Terms & Conditions
Please read the following terms and conditions carefully before registering, accessing, browsing, downloading or using the Pay1 Remit app. By accessing or using the app or by using the service, you agree to be bound by the terms and conditions set forth below including any additional guidelines and future modifications. If at any time you do not agree to these terms and conditions or do not wish to be bound by these terms and conditions, you may not access or use the application and immediately terminate your use of the services.
Acceptance of Terms and Conditions of Service:
The Terms and Conditions (which may be amended from time to time) is an Agreement and is a legal contract between you, an individual customer, member, user, or beneficiary of this service of at least 18 years of age ("You"), and Mindsarray Technologies Pvt. Ltd. having its registered office at 726, Raheja's Metroplex (IJMIMA), Link Road, Malad West, Mumbai - 400064. PAY1 is a platform owned by Mindsarray Technologies Pvt. Ltd. (hereinafter referred to as "MTPL"). MTPL is the owner of the website www.pay1.in, PAY1 mobile application, PAY1 WAP site (Collectively referred to as "PAY1") hence all the rights, benefits, liabilities & obligations under the following terms & conditions shall accrue to the benefit of MTPL. PAY1 reserves the right, at its sole discretion, to revise, add, or delete portions of these terms and conditions any time without further notice. You shall re-visit the "Terms & Conditions" link from time to time to stay abreast of any changes that the "Site" may introduce. The services hereunder are offered by PAY1, located at: Mindsarray Technologies Private Limited: 726, Raheja's Metroplex (IJMIMA), Link Road, Malad West, Mumbai 400064, India.
Pay1 is involved in the business of providing a platform for Mobile and DTH Recharges, Domestic Money Transfer (DMT), complete payment collection solution comprising of card acceptance solutions and cash@POS, enabling individuals and businesses of all sizes to easily manage their payment collection activities and customer management services. Retailer shall have to maintain a closed loop wallet account with Pay1 for availing the services offered.
Pay1 offers and Retailer accepts complete payment collection solution comprising of card acceptance solutions and cash@POS, along with the terms and conditions. The Parties hereby agree that the terms and conditions of the Services may be modified or changed or additional terms and conditions may be imposed by Pay1 at its sole discretion and the same shall be binding on both the Parties. It is hereby clarified that processing services of Pay1 in relation to high risk cards which involves inter alia increased chances of fraud and chargebacks shall not be considered to fall within the purview of the Services and Pay1 shall not be liable or obligated under any circumstances whatsoever for rendering its Services for the high risk cards as may be identified by Pay1 at its sole discretion and the such decision of Pay1 shall be binding on the Retailer.
By Signing the application and this Agreement, the Retailer offers to receive and, subject to acceptance of the offer and the payment solution of the relevant fee and charges by the Retailer, the Retailer agrees with Pay1 to receive payment processing & collection facilities and services on the terms set out in this Agreement and agrees to comply with all the terms and conditions provided in this Agreement and other applicable laws including but not limited to the regulations, rules, directives, notifications issued by the regulatory authorities from time to time. It is hereby clarified that Pay1 in its sole discretion reserves the right to accept or reject the Retailer’s applications.
This Agreement forms the baseline agreement applicable to all Retailers of the services of Pay1 including the mobile application, the card reader application, and the payments services including the services as specified herein and such other services as may be agreed to be provided by Pay1 from time to time (collectively referred to as the “Service” or the “Services”) with such Retailer establishments physically using cards or using a mobile device or of Pay1 or cash in and cash out services as provided by Pay1 under its product named Pay1 Digi.
Acceptance of Bank’s and Transaction Gateway Partner’s Terms:
The Retailer by signing or electronically agreeing to the terms hereof to govern the authorization, conveyance and settlement of transactions utilizing the Service, also agrees to abide by the terms and conditions of the and those of the Transaction Gateway Partner/s.
BASIC TERMS OF ENGAGEMENT
- Retailer’s License. Pay1 grants the Retailer a limited, non-exclusive, revocable, non-transferable license (hereinafter referred to as “Retailer’s License”), without the right to sublicense, to electronically access and use the Service as may be agreed to be provided by Pay1 along with the electronic device/equipment to accept and receive payments and to manage the funds the Retailer so receives. The Service includes Pay1’s website, software, programs, documentation, tools, internet-based services, mobile-devices-based services, components, and any updates (including software maintenance, service information, help content, bug fixes or maintenance releases) thereto provided
- EQUIPMENT HARDWARE AND SOFTWARE
Restrictions on Use. The Retailer shall not permit either directly or indirectly do or undertake to do any acts, deeds to or things or enable or assist any third party, to do or attempt to do any of the following:
- Equipment provided by Pay1: Pay1 does not sells equipment to the Retailer or provide equipment to the Retailer as part of promotional offers that require the Retailer to process Retailer services for a specified period of time. Retailer agrees to pay the deposits, documentation charges, advance rentals and any other agreed charges and related taxes for any such equipment supplied by Pay1 as provided under the terms of the offer made by Pay1 to the Retailer.
- Leased Equipment: Pay1 does not lease any other equipment other than the mentioned equipment/device. However, the Retailer is required to verify with Pay1 the terms of any equipment lease it has entered into, in connection with equipment it has obtained for processing transactions under this Agreement from a third party service provider.
- Termination & Equipment Returns: Retailer may terminate this Agreement and return the equipment/device in working condition within a period of seven (7) days from the date of termination. It is hereby agreed between the Parties that Pay1 retains the title to the equipment /device and ownership and intellectual property rights in all the software, documentation, technology, knowhow and processes embodied in connection with the equipment and the equipment is leased with no representation or warranties, express or implied, statutory or otherwise including without limitation as to the suitability of the equipment for any particular purpose, quality, Retailer ability, fitness or otherwise.
