Payment Terms

Effective Date: 01.11.2025

Scope of Application:
These Terms apply to all premium payments/renewals/modifications of insurance policies purchased through the mediation services provided by Eurosolutions d.o.o. Beograd via the PolicyMarket.shop platform (hereinafter: the “Platform,” “we,” or “PolicyMarket”) within the territory of the Republic of Serbia.

Quick Summary (does not replace the full text):

Electronic payment by card is a financial service enabling users, through an intermediary (payment institution/service provider), to pay insurance premiums or services electronically using a payment card.
Payments are processed through a third party – PaySpot d.o.o. Novi Sad (“PaySpot”) as an authorized provider of payment services/electronic money issuer.
Eurosolutions d.o.o. does not process or store your payment card data.
The payment currency is Serbian dinar (RSD). Payment in foreign currencies within Serbia or abroad is also available.
Payment methods: online card payments and IPS Scan (QR).
The policy is issued and delivered electronically after a successful payment and system confirmation (unless additional verification by the insurer is required).
Refunds and cancellations are available before the policy becomes effective (in accordance with insurer rules and regulations). After the policy start date, refunds are possible only in exceptional cases defined by the policy/law.

Payments are executed in accordance with the following regulations:

Law on Payment Services (“Official Gazette of RS,” nos. 139/2014, 44/2018, and 129/2021)
Law on the Protection of Financial Services Users
Decision on Detailed Conditions and Manner of Performing Payment Services (NBS)
Law on Electronic Document, Electronic Identification, and Trust Services

1) Who We Are and Scope of Application

Legal entity name: Insurance Brokerage Company Eurosolutions d.o.o. Beograd

Registration number: 20569620
PIB (Tax ID): 106280667
License for performing insurance brokerage activities – Decision of the National Bank of Serbia No. G.8780 dated 27.08.2009
Registered office: Požeška 67a / 4.06, 11030 Belgrade
Support e-mail: info@policymarket.rs
Phone: +381 11 3471 708

These Terms regulate the methods of paying insurance premiums and other amounts related to brokerage in purchasing insurance policies through our Platform. Participants in the payment process are:

Policyholder / insured person;
Cardholder – owner of the payment card;
PaySpot – the payment processor, authorized provider of payment services and issuer of electronic money in the Republic of Serbia;
Merchant / payment recipient – provider of goods or services;
Cardholder’s bank (issuing bank);
Merchant’s bank (acquiring bank);
Payment system (Visa, MasterCard, DinaCard) – technical intermediary in data exchange and transaction authorization.

2) Third Party – PaySpot as Payment Processor

Payments on the Platform are executed via PaySpot d.o.o. Novi Sad (“PaySpot”) – an authorized payment service provider and electronic money issuer in the Republic of Serbia. PaySpot ensures secure transaction processing and infrastructure support (gateway/payment channels).

We do not process or store your card or other sensitive payment data. All such data are entered and processed exclusively within the PaySpot environment, in compliance with applicable laws and security standards.

3) Available Payment Methods

The following payment methods are available on the Platform via PaySpot:
● Online card payment (Visa, Mastercard, DinaCard; 3-D Secure when applicable).
● IPS “Scan” (QR code) – instant payment by scanning an IPS QR code via your bank’s mobile app.

The exact list of available methods and any additional steps is shown on the checkout page before confirming payment.

3.1) IPS “Scan” (IPS QR) — How It Works

At checkout, an IPS QR code is generated containing merchant and payment information.
Open your bank’s mobile app and select IPS Scan.
Scan the displayed QR code and confirm payment within the app.
The transaction is processed instantly (24/7); we receive confirmation and continue processing your policy/order.

Note: The IPS QR code has an expiration time displayed at checkout. If payment is not confirmed within that time, the order may expire and a new QR code will need to be generated.

4) Currency, Price Display, and Conversion

● All payments are made in Serbian dinars (RSD).
● Option for payments in foreign currency, both domestically and internationally.
● If indicative amounts in other currencies are displayed, they are for informational purposes only; charges and settlements are made in RSD. Conversion (for cards issued abroad) depends on your bank and card network.

5) Transaction Security

● Card payments are processed in PaySpot’s and/or card networks’ secure environment (e.g., 3-D Secure, biometrics, OTP when applicable).
● IPS payments are confirmed within your bank’s mobile app; sensitive account data are not shared with us.
● We will never request full card details, CVV codes, PINs, or access to your e-banking/m-banking via e-mail or chat.

