This Agreement (“Agreement”) is executed between Payswiff Solutions Private Limited (“Payswiff”) (Service Provider), and the Merchant (as described in Schedule III) (“ Merchant”). Payswiff and Merchant may be referred to collectively as “Parties” and individually as “Party”.
Payswiff Solutions Private Limited engaged in the services of providing (a) Digital Payment Solutions and Services; and (b) Payment Processing Platform, all of which are made available through web application, mobile application, Card Reader / Device / MPOS / POS terminals, Online Payment Gateway and/or other technology infrastructure of Payswiff enabling individuals and businesses of all sizes to process payments of their customers and cash withdrawal requests through different payment options as mentioned in Schedule I (Services).
Merchant has agreed to avail, and Payswiff has agreed to render, the Services, on the terms set out herein. Merchant can avail/opt all or any of the services.
All capitalized terms used but not defined within the main body of this Agreement shall have the meanings described to them in Schedule III.
2. Hardware and/or Software
Merchant undertakes to:
(a) Notify Payswiff immediately of any damage, loss, malfunction of Device / Software.
(b) Not reverse engineer, disassemble, decompile or otherwise attempt to discover the source code or trade secrets for the Device/Software supplied by Payswiff.
(c) Provide unrestricted access to customer data as may be stored by Merchant and agrees that Payswiff shall have the full right to use the said customer data for analysis and data mining purposes and for such other purposes as may be deemed so by Payswiff.
3.1 Payswiff shall provide, and Merchant shall avail, the Services on the terms set out in this Agreement and Schedule [I].
3.2 The details of the Installation & Activation, the Payment Processing, Settlements and Chargebacks in relation to the Services are set out in Schedule [II].
4. Payments and Charges
4.1 Merchant shall pay all fees, rentals, charges, penalties, interest, levies, taxes, reimbursements and/or any other charges/liabilities which may be incurred (directly or indirectly) by Payswiff in relation to the Services rendered by Payswiff to Merchant, including Annual/Half Yearly/Monthly Maintenance Charges.
4.2 Failure on the part of the Merchant to make the above payments shall result in:
(a) Late payment fees, penalties and interest; and/or any other charges as may be raised by Payswiff.
(b) Netting/set off by Payswiff of any and all amounts of the Merchant which are accessible to Payswiff including from the Nodal Bank / Reserve Account/and the settlement account with Payswiff, and/or the initiation of appropriate legal proceedings against Merchant for recovery of its dues and/or blacklisting of Merchant.
(c) Merchant is liable to pay AMC or MMC as applicable based on the Device purchased/ leased from Payswiff. Late Payment Charge shall be applicable in case on non-payment of the AMC or MMC. Payswiff will be eligible for interest on such late payments.
4.3 Training Materials & Support
Payswiff shall provide training materials and training videos on the Payswiff website. The mobile/Web Application also contains the relevant training materials. Apart from this Payswiff also has a toll free number as mentioned on the Payswiff website on which Merchant can reach during Business Hours for any further clarifications/Questions. It is the obligation on Merchant to visit the site or call the toll free number on time to time basis and be updated on all the Application procedure. Payswiff does not provide any one to one training to the Merchants.
4.4 Merchant’s obligations
4.4.1 Merchant shall comply with all Applicable Laws and the Rules.
4.4.2 Merchant shall retain the bills, invoices and delivery challans (if any) pertaining to the Charge slip for a period of 20 months from the date of the Transaction and make the same available to Payswiff within 3 working days of being notified.
4.4.3 Merchant shall permit authorized representatives of Payswiff and Acquiring Banks to carry out physical inspections of the Merchant’s premises during business hours, which may be with or without notice to the Merchant.
