This Paynix Services Agreement, including any Schedules, Order Forms, and any other applicable agreements located at www.Paynix.com/legal forms the agreement (“Agreement”) between Paynix and its customer (“Customer”) and governs Customer’s use of the Paynix Services. Paynix may amend this Agreement at any time by posting a revised version on the Paynix website. The revised version will be effective at the time Paynix posts it. In addition, if the revised version includes a Substantial Change, Paynix will provide Customers with 30 calendar days’ prior notice of the Substantial Change. All capitalized terms are defined herein. The parties hereby agree as follows:
This Agreement governs Customer’s use of and access to all Services made available by Paynix. Depending on the Paynix entity who is providing the Services, and the type of Services provided, additional terms located in a Schedule will also apply.
If Customer contracts with Koala Tech Inc., the Schedule titled “Standard Services Schedule” applies.
If Customer or any Customer User uses a Service associated with one or more product-specific Schedules located at www.Paynix.com/legal, each such Schedule applies.
2.1 Provision. Subject to the terms and conditions of this Agreement, Paynix grants Customer a limited, revocable, non-exclusive, non-transferable, non-sublicensable right, during the Term, to access and use the Services specified on the Order Form or otherwise specifically authorized for use from within the Service, solely for Customer’s own internal business purposes. Customer’s purchase of Services is not contingent on the future delivery or maintenance of any functionality or features of the Services, or dependent on any oral or written public comments made by Paynix regarding functionality or features of the Services in the future.
2.2 Usage Limitations. Customer shall not itself or through any other person: (1) copy, modify, adapt, translate, reverse engineer, decompile, disassemble, publicly display, reproduce, create derivative works from, perform, distribute, or otherwise use in any way, any portion of the Services or Paynix Content, other than as permitted by Paynix in writing; (2) transmit or otherwise make available in connection with these Services any virus, worm, Trojan Horse, time bomb, web bug, spyware, or any other computer code, file, or program that may or is intended to damage or hijack the operation of any hardware or software, or any other actually or potentially harmful, disruptive, or invasive code or component; (3) access the Service for the purpose of performance testing or benchmark studies; (4) interfere with or disrupt the integrity or performance of any Service, or (5) sell, license, or exploit for any commercial purposes any use of or access to the Services.
2.3 Non-Paynix Products and Services. Third parties may make available products or services, including, for example, software applications that interoperate with a Service, or implementation or other consulting services. Customer’s acquisition of such products or services, and any exchange of data between Customer and any third-party provider, product, or service is solely between Customer and the applicable third party. Paynix is not responsible for and does not provide any warranties regarding third party applications, products, or services, or their security, functionality, or availability, whether they are designated by Paynix as “certified” or otherwise. Between Paynix and Customer, Customer is responsible for any acts and omissions of such third parties, for the performance or nonperformance of the third-party product or service with respect to the Service, and for the effect it may have on Paynix’s systems or the Services.
2.4 Integrations. The Services may contain features designed to interoperate with third party software applications. Paynix cannot guarantee the continued availability of such Service features and may cease providing them without entitling Customer to any refund, credit, or other compensation, including, without limitation, where the provider of a third-party application ceases to make the application available for interoperation with the corresponding Service features in a manner acceptable to Paynix. Where Customer permits an integration to third party software applications, Customer thereby grants Paynix access to all information made available through the integration.
3.1 Accounts and Users. Paynix shall provide Customers with login credentials to access the Services. Customer may grant Customer Users access to the Services only for Customer’s internal business purposes. Unless otherwise permitted by Paynix, Customer shall not exceed the number of Customer Users that it has purchased under the applicable Order Form. Each Customer User must have their own login, and Customer and Customer Users shall not share login credentials with any person or third party. Customer shall notify Paynix if (1) any Customer User is no longer authorized to use the Services so that Paynix can cancel their credentials, and (2) any Customer User believes their credentials may have been compromised. Customer assumes full responsibility for the use of its login credentials, its Customer Users’ compliance with this Agreement, and for all data submitted to the Service. Customers shall comply, and shall ensure that Customer Users comply, with the Compliance and Acceptable Use Policy located at www.Paynix.com/legal in their use of the Services.
3.2 Overages. If Customer exceeds the number of Customer Users purchased under the applicable Order Form, then for each additional Customer User, Customer shall pay (1) all past uncharged Fees upon notice from Paynix, and (2) the applicable Fees for the remainder of the then-current Term in accordance with Customer’s established payment frequency. Paynix may provide additional Order Forms for documentary purposes only, and Customer’s failure to execute additional Order Forms will not excuse Customer’s obligations to pay for the additional Customer Users.
3.3 Go Live Date. Subject to the terms of this Agreement, Paynix shall provide Customers with the applicable Payment Services beginning on the Go-Live Date. Paynix may amend the Go-Live Date by providing Customer with prompt notice if (1) its initial compliance onboarding of Customer is not complete; (2) Paynix determines that the technical integration with Customer systems is not complete; or (3) Paynix determines that not doing so would expose either party to security, financial or reputational risk.
4.1 Paynix Account. Customer shall supply the necessary Funds to its Paynix Account to satisfy all obligations to Paynix in connection with the Payment Instructions and use of the Services. If Customer or a Customer Affiliate has an insufficient balance in their Paynix Account, Customer shall provide additional Funds to its Paynix Account, and Paynix may offset such amounts from any Paynix account owned or controlled by Customer.
4.2 Payment Methods. (a) Depending on the Services available to Customer, Customer may be permitted to specify the preferred method of payment for a Transaction. Paynix may change or limit the payment methods available to Customer or any Payee, and may select the payment method used to complete a Transaction. Where Paynix changes Customer’s preferred payment method unilaterally, Paynix will charge the Transaction Fees applicable to the preferred payment method for that Transaction.
(b) Where Paynix determines that a Payee accepts card payments, Customer hereby permits Paynix to, and Paynix may, complete Transactions to the Payee on behalf of Customer using cards as a payment method. Paynix may engage third party providers to do so. Customer acknowledges that Paynix is not responsible for any costs incurred by a Payee in connection with their acceptance of cards as a payment method. Paynix may choose the way card payments will be provided or delivered to the Payee, and whether to continue to use the card as a payment method for any Payee. Customer retains the sole responsibility for any payment owed to a Payee, and Paynix has no responsibility or liability to Customer arising from the acceptance or processing of card payments by a Payee. Where a card payment arising from this section is declined, returned, or rejected, Paynix may attempt the card payment again, attempt payment using a different payment method, or return the funds to Customer less any Transaction Fees owed by Customer to Paynix. Customer acknowledges that the payment by card described in this section 4.2(b) is not the Paynix Card Service, which Customer may separately procure through their Paynix representative or through the Service itself.
4.3 Completing Transactions. Customers must submit Payment Instructions and the corresponding Funds to enable a payment. Paynix has no obligation to send payments to Payees until Paynix is in receipt of the payment Funds and associated Transaction Fees. Paynix is not responsible for any withholdings, freezes, or other delays or failures caused by the Payee’s or any intermediary’s bank, payment service provider, or financial institution.
4.4 Cancellation. Customers will not be able to cancel Payment Instructions once it has confirmed them. However, if a customer asks Paynix to cancel Payment Instructions, Paynix may take reasonable efforts to try to stop the Transaction or recover the Funds, but it is not responsible if it is unable to do so.
4.5 Refusal. Paynix is under no obligation to initiate or complete Transactions where Paynix determines that: (1) it has incorrect or incomplete Payment Instructions or Payee Information; (2) Transactions exceed transaction limits; or (3) the Transaction appears suspicious or in violation of this Agreement or Applicable Law.
