Overnight Debit definition
Overnight Debit refers to the payment method using the PayCargo Service to facilitate the payment of Transactions by allowing PayCargo LLC to debit the Payer’s Settlement Account utilizing ACH transaction services, once Payer has approved the Transaction for payment. ▇▇▇▇▇’s approval of the Transaction serves as Payer’s assurance that funds sufficient for payment of the Transaction and applicable Fees to Fully Registered Billers are available in the Payer’s designated Settlement Account(s). Upon approval by the Payer (unless otherwise specified by the ▇▇▇▇▇▇), ▇▇▇▇▇▇ agrees to recognize the freight charges as “paid” and release the cargo to Payer. Provided, however, that a seventy-two (72) hour hold shall remain in force against payments to Billers who are not Fully Registered Billers. (Such agreement does not preclude the ▇▇▇▇▇▇ from making other collections efforts in the event an Overnight Debit is not paid in full.) Once Payer has approved the Transaction, PayCargo LLC will debit Payer’s Settlement Account for the amount of the Approved Transaction. PayCargo LLC will then credit ▇▇▇▇▇▇’▇ Settlement Account for the amount of the Approved Transaction. Since PayCargo LLC will be advancing payment to ▇▇▇▇▇▇ prior to the Payer’s ACH return deadline, the Payer may subsequently dispute the Transaction resulting in debited funds being returned from PayCargo LLC to Payer. Should this occur, PayCargo LLC is authorized to initiate an ACH debit to Fully Registered ▇▇▇▇▇▇’▇ Settlement Account for the amount PayCargo LLC credited to ▇▇▇▇▇▇, and any associated Fees on the Transaction.
Examples of Overnight Debit in a sentence
Payer agrees to have sufficient funds available in its Settlement Account to (i) repay all extensions of PayCargo Credit and Fees when they become due and payable; and (ii) to settle approved Overnight Debit Transactions.