The NEC PAY Payment System gives clients the ability to accept NEC PAY e-currency and other supported payment methods for online businesses. Supported payment methods may additionally impose specific requirements and restrictions on the business type as well as client acceptance. The relevant requirements are mentioned on the payment method activation pages.
At NEC PAY we are guided by a value system focused on building, creating, and furthering relationships with clients who do business with trust, transparency, and integrity. Only clients who comply with this policy and the guidelines reflected below (or elsewhere on the NEC PAY website, as amended from time to time) will be approved.
These guidelines will be updated periodically. In addition, where a client is already approved, NEC PAY retains the right to suspend or withhold service if the client no longer meets the required criteria, as may be determined from time to time.
As a client, you agree to act in a manner compliant with the terms and conditions of the agreement you enter with NEC PAY. You also acknowledge and agree that it is your sole responsibility to comply with all applicable laws in using NEC PAY services. You further agree that you must adhere to this Client Acceptance & Use Policy.
By signing up with NEC PAY Service and becoming a Registered Client with NEC PAY (provided that you have signed all required documents such as the Merchant/Client Application Form and Merchant/Client Agreement, and have accepted all other terms and conditions and NEC PAY Legal Agreements and Policies posted online on the NEC PAY website), you agree to abide by this policy and acknowledge that NEC PAY is solely providing a payment service. Accordingly, you agree that NEC PAY shall not be liable for:
We may block or terminate the account and the contract with any client if we suspect fraud or misuse of NEC PAY e-payments, have other security concerns, or need to do so to comply with the law, subject to the relevant clauses of the NEC PAY Terms & Conditions of Services and other applicable legal agreements and policies posted online on the NEC PAY website.
Subject to any other provision in any other legal agreement posted online on the NEC PAY website, you hereby indemnify and agree to hold NEC PAY harmless from and against all losses, demands, claims, damages, expenses (including reasonable legal costs), and liabilities arising from any third-party claim resulting from your use or misuse of the NEC PAY payment system, or from your breach of this policy.
The NEC PAY Service will not approve a merchant if:
The NEC PAY Compliance Department will, on an ad hoc basis, review live clients to monitor compliance with the above guidelines. NEC PAY may suspend or terminate a non-complying merchant subject to the terms of the relevant agreement(s) and incorporated legal agreements and policies posted online on the NEC PAY website.
A client must not be involved in or associated with any activities or materials which may infringe, dilute, denigrate, or impair the goodwill and/or reputation of the NEC PAY brand.
NEC PAY does not allow (and you agree not to use NEC PAY services for) activities that violate any law, regulation, directive, act, or decree. NEC PAY will not knowingly approve merchants associated directly or indirectly with the following products or services:
a) “Shell banks”: a bank with no physical presence in the country in which it is incorporated and licensed, and which is unaffiliated with a regulated financial group subject to effective consolidated supervision. Physical presence means meaningful mind and management within a country; the existence of a local agent or low-level staff does not constitute physical presence;
b) Services to shell companies/entities with characteristics:
c) Any person or organization on the list of Designated Nationals and Blocked Persons maintained by the U.S. Office of Foreign Assets Control (OFAC), or subject to EU/UN financial sanctions;
d) Financial institutions registered outside the EU;
e) Crypto-assets, virtual currencies, and virtual assets;
f) Stolen goods;
g) Narcotics and drug paraphernalia;
h) Steroids, controlled substances, and other products that pose a threat to consumer safety;
i) Gas & oil traders with no physical presence or unclear business presence;
j) Items infringing patents or violating trademarks, copyright, rights of publicity/privacy, or other proprietary rights under any applicable law;
k) Sexually oriented material or services of an offensive nature;
l) Weapons or knives regulated under jurisdictional laws, embargoes, and international export/import controls, including firearms, ammunition, and prohibited accessories;
m) Items that endorse, enable, or tutor persons to engage in illegal activities;
n) Content promoting racial intolerance, hate, or discrimination;
o) Anything enabling financial gain from crime;
p) Ponzi schemes or similar schemes promising quick profits;
q) Certain multi-level marketing programs;
r) Money orders and sale of traveler’s cheques;
s) Corruption and bribery-related activities;
t) Lottery contracts and annuities;
u) Antiques and lombard.
The company has the right, as per the terms and conditions of the agreement, to prohibit any transaction it deems potentially fraudulent, illegal, or illicit.
The merchant acknowledges that they have read and understood the requirements, terms and conditions, and legal agreements for using NEC PAY electronic payment services (as posted online and amended from time to time), accept them, and agree to incorporate them into the business.
The merchant agrees to promptly notify NEC PAY of any changes in status, type, category, or other information related to the business.
Certain services may not be prohibited but, due to their higher risk nature, require NEC PAY’s approval before NEC PAY accepts any payment transactions related to such services:
One of the pillars of EU legislation to combat money laundering and terrorist financing is Directive (EU) 2015/849. Under this framework, banks and other gatekeepers are required to apply enhanced vigilance in business relationships and transactions involving high-risk third countries, including additional checks and control measures.
European and local regulations define jurisdictions with strategic deficiencies in AML/CTF frameworks, critical levels of public sector corruption, and non-cooperative tax jurisdictions—all of which pose risks to the international financial system.
To prevent ML/TF risks, NEC PAY will not establish relationships with clients residing or registered in high-risk third countries, nor accept payments to and from such countries.
NEC PAY encourages clients to report any potential violations of this policy immediately. For reporting or other compliance-related queries, email compliance@necpay.eu.