MERCHANT SERVICES GENERAL TERMS AND CONDITIONS

Transcription

1 MERCHANT SERVICES GENERAL TERMS AND CONDITIONS The Bank will provide You with Acquiring Services to enable You to accept Card Transactions from Your customers to pay for goods and/or services. The Merchant Services General Terms and Conditions form part of Your Merchant Agreement and have to be read in conjunction with the Terms and Conditions of the Merchant Agreement. It contains important information about the rights and obligations relating to You and the Bank in respect of the acquiring relationship. A copy of the Terms and Conditions are available online (visit and can be supplied to You by post and at Your request. It is Your duty to speak to the Bank if You do not understand any part of these Terms and Conditions and/or any Product and/or Service Specific Terms and Conditions, prior to entering into this Merchant Agreement. THE PARTIES AGREE AS FOLLOWS: 1. PURPOSE OF THE MERCHANT AGREEMENT 1.1 The Bank agrees to make Acquiring Services available to You for the duration of the Merchant Agreement under the terms and conditions contained herein. 2. INTERPRETATION 2.1 FirstRand Bank Limited is represented in the Merchant Agreement by FNB Merchant Services, a business unit of the Bank. 2.2 In the Merchant Agreement, unless the context otherwise indicates: natural persons shall include created entities (corporate or unincorporated) and vice versa; the headings in the Merchant Agreement are used for the sake of convenience and shall not govern the interpretation hereof; all expressions contained in the Merchant Services General Terms and Conditions shall have the same meaning in the Product and/or Services Terms and Conditions; the Master Agreement/SLA (if applicable); and related Annexures; and Schedules; if any provision in a definition is a substantive provision conferring rights or imposing obligations on any party, notwithstanding that it is only in the definitions clause, effect shall be given to it as if it was a substantive provision of the Merchant Agreement; reference to a statutory enactment shall be construed as a reference to that enactment as at the Effective Date and as amended or substituted from time to time; reference to "days" shall be construed as calendar days unless qualified by the word "business"; unless specifically otherwise provided, any number of days prescribed shall be determined by excluding the first and including the last day or, where the last day falls on a Saturday, Sunday or public holiday, the next succeeding Business Day; where figures are referred to in numerals and in words, and there is any conflict between the two, the words shall prevail; any reference to payments in the Merchant Agreement refers to South African Rands (ZAR). You must adhere to the South African Reserve Bank s ( SARB ) financial limits specified in ZAR when processing an amount in foreign currency; no provision herein shall be construed against or interpreted to the disadvantage of a Party by reason of such Party having or being deemed to have structured, drafted and/or introduced such provision; the words "include" and "including" mean "include without limitation" and "including without limitation". The use of the words "include" and "including" followed by a specific example or examples shall not be construed as limiting the meaning of the general wording preceding it; the Merchant Agreement is subject to the CPA, POPI and all other legislation applicable from time to time, as well as the operating rules and regulations of PASA and the Card Associations; the Parties acknowledge that each clause of the Merchant Agreement is separate. If any clause of the Merchant Agreement is or becomes illegal, invalid and/or unenforceable for any reason, it must be treated General Terms and Conditions Page 1 of 17

2 as if it had not been included in the Merchant Agreement. This will not result in the remainder of the Merchant Agreement being illegal, invalid or unenforceable defined terms used in a sentence will generally have the initial letter capitalised; and terms printed in bold, place a strict obligation on You and should therefore be carefully read and understood. 3. DEFINITIONS 3.1 Acquiring Bank means the bank or financial institution that processes Card payments for the Merchant; 3.2 Acquiring Services means the services that the Bank, in its capacity as an Acquiring Bank, makes available and renders to You, which include but are not limited to: Virtual Transactions, Integrated Solutions, Stand Alone Solutions and Mobile POS Solutions; providing a facility that allow You to accept Cards and/or Transactions as a means of payment; providing the means for Transactions to be routed and Authorised; and/or collecting funds from the Issuing Bank and settling Transactions with You; 3.3 Aggregation means the practice whereby a merchant acts as a payment facilitator for other merchants (sub-merchants), resulting in several sub-merchants sharing one common merchant facility or merchant number. The term Aggregator will be construed accordingly; 3.4 Amex means American Express, a financial services corporation; 3.5 Annexure means a document marked Annexure ; 3.6 Authorise or Authorisation means the process whereby You transmit a message to the Bank enquiring whether a Cardholder has sufficient funds in its bank account to enter into a Transaction in terms of which the Cardholder purchases goods and/or services from You. Should the Bank receive authorisation from the Issuing Bank that it is satisfied that funds are available to the Cardholder, the Bank shall in turn transmit a Message to You Authorising the intended Transaction. Should the Bank receive confirmation from the Issuing Bank that there are insufficient funds in the Cardholder s account, the Transaction will be declined. Where the Transaction is Authorised, Authorisation is said to have taken place. The Bank may in its discretion withhold Authorisation; 3.7 Authorised Representative(s) or Duly Authorised Representative(s) means a key person duly appointed by a Party to perform and/or execute the obligations in terms of this Merchant Agreement on behalf of such Party; 3.8 Audit means the validation of compliance of the Merchant and Third Party Service Providers with Bank and industry rules and regulations; regulatory requirements; PCI DSS Standards and Card Associations data security programs; 3.9 the Bank means First National Bank, a division of FirstRand Bank Limited Reg. No. 1929/001225/06, an Authorised Financial Services and Credit Provider (NCRCP20), a public company with limited liability duly incorporated in accordance with the company laws of the Republic of South Africa; 3.10 BIN means bank identification number; 3.11 Budget Transaction means a Transaction where the Bank authorises the Cardholder to make a payment over an extended period; 3.12 Business Day means any day other than a Saturday, Sunday or a public holiday recognised as such under the Public Holidays Ordinance Act, 1966; 3.13 Calendar Day means any day in a month, including a Saturday, Sunday or public holiday; 3.14 Card(s) means any valid and current card issued by a bank; Card Association; and/or a card loyalty scheme offered by FirstRand Bank Limited. This does not include American Express, Diners Club Cards and/or RCS Cards; 3.15 Card Association(s) means Visa, MasterCard and UPI card associations etc; 3.16 Cardholder(s) means the person/entity who has been issued with a valid Card; 3.17 Card Not Present Transaction or CNP Transaction means a Transaction which takes place without the physical Card being presented to You by the Cardholder; 3.18 Cashback with Purchase Transaction means an agreement concluded between You and a Cardholder in terms of which the Cardholder procures goods from You and simaltaniously withdraws cash from You, using a credit or debit Card; 3.19 CAVV means Cardholder Authentication Verification Value; 3.20 Chargeback or Charged Back means the return of a card payment instruction by the Issuing Bank as a result of a Cardholder dispute and/or a Fraudulent Transaction; 3.21 Chip Card means a Card which has a chip embedded in it and which is driven by a PIN; 3.22 Code 10 means the code that the Merchant will use to inform the Bank when a Cardholder is acting suspiciously or to report a suspicious transaction; General Terms and Conditions Page 2 of 17

