Terms of Service (Finland)

Last update: October 9, 2025

Current Terms of Service (hereinafter the “ToS”) regulates the relationship between PaySaxas Oy (hereinafter the “Company”) and its Client (hereinafter the “Client”) when the Client uses the Company’s service (hereinafter the “Service”). This Terms of Service is entered into electronically via remote communication.

Prior to using the Service, the Client shall read this ToS carefully and accept its terms and conditions as binding. If the Client does not accept this ToS, they cannot use the Company’s Service.

These ToS shall become effective and binding to the Client and the Company upon completion of the Client’s onboarding process and confirmation of the Client’s Account activation by the Company.

By entering into these ToS, the Client consents to communicating with the Company via the Service.

1. Definitions and Interpretations

Account means the Client’s account used in relation with the Service to store Funds and execute Transactions.

Terms of Service means this Terms of Service (as may be amended from time to time), which applies in the relationship between the Company and the Client for the entire duration that the Client uses the Service.

AML Act means the Finnish Act on Anti-Money Laundering and Counter Terrorist Financing (law 444/2017).

AML Verification means the process of conducting anti-money laundering (AML), Know Your Client (KYC) and know your business (KYB) checks and procedures as required by applicable laws and regulations of Finland (mainly, the AML Act). This verification process is conducted when establishing a business relationship with the Client and subsequently when providing Services or Transactions to the Client with the periodicity defined through the Company’s internal policies. It involves collecting and verifying Client information and documentation to ensure compliance with legal and regulatory obligations related to preventing money laundering, terrorist financing, fraud, and other illicit activities.

BIC (SWIFT code) means a bank identification number used for identifying payment service providers internationally, the components of which are generated according to the ISO 9362 standard; a number registered by SWIFT.

Business Day means a day when payment service providers are open for business and can complete Services. For the purposes of this ToS, these are other than Saturdays, Sundays or public holidays in Finland. For the purposes of this ToS, a business day commences at 09:00 Eastern European Time (EET) or Eastern European Summer Time (EEST), as applicable, and concludes at 18:00 EET/EEST.

Confidential Information means sensitive and non-public data, as per standard practice, related to the Client or the Company, their employees, representatives, shareholders, transactions, and other proprietary information. 

Client means a natural or legal person who has entered into these Terms with the Company. 

Client’s Representative means an individual who has the authority to act on behalf of a Client or a potential Client that is a legal entity in their interactions with the Company. 

Client`s Location means: 

a Client that is a legal person – the place of registration;

a Client who is a natural person – the place of permanent residence.

EEA means the European Economic Area.

E-Money Services means the services related to issuing, offering and redeeming of electronic money by the Company in accordance with the Finnish Act on Payment Institutions (law 297/2010).

Fees means any rewards, account opening fees, storage fees, charges and/or commissions paid to the Company by the Client, which are listed in the Service Price List and reviewed from time to time. 

FIN-FSA means Finnish Financial Supervisory Authority. The FIN-FSA acts as the Governmental Authority with regard to the Company’s operations, and their contact information is:

www.finanssivalvonta.fi 

P.O. Box 103, 00101 Helsinki

Phone: +358 942454215

Email: kirjaamo@fiva.fi 

Funds means the amount of fiat money (e.g. euros, pounds and dollars) that is placed into the Account and used during the execution of Transactions.

Governmental Authority means any national, federal, state, provincial, county, municipal or local government, foreign or domestic, or the government of any political subdivision of any of the foregoing, or any entity, authority, agency, ministry or other similar body exercising executive, legislative, judicial, regulatory and/or administrative authority or functions of or pertaining to government, including any authority or other quasi-governmental entity established to perform any of such functions.

IBAN means International Bank Account Number – an international current account number that identifies payment accounts – generated according to the ISO 13616 standard.

Code means an authentication via an SMS message to the Client’s phone, which the Client uses to identify themselves and which grants them access to request account and Transaction information from the Service, or to execute Transactions.

Payment Services means the payment services offered by the Company via the Service in accordance with the Finnish Act on Payment Services (290/2010) and the Finnish Act on Payment Institutions (297/2010).

PaySaxas Affiliates means companies that provide payment solutions for international trade and which the Company is connecting with PaySaxas UAB (Lithuania), PaySaxas Financial Solutions Corporation (Canada), and other affiliated entities.

Personal data / personal information means any information relating to an identified or identifiable individual.

Recipient means a party who receives Funds from a Transaction.

Service means Payment Services and E-Money Services provided by the Company to the Client via the Company’s Platform.

Service Price List means the price list in force at the time, on the basis of which the Company charges the Client Fees for the use of the Services. The estimated Service Price List can be seen here: [https://paysaxas.com/fees/]. The exact rates Service Price List for each Client is available in the Client’s personal account.

Transaction means the act by which Funds are transferred, withdrawn or made available to a Recipient.

Payment Order means the order given by the Client to the Company to execute a Transaction.

Privacy and Data protection means paragraph 18, which describes the principles and practices governing the processing of personal data by the Company.

Website means www.paysaxas.com.