Payees
5.1 Payee Access. Paynix will provide all Payees with a free account from which to access the Payee Portal. Customers may integrate the Payee Portal on the Customer website to allow Payees to submit Payee Information.
5.2 Payee Information. Between Paynix and Customer, all Payee Information collected on behalf of the Customer is owned by the Customer. Customers shall obtain, or cause Payees to provide, correct and complete information as Paynix may require, and shall immediately notify Paynix of any incorrect Payee Information, Payment Instruction or other information provided to Paynix. Customer is responsible for all liability arising out of incorrect or incomplete Payee Information or other information provided to Paynix. Without limiting Customer’s responsibility, Paynix may collect or confirm Payee Information directly from or with the Payee.
5.3 Use of Payee Information. Except as otherwise provided in this Agreement, Paynix shall use Customer’s Payee Information solely to provide and improve the Services, comply with Applicable Law, and to conduct Paynix’s compliance programs. Paynix may send emails or other communication to Payees on behalf of Customer to provide the Services, or as required by Applicable Law, or on its own behalf. Registration Information is owned by both Customer and Paynix, and Paynix shall use Registration Information in accordance with this Agreement and Paynix’s Privacy Policy found at Paynix.com/privacy.
6.1 Fees. Customers shall pay Fees to Paynix for the Services as stated in an Order Form or as otherwise agreed between the parties. Fees paid are not refundable. Paynix may amend Fees by providing Customers with 30 days’ prior notice. Upon each renewal, unless Paynix provides notice of different pricing at least 30 days prior to the applicable Renewal Term, Fees are subject to an automatic increase of the greater of (1) five percent, or (2) CPI-U. For operational reasons, Paynix may enforce the automatic increase after the date of renewal, or on the next invoice date for those Fees. Except as expressly provided in the applicable Order Form, renewal of promotional or one-time discounts will be at Paynix’s applicable list price in effect at the time of the renewal. In no event will the Subscription Fees for the Renewal Term be lower than the Subscription Fees for the previous Term. Customer hereby authorizes Paynix to charge any applicable Fees to the Paynix Account at the time the Fees are due. Customers acknowledge that collecting Fees in this manner may affect the funds available for payments to Payees.
6.2 Late Payment of Fees. If Customer does not pay Paynix all Fees and any other amounts due under this Agreement within 30 days of the date on which they are due, then Paynix may charge Customer interest for such time that the amount and all accrued interest remain outstanding at the lesser of: (1) one percent per month, or (2) the maximum rate permitted by Applicable Law.
6.3 Taxes. Customers shall pay all applicable taxes, value added taxes, levies, imposts, duties, fees, deductions, withholdings, or other governmental charges which are levied or imposed by reason of this Agreement, other than taxes based on Paynix’s income.
6.4 Payee and Customer Bank Fees. All fees and expenses charged by Payee’s bank and intermediary banks used by the Payee bank are the responsibility of Customer or the Payee (as applicable), and not Paynix. Customer is responsible for fees charged by its bank or other third parties supplying services to Customer.
6.5 Currency Conversions. If a customer requests a currency conversion, a currency conversion fee (spread) will be included in the exchange rate. Exchange rates may fluctuate and are determined by the Paynix Bank at the time it processes the conversion. If a currency conversion is included in the Payment Instructions, Paynix estimates the exchange rate. If the estimate is lower than the actual exchange rate at the time of payment, the customer shall pay the deficit. If the estimate is higher, any overage will remain in the Paynix Account.
6.6 Settlement of Transaction Fees. If, as part of the Services delivered to Customer, a Transaction is executed or a Fee paid from a currency account that is denominated in a currency different from the currency denominated in Customer’s Order Form (a “Foreign Currency Account”) then at the time of payment the Fee may be converted from the Order Form currency to the currency of the Foreign Currency Account using the prevailing exchange rates. Continuing fluctuations in exchange rates mean that the Fees paid from the applicable Foreign Currency Account may vary accordingly. The specific exchange rates used to redenominate Fees to the currency of the relevant Foreign Currency Account may be viewed within the Paynix Services. If Paynix is unable to debit Fees from the Foreign Currency Account, Fees may be subsequently deducted from any other Paynix Account or invoiced separately.
7.1 Obligations. Each party acknowledges that it may directly or indirectly disclose confidential Information (as defined below) to the other party during this Agreement. All such confidential Information disclosed hereunder remains the sole property of the disclosing party (or other third party), and the receiving party does not receive any interest in, or rights with respect thereto, except as set forth herein. Each receiving party shall (1) treat the disclosing party’s Confidential Information with the same degree of care and security as it treats its own confidential information, but in no event with less than a reasonable degree of care; (2) not disclose the disclosing party’s Confidential Information to any third party except to its and its Affiliates’ directors, employees, contractors, and legal or financial advisors, who have a need to know the information for the purposes of this Agreement and who have agreed to or are otherwise bound by confidentiality obligations at least as restrictive as those herein; and (3) not use the disclosing party’s confidential information for any purpose outside the scope of this Agreement.F
7.2 Disclosures. Notwithstanding the foregoing, a receiving party may share the disclosing party’s Confidential Information: (1) with a third party with the prior written consent of the disclosing party; or (2) to the extent disclosure is required by Applicable Law or to comply with a subpoena, or request by a government authority. The receiving party shall give the disclosing party prompt written notice (to the extent required by law) of such legal requirement prior to the disclosure.
7.3 “Confidential Information” means all proprietary, secret, or other data relating to the disclosing party, its Affiliates, or either’s operations, employees, products or services, clients, customers, or potential customers, that by its nature or the circumstances of disclosure a reasonable person would deem to be confidential. Confidential Information includes, but is not limited to, supplier lists, customer lists, bank or other account numbers, pricing information, computer access codes, login credentials, instruction and/or procedural manuals, Paynix Content, and the terms and conditions of this Agreement. Information is not considered Confidential Information to the extent, but only to the extent, that such information is: (1) already known to the receiving party free of any restriction at the time it is obtained; (2) subsequently learned from an independent third party free of any restriction and without breach of this Agreement; (3) or becomes publicly available through no wrongful act of the receiving party; or (4) independently developed by the receiving party without reference to any Confidential Information of the other. The terms of this Agreement are deemed confidential Information of the parties.
7.4 Duration of Confidentiality. The duty to protect the other party’s confidential information survives termination and expires seven years from the date of termination of this agreement, except that all obligations regarding confidential information constituting a trade secret will remain in effect until the information ceases to be considered a trade secret under Applicable Law.
7.5 Authorized Uses. Notwithstanding any provision herein to the contrary, (1) Customer authorizes Paynix to collect, store, and use Customer Data, Customer’s Confidential Information, and data relating to the use of the Services (A) to perform or improve the Services, (B) to conduct Paynix’s compliance programs, (C) for any purpose required by Applicable Law, and (D) to disclose to Paynix Affiliates, Paynix Bank(s), and other Paynix suppliers for the same purposes, and (2) except as prohibited by Applicable Law, Paynix may generate, use, and disclose aggregated or anonymized Customer Data and data relating to Customer’s or any Payee’s use of the Services for Paynix’s own business purposes, including research, development, and improvement of future products and services, including data products or aggregate insights for customers or third parties.
