Updated at: 13-09-2022
Merchant Company ("Merchant"), a company incorporated under the Companies Act, 1956 and 2013 or partnership/sole proprietorship having its registered office in India ( here inafter refer as "Merchant" which expression shall unless repugnant to the subject or context shall mean and include its successors and permitted assigns) which has sought to use Payout Fintech Private Limited's services of First Part.
AND
PAYOUT FINTECH PRIVATE LIMITED ("Payout Fintech"), a company incorporated under the Companies Act, 2013, having its registered office at 1st floor, #83, 2nd street, Sowmiya Nagar, Perumbakkam Chennai, Tamil Nadu - 600100. (Which expression shall unless repugnant to the subject or context shall mean and include its successors and assigns); agree to the terms and conditions set out hereunder of the Second Part.
Your use of services offered by PAYOUT FINTECH PRIVATE LIMITED. (Referred to Services in this document) is subject to the terms of this legal agreement between you and Payout Fintech. This page explains how the agreement is made up, and sets out some of the terms of that agreement (referred as Terms of Service (TOS) in this document). The name 'Payout Fintech ' has been used interchangeable with 'Payout Fintech .in’;
In order to use the Services, you must first agree to these Terms. You may not use the Services if you do not accept the Terms of Use. You can accept the Terms by:
Clicking to accept or agree or Login or Signup to the Terms, where this option is made available to you by Payout Fintech in the user interface for any particular Service; or
Actually, using the Services. In this case, you understand and agree that Payout Fintech will treat your use of the Services as acceptance of the Terms from that point onwards
Payout Fintech is constantly evolving in order to provide the best possible experience and information for its users. You acknowledge and agree that the form and nature of the Services which Payout Fintech provides may change from time to time without prior notice to you. However, Payout Fintech shall endeavour to provide notice on a best-efforts basis.
As part of this continuing process, you acknowledge and agree that Payout Fintech may stop (permanently or temporarily) providing the Services or particular feature to you for cause or to users generally at Payout Fintech 's sole discretion, by prior notice to you. You may stop using the services at any time. You do not need to specifically inform Payout Fintech when you stop using the Services.
You acknowledge and agree that if Payout Fintech disables access to your account due to any cause event or otherwise as duly intimated to you, you may be prevented from accessing the Services, your account details or any files or other content which is contained in your account. Payout Fintech shall endeavour to restore the access or resolve the issue at the earliest provided however the same is not due to any change in law / regulations.
You acknowledge and agree that while Payout Fintech may not currently have set a fixed upper limit on the number of transactions you may send or receive through the Services, such fixed upper limits may be set by Payout Fintech at any time by way of a prior notice, at Payout Fintech 's discretion.
You acknowledge and agree that Payout Fintech (or Payout Fintech 's licensors) own all legal right, title and interest in and to the Services, including any intellectual property rights which subsist in the Services (whether those rights happen to be registered or not, and wherever in the world those rights may exist). You further acknowledge that the Services may contain information which is designated confidential by Payout Fintech and that you shall not disclose such information without Payout Fintech 's prior written consent.
Unless you have agreed otherwise in writing with Payout Fintech, nothing in the Terms gives you a right to use any of Payout Fintech 's trade names, trademarks, service marks, logos, domain names, and other distinctive brand features without their prior written permission.
Payout Fintech shall also not use the trade names, trademarks, service marks, logos, domain names, and other distinctive brand features without prior permission of the Merchant.