2. Introduction 

2.1. The contact details of the Company are as follows:

Name: PaySaxas Oy

Business ID: 3387454-8

Principal Office: Erottajankatu 1-3 A 1, Helsinki, 00130, Finland

Phone number: +358 942454215

Email address: support@paysaxas.com 

2.2. The Company is registered by the FIN-FSA as an e-money institution in accordance with the Finnish Act on Payment Institutions (297/2010). 

2.3. The Parties will use the Service or email for providing information and making notifications. 

2.4. The Company provides the Service through the Website. 

2.5. The Company remits payments for which the Client has given a Payment Order. As a result, the Client is generally not entitled to a refund within the meaning of the Finnish Act on Payment Services (290/2010). 

2.6. The Funds in the Clients’ Accounts are legally categorized as electronic money with the meaning of Section 5, Subsection 1, Paragraph 6 a of the Finnish Act on Payment Institutions (297/2010).

2.7. The Funds in Clients’ Accounts are treated as e-money and, in accordance with applicable Finnish and EU law and the Company’s authorisation conditions, are safeguarded. Safeguarding means that the Company holds Clients’ Funds in segregated accounts with a credit institution to ensure that Clients’ Funds are protected in the event of insolvency of the Company, or uses another permitted safeguarding mechanism as required by law. Clients understand that safeguarded Funds are not deposits and are not covered by the national deposit guarantee scheme. 

2.8. The Company and the Company’s support team provide the Service primarily in English and Finnish. The Client agrees that they are willing to receive the Service and provide all KYC/KYB and AML Verification information in English. The Company does not warrant that the Service can be provided in the Client’s preferred language.

2.9. These Terms of Service may be published in various languages from time to time. In the event of discrepancies between language versions, the English version shall prevail.

3. Compliance With the AML Act

3.1. In accordance with the AML Act, the Company has a legal obligation to know its Client (KYC) and ensure that the Client does not use the Service or enable the Service to be used for money laundering or terrorist financing.

3.2. During the Account opening process by the Company, the Client understands and agrees that the Company may use any and all necessary legal means to ensure the Company’s compliance with the AML Act in order to provide the Service to the Client. These means include, but are not limited to, conducting an onboarding process and subjecting the Client to an AML Verification process. Such a process is the first step during the Account opening process by the Company and is subject to the payment by the Client in the amount of first instalment as indicated in the Service Price List (the “Onboarding Fee”).

3.3. The Onboarding Fee shall be paid by the Client to the Company prior the Company shall start the Account opening process for the Client.

3.4. The Company may charge an Onboarding Fee to cover the reasonable costs of AML/KYC checks and account opening. The amount and purpose of the fee will be disclosed in the Service Price List.

3.5. The Client understands and agrees that if the Company is unable to ensure sufficient compliance with the AML Act with regard to the provision of the Service to the Client, the Company may unilaterally, at its sole discretion and without any advance notice, not start or stop providing the Service to the Client and, if necessary, terminate the Terms of Service with the Client. In such cases the Onboarding Fees are non-refundable to the Client. 

3.6. The Client agrees that the Company may share any or all such information with third party companies, other companies within PaySaxas Affiliates or individuals for the sole purpose of verifying the authenticity of the information provided by the Client.

4. Rights and Responsibilities Of The Client

4.1. Where the Client is a natural person, they must be over the age of 18 to use the Service. By creating an Account and/or using the Service, the Client represents and warrants that the Client can accept this Terms of Service as binding, the Client is not barred from using the Service under any laws, and the Client will comply with this Terms of Service and all applicable local, state, national and international laws, rules and regulations.

4.2. In addition to section 4.1, where the Client is a legal person, the Client represents and warrants that they are established according to relevant legislation in the Client’s Location. The Client may not have their main activity prohibited by any local, state, national or international laws. The Client’s Representative warrants and agrees that they have the capacity and authority to enter the Client into this Terms of Service on behalf of the Client.

4.3. The Client agrees to use the Service only for the purposes permitted by the Terms of Service and any applicable laws, regulations or generally accepted policies or guidelines in the relevant jurisdiction.

4.4. The Client is solely responsible for the electronic devices, communication devices and other such devices and matters such as hardware condition, internet connection, antivirus, backup, and other similar technologies the Client uses to access the Service. The Client may also be required to accept and comply with terms and conditions set by third parties, such as network operators, internet providers, device manufacturers or alike, to ensure proper access to the Service. 

4.5. The Client shall not disclose their login credentials related to the Account to anyone. If the Client discloses their login credentials to any party, the Client is responsible for all possible consequences and/or direct or indirect damages therein.

4.6. The Client is responsible for all the information they submit to the Company. The Client represents and warrants that the Client provides the Company with the correct, sufficient, up to date and necessary information as requested by the Company at any given time in order to enter into this Terms of Service and use the Service. The Company has the right to charge the Client for the costs for not notifying the Company about changes in the Client’s information.

4.7. The Client shall not do or take up any actions which can hinder, interfere, disable, harm or otherwise disrupt the technical and/or operational functions of the Service, the Company’s equipment and/or network.

4.8. The Company makes reasonable efforts to ensure that the Service is secure and free from viruses and other malicious attacks. However, the Сustomer is solely responsible for protecting their equipment and software from viruses, malicious programs, and other security threats on the internet.

