A. Acquiring Service

These general terms apply to all Merchants who receive card payments via pensopay.


  • Merchant
    The physical or legal party to this Agreement who has entered into an Agreement with pensopay to receive card payments.
  • Cardholder
    The person (the Merchant’s customer) to whom a card is issued.
  • Card
    Payment card covered by this Agreement, typically from Visa or MasterCard.
  • Merchant agreement
    The document stating prices and other terms of business between the Merchant and the Acquirer.
  • Card Scheme
    Visa and/or MasterCard
  • Acquirer
    Payment institution with license by the Danish FSA and Principal member of Visa and MasterCard. The Acquirer handles the payment from Cardholders to Merchant.
  • Payment Gateway
    Software that acts as technical liaison between Acquirers and webshop of the Merchant. The Payment Gateway Service is PCI (Payment Card Industry) compliant.

2. pensopay’s services to the Merchant

pensopay will provide the following services to the Merchant: handling authorization requests, recording and processing card payments, settlement of payments and processing disputes from card issuers and Cardholders. pensopay works with Acquirers that are approved by and under the supervision of the Danish FSA as well as Visa and MasterCard.

3. Basis of the Agreement

The Agreement between the Merchant and pensopay consists of the Merchant Agreement, these General Terms, Visa’s and MasterCard’s international regulations and the Merchant’s application to pensopay.

pensopay’s Agreement with the Merchant is based on a thorough credit analysis. pensopay maintains the right to obtain credit information about the Merchant and its owners, and to request from the Merchant any information that it deems necessary for an ongoing assessment of the business relationship.

According to Visa’s and MasterCard’s international regulations, the Acquirers has the right to conduct unannounced physical inspections of any of the Merchant’s premises and warehouses as part of its regular ongoing credit assessment. An assessment may include premises, servers, data warehouses, business procedures, etc. The cost of the inspection must be paid for by the Merchant.

pensopay must immediately be notified in writing about any significant changes in the Merchant’s state of things. Such significant changes include, but are not limited to, changes in ownership, officers, directors, registration number, address, email address, phone number, account number, URL, industry, business model (including new business areas), product mix, and sales and delivery conditions. Significant changes may result in a new credit assessment.

pensopay reserves the right to change the Merchant’s contract terms in case of major changes in the credit assessment.

Any amendment to the Agreement between pensopay and Merchant must be in writing. pensopay can modify the Agreement with a 30 days’ notice. However, a modification can be made with a shorter notice if the Acquirer is compelled by Card Schemes or authorities. The Merchant will be notified of modifications via email. The Merchant is legally bound, unless pensopay is notified within 10 business days that the new terms are not accepted.

4. Use of the card system

It is crucial for the overall confidence in the card payment systems that a high level of security is maintained in the use of cards. The Merchant is obliged to maintain a high level of security.

The Merchant shall at all times comply with the Card Schemes’ standard for the safe management of card data, known as the PCI OSS. The standards are continually improved, and the current rules can be found at www.pcisecuritystandards.org.

lf the Merchant itself handles and/or stores card data, then pensopay must be informed, and the Merchant must demonstrate its own procedural rules in this area, including proof that he has passed a PCI scan with an approved vendor.

The Merchant may not exchange any card information other than with the Acquirer or pensopay. Returned and found cards must immediately be forwarded to pensopay.

The Merchant must at all times ensure that relevant staff (typically staff receiving payments or dealing with accounts and customer complaints) are aware of the rules for the use of the card system. On pensopay’s request, the relevant staff must attend card payment courses. The Merchant shall bear any costs associated with these actions.

lf the Merchant suspects, or if there actually has been, unauthorized access to any of the Merchant’s systems containing card information, pensopay must be informed immediately. The Merchant is responsible for any losses due to stolen card data, including in particular any fine imposed by the Card Schemes on the Acquirer, pensopay and/or the Merchant. In the event of a loss of card information, pensopay may request an external security firm to investigate the incident and its causes and consequences, the cost of which will be borne by the Merchant.

5. Completion of transactions

The completion of a transaction is a two-step process: Authorization and Capture. Authorization means that the Merchant via the Acquirer asks for confirmation that the card is valid and the Cardholder has sufficient funds for the required transaction. lf these are confirmed, the amount is reserved and the Merchant receives an authorization code. Payment is made when the Merchant requests the Acquirer to Capture the Authorized amount.

A transaction may not be completed before the goods or services are delivered or shipped to the Cardholder.

The Merchant is required to accept all types of cards issued by Visa and MasterCard.

To initiate a transaction, the following information must be submitted to the Acquirer: card number, expiry date, amount, and security code. lf the Acquirer deems it necessary, additional requirements for the transmission may be imposed.

When a transaction has been captured, the Merchant must issue a receipt to the cardholder. The Merchant shall store all relevant information regarding the transaction for a minimum of 2 years.

