Terms and conditions

Effective date: 5/04/2024

1. Introduction

Franklin, a technology company registered as an outsourcing partner to UAB NIUM EU (NIUM), licensed by The Bank of Lithuania, provides innovative solutions for ecommerce companies. These Terms and Conditions ("Terms") govern your usage of Franklin and associated services. By accessing or using Franklin and associated services, you agree to be bound by these Terms.

2. Definitions

"Franklin" refers to Franklin Technologies ApS
Registration number: DK44194805
Address: Silkegade 3B, 1. floor, to the left, 1113 København K, Denmark

a company registered as an outsourcing partner to NIUM and licensed by The Bank of Lithuania.

"User" refers to any entity using Franklin and associated services. This service is not intended for consumers. To use our service, you must be at least 18 years of age and have the legal capacity to enter into a binding agreement. By using the Service, you represent and warrant that you meet these eligibility requirements.

3. Use of the Franklin Card

The Franklin card is a financial product issued by NIUM, an associate member of Visa, and is subject to the terms and conditions set forth by NIUM. By using the Franklin card, you agree to abide by these issuer terms in addition to these Terms.

4. Cashback Rewards

As a user of Franklin, you may be eligible to receive cashback rewards on your spending. The current cashback reward rate is as a standard set at 0.5% of all eligible transactions made with the Franklin card. However, please note that cashback rewards are subject to change or termination at the discretion of Franklin without any notice.

We reserve the right to make the final determination of what constitutes eligible transactions. Your cashback accumulates automatically with each qualifying transaction.

Please note that temporary holds, processing or transaction fees, ATM charges, balance transfers, cash withdrawals, cheque purchases, insurance premiums, interest premiums, interest, default charges, deductions, returns, reversals, refunds, and other fees and charges do not count as Eligible Spend.

In case of chargebacks/refunds/reversals, these transactions will not qualify for cashback payouts.

Cashback is accumulated every month and is automatically deposited to your Franklin e-money account 30 days after the end of the month. All cashback is paid in EUR independent from your e-money account currency.

5. Protection of Funds

Franklin, as a technology company, does not directly provide any regulated financial services. Funds deposited by our customers are safeguarded in accordance with applicable laws and regulations by NIUM, our financial services provider. Upon deposit, funds are placed into ring-fenced accounts with NIUM's partner banks, ensuring segregation from both NIUM's and Franklin's operational funds. It's important to note that funds deposited are safeguarded under Electronic Money Regulations (EMR) and not by financial protection schemes like the EU Directive on deposit guarantee schemes (DGS).

6. Fees, Charges and billing

The use of Franklin and associated services may be subject to various fees and charges. These fees include but are not limited to transaction fees, foreign exchange fees, and monthly account fees. A detailed breakdown of applicable fees and charges can be found below, which you agree to review and accept before using Franklin.

• E-money account setup: 0 DKK

• Subscription: 375 DKK per month

• Initial 10 Virtual Cards: 0 DKK per month

• Price per virtual card beyond the initial 10 cards: 7 DKK per month

• FX margin on transfers: 2 %

• FX margin on cards: 2 %

• DKK Local / KRONOS 2 pay in: 0 DKK

• SEPA Instant pay in: 0 DKK

• SWIFT pay in: 19 DKK

• Chargeback processing: 300 DKK

All fees will be charged in DKK, whether displayed in EUR, USD, or any other currency.

Franklin reserves the right to adjust and increase our prices, with 30 days written notice.

Billing cycles are monthly or yearly and will automatically be deducted from your Franklin e-money account. In case there are insufficient funds in your e-money account, you will be required to fund your e-money account within 7 days to ensure there are sufficient funds available. Your contact person from Franklin will reach out to inform you about this. In case you fail to fund your e-money account within 7 days, we will suspend your e-money account and recover the amount due either directly from you or via our debt collection partner.

Invoices will be available on our platform as fees are charged.

7. Exchange Rates and Fees

When conducting transactions involving currency conversion, exchange rates, and applicable fees will apply. Fees are outlined in "6. Fees, Charges and billing" and are subject to change. Users can view the exchange rate applied on our platform.

At Franklin, we are committed to upholding regulatory standards to ensure transparency and fairness in all our financial services. We comply with the 2nd Cross-Border Payment Regulation (CBPR2) regarding transparency of currency conversion costs for card payments, as mandated by the European Union (EU) Regulation 2021/1230 and UK CBPR1.

