Receiving Payments from Payers Clause Samples
The 'Receiving Payments from Payers' clause outlines the procedures and requirements for how a party is to receive payments from designated payers under the agreement. It typically specifies acceptable payment methods, timelines for payment receipt, and any necessary documentation or account information that must be provided to facilitate the transaction. This clause ensures that both parties have a clear understanding of the payment process, reducing the risk of delays or disputes over payment logistics.
Receiving Payments from Payers. Customer authorizes Bank to credit Customer’s applicable Settlement Account for payments remitted to Customer by a Payer without further approval from Customer. Customer agrees that Bank will not be liable in any way for any payments that Customer may receive, regardless of whether Customer authorized the Payer to send them to Customer. If Customer is the receiver of a Payment, Customer understands and agrees that there may be a delay between the time Customer is notified of the pending Payment and Customer’s Settlement Account being credited for the amount of the Payment, and Customer may be required to take additional steps to facilitate the deposit of the payment funds into Customer’s Settlement Account. Customer acknowledges and agrees that in the event that funds are transferred into Customer’s Settlement Account as a result of a Payment and it is determined that such transfer was improper because it was not authorized by the Payer, because there were not sufficient funds available in the Payer's Payment Account or sufficient available credit through the Payer’s Payment Card, or for any other reason, then Customer hereby authorizes Bank to withdraw from Customer’s Settlement Account an amount equal to the amount of funds improperly transferred to Customer.