Pay By Bank

Version: 1.2

Effective Date: 2026-06-11

1. Purpose

This Pay by Bank Policy ("Policy") forms part of the Merchant Agreement.

This Policy governs the Merchant's acceptance of Pay by Bank transactions processed through the Services.

Pay by Bank enables Customers to authorise payments directly from their bank account using one or more underlying payment providers approved by Kwik.

This Policy should be read together with the following documents:

• Merchant Agreement
• Fees & Pricing
• Privacy Notice
• Data Processing Addendum
• Information Security Policy
• Security Requirements
• Acceptable Use Policy
• Sanctions and Anti-Money Laundering Policy
• Chargeback & Dispute Policy

2. Scope

This Policy applies to all Pay by Bank transactions processed through the Services, including transactions initiated through:

• Hosted Checkout;
• Embedded Checkout;
• Payment Links;
• Merchant APIs;
• Mobile Applications; and
• any other Pay by Bank integration supported by Kwik.

Pay by Bank transactions may be facilitated by one or more Underlying Payment Providers selected by Kwik.

The current list of supported providers is available within Kwik's product documentation and may change from time to time.

3. Underlying Payment Providers

Pay by Bank transactions are facilitated through one or more third-party payment providers approved by Kwik.

The currently supported provider is:

• Ozow

By enabling or using Pay by Bank, the Merchant acknowledges that Pay by Bank transactions are also subject to the operational rules, technical requirements and end-user terms imposed by the applicable Underlying Payment Provider.

For transactions processed through Ozow, the Merchant agrees to comply with Ozow's applicable legal documentation available at:

• Ozow Legal Documentshttps://ozow.com/legal

Kwik relies on each Underlying Payment Provider's own licensing and compliance with Applicable Law, including any applicable payment system provider or payment system operator authorisation required under the National Payment System Act 78 of 1998, and does not independently verify or guarantee that compliance.

Kwik may add, remove or replace Underlying Payment Providers at any time without requiring an amendment to this Policy.

4. Availability

Pay by Bank is available only:

• where supported by Kwik;
• where supported by the participating financial institution;
• where supported by the applicable Underlying Payment Provider;
• where the Customer successfully authenticates with their financial institution; and
• where the payment is successfully authorised.

Availability may vary depending on:

• participating banks;
• payment provider availability;
• banking operating hours;
• maintenance windows;
• Customer authentication; and
• operational or regulatory requirements.

Kwik does not guarantee the continuous availability of Pay by Bank.

5. Customer Authentication

Customers authenticate directly with their financial institution using authentication methods determined by their bank.

Kwik does not:

• collect internet banking credentials;
• control Customer authentication;
• determine authentication outcomes;
• manage banking sessions; or
• store internet banking credentials.

The Merchant must never request, collect or store a Customer's online banking credentials.

6. Payment Authorisation

A Pay by Bank transaction is authorised only after confirmation by the participating financial institution and, where applicable, the Underlying Payment Provider.

Authorisation does not guarantee:

• settlement;
• protection from fraud;
• uninterrupted banking services;
• payment finality where prohibited by Applicable Law; or
• the absence of future disputes.

7. Merchant Responsibilities

The Merchant shall:

• provide accurate payment information;
• clearly describe the goods or services being purchased;
• fulfil customer orders promptly;
• maintain appropriate customer support processes;
• comply with Applicable Law;
• comply with this Policy;
• comply with the Merchant Agreement; and
• comply with any operational requirements imposed by the applicable Underlying Payment Provider.

The Merchant shall not:

• interfere with a Customer's banking session;
• request internet banking credentials;
• redirect Customers to unauthorised banking interfaces;
• misrepresent Pay by Bank functionality;
• modify or interfere with the authentication process; or
• use Pay by Bank for any unlawful purpose.

8. Settlement

Settlement timeframes depend upon:

• the participating financial institution;
• the Underlying Payment Provider;
• banking operating hours;
• weekends and public holidays;
• regulatory requirements;
• operational processing windows; and
• payment verification processes.

Estimated settlement timeframes published by Kwik are indicative only and do not constitute a guarantee.

9. Refunds

Refunds are governed by the Chargeback & Dispute Policy.

Where supported:

• refunds may only be processed to the original payer or another verified account where permitted;
• refunds remain subject to Applicable Law;
• refunds remain subject to banking requirements; and
• refunds remain subject to the operational rules of the applicable Underlying Payment Provider.

10. Disputes

Unlike card payments, Pay by Bank transactions generally do not support traditional card Chargebacks.

Depending upon the applicable provider:

• disputes may be handled directly between the Merchant and Customer;
• banking dispute procedures may apply;
• provider-specific dispute processes may apply; and
• recovery rights may differ from card payments.

The Merchant remains responsible for resolving Customer disputes.

11. Third-Party Rules

Pay by Bank transactions are subject to:

• the Merchant Agreement;
• this Policy;
• the rules of the participating financial institution;
• the rules of the applicable Underlying Payment Provider;
• applicable banking regulations; and
• Applicable Law.

Where the operational requirements of an Underlying Payment Provider are more restrictive than this Policy, those operational requirements shall prevail to the extent necessary for the processing of the transaction.

12. Suspension

Kwik may suspend Pay by Bank immediately where:

• required by a participating financial institution;
• required by an Underlying Payment Provider;
• required by Applicable Law;
• fraud is suspected;
• suspicious activity is identified;
• excessive disputes occur;
• continued processing presents an unacceptable financial, operational or regulatory risk; or
• the Merchant breaches this Policy or the Merchant Agreement.

Suspension of Pay by Bank does not automatically suspend other payment methods.

13. Limitation of Liability

Without limiting the Merchant Agreement, Kwik shall not be liable for:

• banking outages;
• Customer authentication failures;
• internet banking service interruptions;
• delays caused by participating financial institutions;
• delays caused by Underlying Payment Providers;
• changes made by financial institutions;
• changes made by Underlying Payment Providers;
• payment provider outages;
• Customer banking restrictions; or
• transaction failures outside Kwik's reasonable control.

14. Changes

Kwik may amend this Policy from time to time to reflect:

• changes to supported Underlying Payment Providers;
• banking requirements;
• regulatory developments;
• operational improvements;
• security enhancements;
• technological developments; or
• industry best practices.

The latest version of this Policy will always be available at:

/legal/payment-methods/pay-by-bank

Continued use of Pay by Bank after an updated version becomes effective constitutes acceptance of the revised Policy where permitted by Applicable Law.