4.4.4 Merchant shall be liable for the following:
4.4.5 Transfer or Change in Business
4.5 Representation and Warranties
The Merchant represents and warrants that
4.6 Term & Termination
4.6.1 This Agreement shall come into force on the Effective Date and shall continue until it is terminated.
4.6.2 Either Party may terminate this Agreement or one or more Services at any time by giving a 90-day prior written notice,to the addresses mentioned in the section 10.4.3, provided there is no locking period as applicable. Merchants with applicable locking period can terminate the agreement by giving 90 days prior written notice after completion of applicable locking period.
4.6.3 If the Merchant terminates this Agreement before expiry of Lock-in Period, Merchant shall pay the Termination Fee.
4.6.4 Payswiff may terminate this Agreement immediately (without any prior notice) if:
4.6.5 Upon termination, all the leased Devices shall be returned by Merchant at their own cost in working condition within 7 working days failing which Merchant shall pay the Device Damage Fee.
4.7 Limitation of Liability
4.7.1 Services are provided on an “as is where is” and “as available” basis. The aggregate liability of Payswiff under this Agreement on account of any breach of the obligations of Payswiff set out in this Agreement shall not exceed Rs. 10,000 INR
4.8 Indemnification by Merchant
4.8.1 The Merchant shall indemnify, defend, and hold Payswiff and entities associated with Payswiff including its directors, employees and agents harmless from and against any liabilities, claims or demands (including the costs, expenses, dispute resolution costs and attorneys' fees on account thereof) relating to or which may result from any:
18.104.22.168 Breach by the Merchant of its obligations, including but not limited to those specified in these Terms and Conditions;
22.214.171.124 Any injuries to persons or damage to the Equipment, including theft, resulting from Merchant's acts or omissions;
126.96.36.199 Any claims brought against Payswiff arising in whole or in part out of claims brought against the Merchant involving, fraud, mishandling or misplacing Transaction Receipt during the term;
188.8.131.52 Any claim or proceeding brought by the customer against Payswiff and/or entitles associated with Payswiff in respect of any products of the Merchant;
184.108.40.206 Claim or proceeding brought against Payswiff and/or entitles associated with Payswiff in respect of any services or operations of the Merchant;
220.127.116.11 Any act of negligence or default by the Merchant or the Merchant's affiliates, agents, employees or licensees or the Merchant;
18.104.22.168 Any act or omission by the Merchant in respect of the sale of /payment for the products;
22.214.171.124 Any fines, penalties, interest on delayed payments imposed directly or indirectly on Payswiff and/or entities associated with Payswiff on account of the Merchant and/or the products.
4.8.2 Notwithstanding anything contained in these Terms and Conditions, in no event shall Payswiff and/or entities associated with Payswiff be directly or indirectly liable to the Merchant for any consequential, remote, direct, indirect, special, incidental or punitive loss, damages, compensation, costs, charges or expenses (including without limitation, loss of profits or revenues, loss of opportunity etc.) of any nature whatsoever by reason of termination of the arrangement between the Merchant and Payswiff.
4.8.3 The Merchant shall fully indemnify and keep indemnified Payswiff and/or entities associated with Payswiff from all damages, costs, legal fees, charges and expenses, and losses that Payswiff and/or entities associated with Payswiff may incur as a consequence of any failure whether temporary or permanent of the Support Services (as modified from time to time) provided by Payswiff Nodal Banks and or any other entity associated with Payswiff to the extent such failure results in any wrongful or incorrect payment to the Merchant. The Merchant shall also undertake to make good and reimburse Payswiff and/or entities associated with Payswiff and/or the customer for any failure of the Support Services, to the extent of such failure results in any wrongful or incorrect payment to the Merchant.
4.8.4 In the event of Payswiff being entitled to be indemnified pursuant to these Terms and Conditions, Payswiff shall be entitled to accordingly and to such extent debit the payments to be made to the Merchant irrespective of any dispute that the Merchant may have in respect of such debit and shall be also entitled to collect the said money in any manner whatsoever.