4.9. The Client agrees to use the Service only according to the terms of this Terms of Service.

4.10. Any unauthorized access to the Service is prohibited. The Client must notify the Company immediately if their Account has been used or it is suspected to have been used in an unauthorized way.

4.11. The Client shall not change or modify any parts of the Service, including (but not limited to) the Account’s balance, by using illegal means and/or malicious software. 

4.12. By using the Service, the Client agrees that all actions regarding the Service are carried out solely by the Client and the Client bears exclusive responsibility for the consequences of their actions.

4.13. For the duration of this Terms of Service, the Client has the right to request a written copy of this Terms of Service. This encompasses notifications regarding amendments to this Terms of Service and the Service Price List, as outlined in Section 13 Subsection 4 of the Act on Payment Services of Finland (290/2010). The Company may apply postage and handling charges for the provision of the Terms of Service’s terms and relevant information.

5. Rights And Responsibilities Of The Company

5.1. The Company owns and retains all proprietary rights in the Service, and in all content, trademarks, trade names, service marks and other intellectual property rights related thereto. The Service contains the copyrighted material, trademarks, and other proprietary information of the Company and its licensors.

5.2. The Client agrees to not copy, modify, transmit, create any derivative works from, make use of, or reproduce in any way any copyrighted material, trademarks, trade names, service marks, or other intellectual property or proprietary information accessible through the Service or the Website. The Client agrees to not remove, obscure, or otherwise alter any proprietary notices appearing on any content, including copyright, trademark and other intellectual property notices.

5.3. The Service is provided on an “as is” and “as available” basis. The Company does not guarantee that the Service is usable at any given time or that the Service works without interruption. The Company does not guarantee the uninterrupted and continuous operation of the Service or other equipment and/or systems used in the execution of the Service.

5.4. The Service may enable the Client to view, access, communicate and interact with third party sources, for example, third party websites and services. The Company does not assume any responsibility for the content, actions, or practices of any such sources. The Client’s interaction with such a source and the Client’s use of, and reliance upon, any content provided by such source is at the Client’s sole discretion and risk.

5.5. The Company is not responsible for the content of the Service or its correctness, except for the content generated by the Company. Thus, the Company is for example not responsible for information the Clients disclose through the Service.

5.6. The Company may provide information about the Client and/or its financial transactions to government authorities and law enforcement agencies. The Company reserves the right to report any suspicious financial transaction to the relevant government authorities, including law enforcement agencies.

5.7. By using the Services, the Client acknowledges and agrees that the Company may transfer their personal data to third-party companies (partners) for the purposes of providing, maintaining, and improving the Service, or any other legitimate purpose based on respective legal conditions with such third-party companies (partners). These third-party companies (partners) are carefully selected and are required to use the Client`s data only for the specific purposes for which it is provided and in accordance with applicable data protection laws.

5.8. The Client agrees that the Company, at its sole discretion, may terminate the Account or the Client’s right to use the Service and remove and discard any content within the Service, at any time and for any reason without giving a reason for its decision. 

5.9. The Company has a right, at its own discretion, to freeze a Client’s Account in case of any suspicious activity. In such an event, the Company will notify the Client and unfreeze the Account after receiving respective information, clarification or documents from the Client that the Account is secure. If there are changes in the Client’s data and the Client does not disclose these changes to the Company within five (5) Business Days, the Company will have the right to terminate the Account.

6. Use Of The Account

6.1. The Account is Client-specific, meaning only the Client or the Client’s Representative shall have access to the Account.

6.2. The Client can use the Account to execute Transactions using the Payment Services provided by the Company.

6.3. The Client can add Funds to the Account via bank transfer, using another financial institution’s payment services or by using the payment instruments accepted by the Company from time to time. The Client can send, transfer and receive Funds to and from their Account within the limits of the Service’s features at any given time. Funds cannot be deposited to the Account in cash. The primary purpose of the Account is to allow the Client to make and receive payments.

6.4. The Client is not allowed to use Funds within the Account as collateral. 

6.5. The Account is multi-currency, allowing the Client to deposit Funds in various currencies and conduct Transactions in different currencies. The list of available currencies may change from time to time based on the Company’s unilateral decision. 

6.6. The Client will have only one Account assigned to them. Each Client that is a natural person may use the Account solely on their own behalf. The Account for a legal person must be used exclusively by the Client’s Representative or other individuals to whom the Client’s Representative has granted access to the Account in accordance with the procedure specified below in section 6.7.

6.7. The Client’s Representative may grant access to the Account to employees of the Client or other designated individuals. In order to do so, the Client’s Representative must provide the Company with information about such designated individuals, as requested by the Company. The Company may request any notarized document/ from the Client’s Representative for granting access to the Account to designated individuals. 

6.8. The Company does not assume any responsibility for the actions or inactions of the designated individuals to whom the Client’s Representative has granted access to the Account. The Client’s Representative is solely responsible for ensuring that the designated individuals comply with the terms and conditions of this Terms of Service and any applicable law.

