Frequently Asked Questions

About Octet

1. What is Octet Europe?

Octet is an online supply chain management and payment system for business transactions. Octet enables transactions between sellers and buyers (registered on the Octet Platform) through the utilization of corporate credit cards and bank loans.

2. Is Octet Europe a licensed and regulated financial institution?

Yes, Octet Europe is licensed and regulated by Malta Financial Services Authority (MFSA) within the European Union.

3. Who should use the Octet Portal?

Octet Portal is a B2B trading and payment platform. It is designed to be used by corporations and other companies.

4. Why should i use Octet?
  • Manage your trade related documentation transaparently with your trade partners and minimize misunderstandings or fraud
  • Authorize safely your payments by utilisation credit cards and enjoy their flexible repayment; 
5. What are my advantages as a Buyer?
  • Use the flexible repayment schemes and rewards of your credit card.
  • Benefit from cash payment terms when using Octet Platform while still repaying in line with your card terms
  • Management of all procurement transactions and commercial documents through online trr ansaction flow
  • Low operational cost 
6. What are my advantages as a Seller?
  • Reduce business stress from accepting credit sales through open account and / or postdated payment instruments
  • Comfort of knowing that your client has a credit rating and accountability
  • Online supply chain management portal
  • No obligation to have a POS device in order to accept payments with credit card. 
7. How does Octet keep our information safe?

The information and documents provided during registration to Octet Platform, your daily transactions and the information and documents concerning transactions are securly kept according to the highest EU and international standards.

8. What payment instruments are used on the Octet Portal

All of the credit cards (Visa, MasterCard, American Express, Union Pay, Troy), debit cards and commercial credit limits by banks (including Direct Debit Methods) could be used as instruments of payment.

9. Is the credit card information stored in Octet?

No. Credit card information is stored in our EU-based gateway and acquiring technology solution partners, which provide services to the largest banks in Europe and around the world. They have the world’s highest level data security standard, PCI (Payment Card Industry) – DSS (Data Security Standard) certification. With the PCI-DSS certified service, the requirements for data security is enforced from the initial stage on.

About the Application

1. Can i apply only as a buyer or seller?

In order to trade on Octet, it is required to invite your buying customers to Octet and share their information as a seller or your suppliers as a buyer.

2. Is there any membership or admission fee?

No, only service commision being taken from buyer per transaction.

3. How much is transaction fee?

The fee depends on the card type used and the transaction volumes. There is no standard commission.

4. Which information should i provide during the application?

Octet Europe runs a standard KYC/AML/CTF check prior to validating and activating any registration on the Octet Platform. This may imply to provide specific documents to meet EU standards and requirements, such as ultimate beneficiary owners, authorized signatories and similar.

5. Are all applicant companies accepted?

As a result of the preliminary checks used by other financial institutions, dictated by MFSA and EU legislation, only the companies who fulfill the requirements could become members. Others may be denied application.

6. How long will it take to make a payment after I apply

After completing the review process and other necessary documents, a username and a password are given to the buyer and seller companies that are accepted as members. This period should not exceed three to five working days from receiving all compliant information and documentation.

7. How can I update my personal information?

You can update it by clicking the “Your Details” button on the portal. Such updates will be reviewed by Octet Europe.

8. What do I need to do to add a second bank account as a seller?

On the portal, sellers can only collect by a single bank account at a time. Two separate bank accounts are not allowed in the same time.

9. What should I do to change my bank account details?

You could contact our Customer Service for a change at email with the title “Bank Account Change”

10. How can I change my phone number?

You could contact our Customer Service for a change at email with the title “Phone Number Change”

Operation & Security at Octet Portal

1. What are the steps for transactions at the Octet Portal?
  1. Buyer gives order
  2. Seller confirms order
  3. Seller ships the merchandise and loads the commercial documents on Octet Portal.
  4. Buyer authorizes payment on Octet Portal with credit card or credit loan
  5. Octet pays to the seller’s bank account
  6. Buyer repays the card charge to the issuing bank 
2. How is transaction security provided?

Loging in to the portal is similar to any bank’s online services. (User name and password, security code entry via pre-registered email). Admin roles predetermined by authorized company representative(s) allows restrictions for certain actions for company users and also allows assignments for certain roles.

