Merchant Settlement Clause Samples
The Merchant Settlement clause defines the process and terms by which a merchant receives payment for goods or services sold through a platform or payment processor. Typically, it outlines the timing of settlements, any deductions for fees or chargebacks, and the method by which funds are transferred to the merchant’s account. This clause ensures that merchants understand when and how they will be paid, providing clarity and predictability in financial transactions and helping to prevent disputes over payment timing or amounts.
Merchant Settlement. Amount shall mean the amount payable to an Acquirer Merchant in respect of a Transaction pursuant to the merchant services agreement between the Acquirer Merchant and Acquirer, before deduction of any amount by the Acquirer pursuant to the merchant services agreement for the processing of such Transaction, as reported to Acquirer by Planet Payment pursuant to this Agreement. Amounts deducted shall include for this purpose all Interchange and assessments charged by the Card Association, with respect to such Transaction, whether or not separately billed to the Acquirer Merchant.
Merchant Settlement a) The Merchant settlements shall be made electronically into the Merchant Bank Account as mentioned in Application Form Any change in the mode or manner of making the payments shall be as per the process and upon such terms and conditions as mutually agreed between the Parties.
b) The Transaction Amount(s), in respect of the Transaction of the Customer through the Payment Instrument as prescribed under this Agreement shall be received/aggregated by Worldline into its Nodal Account/ Escrow Account, as the case may be, and in the manner and as per the procedure prescribed by the Reserve Bank of India from time to time. Worldline shall, upon receipt of payment in the Nodal Account/ Escrow Account intimate the Nodal Bank / Escrow Account to make payments to Merchant Bank Account as per the details of payments provided by the Facility Providers within T+ 7 working days ( where “T” is a Transaction day ).
c) The Merchant consents and agrees that Worldline shall pay to the Merchant for the Transaction Amount only after Worldline receives the Transaction Amount from the Facility Providers through Nodal Account/ Escrow Account. The Merchant further consents that Worldline shall not be liable directly or indirectly for any delay in Transaction Amount settlement by the Facility Providers. Worldline shall pay the Merchant the net amount after deductions of Worldline’ Fees and other deductions as mentioned below: (“Settlement Amount”)
i. Additional Fees and other dues as provided in this Terms and Conditions.
ii. All unsettled Transaction.
iii. Chargebacks received.
iv. the amount of refund due to any Customer in accordance with the procedure for refund set out under this Terms and Conditions;
v. Any penalties or charges which may be levied on Worldline by the Card Organizations or the clearing house viz. Reserve Bank of India or its local clearing agent arising, inter alia, out of excessive Chargeback of transactions or out of excessive failure of transactions or excessive customer disputes.
vi. Any out of pocket expenses incurred by Worldline and which, under this Terms and Conditions.
vii. Any overpayment made by Worldline account in any of the earlier settlements due to any computational or system errors or otherwise.
viii. Any outstanding amount from subsequent credits due to the Merchant and/or;
ix. Any other amount required to mitigate the risk exposure of Worldline on the Merchant.
x. Any taxes or claims required to be paid under law or in terms of the directi...