Common use of Daily Settlement of Transactions Clause in Contracts

Daily Settlement of Transactions. MERCHANT agrees to “batch out” each check imaging device that is used on a daily basis. “Batch out” shall mean that MERCHANT totals and settles all of the transactions by midnight (12:00 am) of the day SPS-EFT authorizes the sale and transmits the information contained in the batch out to SPS-EFT. MERCHANT agrees to upload images from the check imaging device daily and acknowledges that SPS-EFT cannot process any transactions where the image has not been made available by MERCHANT. In addition, any transactions contained in an untimely batch out may be refused or become subject to chargeback or held until after a sixty-day period for consumer chargebacks by SPS-EFT. If MERCHANT account is Remote Check Deposit (Check 21 Plus) with Guarantee then checks contained in an untimely batch out are not covered under the Guarantee program. MERCHANT acknowledges that failure to batch out on a timely basis may be grounds for suspension or termination at SPS-EFT’s sole discretion. MERCHANT acknowledges that failure to batch out will delay funds being deposited and loss of guarantee coverage on those checks and SPS-EFT may apply a $25.00 fee for each terminal daily on which MERCHANT fails to transmit a timely batch out.

Daily Settlement of Transactions. MERCHANT agrees to “batch out” each check imaging device that is used on a daily basis. “Batch out” shall mean that MERCHANT totals and settles all of the transactions by midnight (12:00 am) of the day SPS-EFT authorizes the sale and transmits the information contained in the batch out to SPS-EFT. MERCHANT XXXXXXXX agrees to upload images from the check imaging device daily and acknowledges that SPS-EFT cannot process any transactions where the image has not been made available by MERCHANT. In addition, any transactions contained in an untimely batch out may be refused or become subject to chargeback or held until after a sixty-day period for consumer chargebacks by SPS-EFT. If MERCHANT account is Remote Check Deposit (Check 21 Plus) with Guarantee then checks contained in an untimely batch out are not covered under the Guarantee program. MERCHANT acknowledges that failure to batch out on a timely basis may be grounds for suspension or termination at SPS-EFT’s sole discretion. MERCHANT acknowledges that failure to batch out will delay funds being deposited and loss of guarantee coverage on those checks and SPS-EFT may apply a $25.00 fee for each terminal daily on which MERCHANT fails to transmit a timely batch out.

Daily Settlement of Transactions. MERCHANT agrees to “batch out” each check imaging device that is used on a daily basis. “Batch out” shall mean that MERCHANT totals and settles all of the transactions by midnight (12:00 am) of the day SPSPaya-EFT authorizes the sale and transmits the information contained in the batch out to SPSPaya-EFT. MERCHANT XXXXXXXX agrees to upload images from the check imaging device daily and acknowledges that SPSPaya-EFT cannot process any transactions where the image has not been made available by MERCHANT. In addition, any transactions contained in an untimely batch out may be refused or become subject to chargeback or held until after a sixty-day period for consumer chargebacks by SPSPaya-EFT. If MERCHANT account is Remote Check Deposit (Check 21 Plus) with Guarantee then checks contained in an untimely batch out are not covered under the Guarantee program. MERCHANT acknowledges that failure to batch out on a timely basis may be grounds for suspension or termination at SPSPaya-EFT’s sole discretion. MERCHANT acknowledges that failure to batch out will delay funds being deposited and loss of guarantee coverage on those checks and SPSPaya-EFT may apply a $25.00 fee for each terminal daily on which MERCHANT fails to transmit a timely batch out.