Savebo’s General Terms of Service

Welcome to Savebo! Savebo is the trading name of PreCredits PTY LTD. Savebo is designed to improve saving, gifting, subscribing, and prepayment experiences for retail shoppers. Savebo allows Merchant Partners to offer and benefit from a range of new customer-centric store-credit-based payment transactions. Savebo transactions help to improve efficiency for retail brands (we label these as Merchant Partners), allowing Merchant Partners to pass on more value to shoppers (we label these as Retail Shoppers).

Savebo provides a prepayment facility to Merchant Partners regulated as a low-value non-cash payment facility with ASIC, as a Payment-Purchase facility with APRA, as a non-designated stored value service under AUSTRAC, and as a reloadable stored value digital wallet and optional layaway service with ACCC. We have complied with the voluntary Australian ePayments Code to ensure best-in-class financial practices. Our pay-in and payout processes and the movement of customer funds have been designed to protect Retail Customers at all times, even in the event of merchant insolvency. We reduce Retail Customer exposure to risk by safeguarding customer funds in a secure trust with Zai Australia and National Australia Bank. Only once a customer has completed a purchase with Savebo, do we pay out to merchants. We value customer product feedback and we have created a public board at https://savebo.kampsite.co/ where Retail Customers and Merchant Partners can suggest improvements and new features. Our aim is to exceed both Retail Customers’ and Merchant Partners’ expectations of service delivery whenever possible.

Retail Customer Service Summary

Savebo offers a free single license to each Australian Retail Customer over the age of 18. We charge a small Service Fee for loading credit onto a merchant facility. Retail Customers are not charged for making redemptions with Merchant Partners.

All ‘Purchased Store Credit’ and ‘Loyalty Store Credit’ (displayed on the website as “Bonus Credit”) expires between 3 and 36 months from the latest purchase date from a Merchant Partner.

Retail Customers can check the expiry date of their credit at any time by logging into their Savebo account, clearly visible on the page: www.savebo.com/wallet.

Purchased Store Credit and Loyalty Store Credit can only be redeemed via the Merchant Partner facility from which it was purchased. The total maximum load value of both types of credit from all facilities for a single retail customer at any single point in time must not exceed $1,000.00.

Savebo provides a layaway service option for shoppers who have selected a “Savings Goal.” For more information, please see our Layaway Service terms under Section 26 of this document. Customers can receive a refund of their principal funds paid minus any Transaction Fees incurred, upon payment of a $30 cancellation charge per merchant refund that is split 50/50 between Savebo and the Merchant Partner that is design to help pay for administrative costs.

1. Disclaimer

Savebo provides a connecting service between Merchant Partners and Retail Customers and between Retail Customers, facilitating the sale, transfer, and redemption of store credit between the parties. Savebo does not guarantee or underwrite the sale of Purchased Store Credit or Loyalty Credit between the parties after the sale of these credits. Savebo is not responsible for guaranteeing the services, products, funds, or discounts that are exchanged, offered, redeemed, and redeemable between Merchant Partners and Retail Customers. Upon redeeming store credit for the purchase of goods or services, Savebo passes the relative value of the Purchased Store Credit component, minus any Service Fees directly on to Merchant Partners, except in certain special circumstances which are outlined in our terms of service. Savebo secures customer funds in a separate trust account prior to redemption.

To the extent permitted by law, Savebo does not guarantee and holds no liability for transactions between Merchant Partners and Retail Customers and between Retail Customers, both on and off our interface, website, and other channels. By using Savebo, both the Merchant Partner and the Retail Customer accept full responsibility for all transactions, promotions, offers, and sales made on the platform by and between the respective parties. This disclaimer extends to all transactions in any way facilitated by or connected to Savebo’s platform and brand. This includes but is not limited to transactions on Savebo’s website, mobile application, digital interface across all devices, email communications, online advertisements, and payment gateways or systems. This applies to environments both managed by Savebo and those not directly connected to Savebo. Savebo provides a platform for Merchant Partners to sell their products or services, and in some cases, the Merchant Partner may have specific terms of service that apply to the sale of their products or services on the Savebo platform. These additional terms are known as Retail Store Terms of Service. It’s important to note that Retail Store Terms of Service cannot restrict the usage, value, or currency of any Purchased Store Credit or Loyalty Credit issued by the Merchant Partner for the redemption of goods or services on the Savebo platform. The usage, value, or currency of these credits are determined by the terms agreed upon at the time of purchase. Both Retail Customers and Merchant Partners agree to Savebo’s General Terms of Service when using the platform’s services. However, when a Retail Customer transacts with a Merchant Partner, they also agree to the Retail Store Terms of Service that the Merchant Partner has stipulated.

