Common use of Credit of Payment to Merchant Account Clause in Contracts

Credit of Payment to Merchant Account. In relation to a Valid Transaction: 5.3.1 for Debit Card Transactions, the Bank will arrange for the Merchant Account to be credited with an amount equivalent to the amount debited to the Cardholder's Nominated Account. This will take place on the same Business Day up to the Merchant’s settlement cut-off for that Business Day, or the following Business Day if the relevant Transaction is effected after the Merchant’s settlement cut-off or if necessary to settle weekend and public holiday trading or to recover from a System malfunction. 5.3.2 for Approved Cards which require a separate agreement between the Merchant and the Acquirer, the Acquirer (but not the Bank unless it is also the Acquirer) will settle with the Merchant in accordance with the terms specified in the separate agreement between the Merchant and the Acquirer.

Credit of Payment to Merchant Account. In relation to a Valid Transaction: 5.3.1 (a) for Debit Card Transactions, the Bank will arrange for the Merchant Account to be credited with an amount equivalent to the amount debited to the Cardholder's Nominated Account. This will take place on the same Business Day up to the Merchant’s settlement cut-off for that Business Day, or the following Business Day if the relevant Transaction is effected after the Merchant’s settlement cut-off or if necessary to settle weekend and public holiday trading or to recover from a System malfunction. 5.3.2 (b) for Approved Cards which require a separate agreement between the Merchant and the Acquirer, the Acquirer (but not the Bank unless it is also the Acquirer) will settle with the Merchant in accordance with the terms specified in the separate agreement between the Merchant and the Acquirer.

Credit of Payment to Merchant Account. In relation to a Valid Transaction: 5.3.1 for Debit Card Transactions, the Bank will arrange for the Merchant Account to be credited with an amount equivalent to the amount debited to the Cardholder's ’s Nominated Account. This will take place on the same Business Day up to the Merchant’s settlement cut-off for that Business Day, or the following Business Day if the relevant Transaction is effected after the Merchant’s settlement cut-off or if necessary to settle weekend and public holiday trading or to recover from a System malfunction. 5.3.2 for Approved Cards which require a separate agreement between the Merchant and the Acquirer, the Acquirer (but not the Bank unless it is also the Acquirer) will settle with the Merchant in accordance with the terms specified in the separate agreement between the Merchant and the Acquirer.