1. About This Agreement

1.1 Parties to the Agreement:
This Agreement is a contract between your business (“You”) and Paaysay Ltd., a UK-authorized payment service provider.

1.2 Changes to the Agreement:
We may amend this Agreement with 30 days’ notice. Continued use of the Services constitutes acceptance of the revised terms.

2. Glossary

Refer to Appendix A for definitions of key terms, including “Chargeback,” “Settlement Account,” “High-Risk Activity,” and “Payment Scheme.”

3. Scope of Services

3.1 Payment Processing Services:

Facilitating the acceptance of payments through supported methods, including card payments, bank transfers, and other approved methods.

Routing transactions to relevant payment schemes (e.g., Visa, Mastercard).

Settlement and reconciliation of funds.

3.2 Payment Gateway Services:

Secure submission and processing of transaction data.

Tokenization of sensitive cardholder data.

Real-time transaction monitoring and reporting tools.

3.3 Multi-Currency Support:

Accept payments in multiple currencies. Conversion rates and applicable fees are displayed at the time of the transaction.

3.4 Additional Features:

Recurring billing for subscription services.

Integration with advanced tools, including invoicing and reporting solutions.

Fraud prevention and risk management tools.

4. Your Obligations

4.1 Accurate Information:
You must provide accurate business details, including:

Merchant category code (MCC).

Tax information and regulatory licenses.

Transparent refund and cancellation policies.

4.2 Compliance:
You must comply with:

Applicable laws, including AML/CTF regulations.

Card scheme rules and PCI DSS standards.

Paaysay’s Acceptable Use Policy.

4.3 Prohibited Activities:
You may not:

Process fraudulent or unauthorized transactions.

Exceed chargeback thresholds defined in this Agreement.

Use the Services for prohibited activities outlined in the Acceptable Use Policy.

5. Fees and Pricing

5.1 Fees:

Fees for transaction processing, refunds, chargebacks, and additional services are detailed in the Pricing Schedule.

5.2 Blended and Unblended Rates:

Paaysay offers blended or unblended pricing models. Contact us for more information.

5.3 Taxes:
You are responsible for determining and remitting applicable taxes.

6. Reserves and Financial Security

6.1 Reserves:

Paaysay may withhold a percentage of transaction proceeds as a reserve to mitigate risks.

Reserve terms, including percentage and duration, will be communicated based on your risk profile.

6.2 Additional Collateral:

Paaysay may request additional financial security (e.g., bank guarantees) for accounts deemed high-risk.

7. Chargebacks, Refunds, and Disputes

7.1 Refunds:

Refunds must be processed through the original payment method and disclosed to buyers in advance.

7.2 Chargebacks:

You are responsible for managing chargebacks and providing evidence within the specified timeframe to challenge disputes.

Excessive chargebacks may result in additional fees or termination of Services.

7.3 Dispute Management Tools:

Paaysay provides tools to manage chargebacks and disputes but does not guarantee outcomes.

8. Fraud and Risk Management

8.1 Fraud Monitoring:

Paaysay monitors transactions for fraud, excessive chargebacks, and high-risk activity.

8.2 Risk Thresholds:

Accounts exceeding fraud or chargeback thresholds may face suspension or additional fees.

8.3 Illegitimate Transactions:

Transactions deemed unauthorized or suspicious are considered illegitimate and must be reported immediately.

9. Data Protection and Privacy

9.1 GDPR Compliance:

Paaysay processes buyer data in compliance with GDPR and other applicable laws.

9.2 Data Processing Addendum:

Refer to the attached Data Processing Addendum for detailed roles and obligations as a data processor or controller.

9.3 Your Responsibilities:

Obtain buyer consent for data processing and ensure compliance with data security standards.

9.4 Data Breaches:

Notify Paaysay immediately of any data breaches affecting buyer data.

10. Termination and Suspension

10.1 Termination:

Either party may terminate this Agreement with 30 days’ written notice.

10.2 Immediate Suspension:

Services may be suspended for:
a) Non-compliance with this Agreement.
b) Fraudulent or high-risk activity.
c) Exceeding chargeback or fraud thresholds.

10.3 Post-Termination Obligations:

Outstanding fees and reserves must be settled upon termination.

11. Liability and Indemnification

11.1 Limitation of Liability:

Paaysay’s liability is limited to the fees paid by you in the 3 months preceding a claim.

11.2 Indemnification:

You agree to indemnify Paaysay for losses arising from your breach of this Agreement or disputes with buyers.

12. Governing Law and Dispute Resolution

12.1 Governing Law:

This Agreement is governed by the laws of England and Wales.

12.2 Dispute Resolution:

Disputes must first be raised through Paaysay’s internal resolution process.

If unresolved, disputes will be resolved in the courts of England and Wales.

13. Contact Information

• Email: [email protected]
• Phone: +44 20 7097 7160
• Address: Unit 400, Wenta Business Centre, Colne Way, Watford, WD24 7ND, United Kingdom

Appendix A: Glossary

Chargeback: A transaction dispute initiated by a buyer.

Settlement Account: The account where processed funds are deposited.

High-Risk Activity: Activities with elevated risks of fraud, chargebacks, or non-compliance.

Payment Scheme: A card or payment network like Visa or Mastercard.