6) Payment Flow (Checkout)

A) Card Payment

At checkout, select Card and enter the requested data on PaySpot’s secure page.
At that point, the system collects basic transaction data:

Card number (PAN),
Expiry date,
Amount,
Currency,
Merchant ID,
Location, and possibly CVC/CVV code and 3-D Secure confirmation.

Upon successful authorization, you receive confirmation and are redirected back to the Platform.
Policy issuance and delivery: automatically (PDF via e-mail and/or user account) after payment confirmation, with possible additional insurer verification when required.

B) IPS “Scan” (QR)

At checkout, select IPS Scan; a QR code with amount and validity time is displayed.
In your bank’s mobile app, select IPS Scan and scan the displayed code.
Confirm payment; upon success, you receive confirmation and are redirected back to the Platform.
Policy issuance and delivery: automatic after payment confirmation, with possible insurer verification when required.

If confirmation is not received within a reasonable time, contact support with your order number so we can check the transaction status.

7) Invoices, Confirmations, and Documentation

After payment is completed, you will receive an electronic confirmation and the insurance policy/documentation.

8) Fees and Charges

● The price shown on the Platform includes all applicable fees and taxes for the insurance product/service, unless explicitly stated otherwise.
● For card and IPS payments, we do not charge additional commissions to customers unless clearly stated at checkout.
● Your bank may apply its own fees/limits for card or IPS payments in accordance with its tariff.

9) Cancellations and Refunds

General Rules:
● Before the policy start date: You may request a cancellation and refund; terms/amount depend on policy type and insurer rules (administrative fees may apply).
● After the policy start date: Refunds are not possible except in cases expressly defined in the policy/Insurance Agreement or applicable Serbian law.
● The policyholder has the right to withdraw from a distance contract within 14 days from the date of conclusion without stating reasons.
● The insured person may unilaterally terminate a distance insurance contract at any time, without any cost, fee, or penalty, if the insurer fails to comply with the Law on the Protection of Financial Services Users. In such cases, the insurer has no right to claim damages due to contract termination.

Refund Method:
● For card payments: Refunds are normally made to the same card used for payment; posting time depends on your bank/card system.
● For IPS payments: Refunds are made as a bank transfer to the same account from which payment was made. If automatic matching is not possible, we may request your account details (e.g., bank account number) to process the refund.

Procedure:

Submit a refund request to our customer support (e-mail/account form) including order/policy number and reason.
We initiate processing with the insurer and PaySpot.
Once approved, the refund is executed through the corresponding channel (card/IPS transfer) and you are notified via e-mail.
The funds are returned through the same route as the original payment — but in reverse.

Note: If the policy has already been partially used (e.g., a claim submitted or insured event occurred), refund is not possible.

10) Billing Errors, Failed/Duplicate Payments, and Cancellations

● In case of failed or duplicate payments, contact us with proof of payment; after verification, we initiate a refund.
● If a transaction is flagged as risky or suspicious, we reserve the right to temporarily withhold policy issuance until verification is completed.

11) Complaints and Claims

For product/policy-related inquiries: please contact us first (PolicyMarket support).
For complaints regarding payment execution: you may contact us or directly contact PaySpot through their official complaint channels (electronically/by mail, as defined in their General Terms). We will mediate when necessary.

12) Personal Data Protection

● We process your personal data (identification/contact details, policy data) as a data controller for the purpose of selling and issuing policies.
● Payment-related data (e.g., card details) are processed directly by PaySpot and/or card/banking systems as independent controllers/processors.
● More details are available in our Privacy Policy and PaySpot’s documentation.

13) Limitations and Liability

● Payments may be made only by adults who are holders of the payment instrument or duly authorized representatives.
● Any misuse of payment instruments or fraud is prohibited; suspicious transactions are reported to competent authorities.
● We are not responsible for delays or interruptions caused by third parties (banks/card systems/PaySpot), but we will make reasonable efforts to assist in resolving such issues.

14) Governing Law and Jurisdiction

These Terms are governed by the laws of the Republic of Serbia. We will strive to resolve any disputes amicably; otherwise, the competent court shall be that of the merchant’s registered office, unless consumer protection regulations specify otherwise.

15) Amendments to the Terms

We reserve the right to amend these Terms in line with changes to regulations, business models, or payment channels. The updated version will be published on the Platform, indicating the effective date. For transactions initiated prior to the amendment, the Terms valid at the time of initiation apply.