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Settlements/Payouts

Settlements/Payouts

Last updated: 2026-01-28
  1. General
  1. These Product Terms for the Settlement Services shall be supplemental and are read together with the Terms of Service and Additional Documents. The Product Terms, Terms of Service and Additional Documents constitute a legally binding agreement between you and FiveWest.
  2. This version of the Product Terms for the Settlement Services shall replace and supersede any previous agreements between us with respect to the Settlement Services that may have been accepted, or otherwise made available on, the Site or Portal. By utilising the Settlement Service, you agree that you have read, understood and accepted the Product Terms and agree to be bound and act in accordance with them.
  3. FiveWest may amend these Terms from time to time without providing any prior notice. Therefore, it is your responsibility to ensure that you regularly check the Site or Portal to determine if the Terms have been updated.
  4. The continued use of the Settlement Service after any amendment to the Terms constitutes your acceptance of such Terms as modified by such amendment. If you do not accept the Terms or any amendment thereof, you must immediately stop using the Settlement Service and notify FiveWest accordingly.

  1. The Settlement Service
  1. FiveWest shall make the Settlement Services (“Services”) available to the Merchant subject to the terms, the Terms of Service, and the Additional Documents. The Services are provided to the Merchant either for its own operational purposes or to facilitate the provision of End Customer Services to the Merchant’s Customer, in accordance with these Terms.
  2. FiveWest shall provide the Services under one of two models: the Sender Model or the Float Model, both of which shall be subject to the terms herein.
  3. Sender Model: The Sender Model shall be available exclusively to Merchants that are duly licensed financial institutions in the jurisdiction in which the services are provided. Upon receipt of Crypto Assets from such Merchant, FiveWest shall execute a conversion of the Crypto Assets into ZAR (Rand) and effect payment to the End Customer’s bank account as instructed by the Merchant and/or the Merchant’s Customer.
  4. Float Model: The Float Model shall be available exclusively to Merchants that are duly licensed financial institutions in the jurisdiction in which the services are provided. Under this model, the Merchant shall maintain a pre-funded Crypto Asset float with FiveWest. FiveWest shall be entitled to utilise such float to execute conversions of Crypto Assets into ZAR (Rand) and effect payment to the End Customer’s bank account as instructed by the Merchant and/or Merchant’s Customer.
  5. Payouts can only be made to the End Customer who has an active bank account in South Africa.  
  6. The Merchant undertakes to ensure that the Merchant’s Customers, its Customers and the End Customer are aware and accept that:
  1. the Payouts are made by FiveWest as a licensed and authorised financial service provider and Third Party Payment Provide;
  2. payments are instant and non-refundable;
  3. FiveWest acts solely on instructions provided by the Merchant or the Merchant’s Customers.

  1. Fees and Payment
  1. For performance of the Services, the Merchant shall be liable for fees as set forth in the API Documentation or the FiveWest Information Centre, as may be updated from time to time.
  2. FiveWest reserves the right to increase or otherwise amend fees:
  1. Upon notice, in the event of changes implemented by FiveWest’s banking partners;
  2. For any other reason, by providing the Merchant with at least thirty (30) days’ prior written notice.
  1. Any services requested by the Merchant that fall outside the scope of the Services shall be negotiated between the parties on a case-by-case basis, including applicable fees and terms.
  2. Continued use of the Services following any fee revision constitutes acceptance of the revised fee structure. If the Merchant does not accept the revised fees, it may terminate these Terms.
  3. Each Payout incurs a fee of R5.00, R10.00 or R20.00, depending on the Payout amount and payment channel used. Available channels include:
  1. RTC (Real-Time Clearing): For instant payments up to R250 000.00;
  2. PAYSHAP: For instant payments under R50 000.00 to supported banks. PAYSHAP Payouts shall only be processed to banks supported by the PAYSHAP system.

  1. Merchant Obligations and Undertakings
  1. The Merchant undertakes to:
  1. manage its relationships with its Customers and the End Customers;
  2. ensure that all relevant integrations comply with the API Documentation, Product Terms and related technical or operational guides;
  3. establish and maintain, at its own costs, the infrastructure necessary to fulfil obligations under these Terms;
  4. comply with all reasonable instructions from FiveWest for operational, maintenance or service improvement purposes;
  5. perform all KYC and FICA processes in relation to its Customers and the End Customers, as mandated by the applicable law, FiveWest or its banking partners;
  6. hold all the necessary licenses or authorisations to offer the Services to its Customers;
  7. maintain a risk management and compliance policy/AML Policy and provide an updated copy to FiveWest upon request;
  8. report technical incidents to FiveWest promptly upon detection;
  9. maintain a float balance and top up the balance if necessary;
  10. obtain clear payment instructions from the Merchant’s Customers.
  1. The Merchant must:
  1. ensure that all transactions are lawful and are not linked to restricted or illegal goods or services;
  2. maintain records of transactions, Customer communications, KYC information for a minimum period of five (5) years or longer if required by law;
  3. provide requested information to FiveWest in respect of a Customer, End Customer or the applicable Payout within one (1) business day of written request;
  4. ensure adequate documentation exists and is on record to evidence the lawful purpose for any Payout.

  1. FiveWest’s Obligations
  1. FiveWest shall:
  1. provide the Service to the Merchant and the Merchant’s Customers and process payments as instructed, provided that:
  1. the Payout is lawful and complies with these Terms;
  2. the Merchant’s FiveWest Account is active and there are no compliance flags in respect of the Account;
  3. the payment instruction is clear and to an active South African bank account.
  1. provide the Merchant with adequate detail on the status of the payments.

