Terms & Conditions

These terms and conditions shall apply as soon as a contract has been entered into by both parties.

1. General

1.1. CPRAS is a private commercial enterprise which operates on a “for-profit” basis.

1.2. CPRAS offer specialist analytical and intermediary services with the aim of effecting reductions in the cost of processing customer credit and debit card transactions.

1.3. Under no circumstances will CPRAS ever request, or otherwise acquire, the authority to negotiate with card processing service providers, any terms beyond the “quotation” stage without the Client’s specific authority. Final negotiation and acceptance decisions remain solely the responsibility of the Client.

2. The process and how the CPRAS fee is calculated

2.1. Upon request from CPRAS the Client shall provide all reasonable information and documentation to CPRAS or any other person nominated by CPRAS in connection with the investigation (‘the Information’). The Date upon which the Information is complete shall be notified to the Client by CPRAS in writing.

2.2. CPRAS shall within 3 months of receiving the Information provide an offer of terms which reduce the costs to the Client of payment card processing compared with its current rates schedule (‘the Offer’), or shall confirm that it is unable to do so. This period may be extended by agreement between the parties.  If CPRAS fails to provide an Offer or fails to confirm it is unable to provide and Offer within 3 months of receiving the Information this contract shall be null and void.

2.3. Reductions in card processing costs, as referred to above, can be lower Charges rates or other associated costs whether offered by a new service provider, or by the client’s existing service provider reducing their charging matrix. The Client shall have achieved savings in its card processing costs if it enters into a new contract or arrangement with any service provider (including its current service provider) within the period of 6 months from the date of the Offer.

2.4. CPRAS is entitled to a fee of 25% of the savings by the Client on charges on turnover currently paid or payable to its existing service provider (‘Charges’) and other transaction costs for processing credit and debit card payments and for rental of the required hardware currently paid or payable to its existing service provider (‘Other Transaction Costs’). The invoice total is based on estimated savings and not actual savings. It is agreed that the savings shall be calculated upon the following assumptions:

2.4.1. For the calculation of Charges savings turnover will be the same as the Client’s previous 12 month period, and

2.4.2. Other Transaction Costs are the same as the Client’s previous 12 months.

2.4.3. The savings on Charges are for one year and the savings on Other Transaction Costs for one year added together and are multiplied by the new contract term. For example. a new two and a half year contract will multiply the yearly savings by 2.5. If savings made are not, for any reason, part of a contract with a specified term, then the total saving will be calculated by assuming an 18 month new contract term.

Example: A Client pays 2.00% Charges on a (credit card) turnover of £0.9M in the previous 12 months together with Other Transaction Costs of £5000.  Following an Offer, the Client accepts a new contract for the period of 2.5 years at 1.5% Charges with Other Transaction Costs of £3500. The saving is £4500 per annum on Charges and £1500 per annum on Other Transaction Costs totalling £6000 per annum. That saving is multiplied by 2.5 for the length of the contract and totals £15000. The fee is 25% of £15000  equalling £3750  plus VAT

3. Disclosure

3.1. In order to analyse transaction data fully, and to monitor progress at various stages, it is necessary for CPRAS to obtain information from the Client’s current service provider.

3.2. The Client hereby authorises the current service provider to disclose all information regarding the Client’s existing contract and accounts as requested by CPRAS. The Client will not revoke that authority for a period of 6 months from the date of the offer, and will reinstate or repeat any such authority at the request of CPRAS.

3.3. The Client shall within 14 days advise CPRAS of all relevant details of any new contract or arrangement with any service provider that it enters into within 6 months of the date of the offer.

4. When the fee becomes due and payment of the fee

The fee becomes due to CPRAS immediately the Client enters into any new contract or arrangement with any service provider (including its existing service provider) within 6 months of the date of the Offer and the Client shall pay the fee to CPRAS within 60 days of invoice or the date any new contract or arrangement is entered into (whichever is the earlier). The Client will pay interest on any late payments at the rate of 1% per month apportioned on a daily basis.

5. Notices

Any notice invoice or other communication shall be validly served on the other party by one party serving the other on the address shown on page 1 of this agreement.

6. Confidentiality

CPRAS will not disclose any information it has been given by the Client except where necessary to carry out its processes under this contract and only to those service providers being contacted by CPRAS with a view to obtaining an Offer.