Target Market Determination              

For Volt Connect Pty Ltd – Payout Initiation Services (662 145 708)

1. About this document

This target market determination (TMD) seeks to offer consumers, distributors and staff with an understanding of the class of consumers for which this product has been designed, having regard to the objectives, financial situation and needs of the target market.   

This document is not to be treated as a full summary of the product’s terms and conditions and is not intended to provide financial advice. Consumers must refer to the Product Disclosure Statement (PDS) and any supplementary documents which outline the relevant terms and conditions under the product when making a decision about this product.

Product Disclosure Statement to which this target market determination applies

This TMD applies to the Payout Initiation Services referred to in the following Product Disclosure Statement:

  • Volt Connect Payout Initiation Services Product Disclosure Statement

Date from which this target market determination is effective

27 August 2024

2. Class of consumers that fall within this target market

The information below summarises the overall class of consumers that fall within the target market for the Payout Initiation Services, based on the product key attributes and the objectives, financial situation and needs that it has been designed to meet.  

The Payout Initiation Services have been designed for consumers whose likely objectives, financial situation and needs (as listed below) are aligned with the product (including the key attributes). The Payout Initiation Services are for merchants who are seeking a payment processor which is also able to facilitate the making of payments to third parties. 

Product description and key attributes  

The key eligibility requirements and product attributes of the Payout Initiation Services are:  

  • The ability for Volt customers to initiate payments to third parties, via the New Payments Platform (NPP).

Objectives, financial situation, and needs  

This product has been designed for persons who are merchants seeking the ability to initiate payments to other entities and customers.  

Excluded class of consumers  

This product has not been designed for persons who:  

  • are not merchants; or
  • do not require the ability to initiate payments to other entities and customers. 

Consistency between target market and the product   

Given that the Payout Initiation Services has been designed with the intention of providing merchants the ability to initiate payments to third parties and customers we consider that it is appropriate for the class of consumers in the target market, namely, merchants seeking the ability to initiate payments to third parties. 

3. How this product is to be distributed

Distribution channels

This product is designed to be distributed through the following means: 

  • electronically (e.g. online and via digital advertising) to existing and potential Volt customers.

Distribution conditions

This product should only be distributed under the following circumstances: 

  • To existing Volt customers; and
  • To merchants who wish to become Volt customers and obtain the Payout Initiation Services.

Adequacy of distribution conditions and restrictions  

The distribution channels and conditions mean it is likely that the product will only be distributed to those who fit the target market and meet the eligibility criteria for the Payout Initiation Services.  

4. Reviewing this target market determination 

We will review this target market determination in accordance with the below:

Initial review

Within the 6 months of the effective date. 

Periodic reviews

At least every two years from the initial review.

Review triggers or events

Any event or circumstances arise that would suggest the TMD is no longer appropriate. This may include (but not limited):  

  • a material change to the design or distribution of the product, including related documentation;  
  • occurrence of a significant dealing;  
  • distribution conditions found to be inadequate;  
  • external events such as adverse media coverage or regulatory attention; and   
  • significant changes in metrics, including, but not limited to, complaints, chargebacks, failed payments or other issues 

 

Where a review trigger has occurred, this target market determination will be reviewed within 10 business days.

5. Reporting and monitoring this target market determination

We may collect the following information from our distributors in relation to this TMD.

Complaints

Distributors will report all complaints in relation to the product(s) covered by this TMD on a monthly  basis. This will include written details of the complaints.

Significant dealings

Distributors will report if they become aware of a significant dealing in relation to this TMD within 10 business days.