Common use of Electronically Transmitted Transactions Clause in Contracts

Electronically Transmitted Transactions. WorkWave will deliver payment to Sub-Merchant by a credit to a demand deposit account or other deposit account that Sub-Merchant establishes and designates for use in connection with Payment Card Processing. This account will be deemed an Operating Account for purposes of this Appendix 1 and the General Terms. The amount credited to the Operating Account will equal the reconciled summary of Sub-Merchant’s total summary Payment Card Processing Transactions since the previous credit. This credit will be net of the following: i. Fees; ii. Chargebacks and other amounts denied or refused; iii. refunds processed during the applicable time period; iv. taxes, penalties, charges and other items incurred by WorkWave that are reimbursable pursuant to this Agreement; and v. any provisional credits (it being understood that any credits to the Operating Account are provisional only and subject to revocation by WorkWave until such time that the applicable Payment Card Processing Transaction is final and no longer subject to chargeback by the Issuer, Cardholder, or Associations).