Payment Processing Issues Sample Clauses
The Payment Processing Issues clause outlines the procedures and responsibilities in the event of problems or delays with processing payments. It typically specifies what constitutes a payment processing issue, such as technical errors, failed transactions, or delays in fund transfers, and may detail the steps both parties must take to resolve these issues, including notification requirements and timelines for correction. This clause ensures that both parties understand how to handle payment disruptions, thereby minimizing disputes and maintaining the smooth flow of financial transactions.
Payment Processing Issues. In the event that a chargeback or returned check causes any Company funds to be held, interrupts Company’s ability to process credit cards or checks, or causes Company’s merchant or bank account to be suspended or terminated, the Reseller shall become liable for all costs incurred, including but not limited to an hourly rate for time spent in remediation, delays to operations or as is necessary to resume normal operations. In the event that a chargeback relates to a transaction for telecommunications services rendered, or in the event that a check is returned due to a closed or non-existent account, fraud on a valid account, forged or incorrect account information, a criminal complaint will be filed and clauses (g – i) will be invoked immediately.
Payment Processing Issues. If your payment is not processed due to an incorrect entry made by you or a technical problem with the payment system, OPC will use reasonable efforts to notify you of such failure to process. If your payment is not processed or authorized by your card company or financial institution, or to the extent the School does not accept your payment, OPC will make reasonable efforts to cancel or reverse the payment. If the payment is made but the School does not properly credit it, you must address the issue with the School. In the event a payment does not go through or is not accepted by your School, your payment liability to the School shall remain outstanding and unpaid and you will be subject to all applicable penalties, late fees and interest charges assessed by the School. These penalties, fees and interest charges are your sole responsibility, and in no event shall we or the School be responsible for such events.