Common use of Merchant Deposit Agreement Clause in Contracts

Merchant Deposit Agreement. Merchant(s) shall appoint a bank acceptable to XXXX, to obtain electronic fund transfer services and/or “ACH” payments. Merchant(s) shall provide XXXX and/or its authorized agent with all of the information, authorizations, and passwords necessary to verify each Merchant’s Receivables. Merchant(s) shall authorize XXXX and/or its agent(s) to deduct the amounts owed to XXXX for the Receivables as specified herein from settlement amounts which would otherwise be due to each Merchant and to pay such amounts to XXXX by permitting XXXX to withdraw the Specified Percentage by ACH debiting of the account. The authorization shall be irrevocable absent ALVA’s written consent.

Merchant Deposit Agreement. Merchant(s) shall appoint a bank acceptable to XXXXPAZ, to obtain electronic fund transfer services and/or “ACH” payments. Merchant(s) shall provide XXXX PAZ and/or its authorized agent with all of the information, authorizations, and passwords necessary to verify each Merchant’s 's Receivables. Merchant(s) shall authorize XXXX PAZ and/or its agent(s) to deduct the amounts owed to XXXX PAZ for the Receivables as specified herein from settlement amounts which would otherwise be due to each Merchant and to pay such amounts to XXXX PAZ by permitting XXXX PAZ to withdraw the Specified Percentage by ACH debiting of the account. The authorization shall be irrevocable absent ALVA’s PAZ's written consent.