7.6 Records. Paynix shall collect, store, and use Records for the purpose of providing the Payment Services and in accordance with Applicable Law, and make Records available to Customers through the Payer Dashboard. “Record” means a record of a Transaction, whether successful or rejected, including but not limited to the amount of Funds, Customer information, Payee Information, Payment Instructions, and other Transaction information. 7.6 Records. Paynix shall collect, store, and use Records for the purpose of providing the Payment Services and in accordance with Applicable Law, and make Records available to Customers through the Payer Dashboard. “Record” means a record of a Transaction, whether successful or rejected, including but not limited to the amount of Funds, Customer information, Payee Information, Payment Instructions, and other Transaction information.
8.1 Term. As specified in the Order Form, this Agreement is effective on the Effective Date, will remain in effect for the initial term specified in the Order Form (the “Initial Term”), and renews automatically for additional and successive renewal terms (each a “Renewal Term”). If the length of the Renewal Term is not specified in the Order Form, then each Renewal Term will be 12 months. The Initial Term, and each Renewal Term, if any, are referred to herein as the “Term”.
8.2 Termination. Either party may terminate this Agreement at the end of a Term by providing the other party with written notice of its intent to terminate at least 30 days prior to the end of such Term.
8.3 Termination for Cause. Either party may suspend performance or terminate this Agreement if the other party is in material breach of this Agreement, and the breach is not cured within 30 days of being provided with written notice of the breach. Either party may immediately terminate this Agreement if the other party is dissolved or liquidated, becomes insolvent or unable to pay debts as they mature, or ceases to so pay, or makes an assignment for the benefit of creditors. Paynix may immediately suspend performance or terminate this Agreement if Customer fails Paynix’s ongoing compliance reviews, or Paynix determines in its sole discretion that Customer’s use of the Services creates excessive regulatory, security, financial, or reputational risk.
8.4 No Limitation on Remedies. A party’s exercise of its termination rights for material breach does not restrict or diminish such party’s rights to other remedies available in connection with the material breach.
8.5 Effect of Termination. In the event of a termination of this Agreement, all rights to use the Service granted hereunder automatically terminate, and Customer shall pay all Fees owed to Paynix for the balance of the current Term no later than 30 calendar days after the date of the termination, or the date the Fees are due, whichever is sooner. During the Term, Customers may download a copy of their transactional data directly from the Services and may request Paynix’s reasonable assistance with this process at Customer’s expense.
9.1 General Warranties. Each party represents and warrants as of the Effective Date that: (1) it has the full corporate right, power and authority to enter into this Agreement; (2) the execution of this Agreement and performance of its obligations under this Agreement does not violate any other agreement to which it is a party; and (3) the individual executing this Agreement on behalf of a party has authority to bind such party to this Agreement and the performance hereof. Paynix represents and warrants to the best of Paynix’s knowledge that, as of the Effective Date, the Services are not the subject of any claims of intellectual property infringement from a third party.
9.2 Customer Warranties. Customer represents and warrants that: (1) it will use the Services only for its internal business purposes and not for personal, family, or household purposes; (2) it has full and exclusive right, title, and interest in Funds; (3) it will resolve any dispute or complaint directly with the each Supplier that may arise; (4) its use of the Services is and will remain in compliance with this Agreement and Applicable Laws. Customers shall promptly notify Paynix if, in any jurisdiction in which it transacts, it becomes subject to any banking, money transmission, or payment services laws or has been contacted by any government agency or regulator regarding its movement of funds.
9.3 Accurate Information. Customer represents and warrants that all forms, due diligence questionnaires, and correspondence provided by Customer in association with this Agreement or the use of the Services, including but not limited to the Paynix KYC Data Gathering Forms, plus updates to any of the foregoing, are complete and accurate. Customers shall provide Paynix with prompt written notice of any changes to the information provided to Paynix, including the Paynix KYC Data Gathering Form.
9.4 Disclaimer. Paynix MAKES NO REPRESENTATIONS OR WARRANTIES, EXPRESSED OR IMPLIED, WITH RESPECT TO THE SERVICES UNDER THIS AGREEMENT INCLUDING WITHOUT LIMITATION ANY WARRANTIES OF TITLE, MERCHANTABILITY, FITNESS FOR A PARTICULAR PURPOSE OR THAT OTHERWISE ARISE FROM A COURSE OF PERFORMANCE OR USAGE OF TRADE. WITHOUT LIMITATION, Paynix MAKES NO REPRESENTATION THAT USE OF THE SERVICES WILL RESULT IN ANY IMPROVEMENT IN THE BUSINESS OF CUSTOMER OR ITS RELATIONSHIPS WITH SUPPLIERS. Paynix’S TAX AND REGULATORY FEATURES ARE PROVIDED SOLELY FOR CUSTOMER’S CONVENIENCE AND ARE NOT INTENDED TO PROVIDE TAX OR LEGAL ADVICE. FOR SUCH ADVICE, CUSTOMER MUST CONSULT AN ACCOUNTANT OR ATTORNEY, AS APPLICABLE. WHEN PROVIDING THE TAX COMPLIANCE SERVICES, Paynix IS NOT ACTING AS A WITHHOLDING AGENT ON CUSTOMER’S BEHALF. NO REPRESENTATION MADE ON THE Paynix WEBSITE, A Paynix USER GUIDE, WIKI, OR OTHER ADVERTISING OR SUPPORT MATERIALS OR CORRESPONDENCE WILL BE CONSTRUED AS A REPRESENTATION UNDER THIS AGREEMENT.
10.1 Ownership. Paynix retains all rights, title, and interest in the Services and Paynix Content, including any intellectual property rights contained therein and any derivatives thereof. Each party retains all right, title, and interest in its products and services including any intellectual property rights contained therein and any derivatives thereof (for each, their “Property”). All use of Property inures to the benefit of the owning party. Neither party shall seek to register, record, obtain, or attempt to pursue any intellectual property or other proprietary rights or protections in or to the other party’s Property. All rights to Property not expressly granted in this Agreement are reserved. Neither party shall assert any intellectual property rights with respect to the other party’s content, materials or technology or any element, adaptation, variation, or name thereof. Neither party shall remove, obscure, or alter any notices of intellectual property rights or disclaimers appearing in or on any materials provided by the other party.
10.2 “Feedback” means any suggestion or idea for improving or otherwise modifying Paynix’s products or services. Nothing in this Agreement or in the parties’ dealings arising out of or related to this Agreement will restrict Paynix’s right to use, profit from, disclose, publish, keep secret, or otherwise exploit Feedback. Paynix has no obligation to compensate or credit Customer or the individual providing such Feedback.
11.1 Customer shall indemnify, defend, and hold Paynix, its parent, Affiliates, officers, directors, and employees harmless from and against any third-party lawsuit, claim, liability, loss, penalty, or other expense (including attorneys’ fees and cost of defense) arising from Customer’s (1) breach of this Agreement, (2) violation of Applicable Law, (3) usage of the Services from Customer’s login credentials, and (4) Supplier dispute of any kind.
12.1 UNDER NO CIRCUMSTANCES SHALL EITHER PARTY BE LIABLE FOR SPECIAL, INCIDENTAL, INDIRECT, CONSEQUENTIAL, EXEMPLARY OR PUNITIVE DAMAGES, INCLUDING BUT NOT LIMITED TO, LOSS OF SALES, GOODWILL, PROFITS OR REVENUES. EXCEPT AS PROVIDED IN THIS SECTION, Paynix’S AGGREGATE LIABILITY UNDER THIS AGREEMENT SHALL NOT EXCEED CUSTOMER’S DIRECT DAMAGES IN AN AMOUNT NO GREATER THAN THE FEES PAID BY CUSTOMER TO Paynix HEREUNDER DURING THE TWELVE MONTHS PRIOR TO THE EVENT GIVING RISE TO LIABILITY.
