Product Disclosure Statement

Volt Connect Pty Ltd – Payout Initiation

About this Product Disclosure Statement

This PDS is issued by Volt Connect Pty Ltd ACN 662 145 708 (‘Volt‘), and it is designed to provide you with important information regarding the Payout Initiation offering (‘Product’) and to assist you in deciding whether to acquire the Product. It is important that you read and understand this PDS.

The Product is issued by Volt pursuant to an intermediary authorisation agreement between Volt and Flexewallet Pty Ltd ABN 16 164 657 032 AFSL 448066 (‘Flexewallet‘). Under the agreement between Volt and Flexewallet, Flexewallet offers to arrange for Volt to issue the Services under section 911A(2)(b) of the Corporations Act 2001 (Cth). 

In addition to the intermediary authorisation agreement, Volt is an authorised representative of Flexewallet (AR Number 001309428.

The information in this PDS does not take into consideration your individual financial situation, objectives, or needs. Prior to making any decision about the Product or whether to acquire it, you should consider whether this product is right for you. 

Any advice in this PDS is general advice only and does not take into account your objectives, financial situation or needs. You should consider the appropriateness of any general advice to your own circumstances before acting on it. 

For more information on the Product, please visit https://au.volt.io/.

This PDS does not constitute an offer or invitation in any place outside Australia where or to any person to whom it would be unlawful to make such an offer or invitation. The distribution of this PDS (electronically or otherwise) in any jurisdiction outside Australia may be restricted by law and persons who come into possession of this PDS should seek advice on and observe any such restrictions. Any failure to comply with such restrictions may constitute a violation of applicable law.

Updates relating to this PDS

The information in this PDS is current as at 27 August 2024 and may be updated from time to time where that information is not materially adverse to merchants. This updated information will be available at https://au.volt.io/ and may be accompanied by a statement explaining the changes which may also be distributed in electronic form as required.

The Product Terms and Conditions (available at https://www.volt.io/legal/au-msa/) form part of this PDS. You should read the Product Terms and Conditions before making a decision. The Product Terms and Conditions may change between the time you read this PDS and the day when you acquire the Product.

General Description of Product

Volt is a payments company which offers merchants the ability to receive account-to-account payments from their customers in Australia. Volt also provides the Product, a service which allows merchants to initiate payments to others. 

The Product involves Volt receiving funds from merchants for disbursement to a range of ultimate recipients.  Merchants will be able to hold funds with Volt to enable timely refunds and payouts. The Product functionality can be combined with other Volt services (including Volt’s services which enable merchants to receive payments from their customers).  Together, these services allow merchants to receive customer payments and use those funds to pay refunds, make other payments to customers and pay suppliers and other third parties. 

Parties involved in the Issuing and Distribution of the Product

Flexewallet

Flexewallet holds an Australian Financial Services Licence authorising it to deal in, and provide general financial product advice in relation to, a certain class of financial products, including non-cash payment facilities.

Volt

Volt is authorised under a signed intermediary authorisation agreement with Flexewallet to act as the issuer and distributor of the Product. Volt (AR number 001309428) is an authorised representative of Flexewallet. Volt is responsible for providing certain services to you, including providing you with the Product in accordance with the terms set out in this PDS and assisting you with any queries you may have regarding your use of the Product.

Volt can be contacted by any of the means listed below:

Website: https://au.volt.io/

Email: support@volt.io

Mail: Level 22/25 Martin Place, Sydney, NSW 2000

Other Parties

Cuscal Limited ABN 95 087 822 455 AFSL 244116 (‘Cuscal’) is an authorised deposit-taking institution (‘ADI’) holding authority to carry on a banking business in Australia. Cuscal holds all Product funds in segregated accounts.

Zepto Payments Pty Ltd (ACN: 604 057 598) (‘Zepto Payments’) is the holder of AFSL no. 541011. Zepto Payments assists Volt in facilitating the Product. 

