Product Disclosure Statement
This Product Disclosure Statement (“PDS”) has been prepared by Sniip. This PDS does not constitute an offer in any jurisdiction other than Australia or to anyone whom it would not be lawful to make such an offer. Sniip does not hold an Australian Financial Services Licence (“AFSL”). Non-cash payment facilities are issued by Sniip pursuant to an intermediary authorisation agreement between Sniip and Flexewallet Pty Ltd ACN 164 657 032 (AFSL 448066) (“Flexewallet”). Under that agreement, Flexewallet offers to arrange for the Product to be issued by Sniip pursuant to an intermediary authorisation for the purposes of section 911A(2)(b) of the Corporations Act 2001 (Cth).
The information in this Product Disclosure Statement (“PDS”) is up-to-date as of 1 April 2022. If this information changes and the changes are not materially adverse, we will make this updated information available on this website, or you can email us at firstname.lastname@example.org to request a copy to be emailed to you.
The purpose of this Product Disclosure Statement
The law requires that we prepare and provide you with a PDS. The purpose of this PDS is to give you the information you require to make an informed decision about whether or not to utilise the Product. To assist you in understanding the Product, this PDS details the significant features of the service, including how to use it, and its costs, benefits and risks.
About this Product Disclosure Statement
This PDS is an important document which provides you with information about the Product, including any fees and costs, to help you decide whether to obtain this product. You should read this PDS carefully and seek independent expert advice before making any decisions relating to the suitability of this product for you.
This PDS is not intended to constitute advice, nor is it a recommendation or opinion that the Product is suitable for your needs. Any advice contained in this PDS is general advice only and does not take into account your specific objectives, financial situation or particular needs.
Scanning or importing a Bill
The Sniip App allows users to scan or import a Biller’s payment details on a paper or digital bill in order to create a digital copy of the bill for payment in the Sniip app.
This process is completed by scanning a BPAY Biller Code or Sniip QR code on the bill. This negates the need for Users to manually enter a Billers Details and bill amount.
Prior to using the Product, Users must register an account and provide their Card details in the Sniip App. Sniip will verify and validate the Details and allow Users to use one of their stored Cards or Apple Pay/Google Pay (or other digital wallets) to facilitate the payment of the bill via the Sniip App.
The two legs of a transaction on the Product:
- A User will direct Sniip to make payment of a bill amount to the Biller on the User’s behalf. Sniip will initiate a transaction through the card scheme for the bill amount plus any relevant surcharges (detailed in section 7). This transaction will appear on the User’s statement as a payment to Sniip (‘Sniip Bill Payments’). For Payments involving BPAY, this component of the transaction falls outside of the BPAY Scheme and, accordingly, the BPAY Terms will not apply.
- Sniip will make payment of the bill amount to the Biller on the same business day that cleared funds are received from the User. For Payments involving BPAY, this component of the transaction utilises the BPAY Scheme and is subject to the BPAY Terms.
It may take up to three (3) business days (or more in exceptional circumstances) from the time a payment is made by the User to Sniip through the Product until Sniip pays the Biller. During this period, Sniip will hold funds in an account with an Australian Authorised Deposit Taking Institution (“ADI”) in its own name on the User’s behalf.
Terms and Conditions
Use of the Product is governed by the Sniip Terms and Conditions, which are incorporated into, and form part of this PDS.
Privacy and Confidentiality
In particular, if you agree to provide Sniip with access to your email in order for Sniip to notify you of any upcoming Bills, Sniip may use might use the data from the Bill to:
- analyse its services and customer needs with a view to developing new or improved products or services; or
- subject to any applicable laws, notify you of promotions, special offers or deals from other service providers, which might interest you.
Other Information Available
Additional information in respect of the Sniip service is available on the Sniip website.
Commissions, fees and charges
Processing fees for the use of the Product to make payments
- A processing fee will be payable for each Sniip transaction relating to a Payment as follows:
Bank Accounts Debit Cards Amex VISA/Mastercard VISA/Mastercard
Diners Prepaid cards / Crypto.com cards
Incl GST 0.0% 0.65% 1.5% 1.5% 3% 1.5% 0.85%
- Processing fees will be calculated and displayed to the customer, prior to making a payment.
- A $25 fee will be payable for processing a payment reversal at the request of a User (where possible) and Sniip will retain any fees paid by you in respect of that payment.
- Sniip may also receive any interest paid in respect of User’s funds held in its account with the ADI before a Payment is made by the ADI.
Sniip may also receive fees from the ADI and/or its processing partners for processing a Payment.
Sniip may increase the amount of fees and charges or introduce new fees and charges. If they are changed, Sniip will provide you with two months’ prior written notice of the change through the Sniip website, or other means. Sniip may waive, in whole or in part, any fees or charges at its discretion.
Making Payments through the Product will usually have the same taxation implications as if you had made the payment through traditional BPAY, or banking channels.
