This user agreement will be effective for all users as of October 1, 2021.

Deposits:
To provide the service of collecting funds initiated by the sale of goods and/or services by the merchant to local South African customers, by
way of instant bank transfer, funds will be held on behalf of merchant and used to process pay-outs submitted by the merchant.

Withdrawals:
To provide payments to South African consumers on instruction by the merchant, which is received by way of batch file submission in the required format.
-Payments will be processed on Monday to Sunday (except on bank holidays)
-Payments will only be affected if merchant does not have credit in the AO Pay bank accounts.

Settlements:
Funds will be settled to merchant on a weekly cycle, depending on the Merchant turnover. A 90-day rolling reserve of 10% will apply.

Additional Terms & Conditions:

1. AO Pay shall provide to the Subscriber the e-commerce service selected by the Subscriber.
2. Activation of the e-commerce service is subject to the prior approval of AO Pay.
3. The effective date of this Processing Agreement is the date of signature hereof by the Subscriber.
4. This Processing Agreement shall endure for a period of 24 months (“initial period’) commencing on the effective date and shall continue thereafter until one party furnishes the other with one month’s written of the notice month. notice of cancellation of this Processing Agreement, in which case this Processing Agreement will expire on the last day
5. An early cancelation of 2.5% will apply to Processing rates.
6. The Subscriber shall have access to the AO Pay technical support for the e-commerce service.
7. AO Pay reserves the right to increase its fees on the expiry of the Initial Period by giving the Subscriber proper written notice of such increase, in which event the increased fees will come into effect on the 1st day following expiration of the initial period.
8. An admin penalty of 1% of monthly processing value will apply to each fraud case registered with the South African Police Services against your instant EFT bank account.
9. Re-opening of a frozen bank accounts due to bank action or court order is outsourced to a third-party provider. A legal & collection fee of 15% is applicable for re-instatement of the bank account or recoup funds held in such bank account.
10. A bank account will be limited to maximum of 1,500 transactions per week or 6,000 transactions per month.
11. Neither party shall be liable to the other for any damages or loss of what ever kind arising out of or in connection with any act or omission of such party, its employees, agents or representatives that is related in any way to the execution and/or the implementation of this Agreement unless such loss was occasioned by the grossly negligent or wilful act of omission. Without derogating from the forgoing, neither party will be liable for any loss of profit or revenue, indirect, special or consequential loss or damages of whatever kind, whether arising in contract, delict or otherwise, suffered by such party in connection with or arising out of this Agreement. In no event will either party’s aggregate liability in respect of any claims relating to this Processing Agreement exceed the transaction fees paid or payable by the Subscriber to AO Pay for the 12 (twelve) month period immediately preceding the date on which the claim arose. Notwithstanding a foregoing, AO Pay does not exclude or limit its liability, if any, for any matter for which it would illegal for AO Pay to do so and this clause 12 shall always be interpreted in accordance with and subject to this overarching provision.
12. To the maximum extent permitted by law, AO Pay give no warranties or representations, express or implied, statutory or otherwise, with regard to the e-commerce service.
13. AO Pay has no obligation to produce improvements or upgrades to the e-commerce services however if it does make such upgrades or improvements commercially available, same shall be provided to the Subscriber. The Subscriber acknowledges that if AO Pay makes upgrades or improvements commercially available, it may be necessary for the Subscriber to implement such improvements or upgrades in order to continue utilising the e-commerce service.
14. This Processing Agreement shall be governed by the laws of the Republic of South Africa
15. This Processing Agreement constitutes the whole agreement between the parties and no amendment or consensual cancellation hereof or waiver or relaxation or indulgence granted by one party to the other will not prevent the first party from exercising its rights under this Processing Agreement at a later stage.
16. Should any of the provisions of this Processing Agreement be held to be invalid, unlawful or unenforceable, such provisions will be severable from the remaining provisions, which will continue to be valid and enforceable.
17. In the event that a party successfully enforces or defends it rights in terms of this Processing Agreement, that party shall be entitled to recover from the other party its legal fees on the attorney and client scale, including fees on counsel on brief, tracing agents’ fees and collection charges.
18. The Subscriber may not cede its rights or assign its obligations under this Processing Agreement without the prior written consent of AO Pay shall be entitled to cede its rights or assign its obligations under this Processing Agreement without requiring the written consent of the Subscriber if such cession or assignment does not prejudice the subscriber. Should such cession and/or assignment take place, such cessionary shall also be entitled to enforce its rights hereunder against the Subscriber in respect of the services that it provides to the Subscriber.weekl