Legal Framework

EquiTech Global Solutions (Pty) Ltd (Registration No. 2026/049784/07), trading as HermSwift, is a registered company in the Republic of South Africa. Customer service: support@hermswift.com

1. Acceptance of Terms

By accessing or using the HermSwift application (the "Service"), you agree to be bound by these Terms of Service ("Terms"). If you do not agree to these Terms, please do not use the Service.

2. Nature of the Service

EquiTech Global Solutions (Pty) Ltd, trading as HermSwift ("HermSwift", "we", "us"), operates as a principal buyer of digital receivables. We are not a bank, wallet, custodian, remittance service, third-party payment provider (TPPP), payment processor, or intermediary of any kind. We act solely as the commercial counterparty in a bilateral commercial transaction, purchasing a verified digital receivable (such as a PayPal USD balance) from you and paying an agreed purchase price in South African Rand (ZAR) from our own pre-funded treasury.

There is no sender, no designated recipient, and no pass-through of funds in any transaction we process. The USD we receive and the ZAR we pay operate on independent sides of our balance sheet and never commingle.

3. The Transaction: Purchase of Digital Receivables

By initiating a transaction on the HermSwift platform, you ("Seller") agree to sell, and HermSwift ("Purchaser") agrees to buy, a specified digital accounts receivable (for example, a verified PayPal USD balance), at a fixed purchase price disclosed to you in full before you confirm the sale.

By tapping Confirm Sale on the transaction confirmation screen, you:

• confirm that you are the rightful owner of the digital receivable being sold;
• agree that legal and beneficial ownership of the specified USD receivable transfers irrevocably to HermSwift upon PayPal confirming the capture as completed;
• acknowledge that the ZAR purchase price constitutes full and final consideration for the sale; and
• agree that you have no residual proprietary interest in the USD receivable after capture is confirmed.

4. Purchase Price Payment

Upon the successful, irrevocable capture of your digital receivable via our authorised payment gateways, HermSwift will pay the agreed purchase price in South African Rand (ZAR) to your verified bank account.

Corporate Treasury:All ZAR purchase price payments are made directly from HermSwift's own pre-funded corporate treasury. HermSwift never holds, manages, or transmits funds on behalf of any third party, and does not act as an intermediary for funds belonging to anyone other than itself.

Closed-Loop Payments: To prevent fraud and ensure strict compliance with South African AML and KYC regulations, the purchase price will only be paid to a South African bank account that has been formally verified via our Account Verification Service (AVS) to match the identity of the registered Seller. No payments to third-party accounts are permitted under any circumstances.

5. Platform Service Fees

HermSwift charges a transparent Platform Service Fee for the purchase of your digital receivable:

• Tier 1 (purchase price up to R50,000): 3.0%
• Tier 2 (purchase price above R50,000): 2.5%

There is no additional foreign exchange spread. The exchange rate applied is the live interbank mid-market rate at the time of your quote. The fee, the exchange rate, and the final purchase price are all presented to you for explicit approval before you confirm the sale. The purchase price shown on the confirmation screen is the exact amount you will receive.

6. Prohibition on PayPal Disputes and Chargebacks Following Payment

By completing a sale on HermSwift, you explicitly agree and acknowledge the following.

The sale is final and binding.Once HermSwift has captured your digital receivable and paid the agreed ZAR purchase price to your verified South African bank account, the commercial transaction is complete. You have received full and final consideration for the sale. The USD receivable is HermSwift's property. You have no remaining entitlement to it.

Initiating a dispute or chargeback after receiving payment constitutes fraud. If you initiate a dispute, chargeback, unauthorised transaction claim, or any equivalent reversal mechanism through PayPal or any other payment provider in respect of a transaction for which HermSwift has already paid you the agreed ZAR purchase price, you are making a false claim. You will have received both the ZAR purchase price and, if the dispute is successful, a return of the USD receivable whose ownership you already transferred to HermSwift for value. This constitutes unjust enrichment and fraud under South African law, including but not limited to offences under the Cybercrimes Act 19 of 2020 and the Prevention and Combating of Corrupt Activities Act.

Evidence of the completed transaction will be provided to PayPal and relevant authorities. In the event of any dispute, chargeback, or reversal attempt following confirmed payment, HermSwift will submit to PayPal and any relevant regulatory or law enforcement authority full documentary evidence of the transaction, including:

• the signed sale agreement and transaction confirmation timestamp;
• your verified KYC identity and biometric confirmation;
• the PayPal capture confirmation and transaction reference;
• the payout confirmation showing ZAR payment to your verified bank account; and
• the full audit log of every step of the transaction lifecycle.

Consequences of a dispute or chargeback attempt. In addition to providing evidence to PayPal and relevant authorities, HermSwift will:

• immediately and permanently suspend your account and revoke all platform access;
• flag your identity against HermSwift's duplicate and fraud detection systems so that no new account can be created using the same identity;
• pursue recovery of the full USD value of the reversed transaction from you by any means available at law, including civil proceedings in a South African court; and
• report the matter to the South African Financial Intelligence Centre and any relevant law enforcement authority where the circumstances warrant it.

You acknowledge and accept these consequences by using HermSwift.The protections described in this section exist to maintain the integrity of the platform for all users and to protect HermSwift's pre-funded ZAR treasury, which is the source of every purchase price payment made to every Seller on the platform.

7. Cancellation and Refunds

Because HermSwift's purchase and payment process is largely instantaneous, our cancellation and refund terms are governed by the transaction's state at the time of your request.

Before Capture: You may cancel a sale at any time before your digital receivable has been captured by HermSwift.

After Capture (Sale Final): Once your digital receivable has been captured and confirmed, and the ZAR purchase price has been paid to your verified bank account, the sale is complete and final. As this constitutes a completed commercial sale of an asset, HermSwift does not offer returns or refunds on completed transactions.

Failed Payment (Compensation): If HermSwift successfully captures your digital receivable but the ZAR purchase price payment to your bank account fails for any reason (for example, a frozen or invalid receiving account), our system will automatically reverse the transaction and return the equivalent value to your original PayPal account, less any unavoidable network fees already incurred. No transaction will leave you without either your receivable or your purchase price.

8. Compliance

You agree to comply with all applicable South African laws covering anti-money laundering (AML), countering the financing of terrorism, and know-your-customer (KYC) regulations. We require identity verification before processing any transaction. Our collection and use of your personal information is described in our Privacy Policy.

9. Limitation of Liability

To the fullest extent permitted by South African law, HermSwift shall not be liable for any indirect, incidental, special, consequential, or punitive damages, or any loss of profits or revenue arising from your use of the Service. HermSwift is not affiliated with, or endorsed by, PayPal Inc., and is not responsible for any restrictions, holds, or limitations PayPal may place on your PayPal account.

10. Governing Law

These Terms are governed by the laws of the Republic of South Africa, without regard to conflict of law principles.

11. Changes to Terms

We may update these Terms from time to time. We will notify you of material changes by posting the updated Terms on this page with a new "Last updated" date.

12. Contact Us

If you have any questions about these Terms, please contact us at support@hermswift.com.