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What is Paynco for?
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Paynco is a secure transaction platform designed to offer you peace of mind when
exchanging any digital or virtual goods for a payment with strangers online. It works
perfectly for artists, creatives, writers, developers and designers when working with
new clients.
Paynco ensures that you are protected from any scam you might incur when buying or
selling virtual files or goods by offering a secure holding account through which funds
can be deposited, held and eventually released.
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What are the fees?
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Paynco charges the buyer a set service fee of 50c plus a small percentage of the amount
of money being transferred, depending on the currency selected.
The fees for Euro and US Dollar are:
Euro: 3% + 50c.
US Dollar: 4.4% + 50c.
Examples of our fees:
€100: 3%+50c = €3.50.
$100: 4.4%+50c= $4.90.
Also, please bear in mind that extra charges (while making a payment) may arise if your
bank’s card issuer charges a fee for foreign currency exchange.
Finally, for high value transactions (above €10,000 or equivalent) and to get some
insight into our custom pricing, please reach out to our Partnership Team, where you
will be able to book a meeting to discuss it further.
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How do I know Paynco is secure?
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Through our partnership with Stripe, we are a regulated financial institution in the EU
- PCI DSS Level 1 certified, the most stringent level of certification available.
We support PSD2 regulations in Europe and are Strong Customer Authentication (SCA)
compliant.
We have dynamic authentication, scanning every transaction and dynamically triggering
additional authentication when required.
We also use latest technologies to identity and access management solution that ensures
compliance with GDPR and all other data regulation.
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Can I use Paynco in my country?
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Currently, Paynco can be used to make transactions within or between any of the
following countries: Australia, Austria, Belgium, Canada, Denmark, Estonia, Finland,
France, Germany, Greece, Hong Kong, Ireland, Italy, Japan, Latvia, Lithuania,
Luxembourg, Malaysia, The Netherlands, New Zealand, Norway, Poland, Portugal, Singapore,
Slovakia, Slovenia, Spain, Sweden, Switzerland, UK, USA.
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How is Paynco regulated?
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Paynco is an established Stripe Partner, a secure payment technology company based in
Gothenburg, Sweden. Stripe is regulated in Europe by the Central Bank of Ireland and by
the U.K. Financial Conduct Authority in the UK. Paynco’s partnership with Stripe ensures
it complies with all AML, KYC and GDPR regulations in the countries listed here.
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When will I receive my funds?
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As a freelancer (seller), the money is being held for you from the moment the client
(buyer) makes a payment. Your money will be released from the Paynco’s holding account
once the client (buyer) approved the deliverables.
However, funds may take from 2-3 days to reach your bank account depending on your bank.
Always be sure to verify your Paynco account with us to speed up the payout process. If
your account is not verified the funds cannot be paid out to your account.
To verify your account as a seller you must add your personal and payout details under
the ‘My Profile’ section of your Paynco account.
In case of no response from the client (buyer) for a period of 5 days (starting exactly
from the time when the work or transaction was delivered), your work would be
automatically approved and your money is then automatically released to your (the
seller’s) Paynco’s account.
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How do I know the payment is safe when I’m using Paynco?
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Paynco uses Stripe’s platform to manage all of its payments, meaning they are secured to
the highest possible level against any form of fraud.
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Can I cancel a payment?
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Users will be unable to cancel a payment once the details for the transaction have been
confirmed and the transaction or project has begun. However, if both parties are in
agreement that the payment can be cancelled then the money can be returned to the buyer.
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As a buyer, what happens if my refund request was disapproved by the freelancer
(seller)?
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Paynco has a 24/7 certified mediators available to mediate and support in any dispute
that may occur while using our platform.
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Does Paynco handles escrow style payments using crypto or bitcoin?
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Yes, Paynco handles escrow style crypto payments. However, crypto based transactions are
currently in beta version and are open exclusively for limited number of users. Please
contact our customer service team for more information.
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What if I’m not happy with the deliverables?
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As a buyer, you have the possibility to ask for a limited number of revisions that
should be agreed with the seller before starting the project.
In case the seller and the buyer couldn’t agree to solve their dispute, Paynco has a
24/7 certified mediators available to mediate and guide both parties to solve their
dispute.
