Skip to Content
FIVEWEST has a new look 🎉
LegalProduct TermsCollections and Settlements

Collections and Settlements

Collections and Settlements

Last updated: 2025-06-30
  1. General
  1. These Product Terms for the Collection and 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 Collection and Settlement Services shall replace and supersede any previous agreements between us with respect to the Collection and Settlement Services that may have been accepted, or otherwise made available on, the Site or Portal. By utilising the Collection and 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. 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.
  5. FiveWest will do their best to notify you of any changes to the Terms that will materially affect your rights and obligations, however we cannot provide such guarantee.
  6. The continued use of the Collection and 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 Collection and Settlement Service and notify FiveWest accordingly.

  1. The Collection Service
  1. Agency Consent: The Client shall appoint FiveWest as its agent solely for the purpose of receiving payments. FiveWest can offer two models in respect of its Collection Services:
  1. Fiat Model; and
  2. Crypto Model.
  1. The Fiat Model
  1. FiveWest will collect ZAR (Rands) on behalf of the Client into FiveWest’s Client Account;
  2. FiveWest will aggregate and allocate the ZAR (Rands) to the Client which shall reflect on the FiveWest Portal.
  3. The Client may request a withdrawal of the collected ZAR or request a payout of the aggregated funds.
  1. The Crypto Model
  1. FiveWest will collect ZAR (Rands) on behalf of the Client into FiveWest’s Client Account.
  2. At the end of each business day, FiveWest shall aggregate the collected ZAR and execute a single trade into Crypto Asset that is supported by FiveWest.
  3. The Crypto Asset is transferred into the Client’s whitelisted wallet address
  1. The Settlement Service
  1. FiveWest can offer two models in respect of its Settlement Services:
  1. Sender Model; and
  2. Float Model.
  1. The Sender Model
  1. FiveWest will receive Crypto Assets from an international licensed financial institution.
  2. Upon receipt of the Crypto Assets, FiveWest will execute a Crypto Asset to ZAR (Rand) trade and make payment into the recipient's approved bank account.
  1. The Float Model
  1. The licensed financial institution will maintain a pre-funded Crypto Asset float with FiveWest which can be utilised where FiveWest will conduct a Crypto Asset to ZAR (Rand) trade using the float and pay the recipient into their approved bank account in Zar (Rand).
  1. The maximum payout with the PayOut API is R100 000.00.

  1. Fees
  1. Collection Service
  1. From 1 July 2025, clients will incur a monthly subscription fee of R500.00, which shall be invoiced monthly.
  2. Clients will incur a 0.2% fee per deposit which shall automatically be deducted.
  1. Settlement Service
  1. From 1 Jul 2025, clients will incur a monthly subscription fee of R500.00, which shall be invoiced monthly.
  2. Clients will incur a R20.00 fee per ZAR payout. The payout fee will automatically be deducted.
  1. All fees, charges, and pricing terms set forth above are subject to change. FiveWest reserves the right to modify fees at its sole discretion, provided that the Client is given no less than 30 days' prior written notice of any such changes. Continued use of the services after the effective date of the revised fees shall constitute acceptance of the new fee structure. If the Client does not agree to the revised fees, the Client may terminate the agreement in accordance with the termination provisions set forth herein.
  2. Invoices will be sent to the email address designated in the Client Information Form.

  1. Compliance and Operational Obligations
  1. The Client must:
  1. Comply with all API documentation, operational guides and integration procedures issued by FiveWest and its partners in order to have access to the Collection and Settlement Services;
  2. Ensure the transactions are lawful and not linked to any restricted or illegal goods or services;
  3. Maintain all transaction records, customer communication and any other requested information;
  4. Maintain all licenses, authorisations or approvals required to have access to the Collection and/or Settlement Services (if applicable);
  5. Ensure that an AML Policy is maintained and the Client’s Customer’s identity is being verified in accordance with the AML Policy.
  6. Ensure that FiveWest has an updated copy of the AML Policy.
  7. Provide FiveWest with any transaction records, customer communications, customer Know Your Customer and any other requested information within 5 (five) days upon written request by FiveWest.

  1. Limitation of Liability and Risk Warning
  1. You acknowledge and agree that the use of the FiveWest Collections and Settlement Services is entirely at your own risk, which such risks you are aware of, and accordingly, you assume full responsibility and risk of loss resulting from or relating to such use of the Collection and Settlement Services.
  2. By utilising the FiveWest Collection and Settlement Service you indemnify FiveWest, its operating entities or any other affiliates (including their respective directors, members, employees or agents), to the maximum extent permitted by law, against any loss, liability action, cost, claim, damages, proceedings or expense that you may suffer, directly or indirectly, in connection with the Collection and Settlement Service and you accordingly hereby waive any claim that you may have against FiveWest arising therefrom (including in respect of any claim for direct, indirect, consequential or pecuniary damages).
  3. In no event shall FiveWest, its operating entities or any other affiliates (including their respective directors, members, employees or agents) be liable to you for any direct, indirect, special, consequential or punitive damages or any other damages of any kind, including but not limited to loss of profit, loss of revenue, loss of business, loss of opportunity, loss of data, whether in contract, delict or otherwise:
  1. arising out of or in any way connected with your use of, inability to use, or unavailability of the FiveWest Collection and Settlement Service and/or your FiveWest Account;
  2. arising out of or in any way connected to or resulting from any reliance upon any information received from FiveWest, or that result from mistakes, omissions, interruptions, deletion of files or email, errors, defects, viruses, delays in operation or transmission or any failure of performance, whether or not resulting from a force majeure event, communications failure, theft, destruction or unauthorised access to FiveWest’s records, programmes or services;
  3. as a result of an action or inaction caused by third utilised in the provision of the Services.
  1. No liability or indemnification shall be extended in the event that FiveWest is deemed to have acted with gross negligence, fraudulently or willful misconduct.


Last updated on
FiveWest PayPAIA Manual