Terms and Conditions

A. Our Financial Institution

1. Phoenix Payments Ltd, a limited liability company formed and registered in accordance with the laws of Malta with company registration number C77764, doing business as “Paytah”, is a financial institution duly licensed by the Malta Financial Services Authority (“MFSA”) to provide select payment services in terms of the Second Schedule of the Financial Institutions Act, Chapter 376 of the laws of Malta. Paytah’s identification code is “PHO”. The authorisation granted by the MFSA allows Paytah to provide its Clients with services limited to the scope of authorisation as granted in terms of the Financial Institutions Act, and accordingly, it is to be noted that Paytah is not authorised to receive and accept Client deposits in terms of the Banking Act, Chapter 371 of the laws of Malta and/or to provide investment services in terms of the Investment Services Act, Chapter 370 of the laws of Malta.
2. To be able to use Paytah’s services, You must register with Paytah in accordance with the terms stipulated herein.
3. The funds in any account you hold with Paytah are held in one or more segregated bank accounts separately from Paytah’s own funds, in accordance with applicable law.

B. The onboarding procedure

1. Paytah (or “We”) provides its Services to the Client (or “You”) at the end of the onboarding procedure, provided that the Client accepts the Agreement, the Privacy Notice and these Terms and Conditions.
2. We shall not be obliged to accept You as a Client and Paytah retains full discretion as to whether to accept You as a Client or otherwise. Paytah shall not be obliged to disclose any reasons for refusal to accept You as a Client.
3. With respect to natural persons, any person who has attained at least eighteen (18) years of age and any legal person, residing and/or registered, as the case may be, within the European Union or the European Economic Area may send a request to open an Account with Paytah, provided that Paytah is duly authorised to accept You as its customer. In order to be able to be a customer of Paytah, You need to be, at all times, acting on Your own behalf and Paytah needs to, in its own discretion, determine that registration details are true, accurate, precise and time-relevant.
4. You understand that, during the onboarding procedure, Paytah shall collect information and documents in accordance with all applicable laws, including but not limited to any applicable anti-money laundering regulations. We shall also retain such information and documentation in line with our Privacy Policy which may be located by accessing the following link: https://paytah.com/privacy-policy/. Upon satisfaction of any applicable record keeping obligations, we shall destroy all records, correspondence and other documents related to you.
5. Paytah shall be entitled to request additional documentation or information from time to time so as to comply with our legal obligation to maintain up-to-date information on its Clients at all times. You hereby accept that You shall cooperate with us on all compliance and operational-related matters as well as provide us with required information and/or documentation as soon as possible from the receipt of the request.
6. You shall notify us immediately in case of any change related to any information provided during the onboarding procedure. Should you become a no longer acceptable Client to Paytah further to such changes, we may terminate the Agreement with you by giving you written notice of the same.
7. You agree that Paytah may provide you with newsletters and marketing material regarding its services by email, SMS, mail, or telephone.
8. You authorize your personal data to be treated in accordance with General Data Protection Regulation (“GDPR”) (Regulation (EU) 2016/679) to provide the agreed services, for statistical purposes and to comply with privacy, card scheme, anti-money laundering/countering the financing of terrorism laws,
and all other applicable laws. You also agree that, where applicable, Paytah may also provide or make such data available to card schemes, acquirers, banks, payment gateway services, and/or other third parties to perform the agreed services. Where applicable, Paytah may provide Your data to persons that have introduced You to Paytah only for the calculation of the fees due by Paytah to said persons and in accordance with the data minimization principle set out by GDPR.
9. The personal data will be stored in a secure environment in line with our Privacy Policy which may be located by accessing the following link: https://paytah.com/privacy-policy/, in order to comply with all applicable laws.
10. The consent is provided for an unlimited period until it is revoked. You may exercise all the rights granted to you by the GDPR and in particular the right of rectification, erasure, and objection by sending an e-mail to [email protected]. In such a case, the provided personal data will be updated, blocked, or deleted unless otherwise required by the applicable laws. Receiving electronic mails or advertising messages may be revoked in the same manner at any time.