3 3.23 Communication means the impart or exchange of information between the Parties; 3.24 Contactless means processing a Card payment Transaction by using a duel interfaced Card, without making physical contact with a Contactless enabled POS Device. The Card details are accessed electronically by the Contactless enabled POS Device; 3.25 Cooling Off Period means a period of 5 (five) Business Days from the date of conclusion of the Merchant Agreement or the date reflected on the notification of the updated Merchant Agreement, or such other period as advised of by the Bank; 3.26 CPA means Consumer Protection Act number 68 of 2008; 3.27 CPI means the Consumer Price Index (all groups, all areas) inflation for the month preceding the month in which the price adjustment is to take effect, which represents the percentage variation in the Consumer Price Index inflation since the same month in the preceding year, as published by Statistics South Africa (or its successor in title) from time to time; 3.28 CSP means Commerce Service Providers, a service provider that specialises in providing webbased secure electronic commerce services; 3.29 CVC means Card Verification Check; 3.30 CVV or Card Verification Value means the 3 (three) digit printed on the reverse of the Card; 3.31 Data means any data including personal data (as defined in the Electronic Communications and Transactions Act, 2002 and POPI and any other legislation related to the protection of data) and cardholder data supplied by the Bank, or, data stored, collected, collated, accessed, received, recorded, modified, retrieved, altered, used and/or processed on behalf of the Bank; 3.32 Data Compromise means the unauthorised access, transmission and/or use of Data and/or the damage, erasure, copying, disruption, alteration and/or corruption of the Data in any manner; 3.33 Debit Card means an un-embossed Maestro or Electron Debit Card; 3.34 Defaced or Mutilated means that a Card is damaged to the extent that the Card cannot be processed; 3.35 Dispatch means the forwarding of goods and/or the delivery of services; 3.36 Diners Club means Diners Club International, a financial services corporation; 3.37 Duel Interfaced Card means a Card that may be used for both Contactless and contact Transactions; 3.38 ebucks means the Bank s multi-partner rewards programme; 3.39 ebucks Card means a private label ebucks branded card which can be used as a payment mechanism at selected Merchants to purchase goods and/or services and for which Transactions, Cardholders may earn/spend ebucks; 3.40 ecommerce Services means the Acquiring Services and facilities that the Bank makes available and renders to Merchants in terms of the Merchant Agreement for the purposes of acquiring Virtual Transactions; 3.41 ECI means Electronic Commence Indicator; 3.42 Effective Date means the date on which the Bank makes its Acquiring Services available to You; 3.43 EMV means Europay, MasterCard and Visa, a global standard for inter-operation of integrated circuit cards (IC cards or "chip cards") and IC card capable POS Devices for authenticating credit and debit card Transactions; 3.44 Equipment means the Bank s POS Devices, keypads and any other utilities or attachments, which is utilised when processing card Transactions from time to time; 3.45 Equipment Rental Amount means the monthly Equipment rental amount payable by You to the Bank as reflected on Your Statement; 3.46 FICA means Financial Intelligence Centre Act number 38 of 2001; 3.47 Floor Limit means a set amount above which Authorization is required; 3.48 FSR means FirstRand Group; 3.49 Fraud or Fraudulent means wrongful or criminal deception intended to result in financial or personal gain; 3.50 Fraudulent Transaction means any Transaction that constitutes fraud under the law and/or common law (irrespective of whether or not the card Transaction has been Authorised or whether or not an Authorisation code number has been provided to You by the Bank), which arises as a result of but is not limited to: an act and/or omission by You and/or Your employees; non-compliance with the procedures set out in the Merchant Agreement; the use of a Card, which has not been issued by a bona fide Card Issuer; the use of an invalid Card; and/or the use of a Card by a person other than the authorised Cardholder; 3.51 Force Majeure or Act of God means an event that directly and exclusively results from the occurrence of natural causes that could not have been prevented by exercising foresight or caution; an inevitable General Terms and Conditions Page 3 of 17

4 accident; 3.52 General Packet Radio Service Device or GPRS Device means a device authorised by the Bank which uses cellular communication infrastructure; 3.53 General Terms and Conditions or Merchant Services General Terms and Conditions means these terms and conditions governing the relationship between the Parties in relation to the Acquiring Services and products. The General Terms and Conditions are to be read in conjunction with the Products and/or Services Specific Terms and Conditions; Master Agreement/SLA (if applicable) and related Annexures and Schedules; 3.54 Hot Card means a card that cannot be honoured for payment, most often because the card has been reported lost or stolen, has been cancelled by the Issuing Bank, or has been compromised in some way; 3.55 Integrated Solutions means an integrated POS Device, offering Card acceptance as part of an integrated cash register system. This system may include computer software, and computer and/or POS Device hardware components; 3.56 Internet means the collection of local area networks, wide area networks and third party networks which all use the same protocol to form a seamless, packed switched network; 3.57 ISO means International Organisation for Standardisation; 3.58 Issuing Bank means a bank that issues Cards; 3.59 Manual Transaction(s) means a Transaction whereby the Card details are manually keyed into the Equipment, instead of the Card being swiped through or inserted (dipped) into the Equipment; 3.60 MasterCard means MasterCard Incorporated or MasterCard Worldwide, is an American multinational financial services corporation headquartered in the MasterCard International Global Headquarters, Purchase, New York, United States; 3.61 Master Agreement or Service Level Agreement or SLA means an agreement entered into between You and the Bank, which sets out the rights and privileges specific to Your business and which forms part of Your Merchant Agreement; 3.62 Merchant means You; 3.63 MasterCard Secure Code means MasterCard s interpretation of the 3D Secure code specification; 3.64 Merchant Agreement means the application form (online or paper base); recorded telephone calls (when signing up or accepting the Terms and Conditions of the Merchant Agreement via telephone); Merchant Services General Terms and Conditions; Products and/or Services Specific Terms and Conditions; Statements, Master Agreement/SLA (if applicable) and related Annexures and Schedules; 3.65 Merchant Commission means a percentage of the monetary value of the Transactions which is payable by You to the Bank as reflected on Your Statement; 3.66 Merchant Server means the computer equipment and any software therein, which enables You to forward and receive Messages; 3.67 Message means an electronic communication from Your server to Your Third Party Service Provider or vice versa, in the format as prescribed by the Bank from time to time; 3.68 MMF means minimum merchant fee. For any months where the Merchant Commission payable is lower than the MMF payable, You will be required to pay the MMF to the Bank; 3.69 Mobile Point of Sale or Mobile POS Solution means the functionality that enables customer transactions to be documented by a smartphone or tablet instead of by a traditional POS Device Month also referred to as Calendar Month means any of the twelve parts, into which a calendar year is divided; 3.71 MOTO means mail order/telephone order Transactions; 3.72 National Credit Act or NCA means the National Credit Act number 34 of 2005; 3.73 Network Operators means MTN, Vodacom, Cell C, Virgin Mobile or any other network operator or service provider that the Bank may advise You of from time to time; 3.74 Nominated Bank Account or Clearing Account means the bank account which shall be debited and credited by the Bank in respect of the Acquiring Services and products provided to You by the Bank; 3.75 PAN or Primary Account Number means the Card number printed on the front of the Card; 3.76 Party or Parties means either the Bank or You, or both, as the context indicates; 3.77 PASA means Payment Association of South Africa; 3.78 PCI means Payment Card Industry; 3.79 PCI DSS mean Payment Card Industry Data Security Standard; 3.80 PIN means the personal identification number of a Card; 3.81 POPI means the Protection of Personal Information Act of 2013; 3.82 POS Device means point of sale payment device or point of sale payment terminal; 3.83 Prepaid Airtime means prepaid airtime for any Network Operators offered by the Bank via POS Device; General Terms and Conditions Page 4 of 17