4.10.1 Modifications to Agreement: Payswiff may from time to time amend/revise/change/increase any provision of this Agreement, including but not limited to those relating to the Services and the terms of its uses, the rates, fees and charges, and the same shall be binding on the Merchant. Payswiff shall intimate Merchant via email, or though Application Notification via in Application. In case the Merchant is not desirous of continuing to avail the Services as a result of the changes, Merchant may communicate to Payswiff within 3 days of being notified of such changes, subject to the terms of this Agreement. Failing to do so, will automatically result in auto acceptance of the changes.
4.10.2 Force Majeure: Payswiff shall not be liable for any failure to perform any obligation under this Agreement or any Schedule during such period and to the extent that the due performance thereof by Payswiff is prevented by or due to any cause beyond its reasonable control any force majeure event including act of God or act/omission/delay on the part of any third parties.
126.96.36.199 Payswiff shall not be liable or in breach of this Agreement for any interruption of the provision of Services, or any delay or failure to perform under this Agreement when such interruption, delay or failure results from causes Document ID: ZE102AZ926 Stamp Sr. No.: 25AA 524426 beyond that Party’s reasonable control, including as a result of strikes, lock-outs or other labor difficulties; acts of government, riot, insurrection or other hostilities; embargo, fuel or energy shortages; fire, flood, acts of God, wrecks or transportation delays; or inability to obtain necessary labor, materials or utilities from usual sources.
4.10.3 Notice: Any notice or other communication under this Agreement shall be in writing, signed by the party making the same, and shall be delivered personally or sent by certified or registered mail, postage prepaid, addressed as follows:
Payswiff Solutions Private Limited
2-48/5/6, 10th Floor, Vaishnavi Cynosure, Telecom Nagar,
Opposite RTTC, Gachibowli, Hyderabad, Telangana-500032
4.10.4 Applicable Law and Jurisdiction: This Agreement shall be governed by the laws of India. The Parties submit themselves to the exclusive jurisdiction of competent courts at Hyderabad, Telangana.
4.10.5 Arbitration: Any dispute, difference or claim between the Parties arising from this Agreement shall be settled by arbitration in accordance with the provisions of the Arbitration and Conciliation Act, 1996. The arbitral tribunal shall be composed of a sole arbitrator appointed by Payswiff. The venue of arbitration shall be Hyderabad. The arbitral proceedings shall be conducted in the English language and any award or awards shall be rendered in English.
4.10.6 Breach: any act or omission of breaking and/or failing to observe a law, agreement, or code of conduct resulting in the violation of all or one of the clauses of this agreement.
4.10.7 Confidentiality: Merchant shall maintain confidentiality of all matters in connection with this Agreement
(including existence thereof), the Services, the commercial terms agreed between Parties, and all data of its
customers and the Card Holders. Merchant shall not in any circumstances ask a Card Holder to provide any
personal information as a condition for honoring a Card unless (a) such information is
required for delivery of the goods or services; (b) Merchant has reason to believe that the person presenting the Card may not be the actual Card Holder; the merchant suspects about the veracity of the transaction and (c) such details are required for Authorization of a Transaction. In case Payswiff has asked Merchant to collect such information.
4.10.8 Intellectual Property Rights: shall mean any and all technology, inventions, processes, know-how, designs, works of authorship, and any other technical subject matter related thereto. The term “Intellectual Property” also includes all intellectual property rights or similar proprietary rights related to or protecting the foregoing, including (a) all inventions, all improvements thereto and all patents, patent applications, Provisionals and patent disclosures, together with all reissuances, continuations, continuations-in-part, revisions, extensions, and reexaminations thereof, (b) all registered and unregistered trademarks, service marks, trade dress, logos, trade names, registered domain names, and corporate names, including all goodwill associated therewith, and all applications (including intent-to-use applications), registrations, and renewals in connection therewith, (c) all copyrightable works, all copyrights and all applications, registrations and renewals in connection therewith, including all rights in works of authorship, curricula, program materials, translations, abridgments, revisions compilations and derivative works, (d) all trade secrets, customer lists other confidential business information (including, without limitation, ideas, formulas, compositions, know-how, techniques, research and development information, drawings, specifications, designs, plans, proposals, and technical data), (e) all computer programs and related software, including source code and object code thereof, data, data tapes, databases and related manuals, notes, and documentation, and (f) all copies and tangible embodiments.
