1. DEFINITIONS

Acquirer: A financial institution that processes credit and debit card payments on behalf of merchants.

Card Schemes: Payment networks such as Visa, Mastercard, and others.

Payment Scheme Rules: By-laws, rules, regulations, and operating procedures issued by the Card Schemes.

API-Driven PayFac Solution: A customizable, integration-focused payment facilitation service enabling platforms and SaaS providers to manage sub-merchants programmatically.

Traditional PayFac Solution: A payment facilitation service offering sub-merchant accounts under Paaysay’s master account without requiring deep technical integrations.

Services: The payment processing services provided by Paaysay, including both API-driven and traditional PayFac solutions.

2. SCOPE OF SERVICES

Paaysay agrees to provide payment facilitation services under two distinct models:

2.1 Traditional PayFac Solution

Sub-Merchant Accounts: Paaysay will establish sub-merchant accounts under its master account to facilitate payment processing.

Transaction Processing: Paaysay will process transactions, manage settlements, and provide basic fraud monitoring tools.

Quick Onboarding: Simplified onboarding process for small-to-medium businesses.

2.2 API-Driven PayFac Solution

Integration Capabilities: Enables platforms and SaaS providers to integrate payment services programmatically using Paaysay’s API.

Custom Sub-Merchant Management: Platforms can onboard, monitor, and manage sub-merchants directly through the API.

Enhanced Reporting: Provides access to detailed reporting dashboards for transaction monitoring, dispute resolution, and financial reconciliation.

Scalability: Tailored for platforms managing multiple sub-merchants or requiring advanced payment customization.

3. SUB-MERCHANT OBLIGATIONS

By entering into this Agreement, you agree to:

3.1 Compliance:

Adhere to all applicable laws, regulations, and Payment Scheme Rules, including anti-money laundering (AML) and data protection requirements.

3.2 Accurate Information:

Provide and maintain accurate and complete information about your business, ownership details, financial information, and any other information required by Paaysay.

3.3 Prohibited Activities:

Refrain from engaging in activities listed as prohibited by Paaysay or the Payment Schemes. A full list is available on our website.

3.4 Technical Integration for API-Driven Solution:

Implement and maintain technical integrations in accordance with Paaysay’s API documentation.

Ensure compliance with all security and encryption standards provided in the API documentation.

4. FEES AND CHARGES

Traditional PayFac Fees: Refer to the Pricing Schedule on our website for a full breakdown of fees, including processing fees, chargeback fees, and refund fees.

API-Driven PayFac Fees: Includes additional charges for API access, sub-merchant management, and enhanced reporting tools. Detailed pricing is available in the Pricing Schedule.

5. SETTLEMENT OF FUNDS

5.1 Traditional PayFac Settlement:

Funds will be settled to your designated bank account as per the schedule specified in the Pricing Schedule.

5.2 API-Driven PayFac Settlement:

Platforms can configure settlement schedules for their sub-merchants through Paaysay’s API. Paaysay reserves the right to approve or modify these configurations based on compliance and risk assessments.

6. CHARGEBACKS AND DISPUTES

Chargeback Fees: Sub-merchants are responsible for chargeback fees as outlined in the Pricing Schedule.

Dispute Resolution: Paaysay provides tools to respond to disputes. API users can access additional dispute management tools programmatically.

7. LIABILITY AND INDEMNIFICATION

7.1 Paaysay’s Liability:

Liability is limited to the fees paid by you in the three months preceding a claim.

For API users, Paaysay is not liable for errors arising from improper API integration or misuse.

7.2 Indemnification:

Sub-merchants and platforms agree to indemnify Paaysay for losses arising from non-compliance, fraud, or integration errors.

8. DATA PROTECTION

Traditional PayFac: Sub-merchants must comply with GDPR and other applicable data protection laws.

API-Driven PayFac: Platforms must ensure sub-merchants comply with data protection requirements and must secure API data according to Paaysay’s documentation.

9. TERMINATION

Termination by You: You may terminate this Agreement by providing 30 days’ written notice.

Termination by Paaysay: Paaysay may terminate this Agreement immediately for non-compliance, breach of terms, or misuse of API services.

10. AMENDMENTS

Paaysay reserves the right to amend this Agreement with 30 days’ notice. Continued use of the Services constitutes acceptance of the amended terms.

11. CONTACT INFORMATION

• Email: [email protected]
• Address: Paaysay Ltd., Unit 400, Wenta Business Centre, Colne Way, Watford, WD24 7ND, United Kingdom