What are the benefits?
Faster way to make payments
Users do not have to re-enter card, Apple Pay/ Google Pay (or other digital wallet) details or reference numbers to make a Payment.
Sniip is more secure than conventional online payment methods, permitting a User to safely, conveniently and cost-effectively make a Payment via a mobile device, utilising a 4-digit pin, or the biometric authentication located on their mobile device.
Multiple payment methods
Users can store their payment details from multiple sources and can simply select the preferred card or Apple Pay/ Google Pay (or other digital wallet) payment method at the time of paying the bill.
What are the risks?
Some of the risks associated with the Product are outlined below. This is a summary of the major risks only, and is not intended to be exhaustive. There may be other risks associated with your use of the product.
Ability to make payments
By using the Product, you are relying on Sniip’s ability (and the ability of its banking partners and/or the BPAY Scheme) to meet various obligations, including making payments you have requested and holding funds in its account on your behalf. There is a risk that Sniip or the ADI may be restricted from processing payments, which could result in the Product no longer being able to be offered.
Loss of funds
Before making a Payment, Sniip will debit a User’s Card or Apple Pay (or other digital wallets) for the bill amount plus any relevant surcharges and fees. You will be responsible for any loss of funds until they are received in Sniip’s account held with the ADI.
While Sniip will make reasonable efforts to ensure continued availability of the Product, it is possible it may be rendered temporarily unavailable from time to time. This may be caused by factors external to Sniip such as general internet connection issues, as well as system issues and outages associated with various mobile network operators. Sniip is not liable for any late payment fees.
There is a risk your Sniip account may be compromised and subject to an unauthorised transaction or other types of fraudulent activity. While Sniip takes reasonable measures to ensure the security of its services, you are ultimately responsible for any unauthorised transactions and to keep your login credentials and mobile devices secure.
There is a risk that Flexewallet’s Australian Financial Services licence (“AFSL”) may be cancelled or that Flexewallet ceases to authorise Sniip as an intermediary. In such circumstances, Sniip’s ability to operate the Product may cease.
There is a risk that payments made by Users through the Product could be treated by the issuer of the nominated Card or Apple Pay as a cash advance. This may attract higher interest rates which may accrue from the time of payment.
Complaints and Dispute Resolution
Sniip is committed to dealing with customer complaints fairly and resolving issues in a timely manner in accordance with our procedures for the handling of complaints. If you have any questions, problems or complaints, please contact us in one of the following ways:
Sniip contact details
The Product is provided to you by Sniip. The contact details are as follows:
Email: You can lodge complaints by submitting an email directly from the website. This form can be accessed by clicking the Contact section on the Sniip Website. You can also file your complaint directly to us at email@example.com.
Mail: By mail to Sniip Ltd, Level 1/79 Hope St, South Brisbane QLD 4101.
Phone: (07) 3268 7710
ABN: 86 161 862 068
We endeavour to resolve all complaints as soon as possible and within a maximum time frame of 45 days. In instances where we cannot resolve your complaint within 5 business days, we will send you an email notifying you of the delay and the reason for the delay as well as an indication of when we expect to be able to respond.
If we require further time to conduct our investigation (for example, where information is being sought from a credit card issuer), we may not be able to resolve your complaint within 45 days. If we are unable to resolve your complaint within 45 days, or you are dissatisfied with how your complaint was handled or its outcome, you can refer your complaint to the Australian Financial Complaints Authority (AFCA), an independent external dispute resolution scheme covering applicable Australian customers.
AFCA contact details
In this PDS, these words have the following meanings:
“Apple Pay”: The mobile payment and digital wallet service provided by Apple Inc. that allows users to make payments via the iOS App.
“App”: The “Sniip – The easy way to pay” application developed by Sniip and available for download on the Apple App and Google Play stores.
“BPAY”: BPAY Pty Ltd ABN 69 079 137 518.
“BPAY Terms”: The Product Terms in the Sniip Terms and Conditions.
“BPAY Scheme”: The scheme operated by BPAY from time to time to provide payment services to end customers.
“Card”: Any bank card, credit card or stored value card capable of being used in the Sniip App.
“Details”: means a Biller’s BPAY details or a Biller’s financial account details (including Account Name, BSB and Account Number)
“Product”: The product described in section 5 of this PDS.
“Sniip Terms and Conditions”: The Sniip Terms and Conditions document outlining all the terms and conditions a User must abide by when using the Sniip service. The document is regularly updated and is available online at https://sniip.com/terms-and-conditions.
“Sniip Website”: The website found at https://sniip.com.
“Flexewallet”: Flexewallet Pty Ltd ACN 164 657 032 (AFSL 448066).
“Payment”: A payment made by you using the App by scanning a Biller’s Details.
“User”: A user of the Product.
“You” or “your”: Each person who uses the Product in accordance with the Sniip Terms and Conditions.
Last updated: March 7, 2022.