Common use of ACH Network Clause in Contracts

ACH Network. Automated Clearing House Network is a batch processing, store-and- forward system that accumulates and distributes ACH transactions that are received from ODFI (defined below) and are forwarded to the specified RDFI (defined below) according to the specific schedules established by the participants. Acquirer – A sponsoring financial institution or payment processor that enters into an agreement which enables merchants or their Agent(s) to submit Transactions to a payment network. Affiliate – A business entity effectively controlling or controlled by another or associated with others under common ownership or control. Agent - Any director, officer, employee, representative, affiliate, third-party vendor or any other person acting on behalf of the Merchant with the actual, implied or apparent authority of Xxxxxxxx. Beneficial Owner - A beneficial owner is any individual, group of individuals, or entity that, directly or indirectly, owns 25% or more of the equity interests of a Merchant. Business Banking Day – Monday through Friday excluding banking holidays. CPA - Canadian Payment Association responsible for operating the two primary settlement systems (payment networks) in Canada, as well as establishing, revising and Chargeback – A Transaction that is rejected by the owner of the account debited or charged because a dispute exists between the Originator of the Transaction (typically a Merchant) and the account owner. Credit Entry – An ACH/EFT Transaction that is intended to deposit funds into a Receiver’s (defined below) account which has been withdrawn from Merchant’s Settlement Account (defined below).

ACH Network. Automated Clearing House Network is a batch processing, store-and- forward system that accumulates and distributes ACH transactions that are received from ODFI (defined below) and are forwarded to the specified RDFI (defined below) according to the specific schedules established by the participants. Acquirer – A sponsoring financial institution or payment processor that enters into an agreement which enables merchants or their Agent(s) to submit Transactions to a payment network. Affiliate – A business entity effectively controlling or controlled by another or associated with others under common ownership or control. Agent - Any director, officer, employee, representative, affiliate, third-party vendor or any other person acting on behalf of the Merchant with the actual, implied or apparent authority of XxxxxxxxMerchant. Beneficial Owner - A beneficial owner is any individual, group of individuals, or entity that, directly or indirectly, owns 25% or more of the equity interests of a Merchant. Business Banking Day – Monday through Friday excluding banking holidays. CPA - Canadian Payment Association responsible for operating the two primary settlement systems (payment networks) in Canada, as well as establishing, revising and Chargeback – A Transaction that is rejected by the owner of the account debited or charged because a dispute exists between the Originator of the Transaction (typically a Merchant) and the account owner. Credit Entry – An ACH/EFT Transaction that is intended to deposit funds into a Receiver’s (defined below) account which has been withdrawn from Merchant’s Settlement Account (defined below).been