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Why are you transferring my contract?
RBSG are transferring your Streamline contract so that it is directly with WorldPay (UK) Limited. This is as a result of the Streamline business being sold by the Royal Bank of Scotland Group (RBS Group) to WorldPay (UK) Limited.
So who is my contract with now?
Your new contract, which comes into effect on 30th November 2011, is with WorldPay (UK) Limited and WorldPay Limited. These two entities provide the services described in the introductory section of your contract.
What does “novate” mean?
The term ‘novate’ or ‘novation’ is a legal term which means the transfer of rights and obligations under a contract.
What is happening to Streamline?
Streamline is the brand name used by the RBS Group under which it provides merchant acquiring / card processing services to businesses.
Under arrangements agreed with the European Commission, as a result of state aid given to the Royal Bank of Scotland (RBS) Group in 2009, RBS sold this part of its business to WorldPay (UK) Limited, part of the WorldPay group. The Streamline brand will continue to be used by WorldPay.
Why are you updating my terms and conditions?
Your terms and conditions are being updated to reflect the new ownership of Streamline, to ensure continued compliance with regulations, to reflect current law and practice and to improve the customer experience when reading the documentation. We have also consolidated a number of different documents and provided a summary of the main changes being made in the letter we sent to you in September 2011.
If WorldPay was sold in November 2010 then why has my contract remained with RBS Group until now?
Under arrangements agreed with the European Commission, as a result of state aid given to the Royal Bank of Scotland (RBS) Group in 2009, RBS sold this part of its business to WorldPay (UK) Limited, part of the WorldPay group. The Streamline brand will continue to be used by WorldPay. A transitioning process was agreed with the EU where following the sale in December 2010 RBSG provided the scheme licenses and outsourced the processing to WorldPay for an interim period.
Why can’t I have a contract with just one WorldPay entity instead of two?
The services we provide come from more than one entity because these entities hold the relevant regulatory and card scheme licences to provide the relevant services. WorldPay is one business and this technical legal requirement will not affect the quality of the service we provide to you.
Who/ what is WorldPay (UK) Limited?
WorldPay (UK) Limited is the new company that was formed when RBS Group sold the Streamline business back in November 2010.
Will I be financially worse off as a result of this contractual change?
No, this is purely a legal change and does not directly affect the cost of your card processing services.
Will this affect my card processing services?
No, this change is contractual and the technology platform, services and helpdesk that support your card processing service will not change.
Are any of my other bank products/services affected?
No, this change is for the Streamline Merchant Acquiring/Card payment processing services only. All other services you receive from your bank are unaffected and your support and relationship contacts remain the same.
Will I be locked into a longer contract as a result of this contractual change?
No, your existing termination rights and length of contract will continue to apply.
Will my account manager and customer support stay the same?
Yes, there is no change to your Streamline account manager or to the helpdesk service.
Do I need to transfer my Direct Debit?
No, this will automatically transfer in favour of WorldPay (UK) Limited. Your letter contains advice about this.
I already have a contract with WorldPay Limited as I use WorldPay’s Business Gateway for my internet business – I don’t understand what this change means?
Your contract also allows you to receive services called Acquiring Services, which relate to your customers using their cards to make payments. These Acquiring Services have previously been provided by the RBS Group. However following novation they will be provided directly by WorldPay (UK) Limited. WorldPay Ltd and WorldPay (UK) Limited are sister companies. WorldPay Limited will continue to provide you with Gateway Services and WorldPay (UK) Limited will provide you with Acquiring Services. The fact that there are two WorldPay entities involved in providing services to you will have no impact on the way your services are provided.
You say you’re transferring the contract but it will still be Streamline won’t it?
Yes your services will continue to be provided by Streamline, the brand name Streamline has been sold to WorldPay (UK) Limited, so your contract is being transferred to reflect the new legal ownership.
How will this change affect the decals and signage in my shop?
There are no plans to change the Streamline brand and there is no reason for your signage to change.
I hire a terminal from Danske / NIB; will I need to return this?
No, this hire agreement will also be transferred to WorldPay.
Can I still use my Streamline tally-rolls?
Yes you can continue to use your existing stock of tally rolls as the branding will not change.
Will I need to ring a different number to get help with my invoice, order stationery or if my terminal breaks down?
No, you will continue to have access to the same helpdesk team using the same helpdesk numbers you have always used.
Will there be any change to when I receive funds into my bank account?
No, your settlement periods are not affected.
