diff --git a/plugins/woocommerce/changelog/fix-33619-wrong-copy-in-payments-task b/plugins/woocommerce/changelog/fix-33619-wrong-copy-in-payments-task
new file mode 100644
index 00000000000..c1dc2600fa5
--- /dev/null
+++ b/plugins/woocommerce/changelog/fix-33619-wrong-copy-in-payments-task
@@ -0,0 +1,4 @@
+Significance: patch
+Type: fix
+
+Fix wrong copy in the payments task on the Home Task list
diff --git a/plugins/woocommerce/src/Admin/Features/OnboardingTasks/Tasks/WooCommercePayments.php b/plugins/woocommerce/src/Admin/Features/OnboardingTasks/Tasks/WooCommercePayments.php
index 440e4db7304..7aa27254008 100644
--- a/plugins/woocommerce/src/Admin/Features/OnboardingTasks/Tasks/WooCommercePayments.php
+++ b/plugins/woocommerce/src/Admin/Features/OnboardingTasks/Tasks/WooCommercePayments.php
@@ -27,7 +27,7 @@ class WooCommercePayments extends Task {
 	 * @return string
 	 */
 	public function get_title() {
-		return __( 'Get paid with WooCommerce Payments', 'woocommerce' );
+		return __( 'Set up WooCommerce Payments', 'woocommerce' );
 	}
 
 	/**
@@ -67,7 +67,7 @@ class WooCommercePayments extends Task {
 	 */
 	public function get_additional_info() {
 		return __(
-			'By setting up, you are agreeing to the <a href="https://wordpress.com/tos/" target="_blank">Terms of Service</a>',
+			'By using WooCommerce Payments you agree to be bound by our <a href="https://wordpress.com/tos/" target="_blank">Terms of Service</a> and acknowledge that you have read our <a href="https://automattic.com/privacy/" target="_blank">Privacy Policy</a>',
 			'woocommerce'
 		);
 	}