For Merchants

The use of PaySum1 by a Merchant is subject to the following conditions:

The Service

·         Merchants are able to receive payments from Clients via the PaySum1 system.

·         The system will quote the Client a live exchange rate based on the relevant South African Rand amount that needs to be paid to the Merchant in South Africa. This will result in an equivalent foreign currency amount that will be paid by the Client directly into one of PaySum1’s bank accounts worldwide. The money will be converted to South African Rand and paid to the Merchant  via a licensed Commerce Service Provider to a bank account in South Africa.

·         We strictly adhere to the latest UK and European anti-money laundering directives and therefore may refuse, at our own discretion, to accept and make payments that are deemed to be illegal in nature.

General

·         PaySum1 is made available to Merchants via licensed PaySum1 Commerce Service Providers (CSP’s).

·         CSP’s will sign a contract with each of their Merchants detailing the terms and conditions of the agreement between the CSP and the Merchant.

·         CSP’s will provide documentation and/or systems necessary for Merchants to be able to accept payments from their Clients via the PaySum1 system.

·         CSP’s will ensure that Client queries and enquiries are effectively managed.

·         Any problems or issues of any nature with the system will be dealt with and resolved as quickly as possible. Neither Exchange4free nor the CSP can be held responsible for any loss of revenue or any damage whatsoever that may result from any problem with the PaySum1 system.

Deposits and Payment of Funds

·         PaySum1 do not receive payments from credit or debit cards, and are unable to take money directly from a Clients account. PaySum1 receives funds via an electronic or telephonic bank transfer instruction initiated by the Client.

·         PaySum1 do not accept cash. We reserve the right to refuse any cash deposits.

·         PaySum1 will, at our discretion, cancel any payment bookings for which we have not received cleared funds into our account within 48 hours of the online payment booking being made unless the client has sent through a proof of payment within this period

·         A payment booking on the PaySum1 system does not constitute actual funds being received by PaySum1. It is only once actual funds clear into a PaySum1 bank account that payment is deemed to have been made by the Client and PaySum1 will then make payment to the Merchant via the licensed CSP.

Governing Law

The legal relationship with our CSP’s is interpreted according to the laws of the Republic of South Africa.

For Clients

The use of PaySum1 by a Client is subject to the following conditions:

The Services

·         Clients are able to make payments to Merchants using the PaySum1 system.

·         The system will quote the Client a live exchange rate based on the relevant South African Rand amount that needs to be paid to the Merchant in South Africa. This will result in an equivalent foreign currency amount that will be paid by the Client directly into a PaySum1 bank account worldwide from where it will be converted to South African Rand and paid to the Merchant via a licensed CSP to a bank account in South Africa.

·         PaySum1 will pay the entire South African Rand amount booked online via the CSP to the Merchant subject to PaySum1 receiving the full foreign currency amount required,.

Deposits and Non-Payment of Funds

·         The Client is required to submit a proof of payment within 24 hours of booking a payment via the PaySum1 system.

·         PaySum1 reserves the right to cancel any payment bookings and rates for which we have not received a proof of payment within this 24 hour period.

·         By completing a PaySum1 transaction online, the Client is agreeing and committing to the fixed exchange rate specified by PaySum1 online at the time.

·         Once a payment is booked, the Client is obligated to send the relevant funds and is committed to the payment terms.

·         PaySum1 reserves the right to reject any funds that clear after more than 48 hours after the payment is booked on the PaySum1 system.

·         The Client shall make a payment of the specified amount into the relevant bank account as per the payment booking instruction completed online.

·         Upon receipt of the correct foreign currency amount, PaySum1 will convert the funds to South African Rand at the agreed rate and costs, and make payment directly to the relevant Merchant CSP in South Africa.

·         All payments made via the PaySum1 system will be deemed to have been made directly to the Merchants CSP in South Africa once PaySum1 have received the full amount of foreign currency funds from the Client, as per their booking, and have changed the status of the booking to Completed. These funds will be deemed to have been received by the Merchants CSP and PaySum1 will not bear any risk if the onward payment is not made by the CSP to the Merchant.

·         In the event of a cancelled payment booking for which PaySum1 have already received the funds, PaySum1 will convert the South African Rand back to the original foreign currency at our ‘ZAR Sell Rate’ for the day and remit the funds back into the account from which the original payment was received. We cannot remit funds back to a third party or any account other than the one from which the funds were received.

·         We may, at our discretion, contact Clients regarding some payments particularly those of a large nature.

·         PaySum1 may, at our discretion, impose limits on the amount of money you can pay through our service.

Exchange Rate Quotes

The PaySum1 system will automatically convert the Rand amount payable into a foreign currency equivalent which needs to be paid to PaySum1.

The system will convert the Rand amount to a foreign currency amount based on a  live exchange rate calculated on the current South African Rand inter-bank rate in the market.

Once accepted by the Client then the rate is fixed and agreed to by the Client and PaySum1 and cannot be changed by either PaySum1 or the Client.

PaySum1 reserves the right to reject exchange rate quotes offered by our system that may be faulty or not reflective of the market at that particular point in time.

Governing Law

The legal relationship with our Clients is interpreted according to the laws of the Republic of South Africa.