- Equipment Support: From time to time, at the Retailer’s request, Pay1 may provide assistance to the Retailer to facilitate the exchange of non-operational equipment/device. Pay1 primarily will try to resolve the technical issues through remote access and if it is not resolved, then the Retailer may request for exchange of such non-operational equipment/device.
- Disclaimer of Equipment Warranties. Retailer understands that Pay1 is not manufacturer of equipment/device used to process electronic payment transactions. For any issue arising out of usage of the provided equipment/device, Pay1 will replace the equipment/device only subject to the terms and conditions of the use of such equipment/device.
- The Retailer is not permitted to use the Pay1 Service in any other manner apart from using it to process the payments for the entity and the Products/Services mentioned in this Agreement.
- The Retailer shall not use or permit to use the payment facility and the Services including the electronic equipment and device other than for the usage of and for the business model as has been declared, disclosed and specified to Pay1 and such other regulatory authorities as may be required by the applicable laws, at the time of application for obtaining the Retailer License. The Retailer also undertakes that no such information shall be suppressed and/or omitted to be disclosed which shall be required to be duly specified and declared to Pay1 as part of the process for availing the Service.
SETTLEMENT OF CARD TRANSACTIONS:
- Set-up Fees: Pay1 will charge a one-time set-up fee from every retailer as agreed by Retailer as per Schedule
- Pay1 Per Transaction Charges (PPC): As mentioned in Schedule.
- Annual Maintenance charges/Monthly Maintenance Charges: This is charged by Pay1 for providing the services to the Retailer. The charges may vary based on the Services utilized by the Retailer and is mentioned herein under Schedule.
- Cross Border Transaction Fee: For all cards issued outside of India, cross border transaction fee shall be applicable as mentioned in Schedule.
- Damage Device Returns: If for any reason mentioned elsewhere in this agreement, if the Retailer is terminated of services from Pay1, the device and the solution provided by Pay1 is to returned in good condition by the Retailer failing which Pay1 reserves the right to impose penalties as may be communicated from time to time, such penalty being not less than the cost of the device. No other charges are levied if the Retailer returns the device in good working condition to Pay1 or agent/distributor/partner of Pay1. It is the sole discretion of Pay1 to decide whether the device/equipment is in absolutely proper condition as desired or not.
Applicable Law. This Agreement and the interpretation of its terms shall be governed by and construed in accordance with the laws of the State of Maharashtra and subject to the exclusive jurisdiction of the state courts located in Mumbai, India.
- Pay1 through its Partner/ bank shall be the Acquirer and shall only settle the transactions carried out using the card and other connected Payment methods Like Net banking and wallets, the types of which are specified in Schedule. Pay1, in association with the acquiring bank & service provider, will take all measures in seeing that the settlement of the payments to the Retailer’s bank account or closed loop Pay1 wallet will be done in a very effective manner. However the Retailer acknowledges that Pay1 will have a very limited role/control on the settlement as it is being independently managed by the Nodal Bank which is being regulated by RBI guidelines. The settlements will be in accordance with the Card scheme/RBI rules, regulations & guidelines as shall be applicable from time to time.
- The Retailer is required to maintain one or more bank accounts (hereinafter referred to “Settlement Account”) with any bank or as may be specified by Pay1 or any other approved financial institution, which shall be used for the purpose of payment of the Transaction Amount less Retailer service fee and any other specified amounts. Pay1 in association with the Nodal Bank will endeavor to pay such amounts into the Settlement Accounts within timeframes required by law and Card scheme rules after the date of settlement of the transaction. However, no interest is payable and we are not liable for any delay if amounts are not paid within these target timeframes. Pay1 reserves the right to initiate credit and debit in the Settlement Account in connection with this arrangement under the transaction documents. If the Retailer intends to change the Settlement Account, the Retailer must notify Pay1 in writing and initiate a new payment instruction in relation to new Settlement Account, and the same will be affected within three (3) days of receipt of the Retailer’s notice.
- Subject to the terms of this Agreement, Pay1 will pay into the Settlement Account of the Retailer, after presentation of a sales receipt by the Retailer, the value of all valid Transactions processed by Retailer since the last payment/credit to Retailer’s Settlement Account less Retailer service fee and any other specified fee and amounts and after withholding refund transactions, chargebacks or other debits Retailer processed and after deducting any additional fees or pricing set out in the Agreement and any indirect tax including Goods and Service Tax as applicable.
- Pay1 shall not be liable, in any manner, for any delays in receipt of funds or errors in debit and credit entries caused by third parties including without limitation, a Card Scheme, Retailer’s financial institution, couriers or any failure in the electronic fund transfer or telephone files.
- All the transaction related details may be obtained from the login provided by Pay1 to the Retailer in its website. A copy of printed statement can be sought by the Retailer for any period for a cost set out from time to time for any period by the Retailer by paying the stipulated charges for the same.
- It is hereby agreed between the Parties that in the event it appears to the reasonable opinion of Pay1 that a particular transaction is fraudulent or suspicious or incorrect data has been inserted, Pay1 shall not be obligated or responsible in any manner whatsoever and the Retailer hereby accepts the responsibility for such incorrect and fraudulent transaction and shall be liable to pay Pay1 the entire amount of the said transaction without any objection, protest or demur upon receipt of notification by Pay1 to the Retailer. Pay1 undertakes to take all steps for representing the case before the banks; however Pay1 shall not be responsible nor provide any guarantee for the recovery of the aforesaid transaction amount. The Retailer understands and agrees that fraudulent and incorrect transactions and consequent chargebacks shall not be considered to fall within the purview of the Services and Pay1 shall not be liable or obligated under any circumstances whatsoever for rendering its Services in relation to the same.
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