Settlements and Transaction History. We will pay out funds settling from the Card Networks to your designated bank or card settlement account (“Bank Account”) you provide when applying your Payrix Account. Funds will be settled in the Bank Account in the amounts actually received (less our Fees, as defined below) for transactions processed by Payrix. Your Bank Account must be located at bank branch in the United States and held in the name of your business. You are responsible for the accuracy and correctness of information regarding your Bank Account, including inputting the correct information as part of applying or updating your Bank Account. Funds for transactions may be transferred to your Bank Account prior to funds being settled from the Card Networks. Any such funds paid to you prior to having been settled are considered “Early Settlement” and may incur an additional fee, but may be reversed if the transaction does not ultimately clear the Card Network. The actual timing of the transfers to your Bank Account of the settling funds will be subject to an agreed time from the date of the transaction, refer to as “Settlement”. After transfer of funds is initiated to your Bank Account, we will update information in your Payrix Account to reflect settlement. Information regarding your transactions that are processed and settled using Payrix (“Transaction History”) will be available to you when you login to your Payrix Account. While will provide Transaction History in your Payrix Account, you are solely responsible for compiling and retaining permanent records of all transactions and other data associated with your Payrix Account as may be required for your business. Payrix is not responsible for maintaining Transaction History or other records in a manner consistent with your record retention obligations and may change the duration of the Transaction History at any time, but will always maintain at least the previous 18 months’ transactions. Settlement Schedule “Settlement Schedule” refers to the time it takes for us to initiate a transfer to your designated Bank Account of settlement funds arising from card transactions processed through Payrix Payments. Once your Bank Account information has been reviewed, Payrix will initiate transfer of settlement funds (net of Fees, Chargebacks, and other funds owed to us for any reason) in accordance with the Settlement Schedule, the terms of which will be made available to you when you login to your Payrix management dashboard. The settlement funds s...