Significant Benefits of the Product

There are some significant benefits to you associated with use of the Product, including:

  • You can use the funds paid to your account to pay for goods and/or services you receive from other merchants in Australia and around the world.
  • The account does not constitute a chequing, savings or other bank account.
  • Payouts processed via Volt are processed on the New Payments Platform (“NPP”) enabling them to be made in real-time

Significant Risks

There are some significant risks associated with use of the Product that you should be aware of, including:

  • Unauthorised transactions can happen using the Product if the account details or any other passwords are provided to third parties or not appropriately safeguarded. You may be liable for losses resulting from an unauthorised transaction under the terms and conditions of the product outlined in this PDS.
  • You may not be able to get your money back if unauthorised or unintended transactions occur.
  • If the electronic network enabling the use of the Product is unavailable, you may not be able to undertake transactions or obtain information about the Product.
  • You may only spend up to the value of the available funds on your account.

Important Information About the Financial Claims Scheme

The Financial Claims Scheme (“FCS”) is a scheme administered by the Australian Prudential Regulation Authority (“APRA”) to protect depositors from potential loss due to the failure of institutions. It provides depositors with a guaranteed protection, up to a cap. As at the date of this PDS, the FCS applies to deposits only. It does not extend to non-cash payment facilities such as the Product. 

If Cuscal fails:

  • Any Available Balance held on your Card will not be protected by the FCS; and
  • You may lose all or part of your Available Balance.

The risks associated with the Card may therefore be increased when you load or hold large amounts of money onto the Card.

For more information on the FCS, refer to: http://www.fcs.gov.au/

Other Important Information

There are some other important things that you need to be aware of about the Product:

  • It does not generate any interest or other return to the holder. In other words, you do not earn interest on the value associated with your Volt account.
  • Although Cuscal is an authorised deposit-taking institution carrying on a banking business in Australia, the acquisition of, or value loaded on to, the Product does not represent a deposit with, or investment in, Cuscal nor any other parties involved in the Product.You do not become a depositor with Zepto by holding the Product. 
  •  
  • If an unauthorised or mistaken transaction occurs, you must notify Volt as soon as practically possible. Volt will take necessary steps to rectify the issue, this may include freezing the account associated with the Product for a period of time. Please see the ‘Significant Risks’ section for more information about the risks associated with unauthorised transactions.

FEES & CHARGES

There are no fees charged by Volt to the end user. Volt charges the businesses it works with fees for utilising its platform. Business fees will be set-out in the Order Form provided to Merchants as part of onboarding to our platform. If businesses have any questions or want to learn more please contact volt.directsales@volt.io.

The Fees and Charges may change from time to time. You will be given 60 days written notice before Fee changes come into effect. You can also find information about new fees and charges on the Volt website. 

Disputes

If you have a complaint, you can contact Volt via:

Mail: Level 22/25 Martin Place, Sydney, NSW 2000

Email: support@volt.io

Volt will handle all complaints according to our internal dispute resolution procedure.

Our internal dispute resolution procedure requires that we acknowledge your complaint within 24 hours and provide a final response within 30 days. If we are unable to resolve your complaint to your satisfaction after the 30 days, you may be eligible to escalate the complaint to the Issuer’s external dispute resolution service.

The period of 30 days may be extended in exceptional circumstances. If you wish to escalate the complaint, please tell us and we will facilitate referral free of charge.

Volt’s external dispute resolution service is:

Australian Financial Complaints Authority (AFCA)
Mail GPO Box 3, Melbourne VIC 3001

Phone 1800 931 678

Fax 03 9613 6399

Website www.afca.org.au

Email info@afca.org.au

Additionally, if your complaint is not satisfactorily addressed, you may contact Flexewallet by:

Phone 03 9013 0066

Mail G.P.O Box 171, 380 Bourke Street, Melbourne VIC 3000 AUSTRALIA

Email admin@flexewallet.com