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Last Updated: 23 July 2026
Silverleaf E-Money Services Limited dba PayitFast (“PayitFast”) is a company incorporated under the laws of the Province of British Columbia, Canada, registered with the Financial Transactions and Reports Analysis Centre of Canada (“FINTRAC”) as a Money Services Business (“MSB”) under Registration No. M23026009, and supervised and regulated by the Bank of Canada under the Retail Payment Activities Act as a Payment Service Provider (“PSP”). PayitFast provides borderless payment infrastructure and offers fiat and virtual currency payment, on/off-ramp, settlement and remittance services through its platform and licensed partner. These terms and conditions (the “Merchant Terms and Conditions”) govern the relationship between the merchant (the “Merchant”) and PayitFast (individually a “Party”; together the “Parties”) regarding (the “Services”):
The term cryptocurrency shall exclusively refer to any virtual asset, digital asset or cryptocurrency supported by PayitFast and/or its liquidity providers from time to time.
These Merchant Terms and Conditions, as amended from time to time, shall form an integral part of the contractual relationship between the Parties about the provision of the Services pursuant to the separate merchant agreement between the Parties (the “Agreement”). The General Terms of PayitFast as published and updated from time to time on the PayitFast website (the “General Terms”), form part of the contractual framework between the Parties and apply to the extent that neither the Agreement nor these Merchant Terms and Conditions expressly provide otherwise. In the event of any inconsistency, the following order of precedence shall apply: (i) the Agreement, (ii) these Merchant Terms and Conditions, and (iii) the General Terms.
In the event of any inconsistency or conflict between these Merchant Terms and Conditions and the Agreement, the Agreement shall prevail, unless these Merchant Terms and Conditions expressly state that they amend or supplement the Agreement in respect of a specific matter.
Nothing in these Merchant Terms and Conditions creates a fiduciary, trust, partnership, joint venture or agency relationship between the Parties.
These Merchant Terms and Conditions govern the terms and conditions under which the Services are provided in connection with the web-based platform of PayitFast (the “Merchant Platform”) for the invoicing by the Merchant (the “Payment Solution”), in particular:
According to these Merchant Terms and Conditions, PayitFast provides to the Merchant the technical means for the invoicing via a payment link, denominated in virtual assets recognized under the applicable laws and regulations of Canada and solely upon the Merchant’s request.
By having the payment link generated, the Merchant commissions PayitFast with the collection of the claim in its capacity as a payment service provider and money services business, all in accordance with these Merchant Terms and Conditions and the Agreement. The Merchant has previously authorized PayitFast to collect such current and future claims to PayitFast for collection.
The amount in the currency chosen by the End Customer for payment (the “Reference Price”) will be set and shown for each transaction in the designated virtual asset.
Upon receipt of the Invoicing Currency in the invoiced amount (the “Received Amount”), PayitFast converts, via its liquidity provider as specified in the Agreement (the “Liquidity Provider”) and on behalf of the Merchant, the Received Amount into the fiat currency agreed with the Merchant. The converted amount, less any applicable fees as set specified in the Agreement (the “Merchant Fiat Amount”) shall be transferred to the Merchant in accordance with Canada’s financial services regulations and any applicable anti-money laundering and counter-terrorism financing obligation.
For the avoidance of doubt, any foreign exchange spread, conversion margin, liquidity provider spread, market spread or other cost or margin embedded in or applied to the exchange rate used for the conversion of virtual assets into fiat currency shall be borne by the Merchant and may be reflected in the Merchant Fiat Amount. PayitFast shall not be responsible for absorbing, reimbursing or otherwise bearing any such foreign exchange spread or conversion cost, unless expressly agreed in writing in the Agreement.
PayitFast shall provide the software for the Merchant Platform in its current version to the Merchant. The software and the memory space, processing power and data processing power necessary for the use of the software are provided by PayitFast.
