Common use