PayPal is Your Agent for Receiving Payment. You represent and warrant to PayPal that each transaction that you process through the ACP, PayPal Payments Pro, or VT Services is solely in payment for your provision of bona fide goods and/or services to your customers (each, a “Payor”). You hereby designate PayPal, and PayPal hereby agrees to serve, as your limited agent for the sole purpose of receiving such payments on your behalf from your Payors. You agree that upon PayPal receiving payment from a Payor: (a) you shall be deemed to have received payment from such Payor, (b) such Payor’s obligation to you in connection with such payment shall be satisfied in full, (c) any claim you have for such payment against such Payor shall be extinguished and (d) you are obligated to deliver the applicable goods and/or services to the Payor, in each case regardless of whether or when PayPal remits such payment to you. PayPal will remit to you in accordance with this Agreement or apply as an offset to any obligation you may have to PayPal, any such payments it receives on your behalf. Any receipt provided to the Payor shall be binding on you and shall satisfy all applicable regulatory requirements. This paragraph states the entirety of PayPal’s duties as your agent for receipt of payment, and no other duties shall be implied by PayPal’s undertaking to act in that capacity.
PayPal is Your Agent for Receiving Payment. You represent and warrant to PayPal that each transaction that you process through the Advanced Credit and Debit Card Payments, PayPal Payments Pro, or VT Services is solely in payment for your provision of bona fide goods and/or services to your customers (each, a “Payor”). You hereby designate PayPal, and PayPal hereby agrees to serve, as your limited agent for the sole purpose of receiving such payments on your behalf from your Payors. You agree that upon PayPal receiving payment from a Payor:
PayPal is Your Agent for Receiving Payment. You represent and warrant to PayPal that each transaction that you process through the Advanced Credit and Debit Card Payments, PayPal Payments Pro, or VT Services is solely in payment for your provision of bona fide goods and/or services), other than money transmission services, to your customers (each, a “Payor”). You hereby designate PayPal, and PayPal hereby agrees to serve, as your limited agent for the sole purpose of receiving and processing such payments on your behalf. You agree that upon PayPal receiving payment from your Payor: (a) you shall be deemed to have received payment from your Payor, (b) your Payor’s obligation to you in connection with your payment shall be satisfied in full, (c) any claim you have for such payment against your Payor shall be extinguished and (d) you are obligated to deliver the applicable goods and/or services to your Payor, in each case regardless of whether or when PayPal remits such payment to you. Further, you represent and warrant to PayPal that for each transaction that you process using the Services, promptly upon payment by your Payor, you will provide a dated receipt which shall constitute a record of your acceptance of the Payor’s payment and the satisfaction of the Payor’s obligation to you in the amount stated on the receipt. You agree that the receipts will satisfy all applicable regulatory and Card Company Rule requirements, and that upon PayPal’s request, you will provide to PayPal copies of any such previously issued receipts. You further agree that you will hold out PayPal to your Payors as your agent for purposes of accepting payments on your behalf, including in response to any customer inquiry as to PayPal’s role with respect to a transaction or other reference to PayPal in connection with a transaction. You agree that the transaction reports provided by PayPal to you constitute a receipt evidencing your customer transactions. This section states the entirety of PayPal’s duties as your agent for receipt of payment, and no other duties shall be implied by PayPal’s undertaking to act in that capacity. This section does not limit in any way PayPal’s rights against you or any funds held by PayPal, including any right of setoff or security interest in such funds. In accordance with this Agreement, PayPal will remit to you, or apply as an offset to any obligation you may have to PayPal, any such payments it receives on your behalf.
