Definitions

Acceptable Use Policy means our acceptable use policy which can be accessed here.

Acquiring Bank means any bank(s), financial institution(s) or other partner(s) (as may change from time to time) that have a relationship with any Network

through which we are able to make the Safepay Services available to you. Where the singular term “Acquiring Bank” is used, this refers to any and all entities through which we are able to access any and all Networks.

Acquiring Bank Charges means any charges, fees, costs or expenses that are payable to the Acquiring Bank

due to your use of the Safepay Services in connection with a Transaction.

Application means the process after you have created a Safepay Account

with Restricted Access and you submit the Registration Documents and/or any other information as part of our Terms of Service for us to provide you a Safepay Account with Unrestricted Access.

Available Net Funds means Funds

minus any Safepay Charges (the value of which are shown in your Production Safepay Account) that are transferred to your Linked Bank Account.

Bank Account Maintenance Certificate means the document issued by your bank which identifies your account number, account name, date of account opening provided by you to confirm your Linked Bank Account

.

Business Day means a day (other than a Saturday or Sunday or public holiday) on which banks are open for business in Pakistan.

Card Payment Method means a Transaction

in which your Customer pays you using a Visa, Mastercard or UnionPay enabled credit or debit card.

Charge means an instruction to capture Funds

from an account that a Customer maintains with a bank or other financial institution through which they pay you using the Safepay Services in connection with a Transaction.

Chargeback means when a Customer

raises a dispute with their card/payment instrument issuing institution (such as a bank). This usually occurs when a merchant fails to provide the product or service that was part of a Transaction to the Customer , or where the payment card/instrument holder did not authorize the Charge.

Customer means any person (natural or legal) that attempts to and/or uses the Safepay Services

to pay you in connection with a Transaction.

Demonstration Safepay Account means a sandbox Safepay account created on our Website

for demonstration and testing purposes and which does not allow real payments to be made to you.

Direct Bank Payment Method means a Transaction

in which your Customer pays you using their bank account or mobile wallet present in Pakistan.

Direct Settlement means the process through which we credit your Linked Bank Account

following a Transaction in which your Customer pays you using a Direct Bank Payment Method.

Effective Date means the date you sign our Terms of Service electronically.

Force Majeure Event means an event beyond the control of the parties that sign the Terms of Service which prevents them from performing their respective obligations under the Terms of Service such as an act of God (such as, but not limited to, fires, explosions, earthquakes, drought, tidal waves and floods).

Funds means the gross amount you charge a Customer

in connection with a Transaction that are processed using the Safepay Services.

Laws means any laws, rules, and regulations.

Linked Bank Account means the bank account that you have connected to your Production Safepay Account

to transfer any Available Net Funds.

Network means Visa, Mastercard, UnionPay or any other organisation through which we make the Safepay Services

available to you and collect the Funds from a Customer.

Network Charges means any fees, costs or expenses that are payable to the Networks

due to the provision of the Safepay Services to you receiving payment from a Customer in connection with a Transaction.

Network Rules means the rules and regulations of any Network

with which we are required to comply with as a condition to making the Safepay Services available to you.

Notice means a notice sent by either you or us in accordance with our Terms of Service.

Payment Method means either: (1) a Card Payment Method

or (2) a Direct Bank Payment Method (depending on which of the Safepay Services you use).

Person means any natural or legal person. A legal person can be any validly registered sole-proprietors, private limited companies, public limited companies, partnerships, validly registered non-profit organizations, trusts, societies and voluntary social welfare agencies.

Privacy Policy means our privacy policy which can be accessed here.

Production Safepay Account means a production Safepay account created on our Website

that is capable of accepting real payments from Customer in relation to a Transaction.

Registration Documents has the meaning given to it in our Terms of Service.

Regulator means the State Bank of Pakistan.

Reserve means the situation when we may require you to place funds in reserve in the Safepay Settlement Account

(or any other bank account) or to impose conditions on the release of Available Net Funds from the Safepay Settlement Account to you.

Reversal means an instruction initiated by an Acquiring Bank

, Network or us to return Available Net Funds to a Customer for an existing Charge. Reversals may result from (i) invalidation of a charge by an Acquiring Bank or a Network; (ii) submission of a Charge in violation of the applicable Network Rules, or where submission of the Charge or your use of the Safepay Services violates the Terms of Service.

Restricted Access means a Safepay Account

that is not able to accept real payments.

Safepay Account means any Demonstration Safepay Account

and/or Production Safepay Account.

Safepay Accounts means all accounts that you have open with us if you have more than one Safepay Account

with us.

Safepay Charges means the amount you must pay Safepay as listed in our Terms of Service we sign with you that are agreed between us in exchange for making the Safepay Services

available to you. The Safepay Charges are a blended rate of the Network Charges and the Safepay Charges. The Safepay Charges are exclusive of any applicable Taxes.

Safepay IP means (1) any intellectual property embodied in the Software and (2) any trademarks owned by Safepay to identify the Safepay Services

.

Safepay Software means our APIs, documentation, developer’s toolkit, and other software applications.

Safepay Dashboard means the dashboard you have access to when you log-in to your Safepay Account

.

Safepay Settlement Account means any bank account opened with a third-party settlement bank in compliance with the rules of the Regulator

for the purposes of settlement of a Transaction.

Safepay Services means payment facilitation, processing and/or other business services that may be offered by us to you.

Settlement Schedule means the timelines listed in our Terms of Service we sign with you which describe how Available Net Funds

should settle in your Linked Bank Account following a Transaction.

Sub-Agent means any entity we appoint as sub-agent on your behalf to provide and perform the Safepay Services

pursuant to the provisions of our Terms of Service.

Taxes mean any taxes, customs, duties, fees and other charges imposed by any governmental authority, including any value added tax, goods and services tax, provincial sales tax, federal sales tax and/or withholding tax on us providing the Safepay Services

to you.

Third Party Representative means any Person

that creates a Safepay Account on behalf of a User.

Transaction means any particular purchase, sale, donation, order, or other transaction that takes place as part of your business or any other activities for which you are paid using the Safepay Services

.

Transaction Amount means the aggregate amount paid by a Customer

for a Transaction using a Payment Method.

Unrestricted Access means a Safepay Account

that is able to accept real payments.

Website means our website which can be accessed here.