PaidTerms Merchant Portal

What you're applying for and agreeing to

You're applying for an instalment agreement to pay for goods or services you've contracted a Merchant to provide. If we accept your application, and once you've paid an initial payment, we will pay the full amount funded to your Merchant. You will then pay off the total amount payable in instalments, as set out in this agreement. By continuing, you agree to comply with the terms and conditions of this agreement. Please read everything carefully so you understand your obligations.

1. When this agreement starts and ends

1.1 This agreement starts on the date you pay the initial payment (the due date of your initial payment is set out on the invoice or payment link page).

1.2 This agreement ends when either:

(a) You pay back everything you owe us in full and the agreement naturally comes to an end; or
(b) We choose to end the agreement because you default (see clause 10 for details).

2. Conditions that must be met before we pay the Merchant

2.1 We will pay your Merchant on your behalf only after all the following things happen:

(a) We accept your application. We may reject your application and do not have to provide you with reasons unless the law requires us to do so.
(b) We're satisfied with the outcome of any credit or verification checks we may do about you and your business.
(c) You pay us your initial payment in cleared funds.

We may refuse to proceed if all these conditions are not met.

3. How we pay the Merchant

3.1 Once the conditions set out in clause 2.1 are met, we will pay the full amount of the amount funded to your Merchant. We will do this within 3 (business) days of receiving your initial payment.

4. If you need us to change your instalment agreement or request another agreement

4.1 You can ask us to change your instalment agreement, extend the term, or enter into a new instalment agreement

You can ask us to change or extend your current instalment agreement or request another instalment agreement if you need to pay for more goods or services. You can ask us either directly or through your Merchant. Your Merchant may need to approve your request before we will accept it. Additional administration fees may apply.

4.2 We will pay the relevant amount to your Merchant

If we agree to increase the amount funded or enter into a new instalment agreement amount, we will pay the relevant amount to your Merchant within 3 business days unless we tell you otherwise.

5. How you must repay what you owe

5.1 Payments you must make

You must repay what you owe with all the following payments:

(a) The initial payment plus any administration fee — on or before your initial payment due date shown on the invoice or payment link page.
(b) Instalments — at least one each period (weekly, fortnightly or monthly as shown on the invoice or payment link page) until the total amount payable is repaid.
(c) Any remaining amount — on or before the date your final instalment is due, or at a time we specify.

5.2 Your payments may change if we change or extend your agreement

Your instalments and total amount payable may change if we increase, amend or extend your agreement. We will send you a written or electronic statement to let you know the payments you must make.

5.3 How you must pay us

Unless we agree otherwise in writing, you must make any payments you owe (in cleared funds and without setoff or deduction) using the payment methods we make available (including via Stripe).

6. Interest and fees we may charge you

6.1 We may charge interest calculated daily on overdue payments

If any amount you owe us is overdue, we may charge you interest at 2% per month. We may calculate this interest daily, from the date the payment falls due until the date we receive the payment in full.

6.2 No late payment or dishonour fees

We do not charge late payment fees or dishonour fees under this agreement.

7. Things you warrant to us

7.1 You warrant that, while this agreement lasts, all the following things are true:

(a) The amount funded is for goods or services provided by your Merchant.
(b) The provision and payment of the goods or services is not in dispute.
(c) You will promptly let us know if there's any dispute between you and your Merchant about the goods or services, and you will give us the full details of that dispute.
(d) You will promptly let us know of any proposed or anticipated change of shareholding, ownership, sale of receivables or any other action or circumstance that may affect your ability to comply with your obligations under this agreement. If you fail to do so, you will be in breach of this agreement and we may decide to end it.

8. We can collect, hold, and use information about you

8.1 You authorise us to collect information about you

You authorise us (including our related companies and any agent or other service provider we've approved, including your Merchant) to both:

(a) ask anyone about you or your business to make sure you're creditworthy; and
(b) hold and use any information we collect about you for the purposes of this agreement and for any research, business development, marketing, or sales purposes.

8.2 You can ask for access to your information

You can ask to see and correct any information we hold about you. You must ask us in writing, and we may charge you a fee.

8.3 We will keep your information private

We will comply with the Privacy Act 2020 as it applies to this agreement.

9. Assignment and debt collection

9.1 We may assign or transfer our rights for debt collection

If you default under this agreement, we may assign or transfer our rights and interests in the amounts you owe under this agreement to a debt collection agency or other recovery service provider. We do not have to ask you first.