You agree you will not accept payments in connection with the following businesses, business activities or business practices: Payout Fintech is providing virtual account service so we could not identify where our virtual accounts used, so merchant is the sole responsibilities not use Payout Fintech 's service in prohibited services
Engaging in any form of licensed or unlicensed aggregation or factoring
Age restricted products or services,
Bidding fee auctions,
Collection agencies,
Chain letters,
Cheque Encashment, wire transfers or money orders,
Counterfeit goods (e.g. knock-offs, imitations, bootlegs)
currency exchanges or dealers,
Firms selling business opportunities, investment opportunities, mortgage consulting or reduction, credit counselling, repair or protection or real estate purchases with no money down,
Drug paraphernalia,
Fortune tellers,
"Get rich quick" schemes;
Gambling (including but not limited to lotteries, Internet gaming, contests, sweepstakes, or offering of prizes as an inducement to purchase goods or services),
Sports forecasting or odds making,
Illegal products or services,
Money transmitters or money service businesses,
Multi-level marketing or pyramid schemes,
Online, mail, or telephone order pharmacies or pharmacy referral services,
Pseudo pharmaceuticals,
Quasi-cash or stored value,
Securities brokers,
Sexually-oriented or pornographic products or services,
Shipping or forwarding brokers,
Substances designed to mimic illegal drugs,
Telemarketing,
Timeshares,
Online, mail, or telephone order tobacco or e-cigarette sales,
Weapons and munitions
Credits that can be monetized, re-sold or converted to physical or digital goods or services or otherwise exit the virtual world,
Products/services intended to inflict or promote revenge, harassment, and other forms of abuse, humiliation and intimidation, or
In case of any changes on the above list, Payout Fintech will notify the Merchant at the earliest.
Payout Fintech follow guideline prescribed by regulators, Sponsor Banks and internal compliance team to meet KYC policy, AML and Combating the Financing of Terrorism policies, accordingly your reasonable cooperation is required to the extent applicable.
Payout Fintech is not responsible for any wrong/misuse/fraudulent money transferred from merchant’s Payout account by using their Payout credentials. Merchants should make sure the safety & security of Payout account’s Username and Passwords with API Credentials.
Merchant shall be responsible for undertaking necessary steps to ensure beneficiaries that would receive funds from the merchant’s Payout account.
Payout Fintech shall not be privy to the transaction between the Merchant and the beneficiaries in any manner whatsoever, Payout Fintech only performs services as an intermediary between the Merchant and the beneficiaries of funds.
The Merchant shall ensure that it deducts and performs all the compliances related to tax regulations relating to either Goods and Services Tax or Income Tax about the payments that are made to the beneficiary.
The merchant shall be responsible for funding, maintaining and managing the Payout account.
Payout Fintech recommend to merchant verify and validate beneficiary before sending any funds to the merchant
Payout Fintech also provide service to verify / validate the beneficiary accounts where disbursement is made to confirm that such disbursement is to a verified account also names match against KYC
In case of any technical issues, please raise a support ticket by emailing support@payoutfintech.in
Your responsibilities
As a merchant user of the service, you and your company/entity shall be held responsible for all activities conducted with your account usage.
As a merchant you will use the services provided for your company/entity purposes and not for any other third party/parties.
Your usage is subject to all applicable local, state, national and foreign laws, treaties and regulations.
You, your company/entity indemnify Payout Fintech and its owners against any misuse, damage claims of any sort/nature solely due to your negligent acts or omissions.
You will not interfere with our services or try to access them using a method other than the interface and the instructions that we provide.
You shall not modify or make derivative works based on the Payout Fintech Service or content.
You shall not access or reverse engineer the service in order to build a competitive product or service, build a product using similar ideas, features, functions or graphics of the service, or copy any ideas, features, functions or graphics of the service.
You understand that Payout Fintech uses third party vendors, banks and hosting partners to provide the necessary hardware, storage and related technology to run the Services. We do not guarantee that the Services will be bug-free, uninterrupted although efforts would be taken to provide a clean working environment. Neither Party shall be responsible for any indirect, special or remote damages.
If requested for information or refund or hold of funds or any merchant's transaction details from a law-enforcement agency, we will provide the same to them at the earliest
If the Law-enforcement Agency provides notice to suspend/block the Merchant’s account. Payout Fintech will suspend/block the account on the receipt of the notice and written notice will be sent to the Merchant at the earliest.
You agree that your use of Payout Fintech shall be at your sole risk. All Services provided by Payout Fintech are available as is, without warranty save and except as agreed herein or under any service level agreement.
The terms of services shall be governed and interpreted by the laws of India. All disputes, differences or claims with respect to any matter arising out of or relating to the agreement shall be finally settled through the provisions of the arbitration and conciliation act 1996, as amended from time to time, having seat of arbitration and jurisdiction at Chennai, India.