Combined Financial Services Guide
Effective: July 6, 2020 (v1)
ADYEN AUSTRALIA PTY LIMITED
Combined Financial Services Guide and Product Disclosure Statement Issuer: Adyen Australia Pty Limited, ABN 55 162 682 411, AFSL 516550 (Adyen, we, us, our)
Date: 6 July 2020
adyen.com +61 2 8520 3890 1/255 Riley Street, Surry Hills NSW 2010
1. Part 1: Financial Services Guide (FSG)
1.1 1. About this FSG
This FSG contains information designed to help you decide whether to use any of the financial services offered by us. It also contains information about how we are paid and how complaints against us are dealt with.
1.2 2. You will receive a Product Disclosure Statement (PDS) from us
The PDS in Part B of this document is provided to assist you in deciding whether to use Adyen’s payout service. It contains information about our payout services, including the significant features, benefits and risks related to the service.
1.3 3. How you can provide instructions to us
Instructions must be provided to Adyen in writing via support.adyen.com or through Adyen’s online customer portal. Payment instructions must be provided through one of the permitted connection methods to Adyen’s payment processing system.
1.4 4. The financial services we can provide to you
Adyen is authorised to provide the following financial services to retail and wholesale clients:
- issue, apply for, acquire, vary or dispose of non-cash payment products; and
- provide general financial product advice for non-cash payment products.
1.5 5. Who we act for when providing financial services
We provide the financial products and services we offer, and we act on our own behalf.
1.6 6. How we are paid for the financial service we provide
Adyen receives money from any fees you pay us, as set out in section 16 of this combined FSG and PDS. Our staff receive a salary plus superannuation, and may receive bonuses and other benefits from time to time.
1.7 7. Our associations and relationships
We are part of the Adyen N.V. group of companies.
1.8 8. Our professional indemnity insurance
We have professional indemnity insurance, which provides cover for claims by retail clients that relate to the financial services that we and our representatives provide. This satisfies the compensation arrangements required under section 912B of the Corporations Act 2001 (Cth).
We are also covered for claims against former representatives while they acted on our behalf.
You do not have a direct right to claim under this insurance.
1.9 9. What if you have a concern?
If you have complaints about our services, please contact us at firstname.lastname@example.org.
We’ll acknowledge receipt of your complaint within 1 working day and aim to resolve your complaint within 45 days.
If you’re not satisfied with our response and you are a retail client (as defined in the Corporations Act), you can contact the Australian Financial Complaints Authority (AFCA) (an independent and free dispute resolution body). Before AFCA can investigate the matter, you must have first given us the opportunity to review it.
The contact details for AFCA are:
Australian Financial Complaints Authority
Telephone: 1800 931 678 (free call)
Post: GPO Box 3 Melbourne VIC 3001
2. Part 2: Product Disclosure Statement (PDS)
2.1 10. Important
This PDS includes important information you will need to consider when making a decision about Adyen’s payout services.
The information in this PDS is general information only. It does not take into account your objectives, financial situation or needs. Accordingly, before acting on any information contained in this PDS, you should consider the appropriateness of the information, having regard to your objectives, financial situation and needs.
All monetary amounts referred to in this PDS are in Australian dollars, unless stated otherwise.
Information in this PDS may change from time to time. Where a change is not materially adverse to customers, we may tell you about the change by including information on https://www.adyen.com/legal/combined-financial-services-guide.
We will, on your request, provide you with a paper copy or electronic copy of any updated information, free-of-charge.
Neither Adyen Australia Pty Ltd (we, us, our), nor its related entities, directors, officers or service providers, guarantee the performance of Adyen’s payout services.
2.2 11. Adyen’s payout services
Adyen’s payout services can either be used by merchants in combination with payment processing through Adyen, or by using Adyen for Platforms (see below).
Adyen for Platforms is an end-to-end payment solution for marketplaces, on-demand services, crowdfunding platforms, and any other business model.
Adyen for Platforms allows you to:
- Split payments between one or multiple sub-merchants, deduct costs as needed, and hold funds until payout;
- Securely transfer funds between your account and your sub-merchants’ accounts; and
- Determine payouts for sub-merchants – whether it be on demand or automated.
2.3 12. Terms and Conditions
If you sign up to use Adyen’s services, your agreement with Adyen (including its schedules and documents referenced) will constitute your agreement with us.
2.4 13. Key benefits of using Adyen’s payout services
Some key benefits of using Adyen’s payout services include:
- Support of widespread payment methods, such as Visa, Mastercard, Apple Pay and Google Pay, as well as support of local payment methods, such as POLi Payments, Afterpay and Zip.
- Ability to payout money in more than 20 countries.
- Ability to support automatic payouts and manual payouts through Adyen for Platforms.
- Simplified onboarding experience for platform sub-merchants globally, through one endpoint, through Adyen for Platforms.
- Split payment functionality on Adyen for Platforms allows for automation of internal payment processes.
2.5 14. Key risks of using Adyen’s payout services
Key risks of using Adyen’s payout services include:
- You may not receive your settlement amount from us if you owe any amount to us or our related bodies corporate.
- Unavailability of our services, delay and cancellations.
- There is a risk that the security of your account could be compromised and that a person could attempt to conduct fraudulent transactions on your account, or that we may not process your transactions in some circumstances. (Note that sometimes a transaction will not be processed by us where we consider the transaction to be high-risk or fraudulent, or we are unable to prove your identity.)
2.6 15. Fees and other costs
For cross-border bank transfer pay-outs, the currency conversion fee is 1.2% for AUD, CAD, DKK, HKD, JPY, NZD, NOK, SGD, ZAR, SEK, CHF, GBP, USD, EUR, PLN.
For all other currencies, the currency conversion fee is 3%.
Payouts services will be charged as follows:
Domestic bank transfer pay-out: AUD 0.40
Payout services processed through Adyen for Platforms will be charged to the platform. If you are a sub-merchant (i.e. a seller or service provider that has a contract with a platform and operates on the platform), you will not be charged a fee directly by Adyen, however, the platform you use may charge you a commission or service fee for using their platform.
The pricing stated above is standard pricing for the standard product offering; different fees or optional features may be agreed in your or the platform’s agreement with Adyen.
2.7 16. Other important information
There may be tax implications associated with using our services and you should obtain independent taxation advice applicable to your own facts and circumstances. You are solely responsible for collecting, reporting and paying any taxes that may arise from your use of our services. You agree to comply with the applicable tax laws in connection with your use of our services. Fees we charge are subject to Goods and Services Tax (GST) where our service is a taxable supply and in those circumstances, GST will be added to the fees charged to you.
Please note that Adyen is legally required to report transactions to the Australian Taxation Office, including pursuant to Division 396 of Schedule 1 to the Taxation Administration Act 1953 (Cth).
For information about how we handle information about individuals, please read our Privacy Statement available here.
2.8 17. Complaints and how to contact us
Please refer to the beginning of the document for our contact details and section 9 of this document for how you can raise any concerns with us.