5 3.84 Prepaid Airtime Service Facility Account means an account(s) held by the Bank in Your name that must be pre-funded and which will be debited with the value of the Prepaid Product sales; 3.85 Prepaid Airtime Service Facility Customer means the person who purchases a Prepaid Product offered by the Bank via the POS Device; 3.86 Prepaid Products means prepaid products or services of Network Operators or Third Party Service Providers, which is offered by the Bank via the POS Device; 3.87 Prime Rate means the interest rate (per cent, per annum, compounded monthly) published by FirstRand Bank Limited from time to time as being its prime loan rate. The interest rate may be certified by any manager of the Bank, whose appointment and designation need not be proved; 3.88 Product and/or Service Specific Terms and Conditions means the terms and conditions governing the use of the Bank s Acquiring Service and products i.e. Terms and Conditions for the Use of the POS device; ecommerce Terms and Conditions etc. These Terms and Conditions are available online at and a copy can be obtained from the Merchant Services national call centre; 3.89 PSP means a third party switching service provider appointed by You to perform, amongst other things, transaction switching services and configuration management at Stores; 3.90 Recipient Cellphone Number means the cellphone or mobile number selected by You or the Cardholder which is to be topped up with Prepaid Airtime; 3.91 Refund means a transaction that is the opposite of a purchase Transaction. A refund is a credit payment instruction issued by a Merchant to the Issuing Bank for the credit of the Merchant s customer s account at the Issuing Bank. Such credit payment instruction is issued by the Merchant subsequent to a card debit payment instruction. For example: the Cardholder returns goods to the Merchant and is credited for the value of the goods; 3.92 Remedial Maintenance means to remedy, repair and correct malfunctions, breakdowns and/or faults in the Equipment; 3.93 Reversal means the cancellation of a previous Transaction; 3.94 Routine Maintenance means such maintenance as is necessary to maintain the Equipment in good working order and condition; 3.95 RPI means Recurring Payment Instruction whereby multiple Transactions are processed at predetermined intervals, not to exceed one year between Transactions. RPI comprises of an agreement between a Cardholder and You to purchase goods or services over a period of time; 3.96 Schedule means any document marked Schedule ; 3.97 Schedule of Fees and Charges means a document setting out the fees and charges payable by You to the Bank in respect of the Acquiring Services and products provided to You. Your Statement is regarded as your latest Schedule of Fees and Charges; 3.98 SLA means Service Level Agreement; 3.99 Stand Alone Solution or Stand Alone POS Device means a solution whereby a stand alone POS Device is not integrated with other systems in the Card acceptance environment. It is a free-standing POS Device connected via a dedicated communications facility to the Bank; Statement means a document setting out the fees and charges payable by You to the Bank; Stores or Premises or Dealers means the location at which the Equipment is in use and/or installed; Terms and Conditions means the Merchant Services General Terms and Conditions and Product and/or Service Specific Terms and Conditions, collectively; Third Party Service Provider means a third party company appointed by a Party from time to time to perform services on behalf of such Party i.e. a third party appointed by the Bank to perform installation services, Routine Maintenance and/or Remedial Maintenance or a PSP or CSP appointed by the Merchant; Transaction means any transaction in respect of which the Cardholder purchases goods and/or services from You and for which Authorisation has been obtained; Three Domain Secure or 3D-Secure means an XML-based protocol designed to be an additional security layer for online credit and debit card transactions. 3D Secure improves online transaction performance and provides the ability to authenticate cardholders during an online purchase, thus reducing the likelihood of fraudulent usage of cards; Trusted Centre means a secure environment that is used to protect sensitive data. In the context of this Merchant Agreement, the Trusted Centre is an environment where cryptographic keys are securely stored and injected into the Equipment; UPI means Union Pay, an association for China's banking card industry, operating under the approval of the People's Bank of China (PBOC, central bank of China); VAT means Value Added Tax levied under the Value Added Tax Act number 89 of 1991; Verified by Visa means Visa s interpretation and application of the 3D Secure code specification; General Terms and Conditions Page 5 of 17

6 3.110 Virtual Transaction means the purchase of goods and/or services from the Merchant by the Cardholder via the Internet; VISA means Visa Inc., an American multinational financial services corporation headquartered in Foster City, California, United States. VISA facilitates electronic funds transfers throughout the world, most commonly through Visa-branded Cards; Warranty means a confirmation on Your part that something is or will be as You have represented and/or promised the Bank and/or Cardholder; Writing or Written means any Written communication between the Parties concerned and shall include and post; and You or Your means the Merchant. 4. THE MERCHANT AGREEMENT 4.1 General The Merchant Agreement governs the Acquiring Services delivered by the Bank, which include, but are not limited to: Virtual Transactions, Integrated Solutions, Stand Alone Solutions and Mobile POS Solutions The latest online version of the Merchant Agreement replaces all previous Merchant Agreements entered into with the Bank PASA and the Card Associations may amend their own rules and regulations from time to time. As a result thereof, the Bank may need to amend provisions relating to the use of the Bank s products and/or services and website The Bank may, from time to time during the course of the Merchant Agreement revise, update, discontinue or otherwise modify, temporarily or permanently, the Acquiring Services and/or any part of Your access thereto. The Bank reserves the right to make any such changes to the system and/or amendments to the Merchant Agreement effective immediately if necessary to maintain the integrity and security of the Acquiring Services and related systems and to comply with any laws, rules and regulations The onus is on You to access the Bank s website to view the Merchant Agreement, as well as any amendments made thereto and to contact the Bank in the event of any queries You may have Any material amendments to the Terms and Conditions will be communicated to You via recorded telephone calls; s; Statement messages; online messages; website notices; post or sms If You do not agree with any changes, You can, before the expiry of the Cooling Off Period, You either contact Merchant Services national call centre for further information, or You can exercise Your right to end the Merchant Agreement by: immediately discontinuing the use of the Acquiring Services; and notifying the Bank in Writing; or by contacting Merchant Services national call centre If You do not notify the Bank of Your intention to end the Merchant Agreement within the Cooling Off Period, the continued use of the Bank s Acquiring Services and products after the expiry of the Cooling Off Period serves as confirmation that the Bank has given You adequate opportunity to read and understand the Merchant Agreement and constitutes Your acceptance of the Terms and Conditions of the Merchant Agreement Any Transactions processed after the Cooling Off Period will be governed by the amended Merchant Agreement and/or updated Terms and Conditions A certificate signed by an authorised Bank employee, whose authority to do so does not need to be proved, constitutes proof of the version of the Merchant Agreement that applies to You The Bank reserves the right, in the Bank s sole discretion, to waive, reduce or reverse charges or fees in individual situations No Party will have any claim or right of action arising from any undertaking, representation, or Warranty not included in the Merchant Agreement Where the Bank gives You extra time to comply with Your obligations, it shall not be construed to mean that the Merchant Agreement has been changed, or that it no longer applies to You. For example, if the Bank allows You extra time to pay the fees You owe the Bank in one month, it does not mean the Bank has allowed You extra time to pay these fees in the next or any other month The Bank is allowed to treat a Transaction as valid even if You did not comply with Your obligations for that Transaction. If the Bank treats a Transaction as valid, You still have a duty to comply with Your obligations for future Transactions The Bank shall not lose any of the Bank s rights under the Merchant Agreement if the Bank does not immediately and in every instance insist on them. You may not raise it as a defence if the Bank has a right that the Bank did not enforce at the relevant time. General Terms and Conditions Page 6 of 17