12.2 Paynix SHALL NOT BE LIABLE FOR ANY DAMAGES CAUSED DIRECTLY OR INDIRECTLY BY: (1) AN ACT OR OMISSION OF CUSTOMER, ITS AFFILIATES, A SUPPLIER, OR A THIRD PARTY; (2) CUSTOMER’S USE OF AN SSO AUTHENTICATION PROVIDER OR CUSTOMER’S FAILURE TO IMPLEMENT TWO-FACTOR AUTHENTICATION; OR (3) DELAYS, DISRUPTIONS, OR BUGS IN THE SERVICES OR SOFTWARE.
12.3 IF CUSTOMER ACCESSES THE PAYMENTS SERVICES, THE FOLLOWING APPLIES: NOTWITHSTANDING THE FOREGOING, IN THE EVENT OF LOST FUNDS, Paynix IS RESPONSIBLE FOR THE FULL AMOUNT OF ANY LOST FUNDS AS INDICATED ON THE CORRESPONDING Paynix RECEIPT. Paynix SHALL NOT BE LIABLE FOR ANY: (1) INCORRECT OR INCOMPLETE PAYMENT INSTRUCTIONS, PAYEE INFORMATION, OR OTHER INFORMATION PROVIDED TO Paynix; OR (2) SUSPENSION OF THE SERVICES BY Paynix OR ONE OF ITS BANKING OR OTHER FINANCIAL SERVICES PROVIDERS ON THE BASIS OF ITS LEGAL, COMPLIANCE OR RISK POLICIES.
12.4 ALL LIMITATIONS OF LIABILITY IN THIS AGREEMENT APPLY: (1) EVEN IF ANY REMEDY IN THIS AGREEMENT FAILS OF ITS ESSENTIAL PURPOSE; AND (2) REGARDLESS OF THE THEORY OR BASIS OF LIABILITY, AND WHETHER IN CONTRACT, TORT (INCLUDING WITHOUT LIMITATION FOR NEGLIGENCE), STRICT LIABILITY, MISREPRESENTATION, RESTITUTION, OR OTHERWISE.
13.1 Language; Complaints. The language of this Agreement is English. Information Paynix provides to customers will be in English. If a customer has a complaint, it must first contact Paynix by email to: operations@Paynix.com or by post to: Paynix Operations, 1051 E. Hillsdale Boulevard, Suite 600, Foster City, CA 94404.
13.2 Assignment. Customer may assign this Agreement to a successor entity in the event of a merger, acquisition, or corporate reorganization, provided that (1) Customer provides Paynix with written notice of the assignment, (2) the assignee company is approved by Paynix’s compliance department (as required by law) prior to use of the Services, and (3) the assignee company is not a competitor of Paynix. Such assignment will only be effective upon the execution of an assignment agreement by Paynix, Customer, and the successor entity, containing terms reasonably acceptable to Paynix, and subject to any conditions contained therein. Except as expressly permitted in this section, Customer shall not assign this Agreement without Paynix’s prior written consent, and any purported assignment without such consent will be null and void.
13.3 Entire Agreement. This Agreement constitutes the entire understanding and agreement between the parties and supersedes all prior discussions, agreements, promises and correspondence, whether oral or written, regarding the subject matter hereof, including without limitation any memorandum of understanding between the parties.
13.4 Amendments. Except as provided for in the introductory paragraph of this Agreement, this Agreement may not be amended except by a document in writing signed by both Paynix and Customer, or by Customer or a Customer User accepting subsequent terms and conditions within the Service.
13.5 No Waiver. No failure, delay, or forbearance of either party in exercising any power or right hereunder will in any way restrict or diminish such party’s rights and powers under this Agreement or operate as a waiver of any breach or nonperformance by either party.
13.6 Severability. If any provision of this Agreement is held invalid or unenforceable in any circumstances by a court of competent jurisdiction, the remainder of this Agreement will not be affected, and the unenforceable provision will be enforced to the maximum extent permissible under Applicable Law. Nothing in this Agreement will be construed or be deemed to create any rights or remedies in or for the benefit of any third party.
13.7 Counterparts. This Agreement may be executed in one or more counterparts, each of which will be deemed an original but all of which together will constitute one and the same instrument. A scanned or faxed version of this Agreement will be deemed as an acceptable original thereof.
13.8 Force Majeure. Except for the obligation to pay Fees, neither party shall be liable for any failure or delay in performance due in whole or in part to any cause beyond the reasonable control of such party or its contractors, agents, or service providers, including but not limited to utility or transmission failures, failure of phone lines or phone equipment, power failure, strikes or other labor disturbances, acts of God, acts of war or terror, floods, sabotage, fire, natural or other disasters.
13.9 Governing Law, Binding Arbitration, and Waiver of Jury Trial.
Paynix Contracting Entity Governing Law Venue Arbitration Rules
Koala Tech Inc.
(a) This Agreement is governed by the law of the location specified in the table above according to the Paynix contracting entity, without giving effect to its conflicts of laws rules.
(b) Any dispute, claim or controversy arising out of or relating to this Agreement or to the use of the Services will be settled by binding arbitration in accordance with the rules specified in the table above, except that each party retains the right to seek injunctive or other equitable relief in a court of competent jurisdiction. The arbitration will be conducted only in English, and with one arbitrator, mutually chosen by the parties. If the parties cannot agree on the arbitrator, one will be appointed under the applicable rules. THE PARTIES EACH WAIVE THE RIGHT TO A TRIAL BY JURY.
(c) If for any reason a dispute relating to this Agreement is deemed outside the scope of this agreement to arbitrate, or if this agreement to arbitrate is deemed unenforceable, to that extent, such legal suit, action or proceeding shall be instituted exclusively in a court of competent jurisdiction located in the venue specified in the table above according to the Paynix contracting entity.
(d) The arbitrator’s decision will include the essential findings and conclusions upon which the arbitrator based the award. Judgment on the arbitration award may be entered in any court having jurisdiction thereof. The arbitrator’s award of damages must be consistent with the terms of the limitations of liability in this Agreement as to the types and the amounts of damages for which a party may be held liable. An oral hearing need not be held, except at the request of one or both parties. To the extent permitted by law, the parties shall keep the existence of the arbitration proceeding, hearing, award, and judgement in strict confidence.
13.10 Notices. All notices and other communications required or permitted hereunder to be given to a party to this Agreement must be in writing. Any notice sent by mail in accordance with this section will be effective the later of the day it is received, or five days after the day it is sent. Any notice by email in accordance with this section will be effective on the date received if received by 5:00pm PT on a business day, or the next business day if received otherwise. Any notice to Paynix must also be sent to legal@Paynix.com to be effective. Notices to Customer may be sent to the physical address provided by Customer in their Order Form, or to the email of one or more of Customer’s administrative users.
13.11 Personal Information.
(a) Where Paynix processes personal data for an independent purpose to fulfill its own legal obligations, Customer and Paynix are each separate controllers. Furthermore, the parties acknowledge that Paynix may use anonymized or aggregated personal data for product research, development, and for the improvement of the Paynix Services, or for other purposes determined solely by Paynix.
(b) Paynix’s use and storage of personal data is further detailed in Paynix’s Privacy Policy found at Paynix.com/privacy.
13.12 Survival. Sections 1, 6, and 7 through 14 (inclusive) of this Agreement survive termination of this Agreement, as well as any other sections that by their nature, or in accordance with Applicable Law, would reasonably be expected to survive.
14. Definitions.
For the purposes of this Agreement, the following terms have the meanings set out below:
“ACH Debit” means a method of funding the Paynix Account and/or paying Fees directly from the Linked Account through the automated clearing house.