188.8.131.52 The Merchant shall not to do anything whatsoever which might impair Payswiff’s right, title or interest in or to Payswiff’s Intellectual Property Rights and agree that the Merchant shall not acquire or attempt to acquire any right, claims, title or interest, license in or to any of the Intellectual Property Rights of Payswiff. The Merchant shall not decompile/disassemble, or create or attempt to create or reconstruct, by reverse engineering or otherwise, any code supplied under the Application and or these Terms and Conditions including in respect of the Equipment or Other Equipment or use it to create any derivative work.
4.10.9 Waiver: Failure by any Party to enforce one or more of the provisions of this Agreement shall not constitute a waiver of their right to enforce the same or other provisions in the future. All waivers must be signed by the waiving Party.
4.10.10 Entire Agreement: This Agreement including the Schedules set out the entire understanding of the Parties with respect to its subject matter.
4.10.11 Severability: If any provision of this Agreement is held invalid or unenforceable by any court of final jurisdiction, it is the intent of the Parties that all other provisions of this Agreement shall be construed to remain fully valid, enforceable and binding on the Parties.
4.10.12 Relationship of Parties: The Parties are independent contractors and nothing in this Agreement shall make them joint ventures, partners, employees, agents or other representatives of the other Party.
4.10.13 Counterparts: If copies of this Agreement or any amendments are to be physically signed, this Agreement may be executed and delivered to communication address mentioned in Section 4.10.3, a copy of which shall constitute an original and all of which taken together shall constitute a single Agreement.
4.10.14 Verification of Information: In order to provide the services per this agreement we have entered into arrangements with various Acquiring Banks, Nodal Bank, financial institutions, Card Associations and other software providers who are in the business of providing information technology services and we are obliged to share the information/ data collected during the currency of this agreement and this requirement is fully understood and acknowledged by the Merchant.
4.10.15 Survival: Clauses 4.7, 4.8, 4.9, 4.10 of this Agreement and other provisions that by their very nature should survive termination or expiration shall survive the termination of this Agreement.
Full Name: NEW MASTER MEDICALS
Full Name: Payswiff Solutions Private Limited
Schedule I (Services)
Payswiff may provide one or more of the following payment solutions:
1. Payswiff POS: ‘Card present’ solutions, where the customer uses a physical Card to (a) make payments for goods purchased / services availed through the Device; and (b) withdraw cash from Merchant by using debit cards of customer (i.e. Cash@ POS); (c) avail of EMI facilities for payments made to the Merchant, if the same are approved by the customer’s bank/Issuer.
2. Payswiff POS ‘Card not present’ solutions, where the customer does not use a physical Card but can (a) make payments for goods purchased / services availed; and (b) avail of EMI facilities for payments made to the Merchant through Merchant’s website, Application or payment link by using the internet payment gateway services of Payswiff .
3. Internet banking, where the customer can make payments for goods purchased / services availed through Merchant’s website, Application or payment link by using a valid user name and password provided by the customer’s bank.
4. Pre-paid Payment Instruments (i.e. Mobile Wallets), where the customer can make payments for goods purchased / services availed at Merchant establishment and/or through Merchant’s website, App or payment link by using the valid user name and password provided by the bank through the Application of the PPI / Mobile Wallet provider.
5. Unified Payment Interface (UPI), where the customer can make payment for goods purchased / services availed at Merchant establishment and/or through Merchant’s website, Application or payment link, by using Apps of banks / governments (such as Bhim) or third party Provider.
