PayM8 Terms and Conditions

The Purchaser/Account Holder hereby authorises The Seller to debit his under-mentioned banking account with all amounts due in terms of the payment option selected

I/We hereby authorise you to issue and deliver payment instructions to your banker for collection against my/our above mentioned account at my/our above mentioned bank (or any other bank or branch to which I/we may transfer my/our account) on condition that the sum of such payment instructions will never exceed my/our obligations as agreed to in the Agreement, and commencing on the first debit order date entered and continuing until this Authority and Mandate is terminated by me/us by giving you notice in writing of not less than 20 ordinary working days, and sent by prepaid registered post or delivered to your address indicated above. Furthermore, if there are insufficient funds in my account to meet the obligation, you are entitled to track my account and re-present the instruction for payment as soon as sufficient funds are available in my account.

I/We understand that the withdrawals hereby authorised will be processed through a computerized system provided by the South African Banks. I also understand that details of each withdrawal will be printed on my bank statement (reflected as PM8@stockm). It will contain a number, which will assist me with identifying the Agreement. This Agreement reference number is printed at the top right-hand corner of this contract.


Mandate: 

I/We acknowledge that all payment instructions issued by you shall be treated by my/our above mentioned bank as if the instructions had been issued by me/us personally.


Cancellation:

I/We agree that although this Authority and Mandate may be cancelled by me/us, such cancellation will not cancel the Agreement. I/We shall not be entitled to any refund of amounts which you have withdrawn while this authority was in force, if such amounts were legally owing to you.


Assignment:

 I/We acknowledge that this authority may be ceded or assigned to a third party if the Agreement is also ceded or assigned to that third party, but in the absence of such assignment of the Agreement, this Authority and Mandate cannot be assigned to any third party.


Use of Personal Information:

In order to process the debit payment instruction as well as for verification purposes, I/We herewith acknowledge and grant consent that my/our personal information (inclusive of name, ID number, account details as well as any other relevant information contained in the mandate and/or the Agreement) may be used by PAYM8 (Pty) Ltd, the debit order facilitation service provider, located at Building 13, Woodmead Office Park, 1 Woodmead Drive, Woodmead. I/We further grant consent that the aforementioned information may be stored by PAYM8 (Pty) Ltd or its partners, and that the information may be distributed to the relevant South African Banking Institutions for processing purposes. I/We herewith acknowledge and grant consent that a record of this information may be kept for a period of 5 years after completion and/or cancellation of the debit order. I/We herewith acknowledge that the provision of this information is mandatory and a failure to provide such information will lead to inability to process the debit payment instruction and/or verify my/our application. I/We herewith acknowledge that I/We have the right to object and to lodge a complaint as contained in the Protection of Personal Information Act 4 of 2013.