The Merchant is responsible for establishing and maintaining the data connection between the IT systems of the Merchant and the point of data transfer. Particularly, the Merchant is responsible for ensuring the latency period and the bandwidth from the computer of the Authorized User to the point of data transfer. Specific network connectivity required by the Merchant needs to be configured and maintained by the Merchant.
PayitFast shall provide the Merchant with the login credentials required for the use of the Services for the identification and authentication of the Authorized Users.
The Merchant may grant access to Authorized Users (such as employees) to use the Merchant Platform. Only identifiable natural persons may be Authorized Users; generic email addresses are not permitted. The Merchant is responsible for ensuring that login credentials are not shared with third parties. If an Authorized User no longer requires access, the Merchant must promptly revoke their access. All Authorized Users must be approved by the Merchant and comply with PayitFast's onboarding, security and compliance requirements. The Merchant is fully responsible for all actions taken using the provided login credentials. The Merchant must notify PayitFast immediately of any unauthorized access or misuse. The Merchant ensures and confirms that the Services are used only in connection with the payment of the services or goods, including donations, offered by the Merchant. In particular, the use of the Services for currency exchange transactions is expressly and strictly forbidden.
The use of the Merchant Platform is subject to the prior registration and onboarding of the Merchant as a contracting party via Onboarding Page (the “Onboarding Page”). Registration on the Onboarding Page requires the Merchant to complete the following actions:
Merchants who are natural persons may only register and create a Merchant Platform Account if they are at least 18 years of age and have full legal capacity.
The registration of legal entities or partnerships may only be carried out by natural persons who are authorized to represent them and who must be identified by name. In addition, at least one responsible person must be designated.
Only individual entities or partnerships may be named as the holder of a user account. Multiple registrations are not permitted.
By clicking the “Sign Up” button, the Merchant submits a binding offer for registration on the Merchant Platform. Before submitting the binding offer, the Merchant has the opportunity to review and, if necessary, correct the information provided.
Upon PayitFast’s acceptance of the Merchant’s offer, either via email or via notification through the Onboarding Page, an agreement is formed between the Merchant and PayitFast for the use of the Merchant Platform, and a Merchant Platform Account is created for the Merchant. The Merchant has no entitlement to the conclusion of such an agreement.
The Merchant represents, warrants and undertakes on a continuing basis that:
The use of the Merchant Platform (Account) requires the Merchant to act in its own name and for its own account. User Accounts are non-transferable.
The Merchant shall log in using the user credentials (email address and password) specified during registration. The Merchant is required to keep the password and any other security credentials that may provide access to the Merchant Platform Account strictly confidential and to secure access to the Merchant Platform Account with due care. The Merchant shall promptly notify PayitFast if there is any indication that the Merchant Platform Account has been or may be used without authorization by third parties.
In the event of any changes to the information provided during registration, the Merchant is obligated to update the information in the Merchant Platform Account without undue delay.
Through the Merchant Platform, the Merchant may select one or more End Customers who have purchased goods and/or services from the Merchant and to whom a payment request, intended to be settled, shall be sent (the “Selected End Customer”) in virtual assets recognized under the laws of Canada.
The Selected End Customer will subsequently receive a payment link. By clicking on the payment link, the Selected End Customer is redirected to a secure virtual asset payment interface provided by PayitFast in its capacity as a payment service provider and money services business.
The Selected End Customer selects the Invoicing Currency in the form of a designated virtual asset supported by PayitFast from time to time.
If PayitFast accepts the Selected End Customer’s request, an invoice, which includes any representations from the Selected End Customer towards the Merchant, as set forth in the Agreement, will be displayed to the Selected End Customer along with the applicable virtual asset exchange rate and settlement terms.
The applicable exchange rate may include a spread, margin or other conversion cost applied by the Liquidity Provider, PayitFast or any relevant third-party provider. The Merchant acknowledges and agrees that such spread, margin or conversion cost is for the account of the Merchant and may reduce the Merchant Fiat Amount payable to the Merchant.
By clicking the payment button, the Selected End Customer accepts the applicable exchange offer and authorizes the transfer of the selected virtual asset to settle the Merchant’s claim.