6. Bharat QR, where the customer can make payment for goods purchased / services availed at Merchant establishment and/or through Merchant’s website, App or payment link, by using Apps of banks / governments (such as Bhim) / third Party Payswiff.
7. Payswiff CAAT: Payswiff offers early settlements ("cash advances") against the"Successful Transaction" processed by the Merchant. The Merchant may avail the cash advance against all authorized successful transaction wherein the Valid Charges for all/any authorized transactions shall be credited to the Merchants account of the authorization of the transactions. It is only applicable for valid sale transactions and not for transactions offered for cash advance. Once the payment is made against the successful transactions will not be refunded at any point of time. The relevant commercials and terms & conditions shall be mentioned in the Payswiff App.
8. Payswiff Application : Payswiff also offers Integrated Business Solutions which allows the Merchant to do Invoicing, Inventory Management and customer Management. Merchant can avail these services by downloading and subscribing to this application .
9. Aadhar Enabled Payment System (AEPS) and Aadhar Pay, where the customer can (a) make payments for goods purchased / services availed; and/or (b) transfer money from his bank account to any person from Merchant establishment; and/or (c) Withdraw money from his bank account from Merchant establishment, all of which are done by using Aadhar data for authenticating the transaction.
10. Payswiff VAS: Value Added Services, where the customer can
(a) make payment to various third parties including recharges, billers, mobile network operators, DTH service providers and Internet Service Provider
(b) transfer money to any person from Merchant establishment after paying cash or reimbursing / paying a fee to the Merchant. For availing these Value Added Services, the Merchant is required to maintain a ‘closed loop wallet’ with Service Provider. The schedule of charges for all Value Added Services will be set out in the Application provided by the Service provider.
Additional Services: Any other services as may be offered by the Payswiff, from time to time. The commercials terms for such services shall be decided by the Payswiff and if Merchant uses the same, the same shall be binding. The VAS provided are in collaborations with various third parties. Any delay in providing such services due to third party act or omission, Payswiff will not be responsible for such delay.
11. Payswiff KHAATA: Payswiff also offers Khaata – a closed looped wallet service. Which enables the merchants to offer prepaid/postpaid wallet services to its customers. The terms and conditions of the services and the commercials are mentioned in the schedule. Payswiff also offers the merchants the couponing and loyalty platforms.
(Process for undertaking Transactions)
The following terms and conditions govern the Services:
1. Activation & Installation
(a) Payswiff shall provide Merchant a Merchant ID number and/or Terminal ID number through which the Merchant can activate and use the Services.
(b) Payswiff shall assist Merchant in installing the Software and activating the Device for availing the Services.
2. Processing of Transactions
(a) All liabilities arising from any Chargebacks shall be to the account of Merchant and shall be paid by Merchant immediately (i.e. on the same day) upon being intimated of the same. Failure to pay a Chargeback within the same day shall attract the Late Payment Charge. In addition, Merchant shall pay the Chargeback Retrieval Fee per Chargeback as set out in Schedule [IV].
(b) Merchant agrees that all Transactions may be subject to a Chargeback.
(c) Merchant agrees that a Chargeback which occur for a variety of reasons, including without limitation, the following:
(i) The Transaction is a duplicate of a prior Transaction or is the result of two or more Transactions generated for
a single sale/service.
(ii) The Card Holder alleges that he or she did not participate in the sale, authorize the use of the Card, receive goods or services purchased, or receive a required credit adjustment, or disputes the quality of the goods or services purchased.
(iii) The price of goods or services on the Transaction differs from the amount that Merchant presents for payment.
(iv) The Transaction results from an internet, mail, phone or preauthorized order and the Card Holder disputes entering into or authorizing the Transaction or the Transaction has been made on an expired or non-existing account number.
(d) Payswiff shall take all steps for representing Merchant in relation to a Chargeback before the relevant Transaction Gateway Partners. However, Payswiff shall not be responsible nor does it provide any guarantee for the recovery of any Chargeback amount.
