1. Introduction

1.1 About Us: Paaysay Ltd. (“We,” “Us,” or “Our”) is a UK-registered financial services provider offering payment solutions to business customers.

1.2 About These Terms: These Terms and Conditions (the “Terms”) govern your use of our services, forming a binding legal agreement between Paaysay Ltd. and your business (“You” or “Customer”).

1.3 Compliance: By accessing or using our services, you agree to comply with these Terms, our Privacy Policy, and any additional agreements relevant to specific services.

2. Definitions

• Account: A business payment account provided by Paaysay Ltd.
• Authorised User: Any individual authorised by you to access and use your Paaysay account.
• Services: All financial services, including payment accounts, payment initiation, and account information services.
• Transaction: Any payment, transfer, or withdrawal conducted through your account.
• Prohibited Activities: Activities or industries restricted under Paaysay’s Acceptable Use Policy.

3. Account Ownership and Delegation

3.1 Account Ownership:

• The primary Account Owner is the individual or entity entering into this agreement.
• The Account Owner can appoint Authorised Users with defined roles and permissions.

3.2 Authorised Users:

• Roles include Administrator, Accountant, and general users, each with varying access levels.
• You are responsible for actions taken by all Authorised Users under your account.

3.3 Delegation and Changes:

• Authorised Users can be added, removed, or updated via the Paaysay platform.
• Notify us immediately if an Authorised User’s access needs to be revoked.

4. Safeguarding Funds

4.1 Fund Protection:

• Customer funds are safeguarded in ring-fenced accounts separate from Paaysay’s operational funds.
• In case of insolvency, safeguarded funds will be repaid before other creditors.

4.2 No FSCS Coverage:

• Funds in your Paaysay account are not protected under the Financial Services Compensation Scheme (FSCS).

5. Acceptable Use Policy

5.1 Prohibited Activities:

Your account may not be used for:

• Illegal activities, including money laundering or fraud.
• Restricted industries, such as gambling, cryptocurrency trading, or weapons trading.
• Currency speculation or high-risk activities not aligned with Paaysay’s risk tolerance.

5.2 Policy Updates:

Paaysay reserves the right to update its Acceptable Use Policy and notify you of changes.

6. Services

6.1 Payment Accounts:

• Multi-currency accounts to hold, send, and receive payments.

6.2 Payment Initiation Services (PIS):

• Enables you to initiate payments directly from linked bank accounts.

6.3 Account Information Services (AIS):

• Provides consolidated views of financial accounts across multiple institutions.

6.4 API Integration:

• Access Paaysay APIs to automate payments, generate reports, and manage account activities.

7. Security and Privacy

7.1 Your Responsibilities:

• Maintain strong passwords and enable two-factor authentication.
• Regularly update your system to mitigate security vulnerabilities.

7.2 Our Responsibilities:

• Implement robust safeguards for customer data, adhering to UK GDPR and ICO standards.

7.3 Reporting:

Notify us immediately in case of suspected unauthorised access or data breaches.

8. Fees and Charges

8.1 Fee Structure:

Detailed fee schedules are available on our website, covering:

• Transaction fees.
• Subscription and maintenance charges.
• Currency conversion fees.

8.2 Changes to Fees:

We will notify you of changes to fees at least 30 days in advance.

8.3 Deductions:

Fees are automatically deducted from your account balance.

9. Transactions

9.1 Authorisation:

Transactions must be authorised by an Authorised User or through pre-set rules.

9.2 Reversals and Chargebacks:

• You are responsible for chargebacks and related fees unless they result from Paaysay’s errors.
• Disputed payments must be reported within 13 months.

9.3 Currency Exchange:

• Exchange rates are based on real-time market data and displayed prior to confirmation.

10. Open Banking and Third-Party Access

10.1 Third-Party Providers (TPPs):

• You can authorise TPPs to access your account for payments or data aggregation.
• Paaysay reserves the right to block TPPs for security concerns.

10.2 Revocation:

You may revoke TPP access at any time through your account settings.

11. Intellectual Property

11.1 Ownership:

Paaysay retains all intellectual property rights to its platform, APIs, and related materials.

11.2 Restrictions:

• You may not reverse-engineer or misuse Paaysay’s proprietary systems.
• Written consent is required for any use of Paaysay’s trademarks.

12. Liability

12.1 Customer Liability:

• You are responsible for losses resulting from unauthorised access caused by negligence.

12.2 Paaysay Liability:

• Our liability is limited to correcting errors or refunding as required by law.

13. Account Suspension and Termination

13.1 Suspension:

• Accounts may be suspended for compliance issues, suspected fraud, or breach of these Terms.

13.2 Termination:

• Paaysay may terminate accounts with 30 days’ notice or immediately for serious violations.

13.3 Post-Termination:

• Funds in closed accounts can be withdrawn within six years, subject to compliance checks.

14. Complaints and Dispute Resolution

14.1 Complaints:

Submit complaints to [email protected].

14.2 Escalation:

Unresolved complaints can be referred to the Financial Ombudsman Service.

15. Changes to Terms

15.1 Notice: Changes to these Terms will be communicated at least 30 days in advance.

15.2 Continued Use: Use of services after changes constitutes acceptance.

16. Governing Law

These Terms are governed by English law, with disputes resolved in English courts.

17. Contact Information

For support or inquiries, contact us at:

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