The Merchant Application Clause Samples

The Merchant Application. I understand and agree that USMS will put forth time, effort and expense to establish my credit card merchant account and other accounts I have applied for in this agreement. I also understand and agree that this document is a binding agreement, and should I attempt to terminate this Agreement during the application process or if it has already been approved or is approved with a reserve or holdback requirement as stated in §39, I agree to pay a fee as described below. I agree that all terminations must be in writing, and signed by the Merchant. I agree that once I have received any Point of Sale equipment, software, or Internet Processing Package, I am obligated to pay the amount in full as stated on the front of this agreement, and/or the sum total due on any lease agreement, whether by automatic debit, cashier's check or credit card payment. As the merchant, I further agree that if I terminate this Agreement, or breach any of the aforementioned agreements, resulting in the termination of Service, before the end of the initial term, or during any subsequent renewal terms, I, the Merchant, attest and agree that this is a breach of contract and US Merchant Systems, LLC may terminate this agreement for cause and I agree that I, the Merchant, shall pay US Merchant Systems, LLC as liquidated damages, up to $295 for each merchant ID number. I agree that this fee is not a penalty, but rather is reasonable in light of the financial harm and expense caused by my breach of contract or termination for cause by US Merchant Systems, LLC for breach of any of the aforementioned agreements. (c) I recognize US Merchant Systems, LLC is the registered agent of Deutsche Bank AG, EVO Merchant Services Inc. and that US Merchant Systems, LLC has the complete authority to act on behalf of the above named companies for the purpose of enforcing any and all terms of the "Merchant Application”,” Merchant Processing Agreement", "Merchant Debit Card Service Addendum", and "Reserve Acknowledgement" between Merchant and the above named companies including but not limited to the collecting of fees, fines or other amounts owed by Merchant, setting reserve requirements, establishment of processing limits and the setting or adjusting of rates and fees.