1. Definitions
"Company" or "Paywize" means Paywize Technologies Pvt. Ltd., a company incorporated under the Companies Act, 2013, having its registered office at 2nd Floor, M.R. Complex 7th Cross, 6th Main Rd, BTM 2nd Stage, Bengaluru, Karnataka 560076.
"Merchant" means any individual, sole proprietor, partnership firm, limited liability partnership, private limited company, public limited company, or other legal entity that registers with Paywize to avail the Services.
Services includes
- Payout Services: Disbursement via IMPS, NEFT
- Payin Services: Payment collection via UPI, Intent
API means the Application Programming Interface provided by Paywize for integration.
KYC refers to Know Your Customer verification.
Applicable Law means all Indian laws, including RBI and NPCI guidelines.
2. Acceptance of Terms
By using the Services, the Merchant agrees to be bound by these Terms of Use and all applicable laws and regulations. This forms a legally binding agreement.
3. Eligibility and Registration
Eligible Business Types
- Sole Proprietorship
- Private Limited Company (Pvt. Ltd.)
- Public Limited Company (Ltd.)
- Limited Liability Partnership (LLP)
Registration Requirements
Merchants must:
- Be at least 18 years old (individuals) or a registered legal entity
- Have business operations in India or globally
- Accept the Terms of Use
Account Verification
Paywize reserves the right to verify all submitted information.
4. KYC Documentation Requirements
Sole Proprietorship
PAN, Aadhaar, address proof, photo, bank details, business and GST registration (and others as required)
Private/Public Ltd. Company
Company incorporation, PAN, GST, MOA/AOA, board resolution, director KYC (and others as required)
LLP
Registration, PAN, GST, LLP agreement, consent letter, partner KYC (and others as required)
Additional Requirements
All documents must be self-attested and, if necessary, translated into English. Changes must be updated within 7 days.
5. Services Offered
Payout Services
Includes IMPS/NEFT, bulk payout, APIs, and dashboards
Payin Services
Supports UPI, intent, fraud monitoring, and settlement
Common Features
Dashboard access, web-hook updates, analytics, required support
6. Merchant Obligations
Compliance Requirements
Merchants must comply with all laws and maintain proper KYC and transaction records.
Prohibited Activities
Prohibited activities include gambling, money laundering, illegal trade, or unauthorized cross-border remittances.
Data Security
Merchants must secure APIs, report breaches, and follow data protection laws.
7. Fees and Charges
Service Fees
Fees are specified in the commercial agreement and exclude taxes.
Payment Terms
Deductions or separate billing, with late fee penalties as applicable.
Fee Revisions
15-day notice is required for any fee changes.
8. Risk Management and Fraud Prevention
Transaction Monitoring
We detect fraud or suspicious activities.
Account Suspension
Accounts may be suspended for violations, fraud, chargebacks, or non-compliance.
Merchant Cooperation
Merchants must cooperate in investigations and share documentation as needed.
9. Chargebacks and Disputes
Merchant Liability
Merchants are liable for disputes and chargebacks.
Dispute Resolution
All complaints should be resolved within 15 days.
Recovery Rights
Paywize may recover amounts from wallets or settlements.
10. Data Privacy and Protection
Merchants must comply with IT laws and retain KYC data for 5 years.
11. Intellectual Property
All IP belongs to Paywize. Limited usage rights are granted for service access only.
12. Limitations of Liability
Service Availability
No guarantee of 100% uptime is provided.
Liability Cap
Liability is limited to fees paid in the previous 30 days.
Excluded Damages
Paywize is not liable for indirect, incidental, or consequential damages.
13. Force Majeure
Neither party is liable for performance failures due to uncontrollable events.
14. Termination
Termination Rights
Either party may terminate with 30 days' written notice.
Immediate Termination
Immediate termination applies for fraud, violation, or reputation risks.
Post-Termination
Pending obligations continue post-termination.
15. Governing Law and Dispute Resolution
Governing Law
Laws of India apply.
Dispute Resolution
Arbitration in Bangalore under the Arbitration and Conciliation Act, 1996.
Jurisdiction
Courts in Bangalore have exclusive jurisdiction.
16. Amendments
Paywize may revise Terms and notify Merchants. Continued use implies acceptance.
17. Miscellaneous
Entire Agreement
These Terms constitute the entire agreement between parties.
Severability
If one clause is invalid, the rest remains effective.
Waiver
No waiver is deemed ongoing unless in writing.
Assignment
Rights cannot be assigned without Paywize's consent.