7 The Parties shall act as independent contractors for all purposes under this Merchant Agreement. Nothing contained in the Merchant Agreement shall be deemed to constitute either Party as an agent or representative of the other Party, or both Parties as joint venturers or partners for any purpose You will not have the authority to speak for, represent or obligate the Bank in any way without the prior Written approval of the Bank Separate agreements must be entered into with Diners Club, American Express and RCS (Pty) Ltd as they are not covered by the Merchant Agreement. You may not process Transactions on these Cards without the Bank s express Written approval. If You accept Amex, Diners Cards and/or RCS Cards without an agreement in place, You will be held liable for any Chargebacks received or losses incurred by the Bank as a result thereof You may not, without securing the prior Written consent of the Bank: cede any rights; delegate any obligations; and/or assign, transfer or make over any part of this Merchant Agreement The Bank shall be entitled to sub-contract its obligations under this Merchant Agreement to Third Party Service Provider(s) ( Subcontractor(s )) in order to fulfil its obligations in terms of the Merchant Agreement. 5. CONFLICTING PROVISIONS 5.1 In the event of a conflict, the provisions of the Merchant Agreement are to be read in the following order of precedence in relation to that conflict: Master Agreement/SLA (if applicable); the Product and/or Service Specific Terms and Conditions; Merchant Services General Terms and Conditions; the Schedules; and the Annexures. 6. DURATION 6.1 This Merchant Agreement will commence on the Effective Date and shall endure indefinitely thereafter, and until terminated by either Party in Writing or telephonically, by providing no less than 1 (one) month s notice to the other Party or as provided for herein. If You or the Bank terminates the Merchant Agreement You will remain responsible to the Bank for all Chargebacks, Transactions, instructions, fees and remaining commitments, as well as fines and penalties imposed on the Bank as a result of your actions or omissions You have the right to terminate this Merchant Agreement within the Cooling Off Period. 7. YOUR OBLIGATIONS 7.1 You shall, throughout the duration of the Merchant Agreement: not conduct unlawful business activities; ensure that there is due compliance with all the terms of the Merchant Agreement; honour each Card presented to You for payment of goods and/or services; not discriminate against any Cardholder by setting a minimum or maximum Transaction amount as a condition of honouring a Card; ensure that You take due care in accepting Cards to ensure that no Fraudulent Transactions are concluded and invalid cards are accepted, as per the Card Association guidelines, amended from time to time, a copy of which is available on and ensure that Authorisation is obtained from the Bank for each respective Transactions undertaken by You (subject to the exceptions specifically set out herein) in accordance with the Merchant Agreement; accept full responsibility for Your actions, as well as the actions of Your employees and Third Party Service Providers at all times; accept full responsibility for, and indemnify and hold the Bank harmless against, any fines or penalties imposed upon the Bank and/or You, arising out of Your, Your employees or Your Third Party Service Provider s conduct; allow the Bank such access to Your Premises and provide reasonable and necessary support as may be necessary for the Bank to carry out the Bank s obligations under the Merchant Agreement; provide 5 (five) Business Days prior Written notification to the Bank of any changes in: Your business that may impact the availability and provisioning of the Acquiring Services by the Bank; Your address or contact details; Your banking details; General Terms and Conditions Page 7 of 17

8 the ownership of Your business; and the classification of Your business i.e. the nature of Your business changes; advise the Bank immediately if You are placed under liquidation, sequestration or business rescue; ensure that an appropriate agreement is in place between You and Your Third Party Service Provider; provide the Bank with any information and/or documentation the Bank may require from time to time under the Merchant Agreement; not violate Anti-Money Laundering Laws; and provide reasonable and necessary support to assist the Bank to fulfil its obligations in terms of the Merchant Agreement. 8. WARRANTY, LIABILITY AND INDEMNITY 8.1 By using the Acquiring Services You agree to indemnify the Bank fully for any loss or damage You, the Bank and/or any other person suffers because of You not fulfilling any of Your obligations under the Merchant Agreement. If You consist of two or more persons, You will be held jointly and severally liable to the Bank as co-principal debtor for all amounts and any other obligations arising out of the Merchant Agreement. 8.2 You indemnify the Bank against all losses, costs, penalties, payments and/or any other liability whatsoever arising from any dispute, claim and/or defence raised against the Bank where such dispute, claim or defence is caused by any act and/or omission by You and/or Your Third Party Service Provider. 8.3 You indemnify the Bank against any loss or damage that the Bank incurs or suffers, as a result of penalties or fines imposed upon the Bank, or any claim that is brought against the Bank as a result of a compromise of Data/security whilst the Data is being stored on Your and/or Your Third Party Services Provider Network; transmitted from Your and/or Your Third Party Services Provider Network to the Bank s Network; and/or received by You and/or the Third Party Services Provider Network from the Bank s Network You indemnify the Bank against any losses incurred by the Bank and/or fines and penalties that are imposed on the Bank during Your PCI DSS and 3D-Secure non-compliance. 8.4 You warrant that when You present a Transaction to the Bank for payment: all statements of fact in the record of that Transaction are true, accurate and correct; You charged Your normal cash price for all goods or services or both, which You delivered or supplied in terms of that Transaction; the Transaction is not illegal nor a Fraudulent Transaction; You complied with all the terms and conditions of the Merchant Agreement; and You supplied all the goods and/or services referred to in the Transactions, to the Cardholder, at the agreed location and within the agreed time period. 8.5 You warrant that any information relating to any Cardholder which You send to Your Third Party Service Provider or that You may store in any format whatsoever, shall be secure, and You hereby indemnify and hold the Bank harmless from any claim that may be brought against the Bank by any third party due to any breach of security relating to information stored by You or Your Third Party Service Provider 8.6 Notwithstanding that the Bank may have introduced You to a Third Party Service Provider, the Bank shall not be party to any disputes between You and the Third Party Service Provider appointed by You, nor shall the Bank be liable for any damages suffered by You as a result of any failure and/or malfunction of such infrastructure between You and the Third Party Service Provider. 9. PCI DSS AND 3D-SECURE COMPLIANCE (INDUSTRY COMPLIANCE) 9.1 It is important that You familiarise Yourself with and comply with the following requirements: applicable PASA, Card Association, Bank and industry rules, related legislation, best practice guidelines, and the terms of this Merchant Agreement; the Bank s data protection guidelines and policies; industry and Bank security requirements. 9.2 If You are not compliant with PASA, Card Association, Bank and industry rules and related legislation and best practice guidelines, the Bank reserves the right to immediately terminate the Merchant Agreement with You and You will be liable for all fines and penalties imposed, and losses incurred by the Bank as a result thereof D-Secure (Virtual Transactions only) All ecommerce Merchants must be 3D-Secure. 9.4 PCI DSS Certification PCI DSS provides a baseline of technical and operational requirements designed to protect Cardholder data. PCI DSS applies to all entities involved in payment card processing, including merchants, processors, General Terms and Conditions Page 8 of 17

