vault from Your Bank account,                   where possible, the excess will be automatically refunded to You to the account from which You                   paid. Where this is not possible, We may incur dishonour fees for unsuccessful attempts to refund                   to You. We will on charge all dishonour fees to You by either reducing the refund amount owed or                   requiring that You pay Us the dishonour fees (where Your refund amount is less than the dishonour                   fees);
          (c)   Deposited Funds do not represent an investment into iPayd P/L, Monoova, the Banking Institution or                   any other entity, product or service; and
          (d)   You do not become a depositor with Monoova or other Banking Institution by being a User of the

14.1.  Below is a table of the non-refundable fees and charges that You may incur in Using the Services: 

15.1.  If You have a Complaint, You can contact Us via:                          
          Phone: 1300 926 968
15.2.  iPayd P/L will handle all Complaints according to Our internal Complaints resolution procedure. 
15.3.  Our Complaints resolution procedure requires that We acknowledge receipt of Your Complaint as soon as reasonably practicable and include information about Our Complaints handling process in that acknowledgement. If We are unable to resolve Your Complaint to Your satisfaction after the expiration of Our Complaints resolution procedure (or at any other time), You may be eligible to escalate the Complaint to Our external dispute resolution service.  
15.4.  Our external dispute resolution service is:                            
          Australian Financial Complaints Authority (AFCA)                          
          Mail: GPO Box 3, Melbourne VIC 3001                          
          Phone: 1800 931 678                          
          Fax: 03 9613 6399

16.1.  By Using the Services, You acknowledge and agree that:
          (a)   You are responsible for all taxes which may be applicable to any payments that You make or receive                    and it is Your responsibility to comply with Your taxation obligations;
          (b)   We reserve the right to conduct know your client (‘KYC’) checks and verifications at Our discretion                    and at any time including when You are registering to Use the Services and at any point in time                    after that;
          (c)    We are not a bank and are not licenced to provide financial services other than those which We offer                     via the Services. We do not provide any banking or other financial services to You;
          (d)   Deposited Funds are not insured;
          (e)   Deposited Funds are not a guaranteed deposit under the Federal Government’s Financial Claims                   Scheme or any other government guarantee;
          (f)    All Fees are non-refundable and that therefore, anytime that You receive a refund, the amount that                    We refund to You will be less any Fees that are payable to Us;
          (g)   Any refunds required to be processed in Your favour will be returned only to Your Bank account                    unless You provide Us with and We verify Your alternatively nominated Bank account;
          (h)   Deposited Funds (less Fees) will be held in an iPayd Vault unique to a specific iPayd Transaction                   which is ultimately held within the Banking Institution;
          (i)    You can request are fund of Deposited Funds (less Fees) where You reject the Goods and it is                   acknowledged in the Services that the Goods have been returned to and accepted by the Seller; and
          (j)    You can request are fund of Deposited Funds (less Fees) where Your and the other party to Your                   iPayd Transaction request to cancel the relevant iPayd Transaction is approved by Us.  

17.1.  We may refund Deposited Funds (less Fees) to You irrespective of whether You have asked Us to refund any Deposited Funds to You where:
          (a)   We are required by Law or We consider that We are required by Law to do so;
          (b)   We believe that the Deposited Funds related to an unauthorised iPayd Transaction;
          (c)    We determine that refunding the Deposited Funds (less Fees) to You will avoid a Dispute or an                    increase in Our operating costs;
          (d)   We provide there fund to You in accordance with any refund policy of Ours from time to time;
          (e)   We discover that a component of Your iPayd Transaction is fraudulent which may relate to the                   other party to Your iPayd Transaction or You;
          (f)     We determine that You have failed Our KYC requirements after You originally passed Our KYC                     requirements; or
          (g)   We determine that You have made a duplicate payment or deposited more than necessary, in error. 

18.1.  Where You and the other party to Your iPayd Transaction have a Dispute, You agree to follow the Dispute resolution process outlined in Our Terms.  

19.1.  Where Deposited Funds (less Fees) have been released to You, and We become aware that those Deposited Funds were deposited into an iPayd Vault, as a result of a fraudulent or unauthorised transaction, We may do anything that We deem appropriate or necessary, or that is required of Us by a compliance or law enforcement authority, without notification or liability to You. You must pay back those Deposited Funds to Us. If You do not pay back those Deposited Funds, We may suspend, limit or cancel Your Account or take action against You to recover those Deposited Funds.  
19.2.  We may in Our sole discretion without notification or liability to You, place a limit on the number of iPayd Transactions to which You may be a party if:
          (a)   We are required by a compliance or law enforcement authority to do so; or
          (b)   We believe that You are not entitled to be a party to more than a certain number of iPayd                    Transactions within a particular period. For example, You can only sell a certain number of cars                    per year before being required to register or obtain a licence. 

20.1.  Without limiting any of Our other remedies, to the extent that You have breached any material terms of this PDS or Our Terms, You must pay Us all Fees owed to Us, and reimburse Us for all losses We suffer and costs (including any and all of Our employee time)and reasonable expenses (including legal fees) We incur, which relate to Our investigation of Your breach and collecting such Fees.   

21.1.  By Using the Services, You confirm that no activity related to Your Account is or will be associated with any activity that is fraudulent, unlawful, illegal or otherwise inappropriate.  
21.2.  Our KYC program helps ensure the safety of all iPayd Transactions by verifying User identities through electronic identity verification or documentation collection.  
21.3.  If You are not KYC verified, initially upon registration to Use the Services or at any point after Your first Use of the Services, You will not be permitted to be a User of the Services or Your existing Account will be cancelled and You are not permitted to re-register Yourself as a User of the Services, using the same or different credentials.  You acknowledge and agree that to verify Your identify We may rely on third party databases or other sources.

iPayd Pty Ltd is a corporate authorised representative 001296838 of Flexewallet Pty Ltd,
ACN 164 657 032, AFSL 448068

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