How is fraud prevention done?
The rec only exists as a digital currency, either as a payment card or as a mobile app. The risks and consequences of fraud on cards are of the same nature as credit or debit cards, with an advantage for [...]
What happens if I lose my cell phone or card?
The issuing entity, Novact, has emergency mechanisms in place so that the user can warn of any issue, loss or theft, and can block and replace the stolen card or identify any possible issue of the app. Call this phone [...]
Can I convert my recs to euros?
The change of recs to euros is guaranteed, but only for establishments, small businesses and self-employed workers. Individuals have the responsibility to not change more recs than they can use. Even so, the conversion of recs to euros is not [...]
How do recs work at the tax level?
The recs do not affect the taxation of the company or the tax declaration. Sales, purchases and expenses are always made in euros, regardless of whether they are charged or paid in euros or recs. Therefore, the invoices are all in euros [...]
How do I do my accounts?
As for accounting, the account in recs acts as a normal treasury account (570/572 cash or banks). When I buy recs, I make an entry to the Treasury account in recs and an exit to the account of the corresponding [...]
Will I be able to pay municipal taxes, fees and subsidies with recs?
At the moment, not from the traders, it will be necessary to make sure that they can pay the taxes in euros. We are studying the possibility for the future where you might pay taxes, fees and municipal public prices [...]
In which shops can I use it? In all or only in some?
The rec can be used in businesses, companies and organization that accept it. Initially to be a pilot project, it will be limited in the 10 neighborhoods of the Besòs Aix.
As a business, Can I accept recs only for a percentage of my sales?
Yes, the idea is a part of your sales income can be in recs. If 100% of your sales are in euros, you are not part of the rec network and you do not enjoy your benefits, and if 100% [...]
Can I pay something partially in euros and partially in recs?
It depends on what the traders and the customer decide. In general, if the customer has a balance, it is easier for everyone to pay 100% in recs. In any case, we must remember that the payment of the price [...]
How are the recs regulated?
NOVACT has hired a Payment Service Provider (PSP) authorized and certified at an European level, a new figure that provides for the "European Directive 2015/2366 of the European Parliament and the Council of November 25, 2015 on payment services in [...]