9 Acquiring Banks, Issuing Banks, Third Party Service Providers, as well as all other entities that store, process or transmit Cardholder data. PCI DSS comprises a minimum set of requirements for protecting Cardholder data, and may be enhanced by additional controls and practices to further mitigate risks. A brief overview of the PCI requirements are set out below: You must ensure that the 3-digit CVV number is not stored after transactions; You must ensure that Cardholder data (expiry date, PIN Number, Track 2) is destroyed after every Transaction and not stored electronically; You must ensure that the Card number is masked on the customer copy. The minimum requirements for masking are that the first 6 and last 4 digits be displayed and the middle digits be masked. The Bank will ensure that the PAN is masked on all Stand Alone Devices; You must ensure that Your employees do not have access to the supervisor card/supervisor PIN to access transactional menus, other than for the purpose of processing Transactions; You must ensure that all paper based documentation containing full, unmasked card numbers be marked confidential, stored securely and destroyed in accordance with PCI requirements; You must ensure that all staff is appropriately trained to handle card payments securely and that training is conducted on an annual basis or as and when card handling procedures change; You must ensure that You monitor the compliance status of any Third Party Service Providers with which You share cardholder data and You must maintain Written agreements with all Third Party Service Providers whereby they acknowledge their responsibility for card data in their possession; Summary of PCI requirements: Data Element Storage Storage of data permitted Cardholder PAN Yes If PAN is stored with Account data Cardholder name Yes other elements of data Service code Yes cardholder data, only Expiration date Yes the PAN must be masked. Sensitive Full magnetic stripe data No Not applicable authentication CAV2/CVC2/CVV2/CID No data PIN No The requirements for PCI DSS compliance vary depending on the number of Transactions You process in a year. Please contact the Merchant Services national call centre for further details in regards to Your PCI status; You shall obtain and keep current and valid, a PCI DSS certificate in accordance with the applicable PCI standards in effect at the time and comply with any requirements set out by the PCI DSS; You must provide a copy of such certificate to the Bank within 48 (forty eight) hours of the Effective Date, alternatively You must furnish the Bank with proof of Your application for such certificate. The Bank will determine whether such proof is adequate in the Bank s sole discretion; The Bank can ask You to provide it with information and/or data from time to time to help it determine whether You are compliant with PCI DSS; You shall furnish the Bank annually and as requested from time to time, with proof of Your PCI DSS compliance and/or any data records pertaining to the implementation and/or monitoring of PCI DSS compliance, including but not limited to any data and/or information related to a potential or actual occurrence of a Data Compromise; 9.5 Failure by You to: provide the Bank with proof of Your application for a PCI DSS certificate; provide the Bank with regular updates regarding the PCI DSS certification process; achieve PCI DSS compliance; and/or become 3D-Secure compliant, may, without prejudice to the Bank s rights hereunder or in law, result in: the Bank suspending the operation of the Merchant Agreement pending receipt of Your PCI DSS certificate; the Bank terminating the Merchant Agreement forthwith; You bearing additional liability as prescribed by the applicable Card Associations and PASA from time to time; and/or You bearing all loss incurred by the Bank as a result of Your non-compliance Furthermore, in the event that You are no longer PCI DSS and 3D-Secure compliant and/or Your PCI DSS certificate lapses and You fail to renew the certificate timeously, You indemnify the Bank against any losses General Terms and Conditions Page 9 of 17

10 incurred by the Bank and/or fines and penalties that are imposed on the Bank during Your non-compliance It is Your responsibility to ensure that You remain PCI DSS and 3D-Secure compliant at all times. 9.6 BIN FILES AND HOT CARD FILES You have to ensure that all BIN files and Hot Card files are successfully downloaded onto Your system. In the event that a POS Device identifies a particular card as being present on a current Hot Card file, You may not under any circumstances attempt to process a Transaction on such card, as You will be held liable for the transaction. 10. AGGREGATION 10.1 You may not be involved in Aggregation without obtaining the Bank s prior Written approval. 11. SURCHARGING 11.1 The practise of levying surcharges is clearly prohibited in terms of PASA, VISA, UPI and MasterCard Rules The practice of surcharging is where You charge Cardholders more for the goods and/or services than You would normally charge customers when they pay for the goods and/or services in cash. The amount charged to all customers should match the displayed or advertised price. 12. FLOOR LIMIT 12.1 Floor limits will not automatically be loaded on Your profile The Bank has the right to change the Floor Limit at the Bank s own discretion. 13. DISPLAYING OF SYMBOLS 13.1 You shall display the marks and symbols of the Card Associations as required in terms of the Card Association Rules You may not in any way whatsoever state, imply or create the impression that the Bank, or any Card Association endorses or guarantees any of Your goods and/or services. 14. UPI AUTHORISATION 14.1 Only PIN validated Cards may be accepted The acceptance of UP Cards is restricted to Stand Alone Solutions Where You are unable to obtain Authorisation for UP Transactions as a result of a POS Device failure and/or a decline message and/or any other reason, You may not obtain voice Authorisation to process the Transaction. 15. AUTHORISATION OF TRANSACTIONS 15.1 When the Bank provides authorisation for a Transaction it simply means that the Cardholder has enough money in his or her bank account to pay for the Authorised Transaction at the time and date of the Authorisation Obtaining authorisation does not mean that the Bank warrants or guarantees: the validity or genuineness of the Card; the validity of the identity of the person presenting the Card; that the Bank will pay the value of the Authorised Transaction; and/or that the Bank s payment of the value of the Authorised Transactions cannot be Charged Back to You By the Bank providing You with an authorisation code does not exempt You from the duty to prevent Fraudulent Transactions. 16. FRAUDULENT TRANSACTIONS 16.1 The onus is on You to implement Fraud prevention measures in order to prevent Fraudulent Transactions and to be adequately protected against Fraudulent activities It is Your responsibility to arrange with the Bank to provide You and Your employees with Fraud training By entering into this Merchant Agreement You undertake to co-operate with the Bank in furnishing all information requested by the Bank that is required to investigate these Fraudulent Transactions You must not honour transactions and/or accept cards that You know, should have known or suspect are Fraudulent Transactions, Fraudulent cards or unauthorised by the Cardholder If You are suspicious of a Card or Cardholder at any time during the authorization process, You are General Terms and Conditions Page 10 of 17

11 required to make a Code 10 authorization request. The Code 10 authorization request alerts the Card Issuer to the suspicious activity If a Fraudulent Transaction and/or a suspected Fraudulent Transaction occurs and/or if the Transaction is for any reason invalid, erroneous or illegal, the Bank is irrevocably authorised to: recover from You or debit Your Nominated Bank Account, notwithstanding that such account may be held at another bank, at any time including but not limited to the value of any Fraudulent Transactions; claims; damages; associated fees; fines and penalties the Bank incurred or suffered at any time, as a result of or in connection with any Fraudulent Transaction posted by You; invalid; erroneous or illegal Transactions. You indemnify the Bank in respect of all losses, costs, fees, damages, penalties, payments, claims or any liability whatsoever arising from any dispute, claim or defence raised against the Bank; place a hold on Your Nominated Bank Account and/or pledge an amount equal to an estimate of any potential losses that the Bank may incur as a result of the Fraudulent Transactions; and suspend the service and/or terminate the Merchant Agreement immediately without prior notice and without prejudice to any other rights in law The Bank will alone handle all disputes raised by Cardholders and You will provide the Bank with any assistance the Bank requires. You are bound by any settlements negotiated between the Bank and the Cardholder and any defences that the Bank may raise against the Cardholder. 17. CHARGEBACKS 17.1 Transactions may be reversed through a process called Chargeback for any reason specified by the applicable Card Association and PASA rules or regulations and industry requirements Chargebacks will be dealt with in accordance with the Card Association Rules Reasons for Chargebacks include, but are not limited to the following: Transactions that are subject to a Cardholder dispute (i.e. if the goods and/or services were not supplied and/or failed to meet the required standard etc); goods, services, facilities or items of value received by the Cardholder, or a person authorised by the Cardholder, are not as depicted on the sales voucher or vary from the marketing specifications supplied, including but not limited to items of wrong colour, size, quality or quantity; goods were not received by the Cardholder or by a person authorised to receive them; goods were broken or destroyed and could not be used for the purpose for which they were purchased as a consequence of such defect and the Cardholder tendered the return thereof; the Transaction was not Authorised; the Transaction is a Fraudulent Transaction, invalid, erroneous and/or illegal; and/or the Transaction has not been processed in accordance with the provisions of the Merchant Agreement By using the Acquiring Services You confirm that if a Chargeback is received the Bank is irrevocably authorised to: recover from You or debit Your Nominated Bank Account, notwithstanding that such account may be held at another bank, at any time including but not limited to the value of any Chargebacks; losses; claims; damages; associated fees; fines and penalties the Bank incurred or suffered at any time, as a result of or in connection with any Chargebacks or related transaction; invalid; erroneous or illegal Transactions. You indemnify the Bank in respect of all losses, costs, fees, damages, penalties, payments, claims and any liability whatsoever arising from any dispute, claim and defence raised against the Bank; place a hold on Your Nominated Bank Account and/or pledge an amount equal to an estimate of any potential losses that the Bank may incur as a result of future Chargebacks. The Bank s right to apply Chargebacks is not restricted by the release of the hold referred to in this clause; and/or suspend the Acquiring Service and/or terminate the Merchant Agreement immediately without prior notice to You and without prejudice to any other rights in law The Bank will alone handle all disputes raised by Cardholders and You will provide the Bank with any assistance the Bank requires. You are bound by any settlements negotiated between the Bank and the Cardholder and any defences that the Bank may raise against the Cardholder Chargebacks and/or Cardholder disputes can be raised over a period of 6 (six) months from the date of the Transaction in terms of current Card Association Rules, but will always be subject to prescription legislation. 18. COPY REQUEST 18.1 The Bank may at anytime request You to provide the Bank with the original sales vouchers, this process is called a copy request You have 7 (seven) Business Days in which to respond to a copy request for a defined sales voucher. General Terms and Conditions Page 11 of 17

