This Agreement (“Agreement”) sets out the terms under which Paaysay Ltd. (“Paaysay,” “We,” “Us,” or “Our”) provides payment acquiring and related services (“Services”) to you (“Customer” or “You”). By using the Services, you agree to the terms of this Agreement.

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 Supplementary Documents:
This Agreement incorporates the following documents, which are integral to your use of the Services:

• Business Customer Agreement: General terms for business services.
• Privacy Policy: How we process personal data.
• Pricing Schedule: Fees for the Services.
• Acceptable Use Policy: Permitted and prohibited uses of the Services.

1.3 Acceptance of Terms:
By using the Services, you confirm acceptance of this Agreement and any supplementary documents in their latest version.

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

2. Glossary

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

3. Scope of Services

3.1 Payment Acquiring Services:

• Processing card payments, bank transfers, and other supported payment methods.
• Routing transactions to relevant payment schemes (e.g., Visa, Mastercard).
• Handling settlement, reconciliation, and refunds.

3.2 Payment Gateway Services:

• Secure transaction submission and tokenization of sensitive cardholder data.
• Real-time transaction monitoring and reporting tools.

3.3 Multi-Currency Support:

• Accept payments in multiple currencies, with conversion rates displayed at the time of the transaction.

3.4 Additional Features:

• Tools for invoice creation, advanced reporting, and fraud prevention.

4. Your Obligations

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

• Merchant category code (MCC).
• Tax information and regulatory licenses.
• Clear 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.
• Use the Services for personal or peer-to-peer transfers.
• Exceed chargeback thresholds specified in the Service terms.

5. Fees and Pricing

5.1 Fees:

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

5.2 Blended and Unblended Rates:

• Paaysay offers blended or unblended pricing options based on your business type. 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.
• Reserve percentages and duration are based on your transaction history and risk profile.

6.2 Additional Security:

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

7. Chargebacks, Refunds, and Disputes

7.1 Refunds:

• Refunds must be processed through the original payment method.
• Ensure refund and cancellation policies are accessible to buyers.

7.2 Chargebacks:

• Chargebacks must be addressed promptly with evidence submitted within the specified timeframe.
• Excessive chargebacks may result in additional fees or suspension of Services.

7.3 Dispute Resolution Tools:

• Paaysay provides tools for managing chargebacks and disputes but cannot guarantee resolution in your favor.

8. Fraud and Risk Management

8.1 Monitoring and Risk Thresholds:

• Paaysay monitors transactions for fraud and high-risk activity.
• Accounts exceeding chargeback or fraud thresholds may be suspended or terminated.

8.2 Illegitimate Transactions:

• Defined as unauthorized, suspicious, or non-compliant transactions.
• You are responsible for identifying and preventing such transactions.

9. Data Protection and Privacy

9.1 GDPR Compliance:

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

9.2 Your Responsibilities:

• Obtain buyer consent for data processing and ensure data security.

9.3 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:

• Paaysay may suspend Services for:
  a) Non-compliance with this Agreement.
  b) Fraudulent or high-risk activity.
  c) Excessive chargeback ratios.

10.3 Effect of Termination:

• Outstanding fees must be settled upon termination. Reserves may be withheld for a defined period.

11. Governing Law and Dispute Resolution

11.1 Governing Law:

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

11.2 Dispute Resolution:

• Disputes must first be raised through Paaysay’s internal resolution process.
• If unresolved, disputes will be subject to the jurisdiction of English courts.

12. 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.