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Compay - FAQs
  • Q1.   Can I pay by credit card?

    A1.   No, payment from your bank account acts as your 'virtual handshake' that you agree to the conditions of the transaction. Our service is set up to make immediate payments directly between bank accounts using the convenient, quick and free FPS system for GBP Pounds.

  • Q2.   Can Transpact take money out of my bank account ?

    A2.   No. Only you can take money out of your bank account. When you wish to pay money to Transpact's Client Account, you (and only you) instruct your bank in the same way that you would make any other payment from your bank account.

  • Q3.   Does using Transpact affect my legal rights in a Transaction ?

    A3.   Transpact protects you and does not reduce your legal rights in a transaction. Since Transpact only involves payment for a transaction, you have every remedy in law after having used Transpact, just as if you had used another payment method. Even if you use the Transpact dispute process to resolve payment of the transaction amount and your chosen referee makes a binding ruling on who receives payment, you still have every right in law including use of the courts, that you would have had had you used another payment method. If you wish, you and the other party to your transaction can agree in advance to settle any dispute concerning the transaction (and not just payment of the transaction Amount) by using the Transpact dispute process. If you do so, then depending on what you decide in advance, a referee's decision may then be final, although this is outside the scope of Transpact.

  • Q4.   Can a ComPay be used to pay for online auctions?

    A4.   ComPay is suitable for any transaction involving payment of money, and so can also be used for payment following online auctions. With its referee system to resolve disputes, ComPay may work out more cost effective .If you are a seller tired of making payment fees, you can now split the fee with the buyer or even pass it on to the buyer entirely.

  • Q5.   How do I know I can trust you with my money?

    A5.   Our financial partner Transpact is authorised and regulated by the FSA and Her Majesty's Revenue & Customs (HMRC) and exists in order to protect and safeguard your money, plus we have set up safeguards and security systems using encrypted web channels and only UK government guaranteed bank accounts.

  • Q6.   What is FPS ?

    A6.   FPS stands for the Faster Payment Service, a service introduced in June 2008 by most UK banks to speed up internet and telephone banking payments. Payments under £10,000 between two FPS accounts happen within a few seconds to a few hours, and the money arrives fully cleared in the receiving bank account, allowing you to withdraw it immediately

  • Q7.   How long will it take to receive the money once payment is agreed?

    A7.   As long as your bank account is FPS enabled, you should normally receive the money within minutes of the other party (or the referee) authorising payment to you through Transpact. There is a limit for FPS payments of £10,000 per day, so if your payment is for more than £10,000 you have the option of either spreading payment over a number of days (first payment normally to arrive within minutes as above) or making special arrangements for a same day transfer (fee applies).

  • Q8.   Can I increase the Transaction Amount for a ComPay already underway on Transpact ?

    A8.   Yes, as long as the transaction terms you have set and agreed make sense and give directions on how to treat the additional transaction amount (otherwise you may find you have money orphaned in Transpact, with the referee having no direction who to transmit this additional money to and both sides claiming it). If the transaction terms do not satisfactorily allow for additional money to be added, then don't worry, just create a new transaction, and in the new transaction terms make it clear that this new transaction relates to and is connected to the first transaction.

  • Q9.   Are the conditions I agree with the other party on ComPay and Transpact important ?

    A9.   Yes, the conditions are crucial. These determine whether or not payment should be made and to whom, and will guide the referee’s decision should a dispute arise. So every word of the conditions is important and, since words are sometimes open to different interpretations, you will need to word the conditions carefully so that the referee is clear what has been agreed.

  • Q10.   The other party insists I use their nominated referee. Should I use them ?

    A10.   If you are uncomfortable with the choice of referee, do not go ahead. Should you come to a dispute, the nominated referee has to act fairly and impartially according to the Arbitration Act 1996. If you felt that the referee had not acted fairly, the onus would be on you to prove that the referee had in fact not acted impartially within reasonable bounds and you might find this very difficult. So you should only enter into a transaction with ComPay and Transpact if you have satisfied yourself that the referee chosen by the other party will conduct any necessary arbitration fairly and evenly and without bias.

  • Q11.   What happens in the event of a dispute?

    A11.   The disputes process page provides full information on how the dispute process works.