MERCHANT SHALL PAY Sample Clauses

The "MERCHANT SHALL PAY" clause establishes the merchant's obligation to make specified payments under the agreement. Typically, this clause outlines the types of fees, charges, or reimbursements the merchant is responsible for, such as service fees, transaction costs, or penalties. By clearly assigning payment responsibilities, the clause ensures that financial obligations are understood and helps prevent disputes over who is liable for particular costs.
MERCHANT SHALL PAY. A Discount Fee, as per Schedule, based upon a percentage of the face amount of checks inquired to the database during the month. As per schedule: a Monthly Check 21 Access Fee, a Monthly Minimum fee and service fee to be paid each month, a transaction fee for each ACH deposit, and a transaction fee for each Remote Check Deposit (Check 21 Plus) inquiry to the database that does not result in a transaction approval and a "batch out" fee equal to the transaction fee, and a Return Fee. A fee of no more than twenty-five dollars may be charged per transaction return. An annual subscription fee of $59.95 may be debited each year. If MERCHANT terminates this agreement within the first three (3) years of the contract, a one-time termination fee of one hundred twenty five dollars ($125.00) will be assessed and electronically debited from the MERCHANT's account for administrative processing. MERCHANT must promptly notify SPS-EFT in writing of any dispute regarding fees under this Agreement. MERCHANT’S written notice must include: (i) MERCHANT name and account number; and (ii) the dollar amount and description of the disputed fees. Such written notice must be received by SPS-EFT no later than ninety (90) days after the disputed fees have been paid by MERCHANT or charged to MERCHANT’S account by SPS-EFT. MERCHANT’S failure to so notify SPS-EFT will waive and bar the dispute.
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