It’s worth noting that both the General Terms of Service and Retail Store Terms of Service are subject to change. Savebo will notify you of any changes to the General Terms of Service via your account email address. Your continued use of Savebo accounts or services indicates your acceptance of any modifications and agreement to abide by the terms outlined in the General Terms of Service. You can access Savebo’s General Terms of Service at any time via this link: General Terms of Service.

2. Definitions

Merchant Partner: Any entity that promotes or offers goods, services, or credits through Savebo's platform, including online and physical retail merchants and business partners.

Retail Customer: A person who purchases goods or services as a retail client.

Purchased Store Credit (PSC): A non-cash store of value and payment method sold by a Merchant Partner, purchased by a Retail Customer, and maintained by Savebo.

Loyalty Credit (LC): Store credit beyond the Principal Funds paid for the PSC offered by a Merchant Partner as part of a Loyalty Scheme or function offered and maintained by Savebo.

Service Fees: Fees charged by Savebo for facilitating the sale of PSC and LC between a Merchant Partner and a Retail Customer.

Principal Funds: The total amount of funds paid by the Retail Customer for PSC + LC.

Invite to Treat: An invitation to a Retail Customer to make an offer to transact.

3. Service Licence and Fees:

Savebo grants a revocable, non-exclusive, non-transferable licence to Merchant Partners and Retail Customers, subject to this agreement, to access and use Savebo's platform. Retail Customers are granted a free personal use licence. Savebo reserves the right to update its General Terms of Service, User Agreements, and Privacy Policies at any time without prior notice. Retail Customers must be Australian citizens or legal, permanent residents of Australia, and Merchant Partners must be authorized to conduct business in Australia. Savebo's services may not be resold or exported in any way, and users must be 18 years or older. All rights not expressly granted under this Agreement are reserved by Savebo. By continuing to use Savebo's platform or maintain an account with Savebo, you accept any changes to these terms and agree to abide by them.

4. Store Credit Expiry:

All unredeemed store credit, including PSC and LC, expires between 3 and 36 months months after the latest purchase of store credit by a Retail Customer from the issuing Merchant Partner. Each merchant partner is responsible for determining their own credit expiry terms. The expiry date is clearly visible on all Retail Customer devices upon logging into their Savebo account. If a Retail Customer cancels a store credit subscription and does not subscribe to another plan from the same Merchant Partner for between 3 and 36 months (as determined by the merchant), the associated PSC will be passed on to the issuing Merchant Partner, and the credit balance of the Retail Customer's PSC and LC will expire and revert to zero.

5. Issued Credit:

Store credit issued by a Merchant Partner is redeemable only at the issuing Merchant Partner. Both PSC and LC are equal in value and can be redeemed at the issuing Merchant Partner for goods and services, without any charges or transaction fees.

6. Retail Customer Store Credit Limit:

The maximum combined credit (PSC + LC) that a Retail Customer may purchase from one or more Merchant Partners cannot exceed $1,000. If a Retail Customer's wallet value exceeds $1,000, their account will be frozen, and any excess PSC and LC will be refunded via the original payment method.

7. Plan Cancellation

Savebo plans are commitment-free and can be canceled by Retail Customers at any time without ongoing obligations or restrictions. Retail Customers can cancel all plans via the "My Subscriptions" section of their account on Savebo's website at any time. However, a Merchant Partner must provide their existing Retail Customer subscribers with at least six months' notice before canceling a subscription plan agreement. Savebo reserves the right to cancel any subscription plans if a Retail Customer materially breaches the General Terms of Service.

8. Accounts

Retail Customers can create and use their Savebo account for free. The use of Savebo's services, including the opportunity to purchase PSC and receive LC, is offered at Savebo's sole discretion, subject to compliance with this agreement and may be revoked at any time. Each Retail Customer can use or control only one Savebo account registered to their personal email address and mobile phone number. Retail Customers may be charged a small Service Fee for the purchase of PSC and LC from a Merchant Partner, which is normally proportionately less than any LC offered by a retail merchant. Any transactional omissions, incorrect entries, or discrepancies concerning PSC and LC must be reported to Savebo within 28 days after the transaction. Savebo reserves the right not to correct any discrepancies reported after 28 days.

