Merchant Policy

This Merchant Agreement ("Agreement") is entered into between:

POSWAVE trading as PosWave HQ ("PosWave", "we", "us", "our")
and
The business entity applying for or using PosWave merchant services ("Merchant", "you", "your").

This Agreement governs your access to payment processing, settlement, and related financial services provided by PosWave.

1. Scope of Services

PosWave provides:

• Merchant accounts
• Payment processing (card-present and card-not-present)
• Settlement and reporting
• Fraud prevention tools
• Dispute and chargeback handling

Services may be delivered directly or via third-party acquiring partners.

2. Eligibility & Onboarding

You confirm that:

• You are a legally registered business.
• All information provided is accurate and complete.
• You operate within applicable laws.

We may perform:

• Identity checks
• AML/CFT verification
• Ongoing compliance monitoring

We may reject or terminate applications at our discretion.

3. Merchant Obligations

You must:

• Comply with card scheme rules (Visa, Mastercard, Amex, etc.)
• Comply with all AML/CFT and consumer laws
• Only process lawful transactions
• Maintain PCI-DSS compliance
• Immediately notify us of security breaches

4. Prohibited Businesses

You may not use PosWave for:

• Illegal goods or services
• Adult content
• High-risk financial schemes
• Cryptocurrency brokering (unless approved)
• Drugs, weapons, or restricted items

We may update prohibited categories at any time.

5. Fees & Settlement

You agree to pay:

• Transaction fees
• Monthly or platform fees
• Chargeback fees
• Hardware or service fees

Settlement:

• Occurs subject to banking timelines
• May be delayed for compliance or risk checks
• May be withheld in case of disputes or fraud

6. Chargebacks & Disputes

You are fully liable for:

• All chargebacks
• Cardholder disputes
• Reversals

We may:

• Debit your account
• Withhold future settlements
• Recover costs and penalties

7. Reserve & Withholding Rights

PosWave may:

• Establish rolling reserves
• Hold funds
• Delay settlement

Where we reasonably believe:

• Fraud risk exists
• Regulatory obligations apply
• Abnormal transaction activity occurs

8. Third-Party Providers

Some services may be provided via banks, gateways, or acquirers.

We are not responsible for:

• Their outages
• Policy changes
• Compliance decisions

You agree to their terms where applicable.

9. Data & Records

You must:

• Keep transaction records for at least 7 years
• Provide documentation upon request
• Allow audits if required

10. Hardware & POS Use

Where hardware is used:

• You are responsible for proper usage.
• You must not tamper with security components.
• You accept liability for misuse or breaches.

11. Suspension & Termination

We may suspend or terminate:

• For breach
• For risk or fraud concerns
• For regulatory reasons
• For non-payment

Upon termination:

• Outstanding liabilities remain payable.
• We may hold funds for up to 180 days.

12. Limitation of Liability

To the maximum extent permitted by law:

PosWave is not liable for:

• Indirect losses
• Lost profits
• Business interruption
• System downtime

Total liability is limited to processing fees paid in the last 3 months.

13. Indemnity

You agree to indemnify PosWave against:

• Regulatory fines
• Card scheme penalties
• Third-party claims
• Fraud or chargebacks

14. Governing Law

This Agreement is governed by:

• New Zealand law (NZ merchants)
• Australian law (AU merchants)

Courts in those jurisdictions have exclusive authority.

15. Entire Agreement

This Agreement, together with:

• Terms & Conditions
• Privacy Policy
• Acceptable Use Policy

Forms the entire agreement between you and PosWave.

16. Contact Us

• Website: https://poswavehq.com
• Email: [email protected]
• Company: POSWAVE LIMITED

By using PosWave merchant services, you agree to this Merchant Agreement.