“Affiliate” means, with respect to any party, any corporation, company, partnership, or other entity which is directly or indirectly controlled by such a party or is directly or indirectly controlled by a person or entity that is the same as that which controls the party. For the purposes of this definition, control means ownership of half or more of the voting interests in an entity.
“Applicable Law” means all applicable laws, statutes, codes, ordinances, orders, rules, whether domestic or foreign, plus all judgments, orders, writs, injunctions, decisions, rulings, and awards of any government authority having jurisdiction.
“CPI-U” means the yearly percentage increase of the Consumer Price Index (All Items, U.S. city average, all urban consumers, not seasonally adjusted, 1982-84=100) measured using the index published by the U.S. Bureau of Labor Statistics for the most recent month that data is available at the time of renewal.
“Customer Data” means information or documentation provided by or on behalf of Customer to Paynix under this Agreement, including without limitation Payee Information.
“Customer User” means an individual that Customer permits to use the Services or for whom user access has been purchased.
“Fees” means all fees payable to Paynix in consideration of the Services, including, without limitation, Subscription Fees, Transaction Fees, fees and amounts for attempted or completed Transactions, and other fees stated in the Order Form or otherwise.
“Funds” means Customer money held in the Paynix Account.
“Go-Live Date” means a date after Customer passes Paynix’s initial compliance review and the Services are first made available to Customer to send payments.
“Linked Account” means a bank account owned by a customer and used for funding the Paynix Account.
“Lost Funds” means non-delivery of Transaction Funds due to Paynix’s incorrect execution of Payment Instructions in breach of this Agreement.
“Money Transmission Services” means a Service where Paynix acts on behalf of a Customer by taking possession of Funds and transmitting those Funds to Payees as a money transmitter.
“Order Form” means the Paynix order form including the Services that Customer ordered.
“Payee” means a person or business (1) with whom Customer has a pre-existing contractual relationship; (2) who has provided a product or service to Customer; and (3) who will be the recipient of a payment made by the Customer through Paynix’s Payment Services.
“Payee Information” means the Payee’s identification information, payment information, tax information, and all other related information regarding a Payee collected through the Services as required for Customer’s usage of the Services, but does not include anonymized or aggregated information about Payees within or in relation to the Services.
“Payee Portal” means an internet portal provided by Paynix to the Payees, from which the Payee may access and use the Services.
“Payment Instructions” means instructions and all relevant information provided to Paynix and required by Paynix to execute payments to the Payees through the Payment Services.
“Payment Processing Services” means a Service where Paynix is appointed by the Payee as its agent for the limited purpose of accepting payments on its behalf.
“Payment Services” means Services which enable Customers to make payments to Payees, including but not limited to Money Transmission Services, and Payment Processing Services.
“Payer Dashboard” means the portal through which Customer accesses the Services.
“Registration Information” means the Payee’s personal data collected by Paynix in order for the Payee to register for and use the Payee Portal. Registration Information does not include any information related to the Transactions between the Customer and the Payee, or any other Customer Confidential Information.
“Schedule” means any amendments, exhibits, schedules, or addendums, or other agreements entered into by the parties.
“Services” means all services offered by Paynix including, but not limited to, the Payment Services, Payer Dashboard, Payee Portal, and all other websites, features, functionalities, and capabilities.
“Subscription Fee” means the total per-unit or other Fee for access to a particular Service during the Term as stated in the Order Form, provided within the Services, or as otherwise agreed between the parties.
“Substantial Change” means any change which imposes material additional obligations on Customer or takes away any material rights of Customer.
“Supplier” means each Payee, and each additional person or business whose information is entered into the Services as a vendor of Customer.
“Paynix” means Koala Tech Inc. for all customers and all Services Koala Tech Inc. is located at 16192 COASTAL HIGHWAY LEWES, DE 19958.
“Paynix Account” means Customer’s account with Paynix through which the Services are provided.
“Paynix Bank” means a bank or financial institution where Paynix maintains customer funds.
“Paynix Content” means any information, pictures, videos, text, graphics, software programs or code used or made accessible by Paynix in connection with the Services or collected by or on behalf of Paynix related to the usage of the Services.
“Paynix KYC Data Gathering Form” means such forms, questionnaires, and correspondence as Paynix may require Customer or its Affiliates to complete or provide prior to or during the Term hereof to gather information concerning the Customer.
“Transaction” means an actual or attempted payment or unit-based transaction.
“Transaction Fee” means the Fees payable per Transaction or certain related processes, as stated by Paynix in the Order Form, within the Services, or as otherwise agreed between the parties.
Standard Services Schedule
This schedule describes the additional terms and conditions applicable to Customers who contract with Koala Tech Inc. If in conflict with any other part of the Agreement, this Schedule will control.
1.1 Linked Accounts. To fund the Paynix Account, Customers must associate one or more Linked Accounts with its Paynix Account. Customers shall provide to Paynix all account numbers, owner identifications, and other information regarding each Linked Account reasonably requested. Customer represents and warrants that (1) it has the authority to provide all requested information regarding the Linked Account, and that any representative providing the information has the authority to provide it and authorize ACH Debits from the Linked Account, (2) it provides complete and accurate information regarding the Linked Account, and (3) it has the authority to authorize ACH Debits from the Linked Account for the purposes of this Agreement. Customers shall notify Paynix promptly of any changes to information regarding the Linked Account.
1.2 Funding via Linked Account.
(a) Customer hereby authorizes Paynix to process an ACH Debit from the Linked Account to (1) test and verify ACH Debit setup, using one or more attempts to debit nominal amounts, (2) fund the Paynix Account in accordance with Payment Instructions and Paynix’s calculation of the amount needed to fund payments including amounts estimated for currency conversions and Fees, (3) pay any Fees owed to Paynix pursuant to this Agreement, and (4) fund the Paynix Account as otherwise agreed between the parties. Customers may cancel this authorization by calling Paynix support or providing a notice of written cancellation which must be received by Paynix at least three days prior to any scheduled ACH Debit.
(b) ACH Debit transfers may take up to three business days to process through the ACH network, and funds will not be available for Transactions until processing is complete. If an ACH Debit is returned to Customer for any reason, Customer remains liable for all amounts that Paynix sent pursuant to the Payment Instructions and any associated penalties and fees. Customer authorizes Paynix to resubmit a returned ACH Debit to the Linked Account.
(c) Customers shall comply with the NACHA Operating Rules. Paynix may discontinue Customer’s usage of the ACH Debit method of funding the Paynix Account at any time.
1.3 Funding via Linked Card.
(a) Paynix may permit Customers to fund the Paynix Account via a credit or debit card approved by Paynix (“Linked Card”). For each transaction that funds the Paynix Account by Linked Card (“Card Funding Transaction”), this section 1.3 applies.
(b) Customer shall pay a fee (“Card Funding Fee”) for each Card Funding Transaction. Paynix will notify customers of the Card Funding Fee associated with each Linked Card. The Card Funding Fee may vary between Linked Cards. Paynix may change the Card Funding Fee associated with any Linked Card upon written notice to the Customer.
(c) Linked Cards and Card Funding Transactions are subject to the existing terms for the Linked Card, including but not limited to any relevant credit or transaction limits, credit and interest terms, rewards programs, or other applicable terms set by the bank that issued the Linked Card to Customer (“Issuing Bank”). Paynix is not responsible for any charges or fees charged to Customer by the Issuing Bank, including any fees charged to Customer in connection with a Card Funding Transaction.
