Terms & Conditions

Last updated: 14 September 2026

Draft — not yet reviewed by a lawyer. This document reflects how Formal actually works today, but should not be treated as final or relied on until it has been reviewed by qualified legal counsel, particularly for compliance with South African financial services and consumer protection law.

1. Acceptance of these Terms

These Terms & Conditions ("Terms") govern your access to and use of the Formal mobile application and related services (together, the "Service"), provided by Prism Technologies (Pty) Ltd, registration number 2025660397 ("Formal", "we", "us", or "our"). By creating an account or otherwise using the Service, you agree to be bound by these Terms. If you do not agree, do not use the Service.

2. Description of the Service

Formal allows a business or individual trader ("Merchant", "you") to request and accept digital payments from customers via a QR code, hold a running balance in an in-app wallet, view a history of transactions, and withdraw available funds to a linked bank account. Payments are processed through a third-party payment gateway (currently PayFast); Formal itself does not directly handle card or bank details used to make a payment to you.

3. Eligibility and Account Registration

You must be able to form a legally binding contract to use the Service. When you register, you agree to provide accurate, current information (including your trading name, email address, and phone number) and to keep it up to date. You are responsible for all activity that occurs under your account, and for keeping your password, PIN, and device secure.

4. Identity Verification

Before you can withdraw funds, we may require you to verify your identity by submitting a government-issued national ID card or a passport, together with proof of address. This requirement exists regardless of which country issued your identity document. We may accept, reject, or request resubmission of any document at our discretion, and may ask for additional information where required by law.

5. Payments, Fees, and Withdrawals

Amounts you receive through the Service may be subject to a transaction fee and/or a withdrawal fee, which will be disclosed to you in the app before you confirm a withdrawal or at the time fees are introduced or changed. Withdrawals are paid out to the bank account you provide and verify in the app; you are responsible for ensuring your bank details are correct. Processing times for withdrawals depend on our banking partners and are not guaranteed to be instant.

6. Account Security

The Service supports a PIN, a password, and optional biometric unlock (fingerprint or face recognition, where supported by your device) to help protect access to your account. You are responsible for keeping these credentials confidential. Notify us immediately at support@prismtech.online if you suspect unauthorized access to your account.

7. Prohibited Uses

You agree not to use the Service to:

  • Process payments for illegal goods or services, or to launder money;
  • Impersonate another person or business, or provide false identity or business information;
  • Attempt to circumvent, disable, or interfere with any security feature of the Service;
  • Use the Service in a way that violates any applicable law or regulation, including financial services and anti-money-laundering laws.

We may suspend or terminate accounts we reasonably believe are being used in violation of these Terms, and may report suspected fraudulent or illegal activity to the relevant authorities.

8. Third-Party Services

The Service relies on third-party providers, including a payment gateway (PayFast) to process customer payments and an email provider to send account notifications. Your use of those providers' services in connection with Formal may also be subject to their own terms and policies.

9. Intellectual Property

The Service, including its software, design, and branding, is owned by Prism Technologies (Pty) Ltd and protected by applicable intellectual property laws. You're granted a limited, non-exclusive, non-transferable license to use the Service for its intended purpose. You may not copy, modify, reverse-engineer, or redistribute the Service except as permitted by law.

10. Disclaimers and Limitation of Liability

The Service is provided "as is" without warranties of any kind, to the fullest extent permitted by law. We do not guarantee that the Service will be uninterrupted, error-free, or available at all times. To the fullest extent permitted by law, Formal and Prism Technologies will not be liable for indirect, incidental, or consequential damages arising from your use of the Service, including losses arising from delayed or failed payments made by third-party payment processors or banking partners.

11. Indemnification

You agree to indemnify and hold Formal and Prism Technologies harmless from any claims, losses, or damages, including reasonable legal fees, arising from your misuse of the Service or your violation of these Terms.

12. Suspension and Termination

You may stop using the Service and close your account at any time by contacting us at support@prismtech.online. We may suspend or terminate your account if we reasonably believe you have violated these Terms, engaged in fraudulent activity, or where required by law. Sections of these Terms that by their nature should survive termination (including limitation of liability and indemnification) will survive.

13. Governing Law

These Terms are governed by the laws of the Republic of South Africa, without regard to conflict of law principles. Any disputes will be subject to the exclusive jurisdiction of the courts of South Africa, unless otherwise required by applicable consumer protection law.

14. Changes to these Terms

We may update these Terms from time to time. If we make material changes, we will notify you through the app or by email before the changes take effect. Continued use of the Service after changes take effect constitutes acceptance of the updated Terms.

15. Contact Us

Questions about these Terms can be sent to support@prismtech.online.