(e) Merchant agrees that fraudulent and incorrect transactions and consequent Chargebacks shall not be considered to fall within the purview of the Services and Payswiff shall not be liable or obligated under any circumstances whatsoever for rendering its Services in relation to the same.
(f) Merchant shall be liable to pay the difference in currency exchange if the Chargeback amount is greater than the original sale, issuer claims, and items for which Payswiff did not receive the final payment for any reason.
(g) Merchant can raise any dispute regarding the difference in settlement amount and transaction status within 30 days. Any dispute will not be entertained after such time period. Payswiff is not liable to pay any amount to the merchant after the expiry of the 30 days.
(h) Merchant shall submit all the supporting documents to contest chargeback within due date, upon Payswiff request. Chargeback will be considered as accepted in case merchant do not provide all the applicable supporting document within the due date. In case Merchant do not wish to contest the chargeback or fail to submit the supporting documents within the due date, however, Payswiff contests and wins the chargeback, funds debited will not be refunded to the Merchant. Such funds will be booked as Payswiff’ earnings. Merchant will have no claims on such earnings.
Enforcement of Merchant Obligations
Security Interest: To secure the Merchant Performance under this agreement, including without limitation Merchant obligations arising out of Chargeback or Returns, Merchant hereby represents to Payswiff , a security interest in all charge slips, credit drafts, and all deposit accounts and Reserve Accounts, regardless of source, wherever found, standing in the name of merchant, including any affiliated companies of Merchant, whether established or designated and maintained pursuant to this AGREEMENT or not, as well as in the proceeds of those deposits. In the event of Merchant’s default in payment of Chargeback of returns, Merchant stipulate (i) that all personal bank accounts standing in the names shall be subject to this AGREEMENT and (ii) Merchant irrevocably consent to Payswiff using any means available to locate such deposit accounts until such time as all amounts due have been paid to Payswiff.
Payswiff may require additional documentation if the Merchant should exceed “approved” monthly volume or average ticket, and Merchant agree promptly to provide such documentation upon request. Merchant agree that Payswiff may, in its sole discretion, elect not to process volume over the approved monthly volume or over limit transactions. Merchant further agrees that Payswiff may, in its sole discretion suspend the disbursement of Merchant’s fund partially or fully for any reasonable period of time required to investigate suspicious or unusual deposit activity and that suspension may subject Merchant to additional suspension fees and/or any fees as set forth in Schedule IV of this agreement herein. Payswiff shall make good faith efforts to notify Merchant as promptly as is commercially reasonable. Payswiff shall have no liability for any losses, either direct or indirect, which Merchant may attribute to any suspension of funds disbursement.
SCHEDULE III (Definitions)
“Acquiring Bank” means the bank designated by the Payswiff as the ‘Acquiring Bank’ which is a member of a Card Brand and with whom the Payswiff has entered into an agreement for the purposes of authorizing/processing the Transactions.
“Agreement” shall mean this Agreement together with the Schedules, and amendments as may be agreed between the Parties hereto from time to time.
“Applicable Laws” shall mean all statutes, enactments and acts of legislature, laws, ordinances, rules, bye-laws, regulations, notifications, guidelines, policies, directions, treaties and orders of the Government of India and/or any government, judicial or quasi-judicial body or any other authority, as amended or supplemented from time to time. “AMC” stands for Annual Maintenance charges of the Devise as set by Payswiff.
“Authorization” means the process by which the Payswiff approves a Transaction using the Acquiring Bank’s infrastructure, as stipulated by the Payswiff from time to time and includes approval flashed on the Device or on the web page where the payment is being made.
“Business” means the business activity, which the Merchant is normally engaged in.
“Breach” any act or omission of breaking and/or failing to observe a law, agreement, or code of conduct resulting in the violation of all or one of the clauses of this agreement.
“Card” means a credit, debit or any other card issued by an Issuer.