  1. Limitation of Liability and Risk
  1. The Merchant acknowledges that the use of the Service is at its own risk. The Merchant assumes full responsibility for any loss or damage resulting from such use.
  2. The Merchant indemnifies FiveWest, its affiliates, and representatives against any claims, damages, losses, or expenses arising from:
  1. use or inability to use the Services;
  2. reliance on information provided by the Merchant and/or its Customers;
  3. acts or omissions of third parties utilised in the provision of the Services;
  4. Fraudulent, unauthorised or incorrectly issued payment instructions, unless caused by FiveWest’s gross negligence or wilful misconduct.
  1. FiveWest shall not be liable for:
  1. losses arising from errors in banking details provided by the Merchant and/or Merchant’s Customers;
  2. non-compliance with the applicable laws or international laws regulating the Merchant;
  3. service outages or delays outside of FiveWest’s control.
  1. The Merchant acknowledges that it bears the risk for any fraudulent, unauthorised, or incorrect instructions. FiveWest shall not be liable unless caused by its gross negligence or wilful misconduct.
  2. The Merchant is responsible for implementing appropriate security measures to prevent unauthorised or fraudulent payment instructions.
  3. FiveWest shall not be responsible for instances that are outside FiveWest’s control, which include:
  1. any actions or inactions of the Merchant and/or the Merchant’s Customers that result in loss of service;
  2. any inaccuracies in Payouts performed by FiveWest as a result of the information provided by the Merchant and/or the Merchant’s Customers;
  3. any events or outages affecting the Services that are outside of the authority, control and/or responsibility of FiveWest;
  4. any delays in the settlement of Payouts and payments into the Merchant’s float; and
  5. non-settlement of Payouts.

  1. Warranties and Indemnification 
  1. FiveWest and the Merchant warrant compliance with all applicable laws, anti-corruption laws and regulatory requirements.
  2. FiveWest warrants that it:
  1. has the authority to provide the Services;
  2. will provide the Services with reasonable care and skill;
  3. owns or is authorised to use all the intellectual property related to the Services;
  4. will maintain and upgrade the Service to ensure functionality;
  5. maintain its licenses and authorisations to provide the Services.
  1. The Merchant warrants that it:
  1. will not act in a manner that  may harm FiveWest’s reputation;
  2. complies with all applicable laws and regulations;
  3. will provide accurate information and co-operate with FiveWest’s enquiries;
  4. will not infringe on FiveWest’s intellectual property rights.
  1. The Merchant indemnifies FiveWest against losses arising from:
  1. its breach of its obligations under these Terms, including the Terms of Service and Additional Documentation;
  2. Negligent, wilful or fraudulent acts by the Merchant and/or its Customers.

  1. Customer Support and Compliance
  1. The Merchant shall provide all support to its Customers and/or the End Customer regarding the Service at its own cost.
  2. The Merchant shall be responsible for and shall be the first point of contact for any Customer or End Customer in respect of complaints, issues or disputes arising in respect of the Services. In the event that FiveWest receives any request to provide End Customer support services, FiveWest shall be entitled to refer such request to the Merchant however, FiveWest will provide reasonable assistance and information to assist the Merchant.
  3. Unless agreed otherwise, the Merchant shall, upon becoming aware of the complaint in relation to the Service or FiveWest by an End Customer, notify FiveWest immediately and will forward a copy of the complaint to FiveWest within one (1) day of becoming aware of such complaint.

  1. Suspension and Termination
  1. FiveWest may suspend or terminate the Settlement Services, in whole or in part, by providing the Merchant with at least thirty (30) days written notice.
  2. Notwithstanding the above, FiveWest may immediately suspend or terminate the Services, in whole or in part, with immediate notice, where FiveWest reasonable determines that there is a justifiable reason to do so, including, without limitation where:
  1. the Merchant breaches these Terms, the Terms of Service or the Additional Documentation;
  2. FiveWest reasonably suspects fraud, unlawful activity, or a breach of applicable laws or regulatory requirements;
  3. the Merchant becomes insolvent, enter business rescue, liquidation or is otherwise unable to meet its financial or contractual obligations;
  4. the Merchant’s licenses or authorisations are withdrawn or suspended;
  5. repeated or material Payouts are flagged by FiveWest’s banking partners or by FiveWest;
  6. required KYC or other information relating to the Merchant, its Customer and/or the End Customer, or any Payout is requested by FiveWest and is not provided, is incomplete, inaccurate, or does not comply with these Terms or FiveWest’s Risk Management and Compliance Policy;
  7. the Merchant fails to maintain its FiveWest Account in accordance with the Terms of Service or otherwise fails to comply with FiveWest’s operational, compliance or accountant maintenance requirements.

  1. Disclaimer and API
  1. You acknowledge that the Services are offered strictly “as is” and “where available” basis and FiveWest expressly disclaims, and you waive, all warranties of any kind, whether express or implied. Without limiting the generality of the foregoing, FiveWest Service and any related products and services are offered without any warranty.
  2. The Merchant acknowledges and agrees that its access to and use of the API, and all associated Intellectual Property rights, are governed by the Terms of Service, and that no rights, title, or interest in such Intellectual Property are transferred to the Merchant except as expressly permitted under the Terms of Service.
  3. The API Documentation must be read in conjunction with these Terms and as if specifically incorporated herein.

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