Common use of Transaction Processing and Settlement Clause in Contracts

Transaction Processing and Settlement. Merchant authorizes Provider to provide the Services and to act on Merchant’s behalf to direct Processor to acquire, process and settle payments for transactions initiated by Customers via Provider’s ConnexPoint platform, subject to Merchant’s compliance with any technical specifications prescribed by Provider, Processor, Bank, and the Rules. Bank shall deposit settlement funds into, or withdraw funds for any errors, chargebacks, refunds, reversals or fees owed to Provider from, the Merchant Deposit Account(s) via direct bank or ACH transfer. If Bank cannot transfer the funds to the Merchant’s Deposit Account (due to inaccurate or obsolete bank account information entered by the Merchant, or for any other reason), Provider, Bank or Processor may refund the funds to the Customer or escheat them to the appropriate government authority. Bank, Provider, and Processor will not have any liability to Merchant for funds so refunded or escheated.

Transaction Processing and Settlement. Merchant ▇▇▇▇▇▇▇▇ authorizes Provider to provide the Services and to act on Merchant▇▇▇▇▇▇▇▇’s behalf to direct Processor to acquire, process and settle payments for transactions initiated by Customers via Provider’s ConnexPoint platformas part of Vanco Food, subject to Merchant’s compliance with any technical specifications prescribed by Provider, Processor, Bank, and the Rules. Bank shall deposit settlement funds into, or withdraw funds for any errors, chargebacks, refunds, reversals or fees owed to Provider from, the Merchant Deposit Account(s) via direct bank or ACH transfer. If Bank cannot transfer the funds to the Merchant’s Deposit Account (due to inaccurate or obsolete bank account information entered by the Merchant, or for any other reason), Provider, Bank or Processor may refund the funds to the Customer or escheat them to the appropriate government authority. Bank, Provider, and Processor will not have any liability to Merchant for funds so refunded or escheated.