6.9. Creating an Account is not to be construed as the Client having a partnership, employment, joint enterprise, franchising or other similar relationship with the Company. 

6.10. Upon approval of the Client’s registration and opening of the Account, the Company according to the applicable law or requirements imposed by banking partners or other financial institutions, may assign limits, including (but not limited to):

  • maximum number of Transactions in a day or month; and 
  • maximum value of each Transaction. 

These limits may be revised from time to time.

7. Transactions in the Service

7.1. A Payment Order shall be deemed received immediately or, if the Payment Order is made after 16:00 the next business day (Finnish time, EET/EEST). A Payment Order’s execution shall begin when the Client has provided sufficient information to execute the Payment Order and consented to the execution of a Transaction. 

7.2. The Recipient’s name, Account identification information/bank account number (IBAN) and BIC/Account Number (when applicable and in case of non-SEPA payments) are used as the Recipient’s identifying information. In addition, the Payment Order must contain the Transaction value and the currency used.

7.3. Before submitting the Payment Order via the Service, the Client will be supplied with the relevant details concerning the order.

7.4. Once the Client has issued the Payment Order, it can be corrected or cancelled according to section 10 of this Terms of Service. 

7.5. The Client acknowledges that exchange rates can fluctuate rapidly, and the availability of the quoted rate depends on promptly fulfilling the agreed-upon obligations. The Company retains the right to cancel or suspend the Payment Order if the Client does not promptly provide the requested information or Funds or if the Company is forced to do so for some other reason.

By selecting a range of exchange rates in the currency exchange Payment Order, the Client acknowledges that they understand the volatility of exchange rates and agree that the Company does not guarantee an exchange within the selected range in the event of market rate fluctuations. If, at the time of the exchange, the exchange rate falls outside the range chosen by the Client, such Payment Order will be cancelled by the Company.

7.6. Transaction times depend on the selected currency and payment method. The Company cannot guarantee the Client`s ability to transfer Funds to/from all payment service providers. The Company will only execute Transactions on the same Business Day if the Funds necessary for the execution of a Payment Order are available, unless the execution is prevented by a technical problem, issues, delays on the part of third-party providers, and other reasons beyond the Company’s control.

7.7. Instances where the Service may not be provided:

a) insufficient AML Verification status (if the Client has not completed the AML Verification to the required level, they should provide additional documents and complete the AML Verification), or compliance with the AML Act;

b) there are not enough Funds on the Account; 

c) the Recipient’s IBAN or BIC/Account Number are not correct; 

d) the Client breaches this Terms of Service; and/or

e) other instances, as provided by this Terms of Service or law. 

7.8. The Client should contact the Company’s Client support immediately if they are unable to make a Transaction and the reason is not clear, or the system is showing an unknown error. The Company reserves the right not to disclose the reasons for the Company’s non-execution of certain payments if such payments were not executed due to legal requirements or limitations.

7.9. The Company has the right to amend a typing error, an erroneous invoice or a similar technical error in the transmission of payments based on its own error, even if the payment has already been transmitted to the Recipient, within a reasonable time after the error occurred. The Company will immediately notify the Client of the error and its correction in the Service. 

7.10. The Funds transferred or exchanged by the Client to Account belongs only to the Client and cannot be considered as the Company’s funds.

7.11. The Company may determine from time to time incoming/outgoing Transactions limits for daily/weekly/monthly transfers and/or a maximum/minimum balance limit for the Account due to risk management or other valid reasons.

8. Account Security

8.1. The Service is offered and will be executed using the Company’s back office software. The Company uses modern technologies in order to ensure the safety of Accounts but cannot guarantee the absence of hacker attacks or the absence of other malicious actors. 

8.2. The Client undertakes to use all the measures possible to protect their Account, including:

  • using only reliable equipment (without authorized access of third parties);
  • not using public networks while logged into the Account;
  • not sharing provided login credentials with third parties;
  • informing the Company if they discover suspicious activity related to their Account; and
  • changing their login credentials in case they become or the Client suspects them to become known to third parties or in case of suspicious activity.

8.3. The Company implements two-factor authentication (2FA) in the Account login process to minimize the risks of unauthorized access to the Client’s Account. The Company is not liable for any consequences resulting from the Client’s transmission of the Code obtained during the 2FA process to third parties.

8.4. The Сompany assures, and the Client agrees, that within the use of the Services, the Company will never request the Client’s login details for access to their Account. The Сompany will not initiate a change of Client data autonomously. The Client is responsible for ensuring the security of their password and should not disclose it to third parties. In the event of suspected unauthorized access to the Account, the Client undertakes to promptly notify the Company.

8.5. The Client shall not introduce viruses or other malicious programs or any other material that is harmful or technologically hazardous, either to the Service or through it.

8.6. The Client shall not attempt to gain unauthorized access to any part of the Service, the server on which the Service is stored, or any other server, computer, or database connected to the Service.

8.7. For the purpose of ensuring the security of the Account, the Company may restrict the execution of Transactions if the Transaction was made using a VPN. In such cases, the Company, according to its internal policies, has the right to request confirmation from the Client that the Transaction is authorized by such Client.