The Parties agree that PayitFast shall be entitled to cancel or block transactions carried out under this section of the Merchant Terms and Conditions where legal or regulatory grounds so require, including but not limited to anti-money laundering, counter-terrorism financing and virtual asset compliance obligations under the laws of Canada.
For the purposes of complying with applicable anti-money laundering, counter-terrorist financing, sanctions and Travel Rule obligations, PayitFast may require information, declarations, documentation or verification directly from an End Customer. The Merchant acknowledges and agrees that PayitFast may communicate directly with End Customers for such purposes and may delay, suspend, reject or cancel transactions where such information is not provided or cannot be satisfactorily verified.
PayitFast may generate linked virtual accounts with dedicated IBANs (the “Payment Accounts”) for the collection of payments from End Customers through payment links generated by PayitFast on behalf of the Merchant under the master account of PayitFast held with the payment account infrastructure provider of PayitFast (the “Payment Account Infrastructure Provider”) as set forth in the Agreement.
Each Merchant’s Payment Account is uniquely assigned to a specific Merchant and attributable solely to that Merchant. Balances held in such Payment Accounts shall be segregated on a per-Merchant basis.
The Merchant may initiate withdrawals from its Payment Account at any time through the Merchant Platform.
The End Customer transfers the amount denominated in the Invoicing Currency to a dedicated PayitFast wallet (the “PayitFast Wallet”) held with the Liquidity Provider as specified in the Agreement.
The remittance to the Merchant of the amount collected and converted under the Agreement, less any applicable fees as specified in the Agreement (the “Merchant Fiat Amount”) on behalf of the Merchant shall follow the following cycle (the “Settlement”):
The Merchant is obligated to cooperate fully upon request of PayitFast for ensuring compliance with the applicable legal and regulatory provisions, particularly in connection with the prevention of money laundering and combating terrorism.
The Merchant shall remain fully liable for any chargeback, reversal, refund, recall, clawback, indemnity claim, fraud loss, penalty, fine, regulatory recovery or third-party claim arising in connection with transactions processed on behalf of the Merchant.
PayitFast may recover such amounts from the Merchant and may deduct such amounts from any funds otherwise payable to the Merchant.
The Merchant shall pay the fees set out in the Agreement. In addition to such fees, where any currency conversion or virtual asset to fiat conversion is required, the Merchant shall bear all applicable foreign exchange spreads, liquidity provider spreads, market spreads, conversion margins, execution costs, third-party charges and other costs associated with such conversion.
Such amounts may be embedded in the exchange rate applied to the relevant transaction and/or deducted before the Merchant Fiat Amount is remitted to the Merchant. PayitFast shall not be required to absorb or fund any foreign exchange spread, conversion cost or adverse exchange rate movement.
All fees and charges are exclusive of any applicable VAT, GST, sales taxes, withholding taxes or similar taxes unless expressly stated otherwise.
The Merchant shall be solely responsible for any taxes arising from its business activities and use of the Services.
PayitFast may set off any amounts owed by the Merchant to PayitFast against any amounts payable by PayitFast to the Merchant under the Agreement, these Merchant Terms and Conditions or otherwise.
PayitFast may establish, maintain, increase or retain reserves, security deposits, settlement holds or rolling reserves where reasonably required to manage legal, regulatory, compliance, fraud, operational, credit or financial risk.
No interest shall accrue or be payable on any reserve amount unless otherwise agreed in writing.
The Merchant is obligated to comply with all applicable laws and regulatory duties, including anti-money laundering, counter-terrorist financing, sanctions, anti-bribery and corruption, data protection and consumer protection requirements applicable to its business and use of the Services.
Upon request of PayitFast, the Merchant is subject to a comprehensive duty of cooperation in connection with the Agreement and with regards to its End Customers, including the provision of information necessary to ensure compliance with applicable anti-money laundering (AML) and counter-terrorism financing (CTF) regulations, sanctions and regulatory requirements. For the remainder, reference is made to the obligations set forth in the Agreement.