12 18.3 Should the Bank not receive the requested documentation, a second request will be sent to You and You will be granted 3 (three) Business Days to respond to the request. Failure to respond to the copy request will result in the Bank debiting the Merchant s Nominated Bank Account with the amount in dispute Please retain confirmation that You have provided the Bank with the requested copies The Bank is irrevocably authorised by You to debit Your Nominated Bank Account, (notwithstanding that such account may be held at another bank) with the total value of the sales vouchers, or the value of the batches of Transactions lost, as a result of Your failure to provide Your sales vouchers within the abovementioned 10 (ten) Business Days period of being requested to do so by the Bank The contact details on the application form or subsequent Written notice of change of contact details will be used when sending the copy request. It is therefore important to ensure that the Bank has the most up to date contact details, as the Bank will carry no responsibility in the event that You do not receive the copy request and any related communication due to outdated contact details. 19. CONFIDENTIAL INFORMATION 19.1 You acknowledge that all material and information, which have or will come into Your possession or knowledge in connection with the Merchant Agreement or the performance hereof, consist of confidential and proprietary data, whose disclosure to or use by third parties will be damaging to the Bank You therefore agree to hold such material and information in strictest confidence, not to make use thereof other than for the performance of this Merchant Agreement, to release it only to employees reasonably requiring such information in the execution of their duties and not to release or disclose it to any other person, unless so required by law The Parties specifically record that all Data provided by the Bank to You, or to which You may be exposed, shall constitute Confidential Information and where applicable, Intellectual Property belonging to the Bank Confidential and proprietary information will not include any information which: at the time of disclosure, is generally known by the public without breaching the provisions of this Merchant Agreement; and/or is known to or in Your possession before it is received from the Bank (save where it was previously received by You under an obligation of confidence) You shall not use the Bank s names, trademarks or trade names, whether registered or not, in publicity releases, advertising or in any other manner, without having secured the prior Written approval of the Bank The confidentiality obligations under this Merchant Agreement shall survive the termination of this Merchant Agreement for any reason whatsoever. 20. CONSENT TO DISCLOSURE OF INFORMATION 20.1 You agree that the Bank can access any information about You that is recorded with any credit bureau, or held by any other division of FSR, or obtain fraud reports and checks at any time during the course of Your relationship with the Bank. The credit bureau provides credit profiles on persons as well as a credit score on the credit worthiness of persons The Bank shall give You at least 20 (twenty) Business Days notice of its intention to submit adverse information (relating to the non-compliance with the Merchant Agreement) concerning You to a credit bureau. By using the Acquiring Services You agree that the Bank can share the following with credit bureaus and other divisions of FSR: information about Your non-compliance with the Merchant Agreement; Your application for Acquiring Services and facilities; Your request to terminate the Merchant Agreement; and/or the Bank s termination of Your Merchant Agreement. The Bank may furthermore share information with Third Party Service Providers who perform Acquiring Service on the Bank s behalf or as required by law in terms of applicable legislation You consent to the Bank providing information about this Merchant Agreement; Your breach of this Merchant Agreement and/or Fraudulent transactions processed by You, to other banks, the Banking industry and/or to the Card Associations. This consent extends to any fraud prevention schemes established by the Bank, other banks and/or the Card Associations. The Bank will only disclose the abovementioned information when it is necessary to preserve the rights and interests of the Bank, other banks, the Card Associations or the public in general. 21. CONSENT TO DISCLOSE PERSONAL INFORMATION (THE PROTECTION OF PERSONAL INFORMATION ACT, 2013) 21.1 By using the Bank s Acquiring Services, You consent that FSR, may process (collect, use, store, or otherwise deal with and to conduct the necessary checks) Your personal information for the purposes of General Terms and Conditions Page 12 of 17

13 providing Acquiring Services to You. You also confirm that the information provided by You to FSR is up to date, correct and complete, including information about Your residency and citizenship for tax purposes You confirm that FSR may process any information and documentation relating to Your business or that of Your employees, directors and members in relation to the Acquiring Services provided by the FSR. 22. FICA (FINANCIAL INTELLIGENCE CENTRE ACT) 22.1 The use of the Bank s Acquiring Services are subject to You providing the Bank with updated documentation and/or information required to satisfy the laws in relation to Know Your Client ( KYC ) from time to time including, among others, the Financial Intelligence Centre Act and legislation against terrorism, local and international sanctions and related provisions and the Bank s policies in relation thereto. 23. FORCE MAJEURE 23.1 Should either You or the Bank (hereinafter referred to as the invoking Party ) be prevented from fulfilling any of its obligations in terms of this Merchant Agreement as a result of any Acts of God or other cause beyond the reasonable control of such Party, the invoking Party will forthwith give Written notice thereof to the other Party: specifying the cause and anticipated duration of the Force Majeure; and upon termination of the Force Majeure, stating that such Force Majeure has terminated Performance of any obligations will be suspended from the date on which notice is given of a Force Majeure event until the date on which notice of termination of a Force Majeure event is given (hereinafter referred to as the Suspension Period ), subject always to the remaining provisions of this clause The invoking Party will not be liable for any delay and/or failure in the performance of any obligation hereunder, or loss or damage due to and/or resulting from the Force Majeure during the Suspension Period, provided that: the invoking Party uses and continues to use its best efforts to perform such obligation; if the Force Majeure continues for more than 21 (twenty one) consecutive days, the other Party will be entitled to terminate the Merchant Agreement on the expiry of such 21 (twenty one) day period, but will not be entitled to claim damages against the invoking Party as a result of the delay or failure in the performance of any obligations hereunder due to and/or resulting from the Force Majeure; and the Party not invoking Force Majeure will be entitled to elect, by giving Written notice within 10 (ten) days of termination of the Force Majeure event, as to whether or not it requires the invoking Party to perform any obligations incurred prior to Force Majeure. 24. AUDIT 24.1 The Bank shall have the right to conduct an audit of Your premises and the records You have in place with Your Third Party Service Providers You undertake to provide access to the Bank and/or an independent accredited Third Party Service Provider or auditor appointed by the Bank, to conduct: a physical inspection of Your Premises and an Audit of Your network, records, documentation and systems pertaining to the Merchant Agreement, in order to establish whether it is compliant with the Merchant Agreement, Bank specifications and/or specifications introduced by the Card Associations and/or PASA You agree to cooperate with the Bank s audit requirements and provide reasonable assistance Any such Audit shall not unreasonably interfere with Your normal business operations In the event that the Audit determines that You are not compliant: You will be liable for the cost of the Audit; You will be liable for any fines and penalties imposed upon the Bank as a result of your noncompliance; You will be liable for any other costs incurred by the Bank as a result of your non-compliance; the Bank will have the right to terminate the Merchant Agreement with immediate effect; and/or the Bank may further rely on any of the remedies available to it by law. 25. PRICING 25.1 The fees and charges payable by You to the Bank in respect of the Acquiring Services are set out in Your Statement Your Statement is a reflection of Your latest and most up to date Schedule of Fees and Charges Your latest Statement shall apply at all times The amounts quoted in terms of the pricing are subject to pricing reviews In the event that a change in the scope and/or pricing of the Acquiring Services is required during the term General Terms and Conditions Page 13 of 17

