Common use of Daily Settlement of Transactions Clause in Contracts

Daily Settlement of Transactions. Merchant agrees to Batch Out on a daily basis each POS terminal used by Merchant. “Batch Out” shall mean that Merchant totals and settles all of the transactions on each POS terminal used 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. SPS-EFT, in its sole discretion, may assess a $50.00 fee per day for each terminal on which Merchant fails to transmit a timely Batch Out. In addition, any transactions contained in an untimely Batch Out may be refused, become subject to chargeback or be held until after a sixty day period for consumer chargebacks by SPS-EFT. If Merchant has selected Conversion with Guarantee, then checks contained in an untimely Batch Out will not be guaranteed. Merchant acknowledges that failure to Batch Out on a timely basis may be grounds for suspension or termination of the SPS- EFT Services at SPS-EFT’s sole discretion. Merchant acknowledges that failure to Batch Out will delay funds being deposited and will result in the loss of guarantee coverage on those checks.

Daily Settlement of Transactions. Merchant Xxxxxxxx agrees to Batch Out on a daily basis each POS terminal used by MerchantXxxxxxxx. “Batch Out” shall mean that Merchant totals and settles all of the transactions on each POS terminal used 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. SPS-EFT, in its sole discretion, may assess a $50.00 fee per day for each terminal on which Merchant fails to transmit a timely Batch Out. In addition, any transactions contained in an untimely Batch Out may be refused, become subject to chargeback or be held until after a sixty day period for consumer chargebacks by SPS-EFT. If Merchant has selected Conversion with Guarantee, then checks contained in an untimely Batch Out will not be guaranteed. Merchant acknowledges that failure to Batch Out on a timely basis may be grounds for suspension or termination of the SPS- EFT Services at SPS-EFT’s sole discretion. Merchant acknowledges that failure to Batch Out will delay funds being deposited and will result in the loss of guarantee coverage on those checks.