8.8. The Company does not bear any responsibility in the event that third parties gain access to an Account with or without the Client’s authorisation, except in cases where it occurred due to the Company’s own fault.

9. The Company’s Liability

9.1. The Company is only obliged to compensate the Client for any direct damage caused to the Client by the Company’s breach of an applicable law or the Terms of Service. The Client is not entitled to compensation from the Company if the Client does not notify the Company of the reason for the compensation within a reasonable time after having become aware of the reason for compensation.

9.2. The Company shall not be liable for any indirect damages suffered by the Client, unless the Company has caused the damage intentionally, by acting in gross negligence or by breaching its obligations under the Act on Payment Services of Finland (290/2010). 

9.3. The Company shall not be liable for damages if the performance of the Company’s obligations under the Terms of Service or an applicable law would be contrary to another applicable law.

9.4. The Company shall not be held responsible for any losses, damages, or other consequences arising from events that are beyond the Company’s control (force majeure-events), including, but not limited to: acts of third parties, acts of God, government actions, political unrest, acts of terrorism, war, strikes and labor disputes, pandemics and/or epidemics, power outages and/or infrastructure failures, transportation disruptions, technological failures, and/or other unforeseeable events which are beyond the Company’s control.

9.5. The Company shall not be held responsible and shall not cover any losses incurred by the Client where the Client’s Representative has not obtained the necessary corporate approvals from shareholders, beneficiaries, or other individuals as required by internal corporate documents, shareholder agreement, and/or other relevant documents related to the Client or required by law. 

9.6. To the extent permitted by the law, the Company is liable only for direct damages caused by its intentional misconduct or gross negligence. The Company shall not be liable for any indirect, incidental, or consequential losses, including loss of profits, data, or goodwill.

9.7. The Company’s total liability under or in connection with the Service shall not exceed the amount of fees paid by the Client for the Service during the three (3) months preceding the event giving rise to the claim. If the Service is provided free of charge, the Company’s liability shall be limited to one hundred euros (€100).

9.8. Any claim must be submitted in writing within three (3) months from the date the Client became aware, or should reasonably have become aware, of the event giving rise to the claim.

9.9. The Client who has suffered losses, shall take all possible actions to limit these losses. If the Client fails to do so, the Client will be liable for damages in this regard.

9.10. The Client is not entitled to compensation due to the termination of this Terms of Service or due to the termination of the Service.

9.11. To the fullest extent allowed by applicable law and this section 9, in no event will the Company, its affiliates, business partners, licensors or service providers be liable to the Client or any third person for any indirect, reliance, consequential, exemplary, incidental, special or punitive damages, including without limitation, loss of profits, loss of goodwill, damages for loss, corruption or breaches of data or programs, service interruptions and procurement of substitute services, even if the Company has been advised of the possibility of such damages.

9.12. Some jurisdictions do not allow the exclusion or limitation of certain damages, hence some or all of the exclusions and limitations in this section may not apply to the Client.

10. Correction, Cancellation, Investigation

10.1. Correction

10.1.1. Outside a specific time set visibly in the Service, depending on the terms of various correspondent partners, and payment systems, the Client has the right to request corrections for any Payment Order they have sent to the Company. Requests for correction are made with a new Payment Order. However, the Company cannot guarantee that the requested corrections will be made after the specific time depending on the terms of various correspondent partners and payment systems has elapsed. 

10.1.2. If the initial Payment Order has not yet been processed, the Company will make the necessary adjustments as per the Client’s request. 

10.1.3. In case the initial Payment Order has already been processed, the Company shall, to their best effort, contact the Recipient’s bank or the correspondent bank and request corrections to the executed Payment Order, but cannot guarantee that the initial Payment Order can be corrected. In such an event, additional fees may arise, both from the Company’s side as well as from partner banks or the Recipient’s bank. The Client is obligated to cover these additional fees. 

10.2. Cancellation

10.2.1. The Client has the option to request the cancellation of a Payment Order submitted to the Company. However, the Company cannot guarantee that a Payment Order will be successfully cancelled outside a specific time set visibly in the Service, depending on the terms of various correspondent partners and payment systems. 

10.2.2. If the initial Payment Order has not yet been processed, the Company will take reasonable and available measures to prevent its execution. 

10.2.3.In the event of a cancellation request, the Company cannot guarantee that the initial Payment Order can be cancelled. In that event, additional fees might occur which the Client is obligated to cover.

10.3. Investigation

10.3.1. Upon receiving a Client’s claim and all necessary supporting evidence, the Company will conduct an investigation into any Transaction that is initiated by the Client or directed to the Client but the Funds have not been received.

10.3.2. The Company may withhold the Fees for the investigation, as specified in the Service Price List. 

11. Confidentiality

11.1. The Company will not share, make public or otherwise transfer Confidential Information regarding the Client, except to companies within the PaySaxas Affiliates, the Company’s representatives, financial institutions as required in the ordinary course of the Company’s business operations, or as required by law.

11.2. The Client agrees to keep secret and confidential any Confidential Information concerning the Company that they receive as a result of this Terms of Service or through any investigations made in connection with it and, if applicable, they should also enforce their officers, employees and consultants to whom such information has been disclosed to comply with such commitment.