9. Retail Store Insolvency

Savebo protects Retail Customers from Merchant Partner insolvency by storing their funds in a trust account until PSC and LC have been redeemed for goods or services. If a Merchant Partner becomes insolvent and cannot deliver its products or services, Savebo will refund a Retail Customer's Principal Funds within 14 days of being notified of the insolvency. Savebo may retain any Service Fees paid by a Retail Customer to cover reasonable transaction and service costs of any transaction made between the Retail Customer and insolvent Merchant Partner, while returning the Principal Funds paid for the PSC in full. In case of Merchant Partner insolvency, any LC issued or promised by the merchant will be automatically and permanently canceled, non-transferable, and non-refundable.

10. Contract of sale

Savebo may retain Services Fees paid by Retail Customers to cover reasonable transaction and service costs related to any transaction with an insolvent Merchant Partner. Principal Funds paid for PSC will be returned in full. If a Merchant Partner becomes insolvent, any issued or promised LC will be cancelled and cannot be refunded or transferred to the Retail Customer.

11. Refunds

Purchases made using store credit, including PSC and LC, are non-refundable. PSC and LC can only be redeemed at the issuing Merchant Partner, and will expire if not redeemed. Retail Customers may request a refund of their principal funds paid, minus any Service Fees incurred, and must pay a $30 cancellation charge per merchant refund. Australian consumer law allows Retail Customers to request refunds for various reasons, including hardship, customer agreed returns, Merchant Partner failure or insolvency, or stored value wallet exceeding $1,000.

12. Hardship provisions

If adequate evidence is provided to Savebo, the company may, at its sole discretion, provide a refund of Principal Funds used to purchase PSC and LC, minus any reasonable Service Fees incurred by Savebo. Retail Customers will be charged an administrative fee of $12.50 for processing refunds under Savebo's hardship provisions.

13. Store credit transfers

PSC and LC issued by a Merchant Partner can be transferred from one Retail Customer to another Retail Customer. Whilst Savebo aims to restrict customers from having multiple accounts (this not being permitted on the Savebo platform), a Merchant Partner must be prepared for instances in which a Retail Shopper might transfer credit to themselves, in breach of this agreement. A Retail Customer’s PSC and LC are redeemable only at the issuing Merchant Partner, and a Merchant Partner cannot transfer a Retail Customer's PSC, LC, or account to another entity.

14. Retail Store Terms of Service

When transacting with a Merchant Partner through Savebo's platform, a Retail Customer agrees to the Merchant Partner's Retail Store Terms of Service. These terms may be provided by the Merchant Partner and relate to the provision of goods or services sold or offered on Savebo's platform. Savebo is not liable for any part of the transactions, offers, or promotions made by a Merchant Partner and Retail Customer. Savebo's General Terms of Service will override the Retail Store's Terms of Service to the extent permitted by law if they differ.

15. Invite to Treat

Offers made by a Merchant Partner are considered an invite to treat and can be revoked at any time. If a Merchant Partner makes a mistake, misjudgment, or poor decision in offering or inviting to purchase PSC and LC, Savebo may determine to return the PSC and LC to the Merchant Partner with a Retail Customer's Principal Funds refunded. This clause extends to all transactions facilitated by Savebo on behalf of Merchant Partners.

16. Loyalty Credit Redemption Limit Rate

All Savebo Merchant Partners can set a Loyalty Credit Redemption Limit Rate within a specified range. This rate determines the percentage of Loyalty Credit compared to regular Purchased Store Credit that can be used for purchases with each Merchant Partner. For instance, if a Merchant Partner sets a Loyalty Credit Redemption Limit Rate of 50%, it means that no more than 50% of a transaction's value can be redeemed using Loyalty Credit, and the remaining amount of a transaction must be paid for with Purchased Store Credit. The purpose of this limit is to safeguard Merchant Partners from instances where shoppers accumulate excessive amounts of Loyalty Credit, and to also reduce the risk of fraud.

