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Business Paying Agent

Caxton Payment Agency Supplementary Terms and Conditions

These terms and conditions apply to Your multicurrency corporate prepaid Card and/or Your sterling corporate prepaid Card. You should read them carefully before accepting them. You accept them by ticking the box “I confirm that I have read, understood and agree to the Caxton Payments Limited (“Caxton”) prepaid Currency Card terms and conditions” as part of Your online registration. In these terms and conditions “You” or “Your” means the named Organisation and the Cardholder(s). “We”, “Us” or “Our” means the Company, PSI-Pay Limited or the Programme Manager, as the context may require.

1. These Caxton Payment Agency Supplementary Terms and Conditions (“Agency Terms”) shall be read in conjunction with Caxton’s Fee Agreement (‘FA”), Caxton’s Payment Agency Schedule (“PAS”), Caxton’s Base Terms and Conditions (“Base Terms”), and, if applicable, Caxton’s International Payment Supplementary Terms and Conditions (“International Terms”) (collectively the “Agreements”). In the event of a conflict between the Agreements, the order of priority shall be the PAS, these Agency Terms, the Base Terms, International Terms and FA. Defined Terms in these Agency Terms shall have the same meanings as set forth in the Agreements.
2. Upon full execution of the PAS and the completion of any due diligence/on-boarding by Caxton, the parties to the PAS hereby appoint Caxton as its paying agent subject to the terms of the Agreements.
3. Caxton Obligations. Caxton shall place funds received from the Payer into a Caxton account established for the purpose of receiving client funds (“Safeguard Account”). Caxton shall have sole operation and signing authority over the Safeguard Account. Caxton shall ensure that the Safeguard Account shall not be subject to any right of set-off or security right, other than in respect any fees or expenses set forth in the FA. Caxton agrees to make transfers only in accordance with the Payment Instructions (described in the PAS and below). Any interest accruing on funds in the Safeguard Account will be for Caxton’s account. Caxton shall open Caxton Accounts for each payee into which their share of funds will be placed on the instructions of the Lead Payee. Each Payee will be provided with login details for their Caxton Account.
4. Receipt and Payment. The Payer referenced in the PAS shall transfer the Account Funds referenced in the PAS to Caxton, whereupon Caxton shall place the Account Funds in the Safeguard Account, as agent for the Payees. Upon receipt of the Payment Instructions from the Lead Payee, Caxton shall, to the extent there are sufficient funds in the Safeguard Account, disburse the Account Funds in the amounts specified in the PAS, to the Caxton Accounts of all the Payees, as more particularly referenced and set forth in the PAS. The Lead Payee shall provide Caxton with written instruction detailing how and when distributions should be made to the remaining Payees. Caxton excludes any and all liability, and the Lead Payee and Payees of the Lead Payee, agree that Caxton shall have no liability other than to execute the disbursement(s) to the Payees as directed by the Lead Payee. Once funds have been distributed to Payees, each Payee is able to send those funds from their Caxton Account to whichever external bank account or similar.
5. Limited Role. The Lead Payee and Payees acknowledge and agree respectively that Caxton’s role is limited to acting solely as agent of the Payees to receive the Account Funds and to disburse the Account Funds into the Payees Caxton Account, and no other role. The Payees confirm that they have the capacity and authority to enter into the Agreements. Caxton shall be deemed to have no knowledge of, nor be bound by, the underlying agreement between the Payer or Payees giving rise to the Agreements or any other agreements or understandings between the Payer and Payees.
6. Electronic Signatures. Caxton will treat electronic signatures as binding provided any documents and Payment Instructions are signed using the same email address as that set forth in the PAS.
7. Conflicting Instructions. If Caxton receives conflicting or unclear instructions from the Lead Payee or Payees, it may suspend its obligations under the Agreements until such time as it has received clear and unambiguous joint instructions from all Payees or has resolved such conflicting or unclear instructions after receiving advice from its legal advisors or taken formal legal action.
8. If Caxton receives a notice that there is a dispute concerning any of the Agreements, Caxton may suspend its obligations under the Agreements until such time as it has received unambiguous notices from both the Payer and the Payees that the dispute is resolved (to Caxton’s satisfaction) or has received a court or similar order binding on Caxton directing Caxton how to proceed.
9. Caxton may suspend or refuse to act upon a Payment Instruction (i) if to do so would cause Caxton to be in breach of any new or existing law, banking regulation, PSR or the like, or a payment is otherwise not permitted, (ii) to perform additional due diligence/on-boarding on the Payer or a Payee, or (iii) if Caxton reasonably believes that the Payment Instruction has not been duly authorised. If permitted by law, Caxton shall inform the Payer and Payees of the reasons for such suspension or refusal, and Caxton shall act upon the Payment Instruction only when it reasonably believes it is able to do so.
10. If Caxton has made an error in connection with a Payment Instruction and disburses an incorrect amount or makes a disbursement to the wrong Payee or a third-party, Caxton shall cause such payment to be reversed, or otherwise correct its error, and will promptly re-disburse the funds as directed in the Payment Instruction. Caxton shall not be liable in the event that it has not been given correct account details of a Payee, or a Payee’s account details have changed, and Caxton has not been informed of the change with timely and adequate notice.
11. The amount of Caxton’s fees shall be set forth in the FA and/or PAS and shall be deducted from the Safeguard Account within seven (7) days any Account Funds are placed in the Safeguard Account. If Account Funds are not received in the Safeguard Account within twelve (12) months of the Effective Date and Caxton terminates these Agency Terms pursuant to Section 13 below, Caxton shall invoice the Lead Payee (and the Lead Payee agrees to pay within seven (7) days of invoice date) fifty percent (50%) of the fees that would otherwise have been due as set forth in the FA and/or PAS.
12. Term and Termination. In addition to the termination rights set forth in the Base Terms, these Agency Terms shall terminate if (i) the Payer does not transfer the Account Funds to Caxton within twelve (12) months of the Effective Date of the PAS, (ii) the Payees collectively provide Caxton with thirty (30) days written notice of termination of the Agency Terms and PAS, or (iii) all the funds in the Safeguard Account have been disbursed. Upon termination, any funds remaining in the Safeguard Account shall be returned to the Payer.
13. Except to the extent caused by Caxton’s gross negligence, willful disregard of any Payment Instruction or other lawful instructions given by the Payees, recklessness, fraud or gross misrepresentation, the Payees shall jointly and severally indemnify Caxton, its employees, officers, agents and contractors, in the event Caxton suffers any loss (including the incurrence of reasonable legal fees) or damage in the performance of Caxton’s obligations set forth in these Agency Terms and associated PAS. Caxton may use any funds in the Safeguard Account to satisfy this indemnity.
14. Except to the extent caused by Caxton’s gross negligence, willful disregard of any Payment Instruction or other lawful instructions of the Payees, recklessness, fraud or gross misrepresentation, Caxton shall have no liability (i) in the exercise of its obligations under these Agency Terms or the associated PAS, (ii) its deeming that due diligence/on-boarding or further due diligence/on-boarding is required of any Payer and/or Payee prior to the performance of any of its obligations under these Agency Terms, or (iii) in respect of its compliance with relevant laws, banking regulations, PSRs or the like, governing Caxton’s compliance with these Agency Terms.  
15. Foreign Exchange. Any cross-border payments and the exchange rates applied in any cross-border payments shall be governed by the International Terms.