14 of this Merchant Agreement, an appropriate adjustment to the fees and charges will be communicated to You by any of the following means: Statement messages; telephone calls; online messages; , website; post and/or sms. The Bank may at any time amend or introduce new fees for the use of the products and/or services on reasonable notice to You. 26. STATEMENTS OF ACCOUNT 26.1 The Bank will provide You with a monthly breakdown of the amounts You owe the Bank. The breakdown will be provided in the form of a monthly Statement The Statement will be sent by post, or SMS to the contact details on the application form or to the contact details contained in a subsequent notice of change of contact details. It is therefore important to ensure that the Bank has the most up to date contact details on record, as the Bank will carry no responsibility in the event that You do not receive Your Statements due to outdated contact details Your monthly Statement constitutes a demand by the Bank for payment and settlement of the amounts You owe the Bank The Bank is hereby granted authority to recover, via any means, the full amounts owing by You. Such recovery process will be inclusive of a direct debit generated to Your Nominated Bank Account. The funds in Your Nominated Bank Account must be equal to or in excess of the amount You owe the Bank It is incumbent on You to verify the information contained in the Statement You must raise any query regarding the correctness of the monthly Statement, including but not limited to any debit and/or credit entry to Your Nominated Bank Account or any amounts invoiced to You, within 30 (thirty) Calendar Days from the date of Statement, failing which the Bank will assume that all the entries on the monthly Statement are correct and that the amount so debited and/or credited to Your Nominated Bank Account or invoiced to You (as the case may be) is correct. You may not raise any query regarding the correctness of Your monthly Statement, including but not limited to any debit and/or credit entry to Your Nominated Bank Account or any amounts invoiced to You, after 30 (thirty) Calendar Days The Merchant Commission will be payable on the gross amount, except if otherwise agreed to in Writing by the Parties. Gross amount refers to the total of all purchases, before the deduction of Refunds, Reversals, Chargebacks and other amounts You may not deduct or set off from any amount You owe the Bank A certificate of balance signed by or issued by an authorised employee of the Bank (whose appointment or authority it shall not be necessary to prove) will constitute prima facie evidence of the outstanding balance, interest and/or any other amounts in respect of the Merchant Agreement. 27. DEBITING YOUR NOMINATED BANK ACCOUNT 27.1 The Bank may recover by way of any means, the amounts owing by You to the Bank. Such recovery process will be inclusive of a direct debit generated to your Nominated Bank Account The Bank is irrevocably authorised by You to debit Your Nominated Bank Account, notwithstanding that such account may be held at another bank with: the amount reflected on Your monthly Statement; any Refunds which are due to Cardholders; any amounts which the Bank has overpaid to You or paid in error; an administration fee for each debit returned by the Bank; the value of lost, damaged and stolen Equipment; the value of Transactions arising out of disputes raised by the Cardholders with the Bank, Chargebacks received, Fraudulent Transactions, suspected Fraudulent Transaction and/or the value of the Transaction/sales voucher which is for any reason invalid, erroneous or illegal; fees and penalties imposed by Card Associations and PASA on the Bank as a result of Your act or omission or non-compliance; the value of the loss incurred by the Bank as a result of Your act or omission; a penalty charge for amounts overdue; any fees associated with the recovery of any and all sums from You; and/or costs, fees and expenses (including legal fees on the attorney and own client scale and other out-of-pocket expenses and any VAT or other similar tax) which the Bank incurs in connection with maintaining and enforcing the Bank s rights under the Merchant Agreement You are required to pay all debits upon presentation. A failure by You to do so constitutes a breach of the Merchant Agreement and such debits shall be immediately due and payable by You and the Bank shall be entitled, in its sole discretion, to suspend the Acquiring Service or terminate the Merchant Agreement General Terms and Conditions Page 14 of 17

15 forthwith The Bank has the right to place any of Your funds (credits) on hold pending a discussion with You about any amount You owe the Bank. The Bank can place a hold on Your Nominated Bank Account at any time before the Bank debits Your Nominated Bank Account with the amounts that the Bank is entitled to recover from You under the Merchant Agreement. The Bank will remove the hold once the Bank has recovered the amounts in full which You owe the Bank The Authorisations granted to the Bank above shall not preclude the Bank from any other remedy available to it whether in terms of the Merchant Agreement or at law You agree that the Bank shall have the right to recover from You and can continue to debit Your bank account after termination of the Merchant Agreement with, any outstanding amounts, including but not limited to the Merchant Commission, MMF, Equipment rental fee charged, fees and charges detailed in Your Statement, fines and penalties imposed on the Bank as a result of Your action or omission and any amounts Charged Back, until all charges owed by You to the Bank have been paid in full In the event of You being placed under business rescue, the Bank reserves the right to retain 100% (hundred percent) of the gross settlement value as a reserve for potential loss that the Bank may incur ( Retained Amount ) should the Merchant, for any reason whatsoever, not be in a position to fulfil its obligations as set out in the Merchant Agreement. The Retained Amount will be retained by the Bank for a period of 6 (six) months after which, in the event that the Bank has not incurred any charge and/or loss, the Retained Amount will be released into the Merchant s Nominated Bank Account. The Retained Amount will be released on a rolling 6 (six) month basis. For the avoidance of doubt, the recovery of any and all charges and/or losses incurred by the Bank will not be limited to the value of the Retained Amount and You hereby indemnify the Bank against any and all charges and/or losses which the Bank may incur subsequent to releasing the Retained Amount into Your Nominated Bank Account The authorisation granted to the Bank in this clause shall survive the termination for any reason whatsoever. 28. SET-OFF AND CONSOLIDATION 28.1 The Bank may set-off any amount that is due and payable by You, against any: amount available in Your Nominated Bank Account; amounts available in an account held in Your name; any reserve the Bank may hold; or an amount which is due to You, as may be permissible in law The Bank will inform You promptly that it has applied set-off on Your account. You must notify the Bank beforehand, in Writing if funds in any of Your bank accounts are held by You on behalf of a third party. If You do not do this, the common law principle of set-off will apply The Bank may consolidate all accounts which You hold with the Bank, as may be permissible in law. No partial consolidation will prevent the Bank from exercising the Bank s rights in respect of any accounts or amounts which the Bank did not include in this consolidation. 29. LIMITATION OF LIABILITY 29.1 Under no circumstances shall either Party be liable to the other Party for indirect or consequential damages, including but not limited to loss of profits or savings, arising out of or relating to its performance or failure to perform under this Merchant Agreement The limitation of liability shall not apply to liability resulting from gross negligence or wilful misconduct of either Party Unless the Bank acted with gross negligence or with Fraudulent intent, the Bank will not be liable for events beyond the Bank s reasonable control, or for any damage You may suffer, which include, but will not be limited to: system failures; Equipment malfunctions; any network breakdown i.e You or the Cardholder is not able to access Your internet infrastructure or use it; the failure by the Bank to perform or process a Transaction as a result of the loss or destruction of Data; destruction, hacking or deterioration of storage media; power failures; natural phenomena; riots; acts of vandalism; sabotage; terrorism; and/or any other event beyond the Bank s control; any loss or damage, which You or any other party may suffer due to unauthorised interception, monitoring and/or Data Compromise; General Terms and Conditions Page 15 of 17