(d) Customers may initiate a Card Funding Transaction by following instructions provided by Paynix. Paynix may consider any Card Funding Transaction initiated by Customer according to such instructions to have been duly authorized by Customer. Notwithstanding the foregoing, Paynix may verify, by any commercially reasonable method, the validity of and Customer’s authority to use any Linked Card supplied by Customer. Paynix may delay or suspend payments to Payees using Funds from any Card Funding Transactions until any such verification is complete.
(e) Paynix may delay any Card Funding Transaction, or any further Transaction, or suspend or terminate Customer’s ability to fund its Paynix Account via Linked Card, if: (1) Customer initiates a card payment dispute seeking to reverse, chargeback, or dispute any Card Funding Transaction (“Funding Transaction Dispute”); (2) Paynix reasonably believes that allowing Customer to fund its Paynix Account via Linked Card presents an unreasonable financial risk to Paynix; or (3) Customer is in breach of the Agreement. If any Card Funding Transaction is reversed as a result of a Funding Transaction Dispute, Customer shall pay Paynix the full amount of Funds that are subject to reversal, and any related fees or fines incurred by Paynix (collectively, the “Reversed Funds”). Paynix may charge the Reversed Funds to the Paynix Account, or otherwise obtain payment of the Reversed Funds by any other method authorized under this Agreement.
(f) Paynix may limit the amount of any single Card Funding Transaction, or the aggregate total of Card Funding Transactions which may be processed in a specified period. Paynix may also apply additional terms or restrictions to Card Funding Transactions by written notice to Customer.
1.4 Paynix Account. Paynix is not a bank and does not itself take deposits. All Funds received into the Paynix Bank are held by Paynix in a custodial capacity in an account for the benefit of Paynix’s customers. If Paynix or the Paynix Bank receives an order of any court or governmental or regulatory authority relating to Customer, or if Paynix or the Paynix Bank deems it advisable in order to comply with or considering that it could be in breach of any Applicable Laws relating to any Customer, Paynix or the Paynix Bank may freeze Funds or block transfer of Funds. Customer hereby appoints Paynix as its agent with respect to Funds in the Paynix Account.
1.5 Rejected or Returned Transactions. If a payment is rejected or returned by the Payee or the Payee’s bank or financial institution, or a correspondent bank or financial institution, then Paynix may attempt the payment again, attempt payment using a different payment method, or return the funds to Customer’s Paynix Account. Funds from rejected Transactions will be exchanged back to the currency it originated from by the Paynix Bank at the then-applicable exchange rate. Customer is responsible for all costs associated with rejected or returned Transactions, including but not limited to penalties and conversion fees. Customer authorizes Paynix to open and process any mail which is addressed to Customer at Paynix’s address.
1.6 Single Sign-On. Customer may enable single sign-on (“SSO”) for Customer Users, wherein Customer shall use SSO authentication providers via a third-party application to manage login credentials to access the Services. If Customer enables SSO then (1) Customer is responsible for its SSO use and configuration and shall ensure that it and its SSO authentication provider uses two-factor authentication; (2) Paynix is not required to provide two-factor authentication; and (3) Paynix may, in its sole discretion and at any time without notice to Customer, discontinue the SSO configuration.
California Companies. If Customer is located in California, Koala Tech Inc. will provide Customer with the Money Transmission Services, and Koala Tech Inc. will provide Customer with the Payment Processing Services. Koala Tech Inc. will receive all payments as agent for the Payee so long as Customer provides Koala Tech Inc. with Payment Instructions prior to Funds. In such a case, the receipt of Funds by Koala Tech Inc. will constitute payment to the Payee. If, on an exception basis, Customer sends Funds to Koala Tech Inc. prior to Payment Instructions, Koala Tech Inc., will instead act as agent for Koala Tech Inc. and transfer the Funds to Koala Tech Inc. to be held for Customer’s benefit and used for future Money Transmission Services provided to Customer by Koala Tech Inc. This section does not apply to companies that are not located in California.
1.1 Opening a Paynix Account. To open a Paynix Account, customers must be approved by Paynix. Paynix may request information about Customer’s business and may also use third party sources to obtain information.
1.2 Criteria for Using the Services. To use the Services, Customer must always satisfy all the following conditions: (1) Customer must use the Service for trade, business, or professional purposes only, and (2) Customer must not be a micro-enterprise, charity, or consumer where: “micro-enterprise” means an enterprise which, at the time this agreement is entered into, is an enterprise as defined in Article 1 and Article 2(1) and (3) of the Annex to Recommendation 2003/361/EC of 6th May 2003 concerning the definition of micro, small and medium-sized enterprises; “charity” means a body whose annual income is less than £1 million and is— (A) in England and Wales, a charity as defined by section 1(1) of the Charities Act 2011 (meaning of “charity”); (B) in Scotland, a charity as defined by section 106 of the Charities and Trustee Investment (Scotland) Act 2005 (general interpretation); (C) in Northern Ireland, a charity as defined by section 1(1) of the Charities Act (Northern Ireland) 2008 (meaning of “charity”); and “consumer” means an individual who is acting for purposes other than a trade, business or profession. If any of these conditions become unsatisfied, Customer shall notify Paynix immediately and stop using the Service.
2.1 Electronic Money Services. For the purposes of the Agreement to which this Schedule applies, “Payment Services” also includes electronic money services provided to Customers by Paynix.
2.2 Funding with Electronic Money
(a) Customers may add funds to its Paynix Account by sending funds from a bank account that has been approved by Paynix in advance. Funds may also be transferred to or from another Paynix Account. When Paynix receives funds for Customer Paynix will credit the Paynix Account with electronic money. Any electronic money held in the Paynix Account is not a deposit, and Paynix does not pay Customer any interest on the balance of any Paynix Account.
(b) The amount of electronic money added to the Paynix Account will be the same as the amount that Paynix receives from Customer, or another customer who is transferring electronic money into your Paynix Account.
(c) In certain circumstances, Paynix may refuse to accept a payment into the Paynix Account, for example, if Paynix believes a regulatory requirement means Paynix must reject it.
2.3 Payment Instructions
(a) Customers may submit Payment Instructions to make payments up to the available balance of the Paynix Account by accessing the Payer Dashboard. By submitting Payment Instructions, the customer is asking Paynix to first redeem electronic money in the Paynix Account to the value of the Transaction plus any Fees. When Paynix calculates the available balance, Paynix takes into account the amount of any Transactions already scheduled but not yet completed.
(b) When Customer gives Paynix Payment Instructions, Customer must include any information Paynix requires to make the payment, including but not limited to Payee Information, the amount of the payment, and the date that the electronic money is to be redeemed so that the payment may be sent out.
(c) Paynix may rely on the Payment Instructions provided by Customer or any Customer User and Paynix has no liability for following any Payment Instruction.
2.4 Withdrawing Funds. To withdraw funds, customers must first redeem their electronic money. Customer may withdraw funds from its Paynix Account at any time by designating itself as a trusted beneficiary of a payment for the relevant withdrawal by following the instructions provided in section 2.6 of this Schedule (as if Customer were a Payee). For additional assistance in arranging withdrawals through the Payment Services, customers can contact the Paynix Support team at support@Paynix.com.
2.5 Payment Timings
(a) If Customer sends a payment to a Payee who is also a customer of Paynix, Paynix will credit that account with electronic money as soon as Paynix debits the funds from Customer’s Paynix Account. Payees that have only a Payee Account will not receive electronic money.
(b) Paynix must receive Payment Instructions before 2:00 p.m. London time on a Business Day. If Paynix receives them after that time or on a non-Business Day, Paynix will treat them as received on the next Business Day. If a customer asks Paynix to make payments on a future date, Paynix will treat the instructions as received on that date or the next Business Day if the indicated day is not a Business Day.