“Card Holder” means person to whom a Card is issued or who is authorized to use that Card.
“Card Brands” includes National Payment Corporation of India (“Rupay”), MasterCard International, Inc. (“ MasterCard”), Visa U.S.A., Inc. (“VISA”), American Express, Union Pay, Diners and Discover and any other card organization offering credit, debit, pre-paid or any other card programs to Issuers.
“Chargeback” means a Transaction that is returned to the Acquiring Bank by the Issuer through the Card Brands for any reason whatsoever.
“Charge slip” means the form used by the Merchant in a format provided by the Payswiff to enable the Merchant to record charges and the details of the Transaction and to obtain the Card Holder’s signature, thereby obtaining the Card Holder’s consent to debit his card account with the Issuer.
“Credit Card” A Valid Card bearing the service mark of Visa or Master Card, Rupay, (and any other card as agreed by the Parties), the use of which accesses the Card Holder’s credit facility through one of the Card Brand.
“Debit Card” A Valid Card the use of which accesses the Card Holder’s bank account facility made available by the Issuer’s DCC (Dynamic Currency Conversion of Merchant’s local currency being the currency in which Merchant’s goods or services are priced into an approved currency as agreed upon by the Card Holder of a non Indian issued card)
“Device” includes the Mobile Point of Sale Device, other Point of Sale Terminals and any other equipment which the Payswiff may provide to the Merchant for availing the Services.
“Device Deposit” means the amount required to be deposited by the Merchant with the Payswiff in case a Device(s) is taken on lease by the Merchant.
“Effective Date” Signing Date shall be considered as Effective Date”
“Guarantor” means the person including but not limited to Director/s, Promoter/s, Owner/s of the Merchant, who personally guarantee/s to discharge any liability called by the Payswiff.
“Issuer” means a member of a Card Brand issuing a Card.
“Intellectual Property Rights” shall mean all forms of intellectual property rights including trademarks, patents, copyright and designs.
“Merchant” The other party to the agreement who avail the services provided by Payswiff.
“Merchant Account” shall mean the account of the Merchant created by Payswiff for the purposes of (a) recording all transactions between the Merchant and its customers; (b) recording all transactions between Merchant and Payswiff.
“MMC” stands for Monthly Maintenance charges of the Devise as set by Payswiff.
“Nodal bank” means a bank which is authorized by the Reserve Bank of India and operates the Nodal Account under the guidelines stipulated by RBI for operating such accounts for third party settlements for the Payswiff, to receive all the settlement proceeds and settles it to the Merchant. “Nodal Account” shall mean the bank account designated as the ‘Nodal Account’ by the Payswiff (as per the RBI guidelines) for the purpose of receiving and disbursing the proceeds of settlement of all Transactions processed through the Payswiff.
“Payable Amount” means the amount payable to the Merchant, calculated after deducting commission, Chargebacks and other deductibles from the Transaction Amount.
“App” means the Software Application provided by Payswiff for use through mobile, computer, and tablet and through which the Services are availed by the Merchant and rendered by Payswiff.
“Per Transaction Charges” Per Transactions Charges (PTC) includes the charges payable to the Various stake holders which includes the Card Brands, Acquiring/issuing banks, Switching Payswiff s and it also includes the charges for the Services provided by Payswiff .
PA DSS” means Payment Application Data Security Standards set by the PCI SSC, being the security standards for software vendors and others that develop payment applications that store, process or transmit cardholder data.
“PCI DSS” means the Payment Card Industry Data Security Standards, as managed and evolved from time to time by the PCI SSC.
“Reserve Account” shall mean the account of the Merchant created by Payswiff for the purposes of (a) Claims, Set off or any Contingent Liability.
“Rules” shall mean the rules and regulations of the Card Brand/Transaction Gateway Partners.
“Settlement Account” shall mean the bank account of the Merchant provided to Payswiff for the purposes of Settling the transactions as per schedule II of this agreement. The details of the settlement bank account provided by the merchant are in schedule V of this agreement.