16 any unauthorised use of the Equipment, Acquiring Serviced and products, whether as a result of Your representatives exceeding their authority, Fraud, theft of Equipment and/or as a result of any compromise to the confidentiality of the verification mechanisms; Your use of, or inability to use the Bank s Acquiring Services and/or products i.e. POS Device, software and/or service; any loss or damage if You did not take the required steps to safeguard the hardware; software; secure access codes and associated information and/or follow the steps recommended by the Bank from time to time, including performing software and/or hardware updates; and/or late or delayed Transactions. 30. DEFAULT 30.1 If any of the following things happen, You will be in default of Your Merchant Agreement: if You do not pay any amount You owe the Bank under the Merchant Agreement on time; You are in breach of the Merchant Agreement; You have provided the Bank with false, fraudulent or incorrect information ( Misrepresentation ), which information was material to the Bank entering into the Merchant Agreement with You; if any judgment is granted against You, or Your guarantor or surety and it is not satisfied within 15 (fifteen) Business Days thereafter and/or any of Your, or Your guarantor s and/or surety s asset(s) is attached with a writ of execution; if You institute any proceedings with the intention to commence Business Rescue proceedings (only applicable to companies and close corporations in terms of the Companies Act no. 71 of 2008); if You or Your guarantor or surety is: provisionally or finally sequestrated/liquidated (voluntarily or compulsorily); placed under business rescue; or, being a partnership, dissolved; You, being an individual: if You, or Your guarantor or surety commit an act of insolvency mentioned in the Insolvency Act 24 of 1936, as amended from time to time, or an act that gives or may give rise to Your or their being or becoming liable to be wound up by a court of law; publish notice of the voluntary surrender of Your estate; are placed under administration in terms of the Magistrates Act 32 of 1944, or debt counselling in terms of the NCA; and/or have an application or other proceedings brought against You in respect of which a third party seeks to have You sequestrated or placed under curatorship, whether in a manner which is provisional or final, voluntary or compulsory; if You sell the whole or a major portion of Your business or assets; and if You apply for assistance under the Agricultural Debt Management Act 45 of 2001 as amended Consequences of default In the event that You are in default of the Merchant Agreement, irrespective of any clause to the contrary in the Merchant Agreement, the Bank reserves the right to do the following: withhold settlement of Transactions until such time that the non-compliance has been rectified; hold You liable and debit Your Nominated Bank Account notwithstanding that such account may be held at another bank, with the value of the loss incurred by the Bank (including but not limited to claims brought against the Bank, value of the Chargebacks; value of Fraudulent Transactions, fines and penalties incurred by the Bank as a result of Your default; place a hold on Your account and/or pledge an amount equal to an estimate of any potential losses that the Bank may incur as a result of Your default; suspend the Acquiring Service immediately without prior notice; terminate the Merchant Agreement immediately without prior notice and without prejudice to any other rights in law; and the Bank may further rely on any of the remedies available to it by law. 31. CONSEQUENCES OF TERMINATION 31.1 Upon the termination of this Merchant Agreement, You will return to the Bank all papers, materials and other property of the Bank in Your possession or held by You in connection with the performance of this Merchant Agreement When the Merchant Agreement has been terminated, the clauses in this Merchant Agreement will continue to apply to Transactions which took place on or before the date on which the termination of this Merchant Agreement took effect. Termination of this Merchant Agreement will not affect any rights and/or obligations of the Parties which arose on or before the termination became effective. General Terms and Conditions Page 16 of 17

17 32. DOMICILE AND COMMUNICATIONS 32.1 The Bank hereby selects the following address as the address at which all legal notices in relation to the Merchant Agreement must be delivered to: Merchant Services Legal: 1 st Floor, 2 First Place, BankCity, Cnr Simmonds and Jeppe Streets, Johannesburg, This address is known in law as the Bank s domicilium citandi et executandi Any legal notice or communication required or permitted to be given in terms of this Merchant Agreement by You will be valid and effective only if in Writing You choose the physical address (an address in South Africa) and contact details on the application form or subsequent Written change of address notification as the address to which: the Bank may serve any legal notices, processes and communications; the Bank may execute any judgment the Bank obtains against You; and the Bank may send day-to-day (operational) communications For clarity, day-to-day (operational) communications may be communicated to You by the Bank via: recorded telephone calls; ; statement message; online message; website; post and sms service Notwithstanding anything to the contrary contained herein, it is specifically recorded that the Bank may send Statements, billing reports and/or invoices to You via , and may communicate billing information to You via recorded telephone calls A notice will be treated and presumed as having been received by the Party to whom it was sent, unless contrary is proven: if delivered by hand during normal hours - on the date of delivery; if posted by prepaid registered post - at 10:00 on the 4 th (fourth) day after the post office issued the registration receipt; if sent by post - at 10:00 on the 7 th (seventh) day from the date of posting; if sent by fax - on the date shown on the receipt generated by a fax machine; and if sent by - on the date on which the notice was ed When the Bank presumes that You received a notice by a certain date in accordance with the aforementioned clause, the Bank does not have to prove that You did receive the notice on such date If You claim that You did not receive the notice by that date then You will have to prove it Notwithstanding anything to the contrary contained in this Merchant Agreement, a Written notice or communication actually received by one of the Parties from another shall be adequate Written notice or communication to such Party, notwithstanding that the terms and conditions of this clause were not strictly complied with If You change Your address but do not notify the Bank, You agree that the Bank has the right to send notices to You and serve legal processes at Your last address known to the Bank or any other address which You advised the Bank of It is therefore important to ensure that the Bank has the most up to date contact details on record, as the Bank will carry no responsibility in the event that You do not receive communications from the Bank due to outdated contact details. 33. GOVERNING LAW 33.1 This Merchant Agreement will be governed, construed and take effect in all respects in accordance with the laws of the Republic of South Africa You agree that the Bank may bring legal proceedings against You relating to the Merchant Agreement in any Magistrate s Court that has the authority to hear and decide on the case (this authority is called jurisdiction). You agree to the jurisdiction of the Magistrate s Court even if the amount the Bank claims from You is more than the Magistrate s Court limit. The aforementioned provision does not prevent the Bank from bringing legal proceedings in a High Court that has jurisdiction. 34. CONTACT DETAILS AND CONTACT INFORMATION 34.1 You must contact the Bank on the contact numbers reflected on Your monthly Statement and/or online profile with any queries You are required to report any Fraudulent Transactions by contacting the Bank s contact centre on telephone number You have the right to resolve a complaint with the Bank by way of Alternate Dispute Resolution. To do this You must file Your complaint with the Banking Ombudsman on or visit the website at General Terms and Conditions Page 17 of 17