How is fraud prevention done?

2018-05-20T18:54:26+00:00May 20th, 2018||

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?

2018-05-20T18:53:54+00:00May 20th, 2018||

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?

2018-05-20T18:53:11+00:00May 20th, 2018||

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?

2018-05-20T18:52:46+00:00May 20th, 2018||

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?

2018-05-20T18:52:18+00:00May 20th, 2018||

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 [...]

How are the recs regulated?

2018-05-20T18:48:56+00:00May 20th, 2018||

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 [...]

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