C. Your Representations and Warranties

1. You hereby represent and warrant that:
– You have the right, authority and capacity to enter into and execute the Agreement and these Terms and Conditions as well as to perform your obligations thereunder;
– You are neither under any legal disability nor subject to any law or regulation that prevents your performance under the Agreement and these Terms and Conditions
– You shall always provide us with complete, accurate and not misleading information
– When you use the Services, carry out any Transactions or perform your obligations, you shall comply at any time with the Agreement, these Terms and Conditions, all applicable laws or regulations or card scheme rules, orders of any government or other official authority, body or agency or any judgment, or order or decree of any court having jurisdiction over it.
– You shall use our Platform in accordance with the Agreement and with these Terms and Conditions and not in a manner which is unlawful or that could result in a breach of any applicable laws, including but not limited to any anti-money laundering or terrorist financing regulations
– You shall promptly cooperate with us on all compliance and operational related matters as well as provide us with required information and/or documentation as soon as possible from the receipt of our requests
– Where applicable, you have and maintain at all times all consents, authority, permits, licenses, recognitions, authorizations and whatsoever to carry out your business; and that you shall comply at all times with all applicable laws to which you are subject, including but not limited to data protection and consumer protection regulations.

D. Our Communication

1. Unless otherwise agreed, the English language shall be used to conclude agreements and communicate during our business relationship.
2. To the extent permitted by current laws and regulations, we may submit all information to you in electronic form and record telephone conversations to be able to establish the content of such conversations.
3. You must submit your Orders to Paytah via the Platform or by other agreed electronic means.

E. Your Account

1. Paytah may provide you with one or more Accounts. You shall use the Account(s) and the Services only in accordance with the Agreement, the Privacy Notice and these Terms and Conditions. The right to use the Account, the Platform and the Services is personal. You shall not – and not attempt to – tamper, hack, modify or otherwise corrupt the security or functionality of the Platforms.
2. We may provide you with training or material “as is” and without any warranty of such training and material whatsoever. We shall not be liable for any damages or losses, including but not limited to direct, indirect or consequential damages connected to such training and material.
3. You shall inform us in writing of who you wish to appoint as “Authorised Person(s)” to instruct Paytah on your behalf. You shall also notify us in writing if you wish to grant a power of attorney to additional person(s) or to revoke, or change the extent of, the power of attorney already granted to Authorised Person(s).
4. You shall remain fully liable for any act of an Authorised Person acting on your behalf.
5. Security is of the essence. You shall therefore take all adequate and necessary measures to protect the personalized security features of the Accounts. In particular, you shall keep your password to the Platform secret and not allow third parties to use your password. If you suspect that your password has been misappropriated by a third party, or if you have become aware of irregularities, hacking, misuse, or unauthorized use of the Platforms or Services, you must notify us immediately through our web portal. We will block your Accounts and you will be entitled to request a new password.
6. Paytah may refuse to act on any instruction that Paytah believes is unclear and/or was provided to Paytah in a fraudulent manner and/or (iii) involves the use of the Services in an illegal manner and/or (iv) may cause Paytah any unfair prejudice of which is only deemed to be so in the sole and unfettered discretion of Paytah.
7. A payment account or payment method must be held with or provided by a duly authorised financial institution throughout the term of these Terms and Conditions, and details on the same may not be changed by You, unless You obtain Paytah’s prior written consent. In the event that you are, at the sole discretion of Paytah, considered to be a high risk customer, Paytah reserves the right to request you to maintain a minimum balance in your Account at all times, which value shall be duly communicated to you in writing prior to such requirement being considered to be required (hereinafter referred to as the “Minimum Balance”). Paytah reserves the right to revise the value of the required Minimum Balance on a monthly basis. In the event that you do not agree with Patah’s requirement to maintain a Minimum Balance, you shall have the right to, irrespective of anything stated to the contrary in these Terms and Conditions, terminate these Terms and Conditions with immediate effect and this, without prejudice to any accrued obligations you may have in favour of Patah. The Minimum Balance may be used by Paytah, without the requirement of your due prior consent, for the purpose of executing refund requests which are requested over the respective card network. In the event that such Minimum Balance is used by Patah for the aforementioned purposes, we shall provide you with information of such a transaction in line with these Terms and Conditions.
8. Any funds held in your Account from time to time shall not bear any interest in your favour.
9. A negative interest shall be charged on any balance over 100,000euro.
10. This fee is charged at 0.5% per annum and the rate will be charged daily on weekdays only. Exampled 0.5% divided by 365days.
11. Our settlement currency is EUR. For the conversion in relation to other currencies, our current rate shall apply. Where we do not state the currency rate, the rate published by ECB (European Central Bank) shall apply. We shall not be liable for exchange rate differences between different currencies.