3. What is the detailed flow of membership and post-processing on Octet Portal?
  • The buyer/ seller registers on Octet Portal and submits the required information to the related fields (including the details of their trade partners). During this process, the buyer/ seller accepts the Terms and Conditions applicable for the use of the Octet Platform. If required by certain jurisdictions, original agreement or documents might be required. 
  •  Octet Europe runs KYC/AML/CTF checks and may require additional information and documents.
  • Octet creates users and share theri credentials in line with the requirements from buyers and sellers to enable access to the Octet Platform.
  • The Buyer accesses the Octet Platform with the credentials provided and stores the credit card/s information on Octet’s solution partner, Global Payments to enable their use at the payment stage of the trade transactions (Global Payments is independent from Octet Europe and it is an internationally recognized provider of acquiring and gateway services used by many banks in EU and worldwide.
  • The buyer places an order with the linked seller.
  • The seller is notified via email about the new order and acesses Octet Platform to review and approve the order. Octet Platform enables direct interaction between the buyer and seller to reach an agreement ont the specific terms and conditions for the Order (e.g. required documents, payment terms, …).
  • When the seller uploads on Octet Platform the the invoice, shipping document (e.g. bill of lading) and/or any other documentation that may be required then the buyer is notified via email.
  • The buyer can now review all submitted documents and it is now able to authorize the payment (using any of the registred cards). Octet Platform enables direct interaction between the buyer and the seller to solve any issues related the respecitve order/ payment.
  • When the buyer chooses the “Make Payment” option on the portal, the bank’s advance and installment payment options are displayed all together with the relevant commissions and installment amounts. Once the buyer chooses the appropriate bank and the bank option, a single-use security code is sent by email to the recipient’s pre-registered email address. Entering this security code into the portal completes the payment process. During this process, the recipient’s credit card information will not be entered again.
  • When the buyer authorizes payment, the amount debited will include all due service commission in addition to the sellers invoice. Each transaction details can be sourced from the Octet Platform.
  • Octet Europe pays to the seller’s pre-registered bank account.
  • Octet sends the bill containing the service fee to the buyer.
  • Octet accepts payments from buyers only with credit card or direct debit authorization provided to it, and does not accept cash, checks, notes and similar payment instruments. Buyers can also make payments to Octet via bank EFT or wire transfer when necessary. 
4. How can i order as a buyer?

When you enter to the portal as a buyer or a seller, you can place a new order from the homepage or by clicking on ”New Order” from the ”My Orders” menu.

5. How will the other side (supplier) know when i place an order?

When you place a new order, an e-mail will be automatically sent to the e-mail address of your supplier registered in the system.

6. How can i request a payment as a seller?

Once the order is confirmed and the required documents are uploaded, click ‘Request Payment’.

7. I want to repeat an action i made in the past, but i do not remember the details, how can I get past transactions?

Octet Portal keeps the history and documents of all transactions made in its database. From the ‘Manage Orders’ step, click on the relevant order number or if you remember the company you are trading in, you can select the company from the ₺Seller₺ or ₺Buyer₺ sections, also search more options by pressing the ₺Select Duplicate Options₺ button. İf you click on the order number you want to view, you can view the old order. By clicking “View” in the “History” section at the bottom of the Order page you see, you can see all the past steps of the order in detail.

8. How are we billed?

Octet reflects the cost of the service provided to the buyer or seller in the agreed amount among them. e-billing or e-archive system is used for billing.

9. Can I track which phase I am on? How could I?

When you enter to the portal as buyers or sellers, a summary of the actions you have made on the homepage appears. You can also find the details of these transaction summaries on the ” My Orders ” menu.

10. If my credit card limit is full, how can I process it?

If your credit card limit is full, you could apply for an additional limit for using Octet Portal by contacting your bank.You can also continue trading on the Octet Portal by granting direct debit authorization to your Octet account if you have a debit card or loan limit. If you want to make your payments without using a credit, you can take advantage of the Octet Portal to pay a small service commission by paying by wire transfer or EFT.

11. My supplier does not have a POS device, how will I pay by credit card?

Octet, presents the payment service to supplier (seller) for invoice fee to be paid by Octet’s own POS device. In this way the buyer can make invoice payments by credit card in single payment or installment.

12. There was a disagreement in the procurement process, but I paid the price, how can I get my money back?

If there is a disagreement between the buyer and the seller about the goods and services, they have to deal with this dispute among themselves and solve it with traditional methods. Octet and the bank with credit line (credit card or commercial credit) are not included in the commercial and dispute process at all. Octet offers payment mediation services only in accordance with the instructions given. After the negotiations between the buyer and the seller, the authorities of the two firms can notify the Octet and the repayment may be made to the Buyer company without the resulting Octet commission.

13. I forgot my password, what can I do?

You could contact our Customer Service for a change at email with the title “Password Request”.

14. I have difficulty or stuck during a process, who could help me?

You could contact our Customer Service for a change at email with the title “Help/Assistance”.

15. Can I find a customer or supplier with the Octet Portal? Can I exhibit my products and services on the Octet Portal?

No, that’s not possible. Octet Portal is not a portal for finding buyers or sellers. No firm can see a buyer or seller of another company. Buyers or sellers can only see companies that they trade.

How could you make your domestic purchases and sales with Octet easily?

Octet Europe Global Partners