PayitFast may request information, records, documentation, explanations or confirmations relating to the Merchant, any End Customer, any transaction or the Merchant's use of the Services.
PayitFast may collect, obtain, verify and process information directly from any End Customer where reasonably necessary to comply with applicable laws, regulations, sanctions requirements, anti-money laundering and counter-terrorist financing obligations, including any obligations relating to the Travel Rule or equivalent regulatory requirements.
The Merchant acknowledges and agrees that PayitFast may contact End Customers directly for such purposes and may delay, suspend or reject any transaction where the requested information is not provided or cannot be satisfactorily verified.
The Merchant shall promptly provide all information requested by PayitFast and shall cooperate fully with any compliance, regulatory, audit, sanctions screening, anti-money laundering or fraud prevention review.
For the duration of the Merchant Terms and Conditions and the Agreement, the Merchant is granted a single, in time unlimited, non-exclusive, non-sublicensable and non-transferrable right to use the Merchant Platform and the Payment Solution and accepts all forms of protection of the intellectual property of PayitFast according to applicable legal and regulatory provisions. Rights not mentioned in the Agreement, including any annexes thereto, shall expressly not be granted to the Merchant. The Merchant has no right to sell, license, sub-license or otherwise dispose over the rights or the property of PayitFast.
There is expressly no transfer of any rights to the Merchant if PayitFast changes or modifies the Merchant Platform upon suggestion or feedback of the Merchant.
Upon termination of the Agreement all user rights for the Merchant Platform shall expire. The Merchant must return, deinstall or delete all licensed products and documentation including copies thereof and including parts combined with other programs or data systems. The Merchant shall confirm such return, deinstallation or deletion in writing.
The Merchant allows PayitFast to use the Merchant’s name, firm, address, logo and/or brand for use and display in the Merchant Platform and within the payment process.
Nothing in these Merchant Terms and Conditions grants the Merchant any ownership rights in the intellectual property, software, technology, systems, documentation, trademarks or branding of PayitFast.
All business activities between the Parties are confidential. Both Parties are in particular bound by confidentiality with regards to client data of the other Party. Client data may only be used for the services provided. Disclosure of client data is strictly forbidden, unless expressly waived by the End Customer (i.e., all necessary waivers provided by the End Customer to permit the transmission, disclosure, and processing of personal data, payment data, and information protected under applicable data protection and/or professional secrecy laws to PayitFast and, where applicable, to third party service providers involved in the processing and/or transmission of information for the provision of the Services under the Agreement). For the remainder, reference is made to the information and confidentiality obligations set forth in the Agreement.
The data privacy policy of PayitFast can be accessed via the following link: Privacy Policy
According to the state of the art, it is not possible to develop complex software products that are always completely free of errors and work error-free in all applications and combinations, especially with different hardware components.
The agreed quality of the Merchant Platform is not designed to ensure that no program errors whatsoever may occur or that the payment gateway can be used for every conceivable application, but only that it does not contain any program errors that significantly impair its intended use.
PayitFast does not guarantee that the Merchant Platform and the Payment Solution can be used without interruption and without errors, nor that the correction of a software or hardware error will prevent the occurrence of further such errors.
To the fullest extent permitted by law, PayitFast's aggregate liability arising out of or relating to the Services, the Agreement or these Merchant Terms and Conditions shall not exceed the total fees paid by the Merchant to PayitFast during the twelve (12) months preceding the event giving rise to the claim.
PayitFast ensures that all licensed products are free from rights of third parties and that there are no rules or third parties’ rights that restrict or disallow the intended use of the Merchant Platform.
If property rights of third parties have been infringed upon, PayitFast has the right to choose between either procuring the right of continued use for the Merchant or modifying the Merchant Platform in order to remedy said infringement. If either cannot be completed with reasonable effort or within thirty (30) days as of the complaint, PayitFast is obliged to repay to the Merchant the remuneration paid to PayitFast less reasonable compensation for the benefit already received.
