Settlement Funds. You appoint Stripe as your agent for the limited purpose of directing, receiving, holding and settling funds under this Agreement. Notwithstanding the prior sentence, no agency is established for tax purposes. All settlement funds Stripe receives for Transactions are combined with settlement funds held for other Stripe users and safeguarded as Safeguarded Funds. Once Stripe receives settlement funds, the relevant Customer has no further obligation to make payments to you with respect to a Transaction. Stripe will promptly update your Stripe Account balance to reflect processed Transactions. If, in the capacity as your agent, Stripe provides a receipt for a Transaction to the applicable Customer, that receipt is binding on you. Prior to transferring settlement funds to the User Bank Account, Stripe may invest Safeguarded Funds as described in Section 5.2 of the General Terms. You have no rights to any earnings generated by Safeguarded Funds and are not entitled to draw funds from any Pooled Account.
Appears in 40 contracts
Samples: Stripe Services Agreement, Stripe Services Agreement, Stripe Services Agreement