12. Fees

12.1. The Company has the right to charge the Client Fees for using the Service in accordance with the Service Price List with at least 30 days’ notice. The Service Price List is published on the Company’s Website and delivered to the Client electronically upon request. 

12.2. The Service Price List may be changed or amended in accordance with section 14 of this Terms of Service. 

12.3. The Company is not responsible for any fees or commissions charged by the Recipient or any other third party. 

12.4. The Company has the right to apply different conditions for each Client. The Company has the right to establish special conditions other than the conditions set out in the Service Price List for the Client, subject to a separate Terms of Service with such Client.

12.5. When the Account is terminated the outstanding Fees shall be charged. The Company shall be entitled to offset or deduct any such outstanding Fees or other amounts owed by the Client to the Company from any funds held in the Client’s Account, without the Client’s prior consent or further authorization.

12.6. If the Client owes the Company for unpaid Fees but holds Funds in different currencies, the Company has the right to independently exchange the Funds at the ECB rate to cover the debt or negative balance, and the Client authorises the Company to conduct such an exchange to settle the debt. The Company may (but is not obliged to) notify the Client of such actions.

12.7. The Client acknowledges and agrees that no refunds shall be granted under any circumstances once a payment has been processed.

12.8. Notwithstanding the foregoing, any fees charged in respect of payment transactions that were not executed by the Company shall be returned to the Client.

13. Indemnity

T13.1. It is the responsibility of the Client to indemnify, protect, and agree to compensate the Company from any potential loss, damage, or expenses, including legal costs, in situations where the Company fulfils Payment Orders and/or provides the Service to the Client, or where the Client fails to make payments for outstanding amounts, including interest, charges, or Fees related to their Account.

13.2. The Client indemnifies the Company and bears all losses, expenses, and obligations resulting from their own negligence, malicious actions, or failure to fulfil their responsibilities promptly upon the Company’s request or based on this Terms of Service.

13.3. The Client guarantees that they will indemnify the Company for any losses, costs, liabilities, and expenses, including attorney’s fees, that arise from the Client’s failure to comply with the terms of this Terms of Service. By agreeing to this Terms of Service, the Client acknowledges that the Company has the right to deduct, at the Company’s discretion, any specified losses and expenses outlined in the Terms of Service from the balance in the Account.

14. Changes To The ToS

14.1. The Company has a unilateral right to change the Terms of Service. The Company will notify the Client of the changes in the Service via email.

14.2. The Company may charge the Client Fees for the provision and use of the Services as set out in the applicable Service Price List. The Company shall notify the Client in writing of any amendments to the Fees or the Service Price List at least thirty (30) Business Days before such amendments take effect, in accordance with applicable regulatory requirements.

14.3. The Terms of Service will remain in force as amended unless the Client notifies the Company that the Client does not accept the changes. In order to continue the use of the Service, it may be required that the Client accepts the changed Terms of Service using a “tick-the-box”-method in the Service.

14.4. If the Client does not accept the changes to the Terms of Service, the Client must notify the Company, stop using the Service and cancel or execute any pending Payment Orders.

15. Suspension Of The Service

15.1. The Company can, at its sole discretion, suspend the Account in the following events: 

  1. The Client violates this Terms of Service, especially section 4 “Rights and Responsibilities of the Client”  
  2. The Company receives a lawful request or directive from a competent court of law, government authority, public agency, or law enforcement agency;
  3. The Client has misled the Company by providing false data or information by withholding data or by any other means;
  4. The Company’s activities are prohibited by law in the Client’s Location; 
  5. The Company has reasonable grounds to suspect that the Client has violated or is planning to violate any applicable law or regulation or this Terms of Service; or
  6. The Company has reasonable grounds to suspect that the Client is engaged in money laundering, financing terrorism, or is engaged in any other criminal activity.

15.2 The consequences of Account suspension when a Client who used legally obtained Funds for making Transactions, but violated other rules of the Company: 

15.2.1. If the reason for an Account suspension is a breach of the Terms of Service by the Client, failure to provide documents or the provision of incomplete documents for AML Verification, but there are no known facts or suspicions of illegal activity and/or money laundering, the Company will enforce a temporary suspension to the Client’s use of the Account and notify the Client about the suspension.

15.2.2. The Account will be suspended until there are no reasonable grounds to suspend the Account. 

15.2.3. If the deficiencies are not rectified, the Company will terminate the Account and the Client should provide the Company with their bank account details for withdrawing the Funds remaining on the Account. The Company shall execute the withdrawal within five (5) Business Days after receiving the Client’s bank account details. However, a withdrawal is possible only when the Client has successfully completed the required AML Verification.

15.2.4. The Client is responsible for the accuracy of the bank account details they provide to the Company and for the possibility of accepting the required type of currency. The Company is not responsible for the actions or inactions of the recipient’s payment service provider and/or status of the account mentioned in the details given to the Company. 

15.3. The consequences of Account suspension for a Client whose Funds fall under sanctions in the field of combating money laundering and terrorist financing:

15.3.1. The Company suspends the Client’s Account without the possibility to make a Transaction or a withdrawal and notifies the relevant government bodies. The Account can be unsuspended when the suspicion of money laundering and terrorist financing has been removed, however in accordance with law and the regulatory authorities’ orders.