The Merchant shall inform PayitFast immediately about admonished or possible infringements of property rights. The Merchant shall grant PayitFast, as far as necessary and legally possible, all rights necessary for the defence against such third party claims. The Merchant shall leave the defence against such third party claims to PayitFast and may not act on his own without prior consent of PayitFast. The Merchant is obligated to support PayitFast in the defence against such third party claims.
The Merchant shall indemnify, defend and hold harmless PayitFast, its directors, officers, employees, affiliates and service providers against all losses, liabilities, damages, costs, claims, expenses, penalties and regulatory actions arising from:
PayitFast may suspend, delay, reject, reverse or cancel any transaction, settlement, withdrawal, transfer or instruction where PayitFast reasonably determines that:
PayitFast may, at any time and without liability or prior notice to the Merchant, suspend, restrict, delay or terminate all or part of the Services where required by applicable law, regulation, regulatory guidance, governmental order or competent authority, or where a force majeure event occurs. PayitFast can, at any time and without liability or prior notice to the Merchant:
PayitFast shall, subject to legal and regulatory duties of documentation, in case of a termination of the Agreement for whatever reason return all data of the Merchant including copies without delay, or, if return is not possible, shall destroy such data and copies thereof. Such destruction shall be confirmed to the Merchant in writing.
The Merchant shall, in the event of termination of the Agreement for whatever reason, return to PayitFast all documentation and confidential information received for the use of the Services, and cease the use of the Services.
The provisions relating to confidentiality, intellectual property, data protection, indemnities, limitation of liability, payment obligations, set-off rights, reserves, compliance obligations and dispute resolution shall survive termination of the Agreement.
The Merchant acknowledges that using the Services is associated with risks, including, but not limited to:
The Merchant remains solely responsible for any possible risk disclosure obligations, documentation obligations or duties to clarify towards the End Customers.
The Merchant Fiat Amount may be affected by exchange rate fluctuations, liquidity provider pricing, foreign exchange spreads, market spreads, conversion margins, execution costs and other charges applied in connection with the conversion of virtual assets into fiat currency. The Merchant bears these risks and PayitFast shall not be liable for any reduction in the Merchant Fiat Amount resulting from such matters.
Banking partners, payment providers, liquidity providers and regulatory authorities may delay, suspend, reject, reverse or restrict transactions, settlements or account access, and PayitFast shall not be liable for any resulting losses except to the extent caused by its wilful misconduct.
PayitFast reserves the right to unilaterally amend these Merchant Terms and Conditions at any time with thirty (30) days notice. All changes shall be announced on the PayitFast website.
The current version of the Merchant Terms and Conditions is accessible at any time via https://payitfast.com/invoicing-terms.
The Merchant consents to receiving notices, disclosures and communications electronically.
The Parties agree that any terms and conditions issued by the Merchant shall not become effective between the Parties.
The provisions of these Merchant Terms and Conditions shall be construed so as to be valid and enforceable according to applicable law. Should any provision hereof be unenforceable or invalid according to applicable law, it shall only be unenforceable or void to the extent of such unenforceability or invalidity and shall for the remaining be replaced by a valid and enforceable provision which shall satisfy the legal and economic meaning/result of the ineffective provision. The remaining provisions of the Merchant Terms and Conditions remain binding and in full force. The same shall apply to any gap in the Merchant Terms and Conditions.
The Parties may not assign or delegate, in whole or in part, either these Merchant Terms and Conditions or any of their rights and obligations under these Merchant Terms and Conditions without the prior written consent of the other Party. Any such assignment or delegation performed without the aforementioned written consent shall be null and void.
These Merchant Terms and Conditions shall be governed by and construed in accordance with the substantive laws of the Province of Ontario and the federal laws of Canada applicable therein.
Any dispute, controversy or claim arising out of or in relation to these Merchant Terms and Conditions or future non-contractual claims including the validity, invalidity, enforceability, interpretation, execution, breach, modification or termination thereof, shall be submitted to the exclusive jurisdiction of the courts of the Province of Ontario, Canada.
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