F. Security

1. Paytah shall supply the Services to You, with reasonable care and skill, during the Term in accordance with the terms and conditions of this Agreement.
2. Whilst Paytah is committed to ensure that the Service is available at all times, Paytah shall endeavour to provide You with prior notice when scheduled maintenance is to take place and such maintenance may impact Your use of the Services. Accordingly, You also acknowledge that any extraordinary maintenance which may need to occur may result in no prior notice. In such events, Paytah shall endeavour to notify You of such events upon first availability.
3. Unless otherwise agreed by Paytah in writing, You acknowledge and agree that You shall be solely responsible, at Your own cost, throughout the Term for the provision of all equipment, software, systems and telecommunications facilities which are required to enable You to receive the Services. In this respect, Paytah shall not be held liable for any losses suffered by You which is the direct and/or indirect consequence of any equipment, software, systems and telecommunications which You may use from time to time.
4. Paytah may restrict or suspend Your use of the Services at any time without notice in the event that:
– Paytah identifies or suspects that suspicious, fraudulent or illegal activities are being carried out in relation to Your use of Services; and/or
– In the sole discretion of Paytah, you are deemed to have breached these Terms; and/or
– You are insolvent and/or otherwise deemed to be bankrupt.

G. Term and termination of these Terms and Conditions

1. These Terms and Conditions shall commence on the date your Account is opened by the Paytah. This date shall be deemed to be the commencement date of these Terms and Conditions, which shall be valid for an indefinite duration and may be terminated in accordance with the below paragraphs.
2. The Terms and Conditions shall automatically terminate upon termination of the Agreement;
3. You may terminate these Terms and Conditions at any time by giving us at least one (1) month prior notice, provided that due notice under the Agreement for termination thereof has been provided accordingly.
4. We may terminate these Terms and Conditions at any time by giving us at least 2 months’ notice, provided that due notice under the Agreement for termination thereof has been provided accordingly.
5. Without prejudice to any other rights or remedies which either party to these Terms and Conditions may have, either party may terminate this Agreement with immediate effect upon written notice to the other party if:
– The other party commits a material breach of any of the terms of this agreement and (if such a breach is remediable) fails to remedy that breach within 30 days of that party being notified in writing of the breach;
– An order is made or a resolution is passed for the winding up of the other party, or circumstances arise which entitle a court of competent jurisdiction to make a winding-up order in relation to the other party;
– An order is made for the appointment of an administrator to manage the affairs, business and property of the other party, or documents are filed with a court of competent jurisdiction for the appointment of an administrator of the other party, or notice of intention to appoint an administrator is given by the other party or its directors;
– A receiver is appointed of any of the other party’s assets or undertaking, or if circumstances arise which entitle a court of competent jurisdiction or a creditor to appoint a receiver or manager of the other party, or if any other person takes possession of or sells the other party’s assets;
– The other party makes any arrangement or composition with its creditors, or makes an application to a court of competent jurisdiction for the protection of its creditors in any way;
– The other party ceases, or threatens to cease, to trade; or
– The other party takes or suffers any similar or analogous action in any jurisdiction in consequence of debt.
6. Notwithstanding anything to the contrary in these Terms and Conditions, Paytah may immediately terminate the Agreement and/or close your Account(s) without notice if:
– We reasonably believe that you are no longer eligible to be considered as a customer of Paytah and hence, may not hold an Account;
– We discover that you have provided us with false information;
– We suspect that there has been fraud involving any of your Account(s) or payment(s)
– We reasonably believe that you have committed or are about to commit a crime in connection with your Account(s);
– You have not satisfied any Know Your Customer or Money Laundering requirements
– You have failed to repay any amounts due to us by you following our request; or
– You have significantly breached the Agreement or any of these Terms and Conditions.
7. Termination of these Terms and Conditions shall be at no cost, provided that you have been a customer for Paytah for a minimum period of six (6) months. In the event that you have been a customer of Paytah for less than six (6) months, then early termination costs may apply in line with the published early termination fees published by Patah from time to time.
8. Following termination, Paytah shall provide you, on paper or on another durable medium, at no cost and free of charge, the following information which covers a period of a minimum of thirteen (13) months prior to termination:
(a) a reference enabling you to identify each payment transaction and, where appropriate, information relating to the payee;
(b) the amount of the payment transaction in the currency in which your Account has been debited or in the currency used for the payment order;
(c) the amount of any charges for the payment transaction and, where applicable, a breakdown of the amounts of such charges, or the interest payable by you;
(d) where applicable, the exchange rate used in the payment transaction by the payer’s payment service provider, and the amount of the payment transaction after that currency conversion;
(e) the debit value date or the date of receipt of the payment order, as well as the credit value date, if applicable.
9. Following termination, you shall inform us to what payment account – held in your own name – the residual balance held on the Account shall be transferred to, provided that the total cost of such transfer does not exceed your residual balance.
10. Charges for any Services levied by Patah shall be payable by you proportionately up until termination of the service. Paytah shall reimburse you with any charges which you may have, from time to time, paid in advance and which have not been allocated to a particular already rendered Service.
11. Termination shall in no case affect any rights, obligations, liability claims which may have accrued before the termination or that shall survive the termination due to their nature.