“Service Provider” shall include Payswiff and its subsidiary and affiliates.
“Software” shall mean any software described in, attached hereto and incorporated herein, and including all forms of code, such as Source Code and Object Code, any upgrades, modified versions, updates, and additions thereto, in any form and on any media including all fixes, updates, modifications, enhancements and new releases of the foregoing.
“Suspicious Threshold Limit” shall mean a limit set solely by the Payswiff to ascertain whether a Transaction or an activity may be deemed to be unusual or suspicious.
(Transaction) means the successful transaction between a Card Holder and a Merchant for the payment by such Card Holder to the Merchant towards the Card Holder’s purchase of goods and/or services from the Merchant by using the Services which results in the release of appropriate funds from the Transaction Gateway Partners to the Nodal Account.
“Transaction Amount” shall mean the amount payable by the Customer using the Valid Card for the product/ service offered by the Merchant inclusive of shipping charges and other taxes, duties, cost, charges and expenses in respect of the product / service that are to be charged to the Cardholder's Valid Card.
“Transaction Gateway Partner/s” shall mean the Card Brands, Banks, Pre-paid Instrument Providers (PPIs), Electronic Wallets, Associations and any other transaction partner’s which the Payswiff may add from time to time for rendering the Services and/or the Additional Services.
“Valid Card” shall mean a Credit Card or Debit Card or such other card issued by a Card Brand or any card association as per the Rules of such card association as notified by the Payswiff from time to time bearing signature of the Card Holder whose name is embossed on the same but shall not include (I) a card listed on a current warning notice or (ii) an expired card or a card not yet operational or (iii) a card that cannot be used in India or (iv) a damaged or torn card. “Valid Charges” is a charge within the amount authorized in accordance with the Clauses in the Agreement, which is charged to the Card Holder (I) on a Charge slip acceptable to the Payswiff, bearing an imprint of a Valid Card and bearing the same signature as that on the Valid Card; and (ii) using the Device with which Charge slip is generated after swiping the Valid Card, and bearing the same signature as that on the Valid Card.
“Value Added Services” Certain value added services provided by Payswiff to its Merchants on time to time for certain extra charges as applicable.
“Wrongful/Improper Usage” Any merchant using the device for other than specified Purpose, Location, and Business as mentioned in the Merchant Agreement.
SCHEDULE IV (Details of Fees, Charges & Package Details)
|Debit Cards, UPI, BharatQR (Debit Card) upto 2000|
|BharatQR (Debit Card), POS DEBIT CARD (RUPAY), UPI||0.0%|
|POS DEBIT CARD (MASTER), POS DEBIT CARD (VISA)||0.4%|
|Debit Cards, UPI, BharatQR (Debit Card) above 2000|
|POS DEBIT CARD (RUPAY), UPI||0.0%|
|POS DEBIT CARD (VISA), POS DEBIT CARD (MASTER)||0.9%|
|BharatQR (Debit Card)||1.0%|
|Credit Cards (Visa, Master, Rupay, BharatQR)||1.85%|
Merchant shall also pay all the applicable fees and charges as mentioned in the schedule of fees & charges as per in this details available in the Payswiff Website. All the fees and charges are subject to change without any prior intimation to the Merchant. To see the details of such fees and changes Merchants refer to link as provided below.
Terms & Conditions:
Schedule V (Settlement Account Details)
|Account holder name||NIHAL AHMED|
|Bank Branch||SOMESHWARA UCHILA|
|Sign and stamp: Merchant authorized signatory||Sign and stamp: (Payswiff) Payswiff authorized signatory|
|Full Name: NEW MASTER MEDICALS||Full Name: Payswiff Solutions Private Limited|
|Date: 02/09/2020||Date: 02/09/2020|
|Place: DAKSHINA KANNADA||Place: Hyderabad|