2.6 Trusted Beneficiary for Purposes of Strong Customer Authentication.
(a) In order for the Payee to register for a Payee Account, Customer must invite them to do so through a unique link that Customer will send to the Payee. When the Payee registers through the link and uploads its bank account details to the Payee Portal, Customer acknowledges that:
(1) On the uploading of such details the Payee is treated by Paynix as a “trusted beneficiary” for purposes of the Customer’s Payment Instructions; and
(2) In making a payment for the Customer to the bank account details uploaded through the link, Paynix will be deemed to have acted on the Customer’s Payment Instructions and will have no liability to the Customer or the intended Payee should such bank account details be incorrect.
2.7 Rejected or Returned Transactions. If a payment is rejected or returned by the Payee or the Payee’s bank or financial institutions, or a correspondent bank or financial institution, then the Funds will be returned to the Paynix Account as electronic money or used for payments to Paynix subject to the Order Form. Funds from rejected Transactions will be exchanged back to their original currency by the Paynix Bank at the then-applicable exchange rate prior to being returned as electronic money.
Payment Services Regulations
3.1 The provisions of Part 6 of the Payment Services Regulations including (without limitation) the following regulations do not apply in relation to the Agreement or the Service: regulations 43 (information required prior to the conclusion of a single payment service contract), 44 (information required after the initiation of a payment order), 45 (information required after receipt of the payment order), 46 (information for the payee after execution), 47 (avoidance of duplication of information), 48 (prior general information for framework contracts), 49 (information during period of contract), 50 (changes in contractual information), 51 (termination of framework contract), 52 (information prior to execution of individual payment transaction), 53 (information for the payer on individual payment transactions), 54 (information for the payee on individual payment transactions), 55 (communication of information), 56 (charges for information), 57 (currency and currency conversion), 58 (information on additional charges or reductions), 59 (burden of proof on payment service provider), 60 (information requirements for account information service providers), 61 (information on ATM withdrawal charges), and 62 (provision of information leaflet).
3.2 The following provisions of Part 7 of the Payment Services Regulations do not apply in relation to the Agreement or the Paynix Service: regulations 66(1) (charges), 67(3) and (4) (withdrawal of consent), 75 (evidence on authentication and execution), 77 (payer or payee’s liability for unauthorised transactions), 79 (refunds for direct debits), 80 (requests for direct debit refunds), 83 (revocation of a payment order), 91 (defective execution of payer-initiated transactions), 92 (defective execution of payee-initiated transactions) and 94 (liability for charges and interest).
3.3 A period of 30 Business Days will apply instead of the time period set out in regulation 74(1) (notification of unauthorised or incorrectly executed payment transactions) of the Payment Services Regulations.
4.1 Customer is responsible for all Transactions authorised using Customer’s login credentials and should check its Transaction history regularly and report any unauthorised Transactions to Paynix.
4.2 Paynix treats all Transactions made using Customer’s login credentials as authorised with Customer’s consent pursuant to regulation 67(1) and (2) (Consent and withdrawal of consent) of the Payment Services Regulations, unless Customer has asked Paynix to block or remove authorisation of a Customer User or has previously notified Paynix that the login credentials used to authorise the Transaction may be compromised (each an “unauthorised” Transaction).
4.3 Where a Transaction is deemed unauthorised under section 4.2, Paynix shall refund the amount of the Transaction to the Paynix Account, provided (1) Customer can produce sufficient evidence that the payment was unauthorised; and (2) Customer notifies Paynix of the unauthorised Transaction within the timeframe provided in section 3.3.
4.4 Paynix has no further liability to Customer for an unauthorised Transaction. Paynix is also not responsible, and will not grant a refund, for unauthorised Transactions resulting from Customer’s fraudulent activity.
5.1 This Agreement does not confer any right or benefit under the Contracts (Rights of Third Parties) Act 1999 on any person who is not a party to the Agreement.
6.1 How Customer Can Contact Paynix
(a) If Customer wants to get in touch with Paynix for any reason, Customer can do so by:
(1) email at support@Paynix.com; and/or
(2) post at our registered address of 16192 COASTAL HIGHWAY LEWES, DE 19958
6.2 Complaints
(a) If Customer disagrees with the decision Paynix makes in relation to Customer’s complaint, Customer may be able to refer the matter to the Financial Ombudsman Service free of charge. The Financial Ombudsman Service provides a way of resolving disputes if a customer is unhappy with something Paynix has done.
6.3 How Paynix Is Regulated
Definitions
In addition to the defined terms in the Agreement, the following terms are defined for the purposes of this Schedule:
“Business Day” means Mondays to Fridays except public and bank holidays in England.
“Payment Services Regulations” means the Payment Services Regulations 2017 (S.I. 2017/752) as amended or replaced from time to time.
“Payee Account” means an account type offered only to Payees that does not include electronic money, payment services, or any other type of regulated financial services. A Payee Account allows Payees to use the Payee Portal to select payment preferences and provide necessary information to receive payments.
1.1 Opening a Paynix Account. To open a Paynix Account, customers must be approved by Paynix. Paynix may request information about Customer’s business and may also use third party sources to obtain information.
1.2 Criteria for Using the Services. To use the Services, Customer must always satisfy all the following conditions: (1) Customer must use the Service for trade, business, or professional purposes only, and (2) Customer must not be consumer where “consumer” means a natural person not acting in the course of a business or profession. If any of these conditions become unsatisfied, Customer shall notify Paynix immediately and stop using the Service.
2.1 Electronic Money Services. For the purposes of the Agreement to which this Schedule applies, “Payment Services” also includes electronic money services provided to Customers by Paynix.
2.2 Funding with Electronic Money
(a) Customer may add funds to its Paynix Account by sending funds from a bank account that has been approved by Paynix in advance to the bank account of Stichting Paynix Derdengelden, which holds the account in which the funds are credited and debited. Funds may also be transferred to or from another Paynix Account. When Stichting Paynix Derdengelden receives funds for Customer, Paynix will credit the Paynix Account with electronic money. Any electronic money held in the Paynix Account is not a deposit, and Paynix does not pay Customer any interest on the balance of any Paynix Account.
(b) The amount of electronic money added to the Paynix Account will be the same as the amount that Stichting Paynix Derdengelden receives from Customer, or another customer who is transferring electronic money into your Paynix Account.
(c) In certain circumstances, Paynix may refuse to accept a payment into the Paynix Account, for example, if Paynix believes a regulatory requirement means Paynix must reject it.
(d) Paynix shall, upon request by the Customer, redeem the nominal value of the electronic money, provided that the following conditions have been fulfilled:
1. compliance-related checks, including, but not limited to, anti-money laundering and sanctions checks, are completed successfully.
(e) Paynix charges a fee for the redemption of the electronic money if:
1. redemption is requested before the day on which the agreement with the Customer terminates;
2. in case the agreement with the Customer provides for an end date for the agreement and the Customer terminates the agreement before that date; or
3. if the redemption request is made more than one year after the date of the termination of the agreement.
(f) The redemption fee is determined by Paynix and shall be proportionate to the costs actually incurred by Paynix.
(g) For the purpose of section 2.2 (d), the nominal value refers to the amount of electronic money held by the Customer in its Paynix Account, reduced by:
1. the amount of any Transactions already scheduled but not yet completed pursuant to section 2.3 (a);
2. the redemption fee referred to in section 2.2 (e) and (f);
3. any other amount owed to Paynix by the Customer.
