Overview

Issued by PayAny1 Pty Ltd ABN 51 630 466 303

Australian financial services license no. 518990

(PayAny1, we, us, our)

Issue Date: 21/06/2021

Last Updated: 01/09/2024

PayAny1 (trading as ‘Cashwo’) is a financial services business which can provide you with general advice on, and issue, non-cash payment solution to businesses to accept online payments from their clients.

1. Important Information

This Product Statement Guide (“PDS”) has been prepared by PayAny1. PayAny1 trading as ‘Cashwo’ is the issuer of non cash payment facility.

This PDS contains important information about the Cashwo payment solution and its associated benefits, risks and fees.

You should read this document carefully because it is designed to assist you in deciding whether the Cashwo Payment solution is appropriate for you.

The information contained in this PDS does not take into account your individual objectives, financial situation or needs. Nothing is intended to constitute investment, legal, tax, accounting or other professional advice and you should seek professional advice on whether the Cashwo payment solution services are appropriate for your particular circumstances.

The PDS has not been lodged with the Australian Securities and Investments Commission (ASIC) and does not need to be lodged with ASIC. ASIC takes no responsibility for the contents of the PDS.

The PDS may only be used by people who receive it in Australia. The information in this PDS does not constitute an offer in any country other than Australia. The distribution of this PDS in countries outside Australia is limited and may be restricted by law. People who come into possession of this PDS who are not in Australia should seek advice on any such restrictions that apply.

The information in this PDS is subject to change and is up to date at the date of this PDS. Where new information is materially adverse, we will issue a new PDS or supplementary PDS. However, where the information is not materially adverse, we will not issue a new PDS or supplementary PDS but you will be able to find the updated information on our website.

About the Cashwo Payment Solution Application

The Cashwo payment solution application is a financial product that is regulated by the Corporations Act 2001 (Cth).

You can access the Cashwo payment solution services via the Cashwo App and webportal.

Business users send invoices directly to clients via the Cashwo App, who then authorize payments to be deducted from their bank accounts. These payments are deducted via the "Payto" service (standalone payments solution).

Funds will be automatically settled into their the business users bank accounts within 24 hours via API , or they can opt to withdraw funds from their Cashwo account at any time.

You only access the value you have received into your cashwo app account. The Cashwo application account is not a deposit account and not interest will be payable.

2. Significant Benefits of the Cashwo Payment application

The significant benefits of the Cashwo payment application are:

• Business users can send the invoices to their client directly from the app.
• Client can make the payment by clicking on the payment link/pay option on the invoice.
• The payment will be directly debited from the client’s account with his authority and transfer of the payment from bank to cashwo application will be facilitated through ‘Payto’ service.
• Businesses will have instant access to the funds.
• It is a convenient way to accept funds from customers.
• Business will have access to web portal to view transactions and daily payment reports.
• The cashwo app account can only be linked to business bank account for the settlement of funds reducing the risk of fraud transfers.

3. Significant Risks of the Cashwo Digital Wallet

The significant risks of the Cashwo Digital Wallet are:

• If the network enabling the use of the Cashwo payment application is unavailable, you may not be able to perform transactions or get information using the Cashwo app;
• If someone hacks your account or get unauthorized access to you account, then he may try to transfer the amount to his account, although the chances are very minimal as the application can only be linked to business account and at the time of adding new bank account, the account gets verified.
• customers may, at their discretion, refuse to authorize the debit (via “Payto” service) to Cashwo app as a method of payment.
• you will not earn interest on any available balance that is stored on your Cashwo account; and
• the Financial Claims Scheme (see https://www.fcs.gov.au/) does not apply in relation to your Cashwo mobile payment solution or your available balance in the cashwo account. If PayAny1 (trading as ‘Cashwo’) fails, any available balance held in your Cashwo digital account will not be protected by the FCS, and you may lose all or part of your available balance.

4. Fees and Charges

The fees and charges that apply for the issue and use of the Cashwo Payment solution services are as follows:

Accepting Money from consumer

• Per transaction : 2% of the transaction amount, maximum capping - $3

Settlement from Cashwo account to business bank account

• No fee

TRANFERRING MONEY from your Cashwo account to your bank account for instant access

• Withdrawal - $2 per transaction

Account maintenance fee

• No fee if the total value of the transactions received via Cashwo services is more than $5000.
• $40 if the total value of the transactions received via Cashwo services is less than $5000.

The money is typically available in the app within seconds but if the bank is not NPP participant then it will be done within 24hours or next business day in case of the weekend.

5. Cooling Off Rights

There are no cooling-off rights attached to the Cashwo Payment solution. However, you may cancel the Cashwo account at any time.

6. Legal terms and conditions

The terms and conditions for use of the Cashwo Account are set out in the Terms, which can be accessed at www.cashwo.com.au/terms-and-conditons.html. You should read and understand these terms before acquiring the Cashwo account as they primarily govern the legal relationship between you and us. You can request an electronic copy of the Terms by contacting us.

7. Applicable Laws

Privacy

We are committed to complying with the Australian Privacy Principles established under the Privacy Act. Our Privacy Policy sets out detailed information about how, why and when personal information is collected, disclosed, used, stored and otherwise handled by us. Our Privacy Policy is available at www.cashwo.com.au/privacy-policy.html. You may request a copy of our Privacy Policy in hard copy.

Our Privacy Policy sets out:

• the purposes for which we collect your personal information;
• the consequences if you don’t provide your personal information to us;
• the third parties to which we disclose your personal information;
• how to access and seek correction of your personal information;
• how to complain about a breach of our obligations in respect of your personal information and how we will deal with such a complaint; and
• Whether your personal information is likely to be disclosed by us to overseas entities and in which countries these entities reside.

AML-CTF Laws

The AML-CTF Laws require us to collect and verify certain identification information about you. We will collect personal information from third parties to verify your identity for this purpose as well.

We may be required to disclose certain information about you to AUSTRAC. We may not be permitted to tell you when this occurs. We may also be prohibited from fulfilling our obligations to you, such as continuing to provide you with the PayAny1 digital payment solution. We may also be required by the AML-CTF Laws to delay or suspend the PayAny1 Digital solution services or your access to your PayAny1 Account.

Dispute Resolution

If you have a complaint relating to the Cashwo Payment solution application or the financial services we have provided to you, please follow the process specified under the “What should you do if you have a complaint?” of our FSG.

8. Contact Details

For any enquiries, contact us

Telephone: 1300 757 757

Email: info@cashwo.com.au

Website: www.cashwo.com.au