9.2 You may only assign your rights, interests or obligations under this agreement if we give you our written consent (which we may or may not agree to).

10. What we consider a default, and what happens if you default

10.1 What we consider a default

You are in default if any of the following things happen:

(a) You fail to make a payment when it's due.
(b) You become, or are deemed to be, insolvent or bankrupt, go into receivership or have a receiver, trustee, administrator, manager, or statutory manager appointed to all or any of your property, commence winding up or liquidating, or have a similar event happen to you.

10.2 What happens if you default

We can immediately end this agreement if you default. We'll tell you in writing if we choose to do this. If we end the agreement:

(a) you must pay back any money you owe us, both under this agreement and under any other agreement you have with us (we don't have to send you a demand or notice).
(b) we may engage a debt collection agency or other recovery service provider to recover the amounts you owe.

10.3 You may need to pay related costs and expenses

You will indemnify us against all reasonable costs and expenses we incur, either directly or indirectly, because you haven't complied with this agreement. These costs may include legal costs, court costs or any other expense incurred to recover the total amount payable.

11. How we'll communicate with each other

11.1 How we'll communicate with you

We will send any letters or documents in connection with this agreement in writing. We will either:

(a) leave the information at your address (as provided by you);
(b) send the information by prepaid post to your address (or any other address you tell us about); or
(c) send the information by email to the email address you've provided.

11.2 When we'll consider you've received information we've sent

We'll consider you've received information we've sent by the following times:

(a) If delivered by hand: at the time we deliver it.
(b) If sent and received by post within New Zealand: the third day after posting it.
(c) If sent by post to or from overseas: the tenth day after posting it.
(d) If sent by email within business hours: the day we send it.
(e) If sent by email outside of business hours: the next business day.

If we type your email address wrong or we get an error message in reply to an email we send you, we will consider that you haven't received the information.

11.3 Information sent electronically is legally valid

Any information sent electronically (for example, by email or text) is as valid and enforceable as information provided on paper. This includes information we send you and information you send us, including signatures and affirmations.

12. Other terms you agree to

12.1 This is the only agreement relating to this instalment agreement

This agreement is the full and only agreement between you and us relating to the instalment arrangement shown on the invoice or payment link page. It replaces any earlier agreement relating to this arrangement.

12.2 Rights not exercised immediately are not waived

If either party breaches this agreement, and the other party does not immediately exercise their rights, it does not mean they waive those rights.

12.3 Time is of the essence

It's important to fulfil your obligations under this agreement on time.

12.4 Any unlawful part of this agreement will be reinterpreted or removed

If any part of this agreement is found to be unlawful or voidable, it will be read to determine its legally valid and enforceable intent. If the intent cannot be determined, it will be removed without affecting the rest of this agreement, as long as removing it does not significantly change the agreement.

12.5 This agreement is governed by New Zealand law

You and we both agree to abide by New Zealand law and submit to the exclusive jurisdiction of the New Zealand courts.

13. How to interpret this agreement

13.1 Definitions

Administration fee means the amount (shown on the invoice or payment link page) that we charge for administering your instalment agreement.

Agreement means this instalment agreement between you and us — it includes the payment link or invoice page details and these terms and conditions.

Amount funded means the amount charged by your Merchant for the goods or services they provide you.

Initial payment means the amount of your first repayment to us, as shown on the invoice or payment link page.

Initial payment due means the date on which you must pay your initial payment.

Periodic instalment means the amount you must pay to us each period until what you owe is repaid in full.

Merchant means the person or business we pay on your behalf, as shown on the invoice or payment link page.

Goods or services means the goods or services provided by your Merchant.

Total amount payable means the total amount you owe us, excluding any administration fee, as shown on the invoice or payment link page (and may change if you ask us to change or extend your agreement).

You means the person or people applying for the instalment agreement.

We means PaidTerms Limited (us and our have corresponding meanings).

13.2 Interpretation

Unless inconsistent with the context:

(a) reference to any amount of money means New Zealand dollars, unless stated otherwise;
(b) reference to a person can mean an individual, a body corporate, a government agency or an unincorporated body;
(c) reference to the word "including" is without limitation;
(d) if more than one person is responsible under this agreement, each person is responsible both together and separately.

13.3 This agreement may not be used against us

This agreement may not be interpreted in a way that penalises us just because we prepared the agreement.

PaidTerms – Instalment Agreement