H. Amendments to the Agreement

1. Paytah may amend the Agreement at any time by giving you at least two (2) months’ prior notice.
2. If you object to the proposed changes, you may, notwithstanding anything to the contrary as may be included in these Terms and Conditions, notify us in writing that you wish to terminate the Agreement before the changes come into effect. In this event, the termination of the Agreement shall be free of charge.
3. In the absence of any objection by you, you shall be deemed to have accepted the respective amendments in totality and without condition.
4. Provided always, that notwithstanding anything noted in these Terms and Conditions, any changes in interest and/or exchange rates applicable may be applied immediately without notice. Paytah shall, notwithstanding the aforementioned, inform you of any change in interest and/or exchange rate at the earliest opportunity.

I. Charges and fees

1. Services are provided against payment of fees as set out in the Agreement.
2. Any bank charges levied shall be borne by the party to whom such charges are due, that is, each party shall bear the cost of its own bank charges.
3. You hereby agree to assume any and all risk in connection with cross border payments, and to bear any and all costs and risks associated with cross border payments.
4. Charges and fees may be amended from time to time and we should notify you by giving you at least two (2) months’ notice, unless the change is to your advantage or is due to external circumstances beyond our control, including but not limited to changes in the relationship with Paytah’s counterparties that affect our cost structure.
5. You shall refund us of any expenses or amounts paid by us on your behalf, such as taxes, duties, communication expense or other expenses that we incurred if you fail to perform your contractual obligations.
6. We shall have the right to offset any claims and amounts due – or not yet due – by you for Services against any amounts that you owe us and without notice. We shall have the right to use funds in any of your Accounts, irrespective of whether these claims arise in connection with the management of the account or otherwise. Our right to set off our claims takes precedence over the performance of any order relating to your Account.
7. Dormant accounts not only represent a high administrative cost for Paytah but also pose additional security risks to yourself. In order to cover our administrative costs and to encourage you to not leave your account dormant, Paytah has the right to charge you, at its full discretion and at the end of each calendar month, commercially reasonable and proportionate administrative fees ranging from 500 € to 5,000 €.