6. Banned transactions

Only transactions explicitly allowed by the agreement and the card schemes’ rules and regulations may be executed. Examples of transactions that are prohibited include: payments received on behalf of others, payments for goods, commodities or services (based on MCC code) not mentioned in the Merchant Agreement, payment of debt (where the Cardholder pays for a previously received item), payments that may harm the reputation of the Card Schemes and/or pensopay, payments for sales not in accordance with local laws in either the Cardholder’s or the Merchant’s jurisdiction and payments for services that may be an infringement of copyright.

pensopay will perceive any violation of this as a serious breach of the Agreement, which may result in immediate termination of the Agreement. pensopay and/or the Card Schemes may impose substantial fines on the Merchant for any violation.

7. Refunds

Refunds to the Cardholder (typically after returning a purchased item) shall be limited to full or partial settlement of a previously completed card payment. The Merchant must use the same card for the refund that was used to conduct the initial purehase, and the refund amount must not exceed the original transaction value.

Refunds may only be effected through the Acquirer of the original transaction.

8. Disputes

A Cardholder may dispute a transaction. The reasons for a dispute include, but are not limited to, that the Cardholder denies knowledge of the transaction, the payment was completed otherwise, the Cardholder has not received the agreed product or service, the Cardholder has returned the goods received or that the amount was larger than agreed. The Merchant is obliged, on pensopay’s or the Acquirers request, to submit immediately all relevant documentation relating to any disputed transaction. lf the Merchant is unable to prove its right to withhold a refund, pensopay may decide to return the payment to the Cardholder. PensoPay’s decision is final and cannot be appealed to any court.

The Merchant is obliged to provide a high level of service to Cardholders to avoid disputes. The Card Schemes and/or the Acquirer may impose fines or fees on the Merchant if they deem that the number of disputes or chargebacks is excessive. lf the Acquirer or pensopay is fined by the Card Schemes as a result of the Merchant’s business, the Merchant will be held liable.

On pensopay’s request, the Merchant must, at its own expense, participate in courses and programs with a view to minimizing disputes.

9. Fees

All usual fees are shown in the Merchant Agreement. A full list of fees can be found at https://pensopay.com/en/pricing/. All fees, fines, etc. will be deducted from the Acquirer’s payments to the Merchant. All prices and charges are stated exclusive of VAT, duties and taxes.

Cardholders must be informed clearly before any transaction of any transaction fees imposed by the Merchant. The Merchant is responsible for following local, national and EU rules for charging transaction fees.

10. Payments and reserves

Completed transactions will be paid periodically as specified in the Master Agreement. Payment shall be made net of fees, penalties, refunds, chargebacks and reserves.

Reserves are defined in the Master Agreement. The Acquirer may change the reserves if the Merchant has a new credit rating.

The Merchant has a duty to reconcile the Acquirer’s payment calculations with its own bookkeeping in a timely manner. Objections to pensopay must be made within 30 days of the end of the month in which a transaction took place.

11. Termination of the agreement

The Agreement can be terminated by either party with three (3) months’ notice. pensopay may immediately terminate the Agreement or change the terms herein, if there is repeated or gross misconduct, including an excessive number of chargebacks or refunds. The Agreement may also be terminated immediately by pensopay if it deems it necessary after a change in the credit rating of the Merchant. 

The Card Schemes may, at their sole discretion, terminate the Agreement with immediate effect.

Merchant can cancel the Agreement on a monthly basis. Please contact us on phone +45 77 344 388 in order to do so.

Please notice that a cancellation by phone alone is not valid. This is to validate merchant ownership and validate the correct Agreement is terminated.

B. Payment Gateway Service of pensopay

1. Operation and uptime

pensopay strives to ensure that payment over the Internet can take place 24 hours a day, all year round, and maintains the highest security procedures. pensopay is using an infrastructure that is required to be PCI certified at any time.

pensopay is not responsible for malfunctions, but will try to correct any errors as quickly as possible.

In case of maintenance and/or technical changes, but not limited to, PensoPay is entitled to suspend the service for shorter periods of time.

2. The Responsibilities of the Merchant

The Merchant is responsible for the software in their online stores, ensuring payment transfers can be made through pensopay. pensopay accepts no responsibility for the modules and/or shop-integrations, which are made available free of charge.

Each Merchant is responsible for ensuring that payment transfers comply with applicable laws including the rules and guidelines laid down in payment card legislation, registration regulations, and consumer protection.

The Merchant can make agreements with other Acquirers (than pensopay endorsed Acquirers) on the use of payment card systems, and accordingly pensopay is not responsible for the pricing and terms of these Acquirers. As such the Acquirer agreements between the Merchant and this Acquirer are exclusively agreements between these two parties.

The Merchant is obligated to comply with the rules and guidelines stipulated by pensopay and is obligated to give notification of any irregularities in operation, including any systems suspected to have been compromised by a third party.

pensopay will not be held liable for losses suffered by the user should other people gain access to the user’s password, login information, etc., or if any customers require refund of payments made over the internet, regardless of objections the card holder/user might make.

