A Guide: Payment Services

Information Requirements

Service providers are required to provide you with a range of information. The information can be provided by a number of means – paper, e-mail, text or made available by a link to a secure website.

The information required to be provided depends on whether it is a one-off transaction or a contract for regular transactions, i.e. a framework contract.

If you enter into a framework contract for regular transactions the service provider should provide details of the following:

  • Name of the Service provider;
  • The payment service itself i.e. characteristics, account number etc.
  • Charges, interest and exchange rates;
  • Communication methods;
  • Safeguarding and corrective measures;
  • Duration of the contract, variation of terms and termination;
  • Complaints procedures.

Where the transaction is simply a one-off and relates to only one particular transaction, the service provider should provide details of the following:

  • The information required in order to process the transaction;
  • Timeframes for transaction to be processed;
  • Charges applicable;
  • Exchange rate used (if any).