J. Transactions’ execution, rectification and refusal

1. Transactions will be carried out either when we receive an Order duly signed or accepted by an Authorised Person; or if you have authorized us to do so in accordance with the Agreement, these Terms and Conditions or any other written agreement between us.
2. Paytah shall initiate the Orders in accordance with the time periods specified by you, or otherwise as stipulated in the Agreement, upon condition that such time periods are within our cut-off times. Cutoff time are set out in the Agreement or informed to you in any other way.
3. An Order is deemed received on the Business Day on which we receive it. Any Order received after the cut-off time shall be considered to be received on the following Business Day.
4. A Transaction is concluded when you place an Order with Paytah and Paytah executes such Order pursuant to the Agreement and to these Terms and Conditions.
5. Paytah may treat all seemingly valid Orders purportedly given by, or on behalf of, the Client, as Orders properly authorized by the Client. Unless otherwise provided by law, we shall not be obliged to check the authenticity of, or the authority of the person(s) giving, any Orders.
6. It is your obligation to make sure that all Orders are complete and correct. If you request us to cancel or modify an Order, we will make all reasonable efforts to comply with your request; however, we shall not be liable for any failure related to your request.
7. Without any liability and in our mere discretion, we may refuse to execute or delay executing an Order where:
i. The Order is inaccurate or incomplete, it has not been properly authorized, it would grant an informal overdraft facility, it would exceed a limit imposed by us to your Account, it is not within our acceptable risk scope (or of our correspondent banks), or it may be linked to fraud, money laundering, terrorist financing or other criminal activities;
ii. You do not cooperate with us on all compliance, KYC and operational related matters; We are enforced to do so to comply with an order of courts, tax authorities or other competent bodies.
In case of refusal or delay, we shall inform you as soon as reasonably practicable.
8. Unless prohibited by law, we shall inform you of the refusal or delay as soon as reasonable practicable.
However, and for the sake of clarity, in the above circumstances, Paytah shall not be liable in any way to you for any loss borne by you as a result of such refusal or delay and/or the notification connected therewith.

K. Making and Receiving Payments

1. Your Account shall be used, exclusively, to make and receive paymentsin line with the Services provided by Paytah.
2. Provided that there are sufficient funds on your Account, we will carry out a payment to your own bank account or to a third-party recipient, in accordance with your Order and with the Agreement.
3. Paytah does not have control of the goods or services that are object of the payment. Paytah shall therefore under no circumstances be liable for the legality of such goods or services and any ancillary transactions connected therewith.
4. We will process payments from your Account on the basis of the Payee’s Account Number, as provided by you. Where the Payee’s Payment Service Provider is established outside the European Economic Area, the Payee’s full name and address shall also be included in the Order provided to us.
5. Once a payment has been made, we shall provide you with the below information:
– Date of receipt of the order
– A Transaction reference number
– Information relating to the Payee, where appropriate
– The amount of the Transaction, the currency and the exchange rate
– Any charges
6. Once a payment has been received, we shall provide you with the below information:
– A credit value date
– A transaction reference number
– Information transferred with the transaction
– The amount of the Transaction, the currency and the exchange rate
– Any charges
7. If incorrect payment details have been provided to us, we shall not be liable for non-execution or defective execution of the Transaction. However, we shall make reasonable efforts to recover the funds involved in the erroneous Transaction. Should the recovery of funds not be possible, we shall provide to you, upon written request, all information available to us and relevant to you so that you can file a legal claim to recover the funds. We may charge you reasonable fees for recovery.
8. A cross-border payment may be returned if the Client has cancelled the payment or if the foreign bank(s) involved has been unable to process it due to the information provided. In this event, Paytah will process a returned payment as a cross-border payment and charge fees accordingly.
9. When you request currency to be converted, the exchange rate may be different from the time you have verified the rate and the time the payment is processed. Paytah shall not be liable for any such change.
10. You shall be liable to us for Orders made by use of your password even if such use might be wrongful.
11. Paytah shall credit a payment to your Account(s) on the same Business Day that we receive the payment or, where it is received after the applicable cut-off time, on the following Business Day.
12. We may defer crediting your Account any sum that would otherwise be due in order to protect our position with respect to any actual or anticipated liability that you owe us.
13. Amounts transferred into your Account may be reversed where Paytah makes a clear mistake (e.g. we transfer the same amount twice) or is under obligation to do so in order to comply with any agreement with our correspondent banks.
14. When you log on the Platform you should carefully review your payments and other information. You shall notify us immediately if you find incorrect information, errors or unauthorized or incorrectly executed Transactions.

