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Terms & Conditions

1. Introduction

Use of this website is subject to these Terms and Conditions ("Terms") and our Privacy Policy ("Privacy Policy"). By visiting our website, you confirm that you have read, understood, and agreed to these Terms. We may update our policies from time to time, and it is your responsibility to check this page for updates.

2. Terms

These Terms outline the conditions under which we provide payment services to you or your company. Please read them carefully before opening a payment account. These Terms explain who we are, how we will provide services to you, how you may change or terminate the contract, what to do in the event of a problem, and other essential information. Contact us if you believe there is a mistake in these Terms.

These Terms, the Privacy Policy, and any other applicable terms and conditions collectively form a legal agreement (“Agreement”) between you and us.

3. Company Information and Contact

We are Next Markets Ltd, a company incorporated in the United Kingdom under registration number 14020031(hereinafter "Next Markets" or "the Company"), and operating under license number M22287908, issued on 21.04.2022.

Next Markets Ltd is supervised by FINTRAC (Financial Transactions and Reports Analysis Centre of Canada). You can find more information about our regulation and activities at: FINTRAC website.

You must immediately notify us of any relevant changes related to this Agreement, including (but not limited to):

  • Changes to your name, address, or contact details;
  • Loss or theft of your personal identity document or credentials;
  • Loss or theft of access to your account or payment instrument.

You must notify us even if any of this information becomes publicly available.

We may contact you via phone, SMS, email, postal mail, or through our online portal. "Writing" includes communication through email or our online portal.

Any notices will be deemed received:

  • By first-class mail or delivery service: on the second business day after sending;
  • By SMS, email, or portal: at the time of transmission (or when business hours resume if sent outside them).

All communication, including this Agreement, will be in English. You may request a copy of the Terms at any time.

4. Our Services

Next Markets Ltd is authorized to provide payment services under the Proceeds of Crime (Money Laundering) and Terrorist Financing Act (PCMLTFA) by FINTRAC.

We do not provide banking services. Customer payment accounts are not insured by the Canada Deposit Insurance Corporation (CDIC) or similar deposit guarantee schemes. Funds are held in transit in protective accounts with reputable financial institutions.

5. Our Right to Make Changes

We may update these Terms, including Fees, at any time. Updates will be published on our website and will become effective upon publication.

We may or may not notify you individually. You are responsible for checking our website regularly.

If you disagree with any changes, you may terminate this Agreement and close your account without penalty.

6. Providing Payment Services

Under our AML Policy, a business relationship is established once a service agreement is signed.

We will continue to provide services until this Agreement is terminated or suspended per the Terms. We are responsible for correct execution of transactions unless proven that the recipient’s institution received the correct amount.

We will make reasonable efforts to trace and resolve any failed or faulty transactions free of charge upon your request.

We are not responsible for delays caused by events beyond our control. If such events occur, we will inform you and minimize the impact.

We may impose limits on payments and transfers, consistent with our AML Policy.

7. Registering a Payment Account

You may open only one account unless otherwise agreed in writing. Duplicate accounts may be suspended, merged, or closed.

By registering, you confirm:

  • You are legally allowed to enter into this Agreement.
  • You are the sole beneficial owner, or you have informed us otherwise.

Violation of this section may result in immediate termination.

8. Identification Requirements

We will request documents to verify your identity and business, depending on your location and regulatory requirements. All information must be accurate and complete.

We may request additional verification or re-identification if:

  • We have doubts about the information provided;
  • Circumstances change (e.g., ownership, address, tax residency).

Credentials (e.g., OTP, MAC tokens) will be used to authenticate access.

9. Authorized Persons

You may authorize others to access your account and use our services. You are responsible for their actions.

Each authorized person must register with us and will be bound by these Terms. Their authority must be documented (e.g., power of attorney).

10. Fees

You agree to pay fees for services as published in our Fees Schedule (“Tariffs”). Fees may include charges for:

  • Account maintenance;
  • International transfers;
  • Document requests;
  • Transaction amendments.

Special fee arrangements, where applicable, prevail over general terms.

We may amend the Tariffs at any time. You may terminate this Agreement before the changes take effect without penalty.

You are responsible for any applicable taxes or external costs not collected by us.

11. Refusal, Suspension, or Closure of Account / Payments

We may decline to open, suspend, or close your account, or refuse payments under the following conditions:

  • Non-compliance with AML/CFT regulations;
  • Suspicion of criminal activity, including fraud or money laundering;
  • Providing false information;
  • Risk profile deemed unacceptable;
  • Insolvency or bankruptcy;
  • Non-payment of debts;
  • Legal obligation or court order;
  • Death of the account holder.

We will usually notify you before such actions, except when legally prohibited or in urgent cases.

12. Account Closure

You may terminate this Agreement at any time by contacting us.

Outstanding debts must be settled before closure. Upon termination, you will have reasonable time to withdraw remaining funds.

Termination becomes effective within one calendar month from notice, or earlier by agreement.

13. Restricted Activities

You must not:

  • Breach these Terms or any laws, especially AML/CFT laws;
  • Infringe on IP rights;
  • Provide false information or refuse requested documents;
  • Misrepresent our services;
  • Transfer illicitly earned funds;
  • Avoid identification requirements;
  • Operate from restricted jurisdictions;
  • Use our services in a manner that may cause harm to us or third parties.

14. Use of Personal Information

We process your personal data in accordance with Canadian data protection laws. For more, refer to our Privacy Policy. We act as the data controller for personal data processed.

15. Complaints and Disputes

Please contact us with any complaints. We will respond within 30 business days.

If unresolved and you are a consumer, you may contact the Financial Consumer Agency of Canada or file a claim with the Canadian Arbitration Association.

16. Liability and Limitation

We are liable for losses only where:

  • They were foreseeable and caused by our material breach or negligence;
  • They were not due to external or commercial risks.

We are not liable for:

  • Business losses (e.g., lost profits);
  • Indirect or consequential damages;
  • Losses due to your breach or negligence.

We do not limit liability for fraud, gross negligence, or personal injury caused by us.

17. Indemnity

You agree to indemnify and hold us harmless against any loss, damage, or expense (including legal fees) arising from:

  • Instructions or actions by you;
  • Failure to meet obligations;
  • Any act of negligence or bad faith.

We may deduct such losses from your account.

18. Unauthorized Payments

We will refund unauthorized payments only if:

  • You did not act fraudulently;
  • You notified us promptly;
  • You did not negligently compromise security;
  • You informed us within 13 months of the transaction date.

You must monitor your account and report any issues immediately.

19. Other Provisions

We are not obligated to explain decisions not to enter into a relationship.

These Terms are binding on successors and permitted assigns.

If any clause is deemed unenforceable, the remaining Terms remain valid.

Governing law: Province of British Columbia, Canada.

Disputes unresolved within 30 days may be submitted to the courts of Canada.

You waive rights to participate in class actions against us.

The Agreement is in English only.

Section titles are for reference only.

Singular terms include plural and vice versa; gender-neutral language applies.

Surviving Clauses: Sections on Terms, Account Refusal/Suspension/Closure, Fees, Liability, Indemnity, and Other Provisions shall survive termination.