Electronically Transmitted Transactions. Transactions will be settled in accordance with the settlement terms of the Agreement. PAYSTRAX shall deliver payment to the Merchant as soon thereafter as practicable by a credit to the Operating Account equal to the reconciled summary Transaction total of all of the Merchant’s total summary Transactions since the previous credit. This credit will be reduced, if necessary, by: (i) the sum of all Cardholder charges denied, refused or charged back; (ii) all refunds processed on account of Cardholders during said time period; (iii) the fees and charges, including Chargebacks, the Merchant owes PAYSTRAX or the ISO hereunder; (iv) all taxes, penalties, fines, charges and other items incurred by PAYSTRAX that are reimbursable pursuant to this Agreement; and (v) all rates, fees and charges described in the Agreement.
Appears in 2 contracts
Sources: Merchant Framework Agreement, Merchant Framework Agreement on Payment Service