L. Our Liability

1. We shall be liable for direct damages to you if we do not fulfill our obligations in accordance with the Agreement and/or these Terms and Conditions.
2. In case of unauthorized or incorrectly executed payment Transaction due to a fault on behalf of Paytah, we shall immediately refund the amount provided that you notify us without undue delay on becoming aware of any such Transaction giving rise to a claim, and no later than thirteen (13) months after the debit date. We will normally consider that there has been undue delay if you fail to notify us within one (1) Business Day of the relevant information being made available to you. Upon our request, you shall also provide us with any evidence and information to prove that the payment Transaction was unauthorized
3. You may be obliged to bear all losses relating to any unauthorized payment Transactions, where you act fraudulently or with intent or gross negligence.
4. Under no circumstances we shall be liable for:
– Any loss of information, profit, goodwill, business or anticipated savings or any indirect losses;
– Losses resulting from breakdown or lack of access to IT systems that may be attributed to a failure in our power supply or telecommunications, to the non-availability of our website (e.g. due to maintenance downtime, legal measures or administrative decrees) or to any other Force Majeure events which are beyond our control;
– Errors, delays or other inconveniences caused by any correspondent bank chosen by the Client
– Any tax consequences of payment Transactions; or
– Losses that are the result of a payment which is not carried out due to our knowledge or suspicion that it is related money laundering, terrorism financing or any other crime
5. Where we believe, at our sole discretion, that anything done within the terms of this Agreement, Transaction, request and/or payment is a result of your misuse of the Platform or abnormal behaviour, we may cancel the Agreement or a Transaction, reject to carry out a Transaction or an Agreement and/or reverse amounts transferred into your Account without notice. In these circumstances, you may not forward any claims against us and you shall compensate us for all losses, taxes, expenses, costs and liabilities that we suffer as a result of your behavior. In particular, we shall have the right to offset the amount that you owe to us against any funds on your Account.

M. Your liability

1. You shall compensate us for all losses, taxes, expenses, costs and liabilities whatsoever that may be suffered or incurred by us as a result of, or in connection with, a breach of your obligations (including representations and warranties). For the sake of clarity, where you or an Authorised Person act fraudulently or fail to comply with the Agreement or with these Terms and Conditions, you shall be liable without any limit for all losses relating to payments
2. You shall indemnify and keep us indemnified against all actions, proceedings, costs, losses or damages of any kind that we may suffer as a result of handling your Orders or of your failure to comply with your obligations (including representations and warranties).
N. Confidentiality and disclosure of information
1. When you use our Services and submit any information, including Orders, you shall be responsible for the security of such information.
2. Each Party shall use all reasonable measures to not disclose any information which shall reasonably deemed to be of a confidential nature regarding the other Party. This obligation shall not apply where a Party is obliged to disclose such information due to applicable legislation or due to a supervisory or legislative authority or to enable that Party to fulfill its obligations in accordance with these Terms and Conditions.

O. Assignment

1. We may assign the Agreement to other companies associated with us or in connection with the sale of our business.
2. You may not assign or transfer any of your rights or obligations under the Agreement or these Terms and Conditions without our prior written consent.

P. Miscellaneous

1. Each of the provisions of these Terms and Conditions is severable and distinct from the others and, if at any time one or more of such provisions is or becomes illegal, invalid or unenforceable in any respect under the laws of any jurisdiction, the legality, validity or enforceability of the remaining provisions shall not be affected in any way.
2. Any right, title and interest in and to Paytah’s website and any content thereon is our exclusive property. You shall not copy, imitate, alter, modify, amend or use the names without our prior written consent. You may use our trademarks without prior written consent for the purpose of directing web traffic to the Services.
3. You shall neither alter, modify or change the Platform, Services or intellectual properties in any way nor use them in a manner that implies our sponsorship, endorsement, affiliation or otherwise.
4. You shall not reverse engineer, decompile or disassemble any of the software used for the Platform or the Services. You shall also not copy, modify, rent, sell, distribute or transfer any parts of the software used for the Platform or the Services.