8. Account Information and Statements

Access to your e-money account balance and transaction history is available through the Franklin's online portal. Users are responsible for reviewing their transaction information regularly and reporting any discrepancies or unauthorized transactions to our Customer Support team.

9. Usage of Open Banking

Users may opt to utilize open banking services, allowing third-party payment initiation service providers or account information service providers to access their banking information. By doing so, users acknowledge that these Terms and Conditions apply to such transactions and information requests.

Through NIUM and their third-party provider, Franklin offers payment initiation services and account information services.

10. Integrations

Franklin incorporates and/or link to third-party services, data, or content. We do not endorse or control such third-party services, data, or content, and we are not responsible for their availability, accuracy, legality, or content. Your use of such third-party services, data, or content is at your own risk and subject to their respective terms and conditions.

11. Notices and Information

Written notices and information regarding Franklin and associated services will be provided electronically through email or the Franklin website. Users are responsible for ensuring that their contact information, particularly their email address, is accurate and up to date.

12. Third-Party Websites

Links to third-party websites may be provided on the Franklin website for informational purposes. Users acknowledge that these third-party websites are not governed by these Terms and Conditions or any Additional Terms and access to such websites is at their own risk.

13. Service Level Agreement

While we strive to provide uninterrupted services, interruptions, delays, or errors may occur. Users experiencing issues are encouraged to promptly notify our Customer Support team for assistance.

14. Customer Service and Complaints

Customer service assistance is available to users during normal business hours. In the event of complaints or concerns regarding Franklin or associated services, users are encouraged to contact us through the designated channels for resolution.

15. Intellectual Property

All intellectual property rights associated with Franklin and associated services, including but not limited to content, logos, and software, are owned or controlled by Franklin. Users are prohibited from unauthorized use or reproduction of our intellectual property.

16. Liability and Indemnification

Users are responsible for all liabilities incurred as a result of their access to and use of Franklin and associated services. This includes liabilities arising from any breach of these Terms and Conditions or any Additional Terms. Users agree to indemnify and hold harmless both third parties and Franklin for any such liabilities.

17. No Warranties

Franklin and associated services are provided on an "as is" and "as available" basis, without any express or implied warranties or conditions. Franklin does not warrant continuous, uninterrupted, or secure access to the services and will not be liable for any disruptions or impairments.

18. Limitation of Liability

Franklin, as a technology company, will not be responsible for any direct or indirect loss or damages incurred by users. This limitation of liability applies to specified circumstances beyond our control, including legal or regulatory requirements, third-party fraudulent acts, or errors made by users.

19. Use of Your Personal Data

In order to provide our services, Franklin may collect and process certain personal data about users. Users can refer to our Privacy Policy for a detailed description of how their data is collected, used, and protected.

20. Entire Agreement

These Terms and Conditions, along with any applicable Additional Terms, constitute the entire agreement between users and Franklin regarding the provision of Franklin and associated services. In the event of any conflict between these Terms and Conditions, Additional Terms, or any other agreement or policy, these Terms and Conditions will prevail.

These Terms are binding on the onboarded corporation ("User") and all of its sub-users, including employees or external bookkeepers granted access to the Services. The User must ensure that all sub-users comply with these Terms, and the User remains responsible for all actions taken by sub-users in connection with the Services. In these Terms, the User and its sub-users are collectively referred to as "you" or "your."

21. Partial Invalidity

If any provision of these Terms and Conditions or any Additional Terms is deemed illegal, invalid, or unenforceable, the legality, validity, or enforceability of the remaining provisions will not be affected.

22. Changes to this Agreement

We are committed to ensuring that users always have easy access to these Terms and Conditions, which will be readily available on the Franklin website. Franklin reserves the right to amend, delete, or add to these Terms and Conditions and any Additional Terms, as well as to change, delete, discontinue, or impose conditions on any feature or aspect of the Services, at any time.

Users will be provided with a 30-day notice of any changes, except where permitted or required to make changes sooner in accordance with applicable law. Certain changes may be implemented immediately without prior notice, including those required by card scheme rules, applicable law, or the addition of new services or functionalities. Users unhappy with changes to these Terms and Conditions may close their Franklin e-money account free of charge before the changes take effect.

23. Governing Law and Jurisdiction

These Terms and Conditions shall be governed by and construed in accordance with the laws of Denmark, without regard to its conflict of law provisions. Any disputes arising out of or in connection with these Terms and Conditions shall be subject to the exclusive jurisdiction of the courts of Denmark.

Contact Us

If you have any questions about this Privacy Policy, You can contact us on hey@hifranklin.com