15.3.2. The Company reserves the right not to disclose the reason for termination of the Account if it is required by law. 

15.3.3. The Company may change the provided Service to specific Clients, as well as suspend and terminate all or some of the Service with 30 Business Days’ advance notice, for any reason at the Company’s sole discretion. The Company does not bear the responsibility for any direct or indirect consequences of these actions.ments, graphics, photographs, images, articles, text, and all other materials, content, and documentation made available through the Services or published on the Website (collectively, the “Intellectual Property”), are and shall remain the exclusive property of PaySaxas Ltd or, where applicable, the respective third-party rights holders. All such rights are fully reserved.

16. Term And Termination

16.1. This Terms of Service is valid from the moment the Client accepts this Terms of Service as binding until further notice. 

16.2. The Client may terminate the Account at any time with a written notice to the Company. However, the termination cannot be completed before the Client has withdrawn all Funds from the Account to the Client’s bank account, or the remaining Funds in the Account have been deducted by the Company as payment of the Fees. 

16.3. The Company has the right to terminate and/or suspend the Account and/or the Client’s access to the Service at any time, for any reason, with a 30 Business Days’ written notice, including, but not limited to, in the event that the Account has been inactive for more than six (6) months and there are not enough Funds on the Account to cover Fees.

16.4. The Client shall not assign, transfer, delegate, or otherwise dispose of any of its rights or obligations under these ToS, in whole or in part, without the prior written consent of the Company. Any attempted assignment or transfer by the Client without such consent shall be null and void.

16.5. The Company may assign or transfer its rights and obligations under these ToS, in whole or in part, to any of its affiliates or to any third party in connection with a merger, acquisition, corporate reorganization, or sale of assets, without the Client’s prior consent.

15.6. These ToS shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns.

17. Governing Law, Complaints And Disputes

17.1. These Terms of Service shall be governed by the laws of Finland without regard to its principles and rules on conflict of law.

17.2. If the Client has complaints against the Company about the Service and/or other activities, the Client should file a complaint to the Company. The language for filing and handling complaints shall be English and Finnish, and the Client agrees to the complaint process being conducted via e-mail.

17.3. In the event that the Client has a complaint regarding the Service or their experience, the following process will be followed:

  1. The Client should submit their complaint in writing to the Company at complaints@paysaxas.com
  2. The Company will strive to resolve the complaint and provide a final response to the Client within fifteen (15) Business Days after receiving the complaint. In the event where the Company is unable to provide a final response within this timeframe to the Client due to reasons that are exceptional and outside the Company’s influence, the Company will provide a temporary reply to the Client explaining the reason of delay and the date by which the final response will be provided. The final response will be given to the Client no later than thirty-five (35) Business Days after receiving the complaint.
  3. If the complaint remains unresolved, the Client has the option to pursue any applicable legal remedies as described in this section 17.

17.4. If the Client is not satisfied with the Company’s final response, the Client may contact the Finnish Financial Supervisory Authority (FIN-FSA) or, if the Client is a consumer, the Finnish Consumer Dispute Board. Contact details for FIN-FSA are set out in Section 2. The Client may also seek other remedies available under Finnish law.

17.5. By using the Service, the Client agrees to cooperate in good faith throughout the complaint resolution process. The Company is committed to addressing the Client concerns in a fair and timely manner.

17.6. In the event that the Company and the Client have a dispute which cannot first be amicably resolved through good faith negotiations, the Client may use judicial protection. Any disputes arising from or related to this Terms of Service, the relationship between the Client and the Company, or any associated matters (whether contractual or otherwise), shall be resolved in the first instance in the Helsinki District Court.

17.7. However, if the Client is a consumer, the Client may have the right to seek recourse to the dispute at the Finnish Consumer Dispute Board (the Consumer Dispute Board, Hämeentie 3, P.O. Box 306, 00531 Helsinki, Finland). Before seeking recourse to the dispute at the Consumer Dispute Board, the Client should be in contact with the Finnish Competition and Consumer Authority’s Consumer Advisory Services. 

17.8. If and to the extent that any provision of this Terms of Service is held to be illegal, void or unenforceable, such provision shall be given no effect and shall be deemed not to be included in this Terms of Service but without invalidating any of the remaining provisions of this Terms of Service. 

17.9. If and to the extent that any provision of this Terms of Service is held to be illegal, void or unenforceable in any jurisdiction, such a provision shall be deemed invalid only in those jurisdictions.

18. Privacy And Data Protection

18.1. General Compliance

The Company processes Personal Data in strict compliance with applicable data-protection laws, including the General Data Protection Regulation (EU) 2016/679 (“GDPR”), the Finnish Data Protection Act (1050/2018), and any other relevant legislation. The Company acts as a data controller and undertakes to process Personal Data lawfully, fairly, and transparently in accordance with the principles established under Article 5 of the GDPR.

