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Online Payment Agreement

Online Payment Agreement Template for Saudi Arabia

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Key Requirements PROMPT example:

Online Payment Agreement

"I need an Online Payment Agreement for my Saudi e-commerce business to accept local credit card payments and digital wallets, with basic merchant services and standard SAMA compliance requirements."

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Document background
The Online Payment Agreement is essential for businesses operating in Saudi Arabia that wish to process electronic payments in compliance with local regulations. This document is particularly relevant in the context of Saudi Arabia's growing digital economy and the kingdom's Vision 2030 initiatives promoting electronic transactions. The agreement must comply with SAMA regulations, the Electronic Transactions Law, and Shariah principles, making it distinct from payment agreements in non-Islamic jurisdictions. It is typically used when establishing a relationship between payment service providers and merchants, covering critical aspects such as payment processing terms, security protocols, data protection measures, fee structures, and service level commitments. The document is crucial for businesses expanding their online presence in Saudi Arabia and must incorporate specific local requirements such as KYC procedures, anti-money laundering provisions, and Islamic financial principles.
Suggested Sections

1. Parties: Identification of the payment service provider and merchant/customer

2. Background: Context of the agreement and business relationship

3. Definitions: Key terms used throughout the agreement, including technical payment terms

4. Scope of Services: Detailed description of payment processing services and supported payment methods

5. Compliance Requirements: SAMA regulations, AML requirements, and Shariah compliance obligations

6. Service Level Agreement: Performance standards, processing times, and availability requirements

7. Fees and Charges: Payment processing fees, currency conversion charges, and payment terms

8. Security Requirements: Data protection, encryption standards, and security protocols

9. Representations and Warranties: Parties' confirmations regarding authority, compliance, and capabilities

10. Term and Termination: Duration, renewal, and termination provisions

11. Liability and Indemnification: Risk allocation, limitation of liability, and indemnification obligations

12. Dispute Resolution: Process for handling disputes, applicable law, and jurisdiction

13. Miscellaneous: Standard boilerplate provisions including force majeure and notices

Optional Sections

1. Integration Services: Technical specifications for API integration, used when custom integration is required

2. Merchant Onboarding: Detailed onboarding procedures, included for marketplace or platform agreements

3. Cross-Border Transactions: Additional terms for international payments, included if cross-border transactions are supported

4. Recurring Payments: Terms for subscription or recurring payment processing, if applicable

5. White Label Services: Branding and customization terms, included for white label payment solutions

6. Value-Added Services: Terms for additional services like fraud detection or analytics, if offered

Suggested Schedules

1. Schedule 1 - Fee Schedule: Detailed breakdown of all fees, charges, and payment terms

2. Schedule 2 - Service Level Requirements: Technical specifications and performance metrics

3. Schedule 3 - Security Standards: Detailed security requirements and compliance standards

4. Schedule 4 - Integration Specifications: Technical documentation for API integration

5. Schedule 5 - Prohibited Activities: List of restricted business activities and prohibited transactions

6. Appendix A - Required Documentation: List of documents required for KYC and regulatory compliance

7. Appendix B - Emergency Contacts: Contact information for technical support and emergencies

Authors

Alex Denne

Head of Growth (Open Source Law) @ Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions











































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Relevant Industries

E-commerce

Retail

Financial Services

Technology

Healthcare

Education

Professional Services

Travel and Tourism

Real Estate

Telecommunications

Digital Services

Entertainment

Relevant Teams

Legal

Finance

Compliance

Information Technology

Risk Management

Treasury

Operations

Commercial

Business Development

Security

Merchant Services

Technical Integration

Relevant Roles

Chief Financial Officer

Head of E-commerce

Payment Operations Manager

Compliance Officer

Legal Counsel

Digital Payments Director

Finance Manager

IT Security Manager

Risk Manager

Treasury Manager

Commercial Director

Chief Technology Officer

Business Development Manager

Merchant Services Manager

Industries









Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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