17. Fraudulent Activity

Savebo takes security and fraudulent activity seriously and requires Merchant Partners and Retail Customers to immediately report any suspected fraudulent activity. Savebo reserves the right to suspend all fraudulent, dangerous, or malicious activity by either a Retail Customer or a Merchant Partner upon investigation. Savebo will investigate all complaints of fraud and refer suspected fraudulent activities to the appropriate legal or governing body, suspending or removing responsible accounts.

18. Account Suspension and Removal

Savebo reserves the right to temporarily or permanently suspend or remove any Merchant Partner or Retail Customer accounts at its discretion, with or without reason. In the event of account suspension or removal, Savebo is not liable for any financial loss, data loss, damages, or negative impact to either a Merchant Partner or a Retail Customer. Savebo may permanently halt the provision of services to all Savebo Retail Customers and Merchant Partners at any time, returning Principal Funds to Retail Customers.

19. Mistaken and Unauthorised Transactions:

Savebo reserves the right to reverse any transactions made between Retail Customers and Merchant Partners through Savebo's platform, including mistaken and unauthorised transactions. Merchant Partners should contact Savebo immediately if they receive a payment of PSC or LC incorrectly without being requested to deliver a product or service. Similarly, Retail Customers experiencing unauthorised or mistaken transactions should contact Savebo at complaints@savebo.com.

20. Taxes:

Merchant Partners are responsible for all applicable taxes on amounts earned through the sale of PSC and LC. Savebo does not make any representations regarding tax treatment on such amounts at any time.

21. Warranty Disclaimer:

Savebo's services are provided without any expressed or implied warranties, including the quality, accuracy, correctness, completeness, or validity of the information and services provided, including all content and offers displayed on or in connection to Savebo's platform.

22. Waivers and Severability:

Savebo's failure to enforce any provision of this Agreement shall not be deemed a waiver of that provision or any other provision within the agreement. If any provision of this Agreement is found invalid, such invalidity shall not affect the remaining provisions.

23. Complaints and Dispute Resolution:

Savebo is committed to handling Retail Customer complaints fairly and resolving issues in accordance with our complaint handling processes, policies, and relevant regulatory standards. If you have a complaint about Savebo or a Merchant Partner regarding the provision of a product or service, please contact us at complaints@savebo.com. We aim to respond to all complaints within 5 business days and resolve them within 15 business days.

24. Governing Law and Arbitration

This Agreement is governed by the laws of the Commonwealth of Australia and construed in accordance with them. Any dispute or disagreement between the parties should be resolved through arbitration before a legal claim is made. The seat of the arbitration must be in Melbourne, Australia, and it shall consist of one arbitrator. The language of the arbitration shall be English, and the process must be administered according to the rules and procedures of the Resolution Institute. The arbitrator will decide whether the dispute or disagreement should be subject to the arbitration process.

25. Limitation of Liability

Savebo will not be responsible for any loss resulting from transactions or engagements made on its platform, including fraudulent offerings or activity by Merchant Partners, Retail Customers, or third parties such as hackers or thieves. If Savebo is found responsible for any liability in the provision of services, the maximum liability arising out of this agreement will not exceed AUD$50 per Retail Customer, to the extent permitted by law.

26. Layaway Terms and Conditions

Customer saving plans are are not connected to Layaway Service Agreements and there is no obligation for Merchant Partners to keep products in their inventory. Should a product on offer no longer be available by the time that a Retail Customer has saved up for a product, a Retail Customer must choose another products or alternatively seek a refund of their Principal Funds. However a Merchant Partner can turn a Layaway service offering on for Retail Customers. This service is determined to ‘turned on’ by a Merchant Partner when the Merchant Partner offers to hold a product for a Retail Customer for a period of 1-6 months.

When this service is turned on by a Merchant Partner, Retail Customers can select a layaway service as part of a Savings Goal. The hold duration for layaway products is determined by Merchant Partners, between 1-6 months, and they will not be required to hold an item beyond its stated hold duration. Merchant Partners do not guarantee the holding of selected products for circumstances beyond their control. A layaway order cannot be modified and is a free service. If a layaway order is cancelled, a customer can use their store credit to make other purchases from the same Retail Merchant. Retail Customers can request a refund of their principal funds paid minus any Service Fees incurred upon payment of a $30 refund and cancellation charge per Merchant refund, which covers the costs of both Savebo and the Merchant Partner.