Common use of Daily Reconciliation of Transactions Clause in Contracts

Daily Reconciliation of Transactions. (a) Electronically Transmitted Transactions. Transactions will be settled with the Associations on a daily basis. Bank shall deliver payment to Merchant as soon thereafter as practicable by a credit to the Operating Account equal to the reconciled summary Transaction total of all of Merchants total summary Transactions since the previous credit. This credit will be reduced, if necessary, by: (i) the sum of all Cardholder charges denied, refused or charged back; (ii) all refunds processed on account of Cardholders during said time period; (iii) the fees and charges, including Chargebacks, Merchant owes Bank or PNX hereunder; (iv) all taxes, penalties, charges and other items incurred by Bank that are reimbursable pursuant to this Agreement; and (v) all applicable rates, fees and charges described on Schedule A. (b) Reconciliation of Transactions. Merchant shall reconcile each settled Transaction within fifteen (15) days after the date on which such Transaction occurred, and shall notify Bank and PNX immediately of any discrepancies or errors Merchant notes as a result of such reconciliation. Neither Bank nor PNX shall have any responsibility or liability for Transaction- related errors or omissions that are brought to their attention more than thirty (30) days after the date on which the Transaction to which such error or omission relates occurred. (c) Provisional Credit. Any credits to the Operating Account are provisional only and subject to revocation by Bank until such time that the Transaction is final and no longer subject to Chargeback by the Issuer, Cardholder or Associations or any other fees, fines or other charges that may be imposed by Associations. Bank may withhold payment for a Transaction to Merchant, for any reason, until such time as the Transaction has been verified as legitimate by the relevant Issuer or Bank and/or PNX receive adequate supporting documentation from Merchant to authenticate the Transaction and mitigate Chargeback risk.

Daily Reconciliation of Transactions. (a) Electronically Transmitted Transactions. Transactions will be settled with the Associations on a daily basis. Bank shall deliver payment to Merchant as soon thereafter as practicable by a credit to the Operating Account equal to the reconciled summary Transaction total of all of Merchants total summary Transactions since the previous credit. This credit will be reduced, if necessary, by: (i) the sum of all Cardholder charges denied, refused or charged back; (ii) all refunds processed on account of Cardholders during said time period; (iii) the fees and charges, including Chargebacks, Merchant owes Bank or PNX EVERYWARE hereunder; (iv) all taxes, penalties, charges and other items incurred by Bank that are reimbursable pursuant to this Agreement; and (v) all applicable rates, fees and charges described on Schedule A. (b) Reconciliation of Transactions. Merchant shall reconcile each settled Transaction within fifteen (15) days after the date on which such Transaction occurred, and shall notify Bank and PNX EVERYWARE immediately of any discrepancies or errors Merchant notes as a result of such reconciliation. Neither Bank nor PNX EVERYWARE shall have any responsibility or liability for Transaction- related errors or omissions that are brought to their attention more than thirty (30) days after the date on which the Transaction to which such error or omission relates occurred. (c) Provisional Credit. Any credits to the Operating Account are provisional only and subject to revocation by Bank until such time that the Transaction is final and no longer subject to Chargeback by the Issuer, Cardholder or Associations or any other fees, fines or other charges that may be imposed by Associations. Bank may withhold payment for a Transaction to Merchant, for any reason, until such time as the Transaction has been verified as legitimate by the relevant Issuer or Bank and/or PNX EVERYWARE receive adequate supporting documentation from Merchant to authenticate the Transaction and mitigate Chargeback risk.