Application for this Policy 

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• This default payment policy (“this Policy”) applies to each entity who has obtained a product or service from Elevare Pay Easy Pty Ltd ACN 634 728 591 (“Elepay”) or its affiliates and related companies. This includes our customers, our Partners and any third party who has entered into any other arrangement with Elepay to which we reference this Policy (“Client”).

• If there is any inconsistency between this Policy, an agreement entered into between a Client and Elepay and the Client’s online Elepay dashboard, then the terms of these instruments will take priority in the following order (to the extent of such inconsistency):

  • the agreement between Elepay and the Client; 

  • this Default Payment Policy; and 

  • the Client’s online Elepay dashboard. 

• We may amend this Policy from time to time, as published on our website. 

• The default payment terms applicable to a customer will be the terms in effect at the time the customer enters into an Agreement with Elepay. For all other Clients, the terms applicable will be the terms published at the time Elepay seeks to enforce this Policy.

 

Payment Terms

 

• The payment terms applicable to each Client will be governed by the agreement (or arrangement) entered into between Elepay and that Client.  

• You must pay all moneys owing by you to us prior to the relevant due date or dates (as specified in your agreement with Elepay), in full and without any set-off or counterclaim. 

• We may charge, withdraw or deduct our fees or other amounts payable by you from your nominated payment source on or following the due date for payment.  

• It is your responsibility to ensure that the details of your nominated payment source are correct, accurate and up-to-date and that there are sufficient funds in your nominated payment source to make any required payments by the relevant due dates. If you would like to amend or update your payment source, please notify our team via the contact details below.   

• You authorise and consent to Elepay collecting and reversing any payment amounts from or to your nominated payment source, at the discretion of Elepay and in accordance with your payment schedule and terms of your Agreement with Elepay.

 

Default Fee – Single Payment Plan  

 

• This Clause 3 applies to Clients who are on a Single Payment Plan with Elepay. 

• If you fail to pay Elepay any amount owing by the relevant due date or in accordance with the terms of your agreement with Elepay (Default), then Elepay may charge you the following fees: 

  • a Default Fee, which will be calculated and applied as follows: 

    • the Default Fee will be equal to 0.25% of the total amount outstanding under your Elepay Plan (including the loan amount and all fees and interest);

    • the Default Fee will be charged and payable every 30 days which your Elepay Plan remains outstanding with the first Default Fee charged on the 31st day which you are in default;  

    • by way of example, the Default Fee is applied if you are 31 days in default. A further Default Fee is applied if you are 61 days in default; 

    • if you repay your Elepay Plan (in full) prior to the expiry of the subsequent 30-day period, then a further Default Fee will not be applied; and 

  • Default Interest equal to 0.0695% of the total amount outstanding (compounded daily) calculated from the date of default until the date your Elepay plan is repaid in full; and 

  • If Elepay is unable to process a scheduled payment using a payment method nominated by you, then Elepay has the discretion to charge you a Missed Payment Fee in accordance with the following schedule: