Terms of Services




These BOLD.Pay Supplemental Terms apply to the use of MACROKIOSK’s BOLD.Pay Service:


    Our acceptance of you as user of the BOLD.Pay Service is strictly limited to your use for the products and/or services sold or provided by you (“Products”). You shall not use the BOLD.Pay Service as an intermediary or to facilitate payment for products sold by any third parties and shall not offer, use or provide the BOLD.Pay Service to any third parties.


    You accept and agree to the Payment Protection Scheme which may be implemented by MACROKIOSK from time to time in order to create a safe and reliable environment for buyers to undertake e-commerce transaction. Under the Payment Protection Scheme,

    1. you shall only be entitled to payment upon delivery of the Products to buyers and the Products are in satisfactory condition, accords to the description, fit for use and of merchantability quality or such other appropriate criteria as may be stipulated by MACROKIOSK from time to time (“Said Criteria”) although MACROKIOSK may make payment to you before the Said Criteria are met.
    2. if buyer makes a written complaint to us that the following disputes arise notwithstanding full payment for the Products (“Disputes”):

      1. the buyer has not received the Products within the time period stated by you; or
      2. the buyer has received the Products but the Products are in a damaged or defective condition, are non-functional, fail to meet the purpose of their intended use, not conforming with standard specification, are expired or out of date or wrong products are delivered,

        then MACROKIOSK shall be entitled to:

      3. if payment has not been released to you, withhold the payment made by the buyer to you until we have been informed in writing that the matter has been resolved and the buyer is satisfied with the Products in which case we shall release the money back to you in accordance with Clause 6.2 below; or
      4. if payment has been released to you and a refund has been agreed between you and the buyer, refund all money paid by the buyer within seven (7) working days. in which case additional fee may apply. For the avoidance of doubt, we can only process credit card refund. For internet banking payment, you are required to refund manually to the buyer.
    3. You acknowledge and agree that in the event the payment for the Products is withheld by us pursuant to this Payment Protection Scheme, you shall not pursue any legal actions against us, demand the payment of any interest for the sum withheld or any other forms of compensation for withholding of such payment.


    In using the BOLD.Pay Service, you acknowledge and agree that:

    1. We are not a financial institution and the BOLD.Pay Service as provided by us is an online payment switching service rather than a banking service;
    2. We do not act in the capacity of a trustee or fiduciary party in respect of your funds;
    3. You shall not receive interest or other earnings on the payment received, handled or processed by MACROKIOSK on behalf of you; and
    4. There is risk to electronic transactions and you accept any consequent damages incurred from such electronic transaction. We shall use our best efforts to ensure that requests for electronic debits and credits involving bank accounts, credit cards, and cheque issuances are processed in a timely manner. Notwithstanding the foregoing, we make no representations or warranties, whether express or implied, regarding the length of time required to complete the process of such transactions because the Service is largely dependent upon many factors beyond our control including but not limited delays in banking system or local or international mail service.

    Notwithstanding the provisions in the Agreement, you agree that we shall be entitled at our sole discretion with fourteen (14) days prior notice to you immediately suspend or terminate BOLD.Pay Service if the revenue is nil for a period of any six (6) months consecutively.


    In addition to the representations and warranties in the Agreement, you hereby further warrant and undertake to us that:

    In relation to Products:

    1. the Products are genuine and are not counterfeit or replica items;
    2. the Products do not infringe the intellectual property rights of any third party;
    3. the Products are lawful and legal to be sold in Malaysia and are in compliance with all applicable Laws such as Sale of Drugs Act 1952, Food Act 1983 and Consumer Protection Act 1999 or equivalent Laws in other jurisdiction;
    4. the Products are not prohibited Products as listed in Clause 12 (“Prohibited Products”);
    5. you have obtained and will continue to obtain all required approvals, licenses, authorisations and/or certification from all relevant parties including but not limited to Government Body and/or brand owners or principals for the sale of the Products;
    6. you will deal directly with any request for exchange or refund of Products or request for any information of the Products and we shall not be in any way held responsible or be involved in any such requests; and
    7. you will be solely responsible (and not the buyer) for all delivery and shipping matters in connection with, or arising out of, the Products whether or not the delivery and shipping is done by you in the country or by your suppliers from overseas.
    8. in the event we deem the products and/or services are “high risk business” such as digital item (IDD card, mobile reload card, digital music, video, information, software, instant downloadable item and eBook), event (one-time seminar, conference, expo and online ticket) and fast moving consumer goods (pharmaceuticals, consumer electronics, packaged food products and drinks), you shall perform transaction verifications with End User and submit the relevant verification documents to us within three (3) working days after such transactions, failing which, we may, at our sole discretion, reverse such transactions and perform secret key verifications in your online shopping cart for all instant downloadable items or activation of services.

    In relation to use of BOLD.Pay Service

    For the purpose of this Clause, unless there is something in the subject or context inconsistent with such expression or unless it is otherwise expressly provided, the following definition shall apply:

    Chargeback” means in relation to a card transaction that has been disputed, refused or where a forced payment reversal has been initiated by the card issuer, card associations and/or cardholder, any sums, including fees that may be withheld by the bank or us from you, or claimable by the bank or us from you in the case where such sums have already been paid out to you.

    1. you will be wholly responsible and financially liable for all transactions and liable for all acts, omissions, discrepancy of payment, disputes with the buyer(s) and/or Chargebacks, fraud or suspicious transactions, and other customer-service related issues caused by you; and
    2. you shall collect and maintain proper records of transactions (which includes but is not limited to sales record or proof of trade, delivery of goods/services and receipt of payment such as tax invoice, shipping slip or any relevant documents) and details of the buyer for a minimum period of seven (7) years or such other period as may be stipulated by MACROKIOSK, and shall release the information and/or documents to MACROKIOSK as and when requested by MACROKIOSK. If the information and/or documents are not readily available, you shall assist MACROKIOSK in acquiring such information and/or documents, and shall not in any way obstruct, weaken, destroy or hinder MACROKIOSK from acquiring such information and/or documents.
    3. When posting reviews, comments, questions, photos, videos and upload other contents and information on BOLD.Pay, you must ensure that such content is correct, accurate and not misleading.
    4. You shall at your own costs and expenses ensure that your website, whether operated by yourself or by the any third party service provider, shall be in good and workable condition.
    5. Your website shall strictly comply, where applicable, with Cards Association operating regulations (remark: Cards Association includes Visa International, MasterCard International, American Express and other card brand that may be included from time to time) including but not limited to compliance with the following procedures:
      1. The products and services offered should be clearly indicated on the website;
      2. You should clearly display the total cost, including shipping, handling, and applicable taxes to the cardholder;
      3. You should clearly indicate the currency the transaction is occurring in;
      4. Your shipping practices should be clearly listed on the website;
      5. You should provide estimated delivery or shipment;
      6. Your business policy and returns policy should be made available and accessible on your website and understandable by the cardholder;
      7. Your customer service phone number (including country code) and e-mail address must be clearly displayed for the resolution of customer transaction issues;
      8. You will confirm the sale via an e-mail to the buyer after the order has been placed;
      9. You will keep the buyer notified of the shipping status of any ordered goods;
      10. You will not provide any gambling facilities, whether directly or indirectly, to the buyer;
      11. You will operate the business from a commercial property as opposed to a residential address;
      12. You will not under any circumstances transact on behalf of the buyer by independently entering the buyer’s details into the payment server;
      13. Your website must belong to or be otherwise substantively administered by the registered company signing this Agreement; and/or
      14. You shall not operate as a master merchant to any the sub-merchant and/or cross border acquiring.
    6. You hereby agree to comply with and do all that is necessary to ensure compliance with any additional regulations or operating standards introduced by Bank Negara Malaysia (“BNM”) and Cards Association.
    7. You warrant that you will take all reasonable measures to avoid or otherwise prevent the sale of goods and services the provision of which would constitute or otherwise give rise to the infringement of any contractual, industrial, commercial, or Intellectual Property (IP) rights; and further warrant that you shall indemnify us against all losses, costs, claims, demands, expenses (including reasonable legal fees), and liabilities of any nature arising from or relating to any actual or alleged infringement of any contractual, industrial, commercial, or IP rights suffered or incurred by us as a result of the use of any cards being used in any transaction that may constitute or otherwise occur incidentally to a transaction for goods or services in breach of any of the aforementioned rights of any third party.

    1. You hereby authorise us to cause all payment received on your behalf to be deposited with us.
    2. Subject to the Payment Protection Scheme, we shall remit all payment received on your behalf less any fees and charges payable to us in accordance with the Sales Order.
    3. By accepting a credit card payment, you agree that if there is reversal on a credit card funded payment made to our account, we shall be entitled to reverse the payment and debit your account that is maintained with us to pay for the reversal. You shall not take any legal action against us due to non-payment caused by this reversal. If there are insufficient funds in your account balance, you agree to reimburse us through other means within seven (7) days from the date of receipt of the notification in writing.
    4. We have the absolute discretion not to remit all such funds received by us to you for up to one hundred and twenty (120) days if we reasonably believe that any of the following events has or might have occurred:

      1. Product is returned to you or service is not rendered by you for any reason whatsoever, which includes but is not limited to the situation set out under Clause 2(ii)(b);
      2. Dispute, Chargeback (as defined in Clause 5), fraud, forgery and/or suspicious transactions (Disputed Transactions);
      3. You are unable to furnish any document or record related to the transaction upon our request;
      4. There has been a breach of this Agreement by you or you are suspected or believed to be in breach of any of your obligations under this Agreement, or of any security; or
      5. Non-compliance by you with regard to the transaction that may damage our goodwill.
    5. We hereby undertake to you that we will not utilise any funds withheld pursuant to Clause 6.4 above for our own business and operation.
    6. In the event of Disputed Transactions, we will notify you of the same. On such notification, you shall provide us with any transaction documents requested by us within the timeframe stipulated by us.
    7. In the event payment sent by us in accordance with this Agreement is denied or rejected for any reason whatsoever, we shall in accordance with Section 10(1) of the Unclaimed Money Act enter in a register of unclaimed money any money deposited or paid to us pursuant to Clause 6.1 hereof and remaining unclaimed for twelve (12) calendar months after due date upon which such money shall have been paid.

    Subject to Clause 2, the Payment Protection Scheme shall only be valid until the transaction is completed. Where the buyer has not taken active steps to return the Product received or request for the exchange, a transaction is regarded as completed upon expiry of the following time periods:


    Seller Type Delivery Method Time Period for
    Automatic Purchase Confirmation
    1. Local Seller via direct delivery or courier company 10 days from payment date
    2. Global Seller via courier company or other delivery method 30 days from payment date


    Or in the case of a service, then the buyer is deemed to have effected Purchase Confirmation after the service has been duly provided and rendered by the you to the buyer.


    1. Subject to our approval, if you would like to permit holders of MasterCard/Visa Credit Cards (“Credit Cards”) to purchase your Products by charging the amount incurred to their account with the card issuer by use of their Credit Cards periodically, this Clause 8 shall be applicable to you.
    2. Definitions

      For the purpose of this Clause, unless there is something in the subject or context inconsistent with such expression or unless it is otherwise expressly provided, the following definitions shall apply:

      Cancellation List” shall mean the Restriction Card List (RCL), Card Recovery Bulletin (CRB), Combined Warning Bulletin (CWB), the Hot Card List (HCL) and any other printed notices containing a list of restricted/cancelled new credit/charge/debit cards.

    3. Chargeback
      1. It is hereby expressly agreed that we shall be entitled to refuse payment to you and where payment has been made, to debit from and chargeback to your account the relevant amount, in the following circumstances or any of them where:-
        1. the transaction is incomplete and was or has been discovered to be illegal;
        2. the Credit Card is found to have expired or is invalid for any reason whatsoever. You should take note to only accept auto debit duration not longer than expiry date on Credit Card;
        3. the Credit Card concerned has been listed in the Cancellation List. For the purpose of this clause, you shall be deemed to have received the Cancellation List as of the effective date of the same;
        4. the transaction is found to be one with a "Declined Authorisation" i.e. where you have been previously notified by the bank in response to an authorised/approval's request that the particular Credit Card is not to be honoured;
        5. a forged Credit Card is used or the Credit Card is used by other fraudulent means;
        6. the transaction was not entered into nor authorised by the buyer;
        7. the transaction involved is a cash disbursement, cash refund or cash payment; and
        8. the buyer has repudiated or rescinded the contract with you and has declined payment for any reason whatsoever.
    4. Notwithstanding Clause 8.3(viii), in the event we receive a request from buyer to cancel the auto debit, we will escalate to you to resolve with the buyers within 7 days. Upon expiry of 7 days, we shall have right, and you hereby give us authorisation, to cancel the auto debit on behalf of you. In the event you receive a cancellation request from buyer, the request shall be processed immediately to avoid any future recurring payment. If the cancellation request is due to refund and the refund has been agreed in accordance with the Refund Policy, you shall forthwith cancel the auto debit and notify us of the cancellation accordingly.
    5. You shall not allow your buyer to transact for any cash payment, cash disbursement or cash refund under any circumstances resulting from the use of the Credit Card. You shall not receive any payment from a buyer with respect to previous charges for goods and services included on a transaction receipt resulting from the use of the Credit Card.
    6. You represent, warrant and undertake to us that:
      1. the value on the transaction receipt evidences a bona fide sum due and owing from the buyer;
      2. the value on the transaction receipt shall not have been assigned or charged to any third party;
      3. the buyer shall not have acquired any right of set-off or counterclaim available against you in respect of the value of the transaction receipt;
      4. you shall not have agreed with buyer for any extension of contractual time for payment of the Products or for any waiver or modification of the terms of contract; and
      5. your usage of Auto Debit must be in accordance with the Products approval given during application process. We reserve the right to immediately disable Auto Debit if your usage is not in accordance with the approval given.
  9. Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001 (“AMLATFPUA”)

    1. You hereby acknowledge that we have entered into this Agreement in full reliance on the representations, warranties and undertaking by you, that you are not involved and shall not involve yourself in any business or business transaction where monies used are received from unlawful activities as defined under the AMLATFPUA or violate any laws relating to money-laundering as defined under AMLATFPUA.
    2. You shall disclose and furnish to us any relevant information required upon our request and to our satisfaction in a timely manner within the period specified by us for the purposes of complying with the laws, rules, regulations, directives and guidelines of Bank Negara Malaysia (“BNM”) and/or other governing authorities in the event the transactions are found or suspected to violate any laws relating to money-laundering as defined under AMLATFPUA.
    3. Pending receipt of such information by us from you and until received and verified thereof to our satisfaction or the relevant authorities, you shall not be obliged to proceed with any transactions or (if applicable) accept any monies, funds or collateral (also referred to as “Assets”) effected or implicated under the AMLATFPUA. In relation to Assets already in our possession, we shall be entitled (and authorised) if required by the relevant authorities to retain the Assets for the time being. Any Assets requested to be returned to you shall be returned to you after we receive satisfactory clearance from the relevant authorities.
    4. You agree that in no event we shall be liable for any direct, indirect, consequential or any losses whatsoever or howsoever arising or by reason of us exercising our duties under AMLATFPUA.

    1. DTL is a transaction limit assigned to you which dictates the total amount of sales transactions that can occur each day.
    2. If you require a temporary increase of DTL, you will be required to seek specific written approval from us and provide the valid supporting documentations, as may be requested by us. Any temporary DTL assigned to you shall be subject to our discretion and conditions.
    3. You will be notified that payment for such transactions pursuant to Clause 10(ii) will be withheld for further review by us. You must also provide copies of the transaction slip(s) and/or documents with details of the sales.
    4. The temporary DTL shall persist until such expiry date given by us. The DTL will revert to the original transaction limit at the end of the expiry date.
    5. If you require a permanent increase of DTL, you will be required to seek specific written approval from us and provide the valid supporting documentations, as may be requested by us. Any permanent revision to the DTL shall be subject to our discretion and conditions.

    You hereby agree to adhere and adopt the following refund policy and shall ensure such refund policy is documented and made aware to the buyer. For the purposes of the following refund policy, the expressions “We”, “Our” shall refer to, and mean, you while the expressions “you”, “your” shall refer to, and mean, the buyer.

    In the event you have your own refund policy and your refund policy is, in our opinion, of a lower standard as compared to the refund policy set out below, the refund policy set out below shall prevail.

    Return & Refund Policy

    This policy is applicable only to those products and services which do not fall under the list of non-refundable and non-exchangeable products as provided for under 1.7 below and list of non-refundable services as provided for under 2.3 below.

    1. For Goods

      1. Should there be any discrepancy of products delivered and you wish for return and refund, you shall contact us and provide the order/invoice number, your name and address, details of the product and the reason for return, and whether you require a refund or an exchange within fourteen (14) days of receipt. We will contact you as soon as practicable after receipt of the request to return and refund.
      2. Exchange of products or refund can be arranged under the following reasons:

        1. If any product has been delivered in a damaged or defective condition, is non-functional or fails to meet the purpose of its intended use;
        2. If the product is not conforming with standard specification;
        3. If the product is out of date or expired; or
        4. If wrong product which is different from the delivered.

        provided that you must return the product to us and you will be responsible for paying for own shipping costs for returning the products. The product shall be un-used, product tags shall not be tampered with, and the product shall be in the original brand packaging (if applicable). In the event that an item is returned to us in an unsuitable condition, we reserve the right not to accept returns and send the product back to you.

      3. If a product which was ordered and invoiced is not included in the delivery, we shall either refund the value of the product or replace the product.
      4. If any product which was not included in your order is delivered to you, we shall collect the product from you.
      5. If you have been charged more than the value of a product when you make the order, we shall refund to you the difference.
      6. Your returned products are usually received and accepted within a set number of days. The return of a product by you does not automatically warrant for a refund or exchange. We will inspect the returned products upon receipt of the same. If the conditions under 1.2 has been fulfilled, exchange will be granted, or refund will be made to you. In the case of refund, we will perform full refund to your original payment mode within seven (7) days subject to the refund lead times of the refund provider. We reserve the rights to withhold any refunds if your original item has not been received by us. We shall not be liable with respect to any loss, damage, cost or expense that you or any person may incur as a result of any delay in your financial institution processing the said refund. In the case of exchange of goods, we will be sending to you the same as soon as practicable.
      7. Non-refundable and non-exchangeable products

        • Perishable goods such as food, flowers, newspapers or magazines

        • Intimate or sanitary goods, hazardous materials, or flammable liquids or gases

        • Gift cards

        • Downloadable software products

        • Some health and personal care goods

        • and such other goods which may be reasonably added from time to time

    2. For Services

      1. If you wish to cancel our services, you shall contact us within fourteen (14) days from the date you purchase such services and provide the order/invoice number, your name and address, details of the service and the reason for cancellation.
      2. We will review your request and will notify you whether or not your request is granted or rejected. If rejected, we will notify you of the same and if granted, we will perform full refund to your original payment mode in accordance with the refund lead times of the refund provider.
      3. Non-refundable services:

        • The job / service is already completed.

        • The job / service cancellation past the duration set in our refund policy which is not more than fourteen (14) days from the payment date.

        • Change of mind.

        • Insisted on having a service provided in a particular way, against our capability and advice.

        • Failed to clearly explain your needs to us.


    1. Sexually oriented or obscene materials;
    2. Child exploitation;
    3. Pornographic goods or services or prostitution;
    4. Any narcotic, other controlled or illegal substances, steroids or drugs in violation of any Laws;
    5. Payments for wagers, gambling debts or gambling winnings, regardless of the location or type of gambling activity;
    6. Any firearms, ammunition, high capacity magazines, tasers, air guns;
    7. Any fireworks or pyrotechnic devices or supplies;
    8. Using the BOLD.Pay Service for pyramid scheme program;
    9. Using the BOLD.Pay Service for money laundering activities;
    10. Products that will damage the goodwill or reflect negatively on the BOLD.Pay Service;
    11. Deal in the currency of Israel;
    12. Deal with the residents, authorities, agencies & instrumentalities & any entities owned or controlled, directly or indirectly, by Israel;
    13. Deal with the persons belonging to or associated with the Taliban, Osama bin Laden and Al-Qaeda organisation pursuant to the United Nations Security Council Resolutions relating to Taliban, Osama bin Laden and Al-Qaeda organisation; and/or
    14. Any item from the Banned and High-Risk Industries, which shall be updated from time to time as stated in Clause 13.

    1. Direct Marketing - Travel-Related Arrangement Services
    2. Direct Marketing - Outbound Telemarketing Merchants
    3. Outbound telemarketers
    4. Direct Marketing - Continuity / Subscription Merchants
    5. Direct Marketing - Other Direct Marketers - not elsewhere classified
    6. Direct Marketing - Inbound Telemarketing Merchants
    7. Multi-level marketing businesses, Unlicensed Multi-level marketing
    8. Rebate-based business and up-selling merchants
    9. Pyramid or ponzi scheme, matrix program and other "get rich quick" schemes
    10. Telemarketing
    11. Time sharing
    12. Gold bar
    13. Investment scheme
    14. Buyers Club / Membership clubs
    15. Key-entry Telecom Merchant providing single local and long-distance phone calls using a central access number in a non–face-to-face environment using key entry
    16. Telecommunication Services including but not limited to prepaid phone services and recurring phone services
    17. File sharing services
    18. Illegal downloads of movies, music, computer and video games or software
    19. Items or downloads infringe or violate copyright, trademark, right of publicity or privacy or any other proprietary right under the laws of any jurisdiction
    20. Counterfeit products including designer/luxury goods
    21. Sale of goods or services in violation of intellectual property rights
    22. Stolen goods including digital and virtual goods
    23. Drugs, Drug Proprietors, and Druggists Sundries
    24. Drug Stores, Pharmacies
    25. Drugs, drug paraphernalia and drug test circumvention aids
    26. Miracle Cures
    27. Internet pharmacies / Internet pharmacy referral site
    28. Counterfeit pharmaceutical products
    29. Cigar Stores and Stands
    30. Tobacco / Cigar / Electronic Cigarette / Nicotine content products
    31. Counterfeit tobacco products (e.g. cigarettes, cigars)
    32. Alcohol
    33. Video Entertainment Rental Stores
    34. Gambling transaction, gaming and/or any other activity with an entry fee and a prize, includes casino games, sports betting, horse, dog or greyhound racing, lottery tickets, other ventures that facilitate gambling, games of skill (whether or not it is legally defined as a lottery), sweepstakes and non-sports intrastate internet
    35. Credit counselling / Credit repair services
    36. Credit repair or debt settlement services, credit transactions or insurance activities
    37. Credit protection / Identity thief protection
    38. Associated with purchases of annuities or lottery contracts, lay-away systems, off-shore banking or transactions to finance or refinance debts funded by a credit card
    39. Associated with the sale of traveler's checks or money orders
    40. Check cashing businesses
    41. Currency and forex
    42. Firearms / weapons
    43. Fireworks and hazardous materials
    44. Pornography and adult content
    45. Sexually oriented materials or services
    46. Items that are considered obscene
    47. Human remains and body parts
    48. Sale of a good or service, including an image, which is patently offensive and lacks serious artistic value (such as images of non-consensual sexual behaviour, sexual exploitation of a minor, non-consensual mutilation of a person or body part, and bestiality)
    49. Payment aggregator
    50. Items promote hatred, racism, religious persecution or contain offensive content
    51. Items encouraging illegal activity
    52. Goods or services for which the provision thereof is illegal (for example drug trafficking)
    53. Involve the sales of products or services identified by government agencies to have a high likelihood of being fraudulent
    54. Sales made under a name which is different from the name your company
    55. Sales made by a third party who are not you
    56. Sales where you know or ought to know that the goods or services will be resold i.e. not for personal use of the buyer
    57. Cash
    58. Damages, penalties, fines, charges, costs or fees of any kind which are in addition to the value of the charges for the goods or services originally purchased or rendered
    59. Amounts which do not represent a bona fide sale of goods or services
    60. Cross border and/or sub-merchant acquisition

    1. We may from time to time make available to you additional third-party service(s) that are not described in the Sales Order provided you agree to be bound by the terms and conditions for such additional third-party service(s) which are as set out below:

      Ninja Van    https://www.ninjavan.co/en-my/b2b-terms-and-conditions
      • You further agree that we shall be entitled to deduct the fees for Ninja Van from the funds to be remitted to you in accordance with Clause 6.2 of this Agreement. If the funds are not sufficient to cover the fees and charges payable to Ninja Van, without limiting any other rights and remedies available to us, you agree to grant us the right to set off the fees and charges payable to us against future funds. In case there is insufficient future funds, we shall be entitled to send invoice in respect of such fees and charges to you, which you shall duly pay the invoiced amount within fifteen (15) days from the date of invoice failing which we shall be entitled to charge a late payment interest of 1.5% per month on the unpaid amount.

    Further to any provisions contained herein, you shall indemnify us and/or the banks against all losses, expenses and damages we and/or the banks may suffer:

    1. as a result of your failure to observe your obligations under the Agreement;
    2. as a result of Cards Association imposing fees, fines or penalties on us and/or the bank as a direct or indirect result of your failure to observe your obligations under the Agreement;
    3. arising out of any dispute between you and a cardholder;
    4. as a result of any error, negligence or fraud relating to a transaction by you, your servants, agents, employees or contractors;
    5. arising out of any damage to, or loss of the terminals due to you, or your employees’ neglect or misuse; or
    6. as a result of any fees, fines or penalties that we and/or the banks are required to pay pursuant to the rules, by-laws or regulations of any Cards Association that any of the banks is a member of or participates in, as a direct or indirect result of your failure to observe any of the procedures, requirements or obligations required to be complied with by you under any Cards Association used in providing the banking services.
  16. Non-Compliance

    Notwithstanding any of the provisions herein, if you, by failing to comply with this Agreement, causes the banks to be fined by BNM and/or fined and terminated as a member of Cards Association; you shall indemnify and reimburse the banks immediately for any such fine imposed by BNM and/or Cards Association for all damages, losses, and costs (legal or otherwise) incurred by or brought against the banks as a result of the Merchant breaching any of the terms contained herein.

  17. Record

    You on your own server shall maintain a reconciliation record and copies of any other documents connected therewith, and further agrees to preserve such records for a period of at least eighteen (18) months from the date of approval of a card transaction.

    You are obliged to provide full cooperation toward any investigations or inquiries made by us or the banks into any card transactions within a period of eighteen (18) months from the transaction date, including the furnishing and delivering of transaction documents from you to us, or vice versa.

  18. Withholding of Payment

    We and/or the banks may, at our absolute discretion, withhold payment to you if, in our or the bank’s opinion or judgement, you are or have engaged in fraudulent or illegal transactions or in the event that irregularities are found in the card transaction records until we and/or the banks have examined and verified all the supporting documentation. If it is found that the transactions are invalid or any of the transactions have been charged back for any, no payment shall be made by us and/or the banks.