Common use of REFUND CREDITS Clause in Contracts

REFUND CREDITS. Merchant must issue a credit memorandum rather than making a cash advance, disbursement, or refund on any Card transaction. Vantage will debit from the amounts owing Merchant for the total face amount of each credit memorandum or withdraw the amount of such credit memorandum from Merchant’s bank account on file with Vantage through an ACH transaction. Merchant will maintain a sufficient balance in its bank account to cover all issued credit memorandums. Merchant will not submit a credit memorandum relating to any Card transaction not originally submitted to Vantage, nor will Merchant submit a credit memorandum that exceeds the amount of the original Card transaction. Merchant will, within the time period specified by Law, provide Vantage with a credit memorandum or credit statement for every return of goods or forgiveness of debt for services that were the subject of a Card transaction.

REFUND CREDITS. Merchant must issue a credit memorandum rather than making a cash advance, disbursement, or refund on any Card transaction. Vantage will debit from the amounts owing Merchant for the total face amount of each credit memorandum or withdraw the amount of such credit memorandum from Merchant’s bank account on file with Vantage through an ACH transaction. Merchant will maintain a sufficient balance in its bank account to cover all issued credit memorandums. Merchant will not submit a credit memorandum relating to any Card transaction not originally submitted to Vantage, nor will Merchant submit a credit memorandum that exceeds the amount of the original Card transaction. Merchant will, within ithin the time period specified by Law, provide Vantage with a credit memorandum or credit statement for every return of goods or forgiveness of debt for services that were the subject of a Card transaction.