A Merchant may not make any claims against pensopay due to interruption of service, regardless of the cause.

3. Rights

pensopay is entitled, without prior notice, to assign its obligations under these General Conditions to a third party.

pensopay owns the right of use regarding the software used by pensopay for transfers under these General Conditions, and both parties must maintain absolute confidentiality with regard to information concerning the other and/or third party, which they may be aware of.

The customer shall only be granted a limited, non-exclusive right to use the service pensopay provides.

The customer’s right to use the code provided and other materials is subject to the timely payment of any amounts due to pensopay.

Violation of these terms is considered a material breach of agreement.

pensopay has the right, during the contract period, to use the customer’s trade names for reference, including in marketing material. The customer may give pensopay instructions for such use. If the customer expressly objects to his details being used for reference, pensopay will be obligated to abide by the customer’s wishes.

4. Commencement and termination of the Agreement

The Agreement between pensopay and the Merchant is effective immediately upon subscribing, and will remain active until terminated by either party.

In the event of a material breach either party shall be entitled to terminate the Agreement.

In the event of any breach of these General Conditions, particularly involving applicable laws and governmental regulations, pensopay is entitled to discontinue the Merchant’s connection immediately.

The current prices and pricing structure may be changed at any time with three months given notice.

Merchant can cancel the Agreement on a monthly basis. Please contact us on phone +45 77 344 388 in order to do so.

Please notice that a cancellation by phone alone is not valid. This is to validate merchant ownership and validate the correct Agreement is terminated.


5. Automatic subscription renewal

Unless the customer has terminated the contract with pensopay, or the contract is terminated in any other way, a new subscription period will begin upon expiration of the current subscription period.


C. Generel terms

1. Anyday

Anyday is a feature of the Service of pensopay. Please note that not all shop systems are supported. Anyday accounts is facilitated by pensopay as a third part, but with Anyday as the supplier. Pricing follows Anyday’s price listing, and setup costs from the part of pensopay does not occur.

In case that the Merchant do not wish to use Anyday the Merchant just need to inform Anyday and pensopay.

The use of Anyday follows Anyday’s terms and conditions, cf www.anyday.io/terms-conditions/webshops


2. Cookie & Privacy Policy

When you visit pensopay.com we collect information about all visits to our website. We use this information to improve your user experience, evaluate the use of the individual elements of pensopay.com and to support our marketing.

The collection of personal customer information on pensopay.com takes place within the framework of existing legislation and EU General Data Protection Regulation (GDPR) legislation.

pensopay.com automatically detects the IP address and data when you move between different pages and services on the website.

In this context we use various analysis tools such as Google Analytics, which assist us in collecting statistics on the use of pensopay.com to create a better experience for you.

In order to use the service of PensoPay need relevant information concerning the Merchant:

Company name, and registration number (CVR, VAT). Anti-money Laundry Law demands that company owners (>24,99%) need to registrer with following; Name, Personal number (CPR or Social Security), Address, Phone number, e-mail, Picture and Address ID .

Personal data is stored encrypted for 5 years. pensopay stores data with the sole purpose to deliver the service of pensopay to the Merchant and comply with Anti-money Laundry Laws

Rights of Merchants?

You have a number of rights under the applicable legislation that we can help you with. Your rights include the following:

1. You have the right to of access to the personal data processed about you along with the purposes of the processing and information on any transfer of your personal data to any third countries.

2. You have the right of rectification of your personal data.

3. In some instances, and under certain conditions, you have the right to have your personal data deleted

4. In some instances, and under certain conditions, you have the right to restrict the processing of your personal data.

5.  You have the right of data portability of some of your personal data.

6. If we ever process personal data about you based on your consent to do so, you have the right to withdraw such consent at any time after which we will delete your personal data collected on the basis of your consent.

In order to be compliant with GDPR an appendix can found here.

All employees have access to Merchant information

The data responsible is Danny Christensen.

3. Other Matters

Neither party is entitled to disclose information to any other third party about the Agreement or its contents. pensopay shall be entitled to disclose information about the Agreement and the Merchant to the Acquirer and the Card Schemes.

By creating an account with pensopay the Merchant gives his or her consent to be contacted by pensopay per email, letter, telephone or other relevant means of contacting the Merchant.

pensopay may send legally binding messages to the Merchant.

Furthermore the Merchant will receives information by mail regarding the operation of the pensopay services, for instance settlement dates, system updates and operation status. pensopay recommends customers to follow https://status.pensopay.com.

If the Merchant requests extra-ordinary assistance of pensopay in regards to the integration of the payment gateway into supported webshop-systems, pensopay will not be liable to any malfunctions of the webshop. pensopay has no obligation to make webshop-integrations.

The Merchant cannot raise claims against pensopay for damages, including lack of revenue due to system crashes or errors. The Merchant is encouraged to maintain adequate backup systems and keeping the webshop plugins updated.

Disputes shall be settled by the Court of Aarhus under Danish law.