Q. Governing law and jurisdiction

1. The Terms and Conditions and the Agreement and any matter arising from or in connection with them shall be governed and construed according to the laws of Malta, excluding private international choice of law rules.
2. Without prejudice to the complaints procedure as noted in section R to these Terms and Conditions, any dispute may be referred to arbitration in accordance with the Arbitration Act. The appointing authority and administrator shall be the Malta Arbitration Centre, and only one arbitrator shall be appointed in such disputes.

R. Complaints procedures

1. In the event that you would like to lodge a complaint with respect to the provision of the Services by us to you, you are invited, at no cost and free of charge, to follow the following procedure:
a. Please send an email to [email protected] or mail to No3, Level 1, Vision Exchange Building, Territorials Street, Mriehel BKR3000, Malta or contact us by telephone on+356 2014 5400.
b. Paytah shall acknowledge receipt of any complaint within two (2) Business Days.
c. Where a complaint is made orally and not on written means of communication, Paytah shall make a summary of the complaint and request you to confirm in writing the said summary by way of email reply.
d. Paytah shall then seek to gather and investigate all relevant evidence and information regarding the complaint before making a final decision. Paytah shall endeavour to respond to a complaint within fifteen (15) Business Days from the date of receipt of the complaint. If a decision cannot be made within the stipulated timeframe, Paytah shall inform you as soon as possible, by no later than the end of the fifteen (15) Business Day period.
e. In the final decision, Paytah shall include details of the Arbiter for Financial Services (the “Arbiter”) under the Arbiter for Financial Services Act (Chapter 555 of the Laws of Malta) so that if the decision does not meet your expectations, you may refer the complaint to the Arbiter accordingly.


1. “Account” shall mean your payment account with Paytah to make and receive payment transactions
2. “Agreement” shall mean these Terms and Conditions.
3. “Authorised Person” shall mean a person who has been granted certain roles and privileges by the Client and acts on behalf of the client during our business relationship
4. “Business Day” shall mean any day on which banks are open for business in Malta
5. “Client” or “you” shall mean the legal or natural person seeking to establish a business relationship with Paytah
6. “Consumer” shall mean any natural person who acts for purposes which fall outside the trade, business or profession of such person
7. “EEA” shall mean the European Economic Area which includes EU Member States and also Iceland, Liechtenstein and Norway
8. “Force Majeure” shall mean any event outside our reasonable control and that makes it practically impossible for us to comply with our obligations. Examples include but are not limited to the act of God, any act by a Government or other competent authority, civil commotion, an act of terrorism, rebellion, flood, storm, tempest, fire, the failure, malfunction or unavailability of utilities, telecommunications, data communications and computer systems and services, war, civil unrest, strikes, lock-outs or other industrial action or trade disputes or other cause whether similar or not.
9. “Malta Financial Services Authority” or “MFSA” shall mean the single regulator for financial services in Malta, with address Notabile Road, Attard, BKR 3000, Malta – Telephone +356 21441155 and website https://www.mfsa.com.mt/
10. “Order” shall mean a payment order whereby the Client instructs us to perform a Transaction with the funds available in the Account
11. “Party” shall refer to the Client and Paytah separately
12. “Payee” shall mean the beneficiary of the payment
13. “Paytah” or “we” shall mean the trade name of Phoenix Payments Ltd, Company No. C77764 with registered address at No.3, Level 1, Vision Exchange Building, Territorials Street, Mriehel, BKR3000, Malta
14. “Platform” shall mean the platform and any other system made available to the Client by Paytah as part of the Services
15. “Privacy Notice” shall mean the terms and conditions that govern our treatment of your personal data whenever you use our Services
16. “Services” shall mean the payment services provided to the Client by Paytah and that allow the Client to make and receive payments
17. “Transaction” shall mean the transfer of funds or any other action or disposal related to the Services carried out by Paytah on your behalf.
18. “Dormant account”: A payment account that has been inactive for at least 6 months or a payment account for which we have not received a response from the owner of the account to our request of information, documents or actions to be taken”