Averipay
This page explains how Averipay protects the money it receives while executing payments, what protection applies if the Company becomes insolvent, and which risks are not covered.
1. General provisions
1.1. Avrepey OOD, UIC 208357967, operating under the Averipay brand (the "Company"), provides payment services under the Payment Services and Payment Systems Act (PSPSA), which implements Directive (EU) 2015/2366 (PSD2). Licence status: —; register entry number: —. More information is on the Licensing page.
1.2. A payment institution is not a bank. It does not take deposits and does not lend customers’ money. Funds it holds are held only for the purpose of executing payment transactions.
1.3. The funds covered by this page are the funds the Company receives from payers or on behalf of merchants for the execution of payment transactions, and which have not yet been paid out to the merchant (the "client funds").
2. Safeguarding of client funds
2.1. Client funds are safeguarded in accordance with the PSPSA. The Company uses the following method as its main one: client funds are held on a separate account with — (account —), and are not used for the Company’s own purposes.
2.2. The separate account is used only for client funds. The Company’s own money, such as its fee income, is held on other accounts and is not mixed with client funds. Fees due to the Company are moved from the separate account to its own account only after they have become payable.
2.3. The credit institution is selected with due care, taking into account its financial standing and reliability. It is informed that the account holds client funds, and it has no right to set off its own claims against the Company against those funds.
2.4. As an alternative permitted by the PSPSA, the Company may instead cover client funds with an insurance policy or another comparable guarantee issued by an insurer or a credit institution that is not part of the same group, for an amount equal to the funds that would otherwise be safeguarded. If the method changes, this page is updated.
2.5. The Company keeps records that allow client funds to be identified at any time, separately from its own funds, and reconciles the separate account with its transaction records.
3. When funds are safeguarded
3.1. Funds received for the execution of a payment transaction are placed on the separate account no later than the end of the business day following the day they were received, and earlier where the Company’s procedures allow it.
3.2. Funds remain safeguarded until they are paid out to the merchant, refunded to the payer or, where applicable, used to settle amounts due to the Company under the agreement with the merchant.
3.3. Settlement and payout terms for merchants are set out in the General Terms and in the agreement with the merchant. The timing of the Company’s fees and limits is published on the Fees and limits page.
4. Protection in the event of insolvency
4.1. Under the PSPSA, safeguarded client funds are protected against claims of the Company’s other creditors, including in insolvency proceedings against the Company. They do not form part of the insolvency estate to the extent they are safeguarded in accordance with the law.
4.2. In such a case, the funds are used to satisfy the claims of the Company’s clients for the payment services in the order and under the procedure laid down by law.
4.3. The Bulgarian National Bank (BNB) supervises the Company’s compliance with the safeguarding requirements. Official website: www.bnb.bg
5. What is not covered
5.1. The protection described above applies to client funds held for the execution of payment transactions. It does not cover:
- The Company’s own funds, including fees that have become payable to it.
- Funds that the merchant has already received, for example on its own bank account after payout.
- Losses from the merchant’s failure to deliver goods or services, which are a matter between the merchant and the payer.
- Amounts withheld, reserved or offset in accordance with the agreement with the merchant, the rules of the card schemes or the law, for example under refunds, chargebacks, fraud prevention measures and anti-money-laundering checks.
- Losses caused by market changes, such as currency exchange rate movements, where the merchant has chosen to receive funds in a different currency.
5.2. Client funds held by a payment institution are not deposits and are not covered by the Bulgarian Deposit Insurance Fund guarantee. The protection of client funds is provided by the safeguarding rules described above.
6. Protection of data
6.1. The Company protects payment and personal data with organisational and technical measures that include access control by role, encryption of data in transit and at rest, and logging of security-relevant events.
6.2. Card data is handled in line with the PCI DSS requirements. The card security code (CVV/CVC) is not stored after authorisation.
6.3. Where a transaction requires it, strong customer authentication is applied in line with the PSPSA.
6.4. The processing of personal data, retention periods and your rights under the GDPR are set out in the Privacy Policy.
7. Contact details
For questions about the protection of funds, please contact Averipay. Complaints are handled under the Complaints and Enquiries procedure; your rights as a payment service user are explained on the Consumer Protection page.
- Legal name:
- Avrepey OOD
- Trading name:
- Averipay
- UIC:
- 208357967
- Email:
- payments@averipay.com
- Phone:
- —
- Postal address:
- —
Last updated: November 10, 2026
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