2.3 Payment Instructions
(a) Customers may submit Payment Instructions to make payments up to the available balance of the Paynix Account by accessing the Payer Dashboard. By submitting Payment Instructions, the customer is asking Paynix to first redeem electronic money in the Paynix Account to the value of the Transaction plus any Fees. When Paynix calculates the available balance, Paynix takes into account the amount of any Transactions already scheduled but not yet completed.
(b) When Customer gives Paynix Payment Instructions, Customer must include any information Paynix requires to make the payment, including but not limited to Payee Information, the amount of the payment, and the date that the electronic money is to be redeemed so that the payment may be sent out.
(c) Paynix may rely on the Payment Instructions provided by Customer or any Customer User and Paynix has no liability for following any Payment Instruction. Paynix shall execute a payment transaction only if it has received Payment Instructions from the Customer.
2.4 Withdrawing Funds. To withdraw funds, customers must first redeem their electronic money. Customer may withdraw funds from its Paynix Account at any time by designating itself as a trusted beneficiary of a payment for the relevant withdrawal by following the instructions provided in section 2.8 of this Schedule (as if Customer were a Payee). For additional assistance in arranging withdrawals through the Payment Services, customers can contact the Paynix Support team at support@Paynix.com.
(a) For all Transactions not mentioned under section 2.5 (a), payment will normally be received by the Payee or before the end of the fourth Business Day after Paynix receives the Payment Instruction.
(b) If Customer sends a payment to a Payee who is also a customer of Paynix, Paynix will credit that account with electronic money as soon as Paynix debits the funds from Customer’s Paynix Account. Payees that have only a Payee Account will not receive electronic money.
(c) Paynix must receive Payment Instructions before 3:00 p.m. Amsterdam time on a Business Day. If Paynix receives them after that time or on a non-Business Day, Paynix will treat them as received on the next Business Day. If a customer asks Paynix to make payments on a future date, Paynix will treat the instructions as received on that date or the next Business Day if the indicated day is not a Business Day.
(a) Paynix may refuse to execute a Transaction based on the Payment Instructions of the Customer if these Payment Instructions do not meet the conditions set out in this agreement.
(b) If Paynix refuses to execute a Transaction, it will notify the Customer thereof and, where possible, the grounds for refusal and the procedure to correct possible factual mistakes in the Payment Instructions. This notification is made to the Customer as soon as possible, but ultimately within the time limit specified in section 2.5 (a) and (b).
(c) Paynix may charge a reasonable fee for the notification referred to in section 2.6 (b) if the refusal is objectively justified.
2.7 Rejected or Returned Transactions. If a payment is rejected or returned by the Payee or the Payee’s bank or financial institutions, or a correspondent bank or financial institution, then the Funds will be returned to the Paynix Account as electronic money or used for payments to Paynix subject to the Order Form. Funds from rejected Transactions will be exchanged back to their original currency by the Paynix Bank at the then-applicable exchange rate prior to being returned as electronic money.
2.8 Trusted Beneficiary for Purposes of Strong Customer Authentication.
(a) In order for the Payee to register for a Payee Account, Customer must invite them to do so through a unique link that Customer will send to the Payee. When the Payee registers through the link and uploads its bank account details to the Payee Portal, Customer acknowledges that:
1. On the uploading of such details the Payee is treated by Paynix as a “trusted beneficiary” for purposes of the Customer’s Payment Instructions; and
2. In making a payment for the Customer to the bank account details uploaded through the link, Paynix will be deemed to have acted on the Customer’s Payment Instructions and will have no liability to the Customer or the intended Payee should such bank account details be incorrect.
3.1 The provisions of Title 7b of the DCC including (without limitation) the following articles do not apply in relation to the Agreement or the Service: Article 7:516 DCC (right to information), Article 7:517 DCC (changes to framework contract), Article 7:518 DCC (termination of framework contract), Article 7:519 DCC (agreed currency), Article 7:520 (1) DCC (costs), Article 7:522 (3) DCC (withdrawal of consent), Article 7:527 DCC (burden of proof), Article 7:529 DCC (losses for account of payer), Article 7:529a DCC (unknown transaction amount), Article 7:530 DCC (refund), Article 7:531 DCC (time limits for refund), Article 7:534 DCC (revocation of payment order), Article 7:543 DCC (liability in case of payment initiated by the payer), Article 7:544 DCC (liability in case of payment initiated by or through payee) and Article 7:545 DCC (liability for costs and interest).
3.2 The provisions of the laid down by or pursuant to Article 4:22 AFS including (without limitation) the following articles do not apply in relation to the Agreement or the Service: Article 59b BGfo (time and manner of provision of information), Article 59c BGfo (information on single payment transactions), Article 59d BGfo (manner of information provision framework contract), Article 59e BGfo (content information framework contract), Article 59f BGfo (main characteristics of payment service), Article 59g BGfo (charging costs), Article 71ba BGfo (information on single payment transactions), Article 71c BGfo (provision of information to payer), Article 71d BGfo (provision of information to payee), Article 71e BGfo (maximum execution time and costs), Article 71f BGfo (information after debit), Article 71g BGfo (information after individual payment transaction), Article 71h BGfo (provision of written information), Article 71i BGfo (main characteristics of payment service), Article 71j BGfo (information on the fee requested or discount offered), Article 71k BGfo (reference to Article 59g BGfo) and Article 71l BGfo (payment services agent and branch office).
3.3 A period of 30 Business Days will apply instead of the time period set out in Article 7:526 DCC.
4.1 Customer is responsible for all Transactions authorised using Customer’s login credentials and should check its Transaction history regularly and report any unauthorised Transactions to Paynix.
4.2 Paynix treats all Transactions made using Customer’s login credentials as authorised with Customer’s consent pursuant to Article 7:522 DCC, unless Customer has asked Paynix to block or remove authorisation of a Customer User or has previously notified Paynix that the login credentials used to authorise the Transaction may be compromised (each an “unauthorised” Transaction).
4.3 Where a Transaction is deemed unauthorised under section 4.2, Paynix shall refund the amount of the Transaction to the Paynix Account immediately and, in any event, no later than the end of the next business day after becoming aware of or being informed of the unauthorised Transaction, provided (1) Customer can produce sufficient evidence that the payment was unauthorised; and (2) Customer notifies Paynix of the unauthorised Transaction within the timeframe provided in section 3.3.
4.4 Paynix has no further liability to Customer for an unauthorised Transaction. Paynix is also not responsible, and will not grant a refund, for unauthorised Transactions resulting from Customer’s fraudulent activity.
4.5 Paynix does not refund the amount of the Transaction in accordance with section 4.3 if Paynix has reasonable grounds to suspect fraud.
5.1 How Customer Can Contact Paynix
(a) If Customer wants to get in touch with Paynix for any reason, Customer can do so by:
1. email at support@Paynix.com; and/or
2. post at our registered address of KOALA TECH INC., 16192 COASTAL HIGHWAY LEWES, DE 19958.
In addition to the defined terms in the Agreement, the following terms are defined for the purposes of this Schedule:
“AFS” means Act on the Financial Supervision (Wet op het financieel toezicht).
“BGfo” means Decree on the Conduct of Business Supervision financial undertakings AFS (Besluit Gedragstoezicht financiële ondernemingen Wft).
“Business Day” means Mondays to Fridays except public and bank holidays in the Netherlands.
“DCC” means the Dutch Civil Code (Burgerlijk Wetboek) as amended or replaced from time to time.
“Payee Account” means an account type offered only to Payees that does not include electronic money, payment services, or any other type of regulated financial services. A Payee Account allows Payees to use the Payee Portal to select payment preferences and provide necessary information to receive payments.