Effective date: 5/04/2024
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.
Definitions
"Franklin" refers to
Franklin Technologies ApS
Registration number: DK44194805
Address: Kronprinsensgade 1, baghuset 2. floor, 1114 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. Unless anything else is agreed in writing, eligible transactions is only card purchases made on marketing or software purchases.
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, refunds, and other fees and charges do not count as Eligible Spend.
In case of chargebacks/refunds, 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