Common use of Acquirer Settlement Process Clause in Contracts

Acquirer Settlement Process. The Acquirer will process Settlement Funds to the Merchant's nominated settlement bank account as specified in the Merchant Application Form within two Business Days of completion of the Transaction. Any Merchant Fees to be deducted and timing of settlement are also laid out in the merchant application form. The Merchant shall bear the relevant losses arising from any incorrect information provided of its bank account details or merchant negligence during payment transaction processing. For example if the merchant fails to check if a payment is successful in the PayPlus portal prior to releasing goods.