18.2. Lawful Basis and Purpose of Processing

Personal Data is collected and processed solely to the extent necessary for:

(a) the performance and enforcement of this Terms of Service and the provision of the Service;

(b) the fulfilment of the Company’s legal obligations, including but not limited to anti-money-laundering (“AML”) and counter-terrorist-financing (“CTF”) requirements pursuant to Finnish law; and

(c) the Company’s legitimate interests in maintaining, improving, and securing the Service, preventing fraud, and ensuring compliance and operational continuity.

Where processing is based on the Client’s consent, such consent may be withdrawn at any time without affecting the lawfulness of processing carried out prior to withdrawal. The Client acknowledges that without such processing, the Company would be unable to perform its contractual or statutory obligations.

18.3. Categories of Personal Data

The Company may collect and process the following categories of Personal Data:

(a) identification data (including full name, date of birth, nationality, and identification number);

(b) contact data (including address, telephone number, and e-mail address);

(c) financial and transactional data (including account details, payment information, and transaction history);

(d) verification and compliance data (including KYC/KYB documentation, AML screening results, and risk assessment data);

(e) technical data (including device information, IP address, and session activity); and

(f) correspondence and communication records with the Company.

18.4. Data Accuracy

The Client shall ensure that all Personal Data provided to the Company is accurate, complete, and kept up to date throughout the duration of this Terms of Service. The Company shall take reasonable steps to ensure that any inaccurate or outdated Personal Data is rectified or erased without undue delay.

18.5. Data Minimisation and Purpose Limitation

The Company collects and processes only such Personal Data as is adequate, relevant, and limited to what is necessary for the purposes set out in this Section 18 or the Platform Privacy Policy. Personal Data shall not be further processed in a manner incompatible with those purposes.

18.6. Transparency and Privacy

Further information regarding the categories of Personal Data processed, the lawful bases for processing, the retention periods, and the rights of Clients as data subjects is available in the Platform Privacy Policy, accessible at https://paysaxas.com/privacy-policy.

18.7. Automated Decision-Making and Profiling

The Company may use automated decision-making and profiling tools, including for AML verification, risk assessment, or fraud detection purposes. Such processing shall be carried out strictly in accordance with Article 22 of the GDPR. The Client has the right to obtain human intervention, to express their viewpoint, and to contest any automated decision that produces legal or similarly significant effects.

18.8. Data Retention

Personal Data shall be retained only for as long as necessary to fulfil the purposes for which it was collected, including for the performance of contractual obligations, compliance with statutory retention periods, or resolution of disputes. Upon the expiry of the applicable retention period, Personal Data shall be securely deleted or irreversibly anonymised in accordance with the Company’s internal data-retention policy.

18.9. Data Sharing and Third-Party Processors.

Personal Data may be shared with:

(a) PaySaxas Affiliates, for internal administrative and operational purposes;

(b) the Company’s banking partners, payment processors, AML/KYC verification providers, and other authorised third-party service providers involved in the provision and maintenance of the Service; and

(c) competent courts, supervisory authorities, or governmental agencies when required by law or pursuant to a valid order.

All third parties process Personal Data under written contractual arrangements ensuring confidentiality, data security, and compliance with GDPR and Finnish data-protection requirements.

18.10. International Data Transfers

Where Personal Data is transferred outside the European Economic Area (“EEA”), the Company shall ensure that such transfer is subject to adequate safeguards in accordance with Chapter V of the GDPR, including the use of the European Commission’s Standard Contractual Clauses or other lawful transfer mechanisms providing an equivalent level of protection.

18.11. Security of Processing

The Company implements appropriate technical and organisational measures designed to protect Personal Data against accidental or unlawful destruction, loss, alteration, unauthorised disclosure, or access. Such measures include, without limitation, encryption, pseudonymisation, restricted access controls, secure storage environments, employee confidentiality undertakings, and periodic security assessments. The Company maintains and periodically reviews its incident-response plan to ensure timely mitigation of potential data breaches.

18.12. Personal Data Breach Notification

In the event of a Personal Data breach, the Company shall promptly assess the associated risks to the rights and freedoms of individuals and, where required by law, notify the competent supervisory authority and affected Clients without undue delay, in accordance with Articles 33 and 34 of the GDPR.

18.13. Data Subject Rights

The Client has the right to:

(a) request access to their Personal Data;

(b) request rectification of inaccurate or incomplete data;

(c) request erasure of Personal Data (“right to be forgotten”);

(d) request restriction of processing;

(e) exercise the right to data portability;

(f) object to the processing of Personal Data based on legitimate interests; and

(g) not be subject to automated decision-making as described in Clause 18.7.

18.14. Data Protection Officer

The Company has appointed a Data Protection Officer (“DPO”) responsible for overseeing compliance with data-protection obligations and serving as the primary contact for supervisory authorities. The DPO may be contacted at dpo_privacy@paysaxas.com for any inquiries concerning data processing or the exercise of data-subject rights.

18.15. Updates to Privacy and Data Protection

The Company shall review and, where necessary, update its Privacy to ensure continued compliance with applicable data protection laws, including the GDPR and national implementing legislation. In the event of any material change affecting the processing of personal data, the Company shall notify Clients/Users in a clear and timely manner prior to such change taking effect.

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