Financial Services Guide

Document Details

Paid - Financial Services Guide

1. About This FSG

This FSG is prepared by Paid Dot Pty Ltd (ABN 14 642 944 278) trading as Paid. We're required to give it to you before or when we provide financial services. It covers who we are, what we do, how we're remunerated, and how to resolve any issues.

Read this alongside our PDS, Service Agreement and Privacy Policy, all at www.paid.inc. Contact us at contact@paid.inc if anything is unclear.

2. Who we are

Paid operates a platform for the Australian construction industry. We help builders, subcontractors, suppliers, developers, property owners and professional advisers create and manage construction contracts and process associated payments electronically.

Our core financial product is the Paid Transaction Account, a payment facility that lets users deposit, hold and transfer funds in connection with their construction contracts. Funds are held with an Authorised Deposit-Taking Institution (ADI), in accounts segregated from Paid's own money.

The Paid Transaction Account is a payment facility, not a bank account, savings account or investment product. It is not covered by the Australian Government's Financial Claims Scheme.

3. What We’re Authorised to Do

Under AFSL 700215, Paid is authorised to provide general financial product advice, deal in, and issue Non-Cash Payment (NCP) products, including the Paid Transaction Account. We provide these services to both retail and wholesale clients.

Paid doesn't provide personal financial advice, credit, mortgage broking, insurance advice or investment advice. The Early Release of Funds feature on our platform is not a credit product, it gives users access to funds already held within the platform before the contractual payment date. Any third-party finance options shown on the platform are products of those providers, not Paid.

4. Who we Serve

Paid serves both retail and wholesale clients. Retail clients receive full statutory protections, including this FSG, the PDS, and the right to contact AFCA for free external dispute resolution. The key practical differences are:

Our Target Market Determination (TMD) describes the clients the Paid Transaction Account is designed for. It's available at www.paid.inc/tmd.

5. General Advice

Paid provides general financial product advice only, meaning our guidance is of a general nature and doesn't consider your personal circumstances.

Before acting on anything we say, consider whether it suits you and read the PDS. We're not your financial adviser, if you need personal advice, speak with a licensed adviser.

In practice, our advice is limited to explaining how the Paid Transaction Account and platform features work. We don't advise on investments, insurance, credit or tax.

6. How We’re Paid

We're required to disclose all forms of remuneration we receive in connection with our financial services. Here's the full picture:

Our Team

Staff and directors receive a fixed salary and superannuation. Performance bonuses are based on overall business outcomes, not on the volume or value of specific products you acquire.

FrankieOne — Identity Verification

Paid uses FrankieOne Pty Ltd for identity verification. Paid pays FrankieOne per-verification fees from our own resources — not passed on to you. FrankieOne has no share in our transaction fees or client money interest.

7. Conflicts of Interest

We have commercial relationships relevant to our financial services. We disclose them here and explain how we manage them.

8. Our Team and Representatives

All financial services are provided directly by Paid Dot Pty Ltd through the Paid Platform and our own employees and officers. Paid does not currently have any authorised representatives under its AFSL.

If you're contacted by someone claiming to represent Paid in relation to a financial product, verify their status by emailing contact@paid.inc before proceeding.

9. Identity Verification and AML/CTF

Paid is a reporting entity under anti-money laundering and counter-terrorism financing law. We maintain an AML/CTF Program and conduct ongoing customer due diligence. All users must complete identity and business verification through FrankieOne before accessing payment features.

Your Obligations

(a) Provide accurate, complete information for verification;

(b) Not use the platform for money laundering, fraud, sanctions evasion or other unlawful purposes;

(c) Not transact with sanctioned persons or entities; and

(d) Notify us promptly of any suspicious activity on your account.

Reporting Obligations

Paid is required by law to report certain transactions and suspicious matters to AUSTRAC, without notifying you. By using our services, you consent to this. We may also freeze or block transactions as required by law and will notify you as soon as we're permitted to do so.

The Paid Platform supports Australian domestic transactions only. Cross-border payments are not available.

A separate AML/CTF Disclosure Notice with further detail is available at www.paid.inc/aml.

10. Your Privacy

Paid handles personal information in accordance with the Privacy Act 1988 (Cth) and the Australian Privacy Principles. Our full Privacy Policy is at www.paid.inc/privacy.

How We Use Your Data

We use your data to verify your identity, operate your account, process transactions, meet regulatory obligations, and communicate with you. We don't sell individually identifiable user data to third parties.

Biometric Data

Paid collects biometric data (facial recognition and document scans) through FrankieOne, solely for identity verification and fraud prevention. This is sensitive information under Australian privacy law.

Data is stored by FrankieOne under their privacy policy at www.frankieone.com. Paid doesn't retain biometric images independently. Contact contact@paid.inc to access or correct your data.

Platform Data and AI

By using the platform, you grant Paid a licence to use de-identified, aggregated data derived from your activity, for platform improvement, AI model development, benchmarking and compliance tools. All commercial use is on a genuinely de-identified basis.

Overseas Disclosure

Some of Paid's service providers, including FrankieOne and cloud infrastructure partners, operate overseas. We take reasonable steps to ensure your information is handled consistently with Australian privacy standards by those providers.

11. ePayments Code

Paid subscribes to the ePayments Code administered by ASIC. Where applicable, the Code's protections apply to electronic transactions through our platform, covering unauthorised transactions, mistaken payments and error resolution.

Mistaken Payments

If funds are sent to the wrong recipient due to a genuine error in payment details, let us know at contact@paid.inc. We'll contact the receiving institution within 10 Business Days and update you within 30 Business Days. This covers genuine errors, if you suspect fraud, contact us and your financial institution immediately.

12. Complaints

How to Reach Us

(a) Email: contact@paid.inc (subject: 'COMPLAINT');

(b) Post: 1/88 Langridge Street, Collingwood VIC 3066; or

(c) Platform: Service Desk — Complaints.

What Happens

External Dispute Resolution — AFCA

If you're not satisfied with our response or we haven't responded in time, you can refer your complaint to the Australian Financial Complaints Authority (AFCA) at no cost. AFCA is independent and its decisions are binding on Paid. Retail clients have this right regardless of any other agreement.

Website: www.afca.org.au

Phone: 1800 931 678

Email: info@afca.org.au

Post: GPO Box 3, Melbourne VIC 3001

Paid AFCA Member No.: 120784

Time limits apply, generally 2 years from our final response. Contact AFCA promptly if your matter is unresolved.

13. Professional Indemnity Insurance

Paid maintains Professional Indemnity (PI) insurance as required under its AFSL. Our coverage:

(a) Covers claims arising from the financial services conduct of current and former staff and representatives;

(b) Includes run-off cover for conduct by people who have since left Paid; and

(c) Has been assessed as adequate for the nature and scale of Paid's financial services activities.

We review our coverage at least annually. Specific coverage amounts are not publicly disclosed, in line with standard regulatory practice.

14. Receiving This FSG

This FSG is delivered digitally via the platform and at www.paid.inc/fsg. By using our services, you consent to receiving it and any updates digitally. To request a free paper copy, email contact@paid.inc and we'll send it within 5 Business Days. You can also opt for ongoing paper delivery if you prefer.

15. Updates to This FSG

We update this FSG when our services, fees or regulatory requirements change. The current version is always at www.paid.inc/fsg. We'll give you at least 30 days' notice of material changes or immediately where required by law.

16. Glossary