PAYMENT COVERAGE Clause Samples
PAYMENT COVERAGE. SPS-EFT agrees to waive section 11.2 (n) and to guarantee Stop Payment instruments up to the limit which was approved by SPS-EFT’s underwriting department at the time of acceptance, provided that Merchant shall have performed all of his obligations related to the issuance of said qualified instrument and is compliant with Section 11.1 and 11.
PAYMENT COVERAGE. If the Payment Guarantee is invoked by Merchant, Company’s authorized designee will provide funds for the monthly payment to Merchant on behalf of Customer until the account is paid in full or the Maximum Guarantee Amount is paid in full, whichever comes first. To invoke Payment Guarantee, merchant shall provide:
1. Copy of Customer or Account Holder’s signature on contract.
2. Copy of Customer or Account Holder’s valid government issued identification. The name on the identification and Customer payment method must match. Company may adjust the terms of Guarantee payments to merchant. Company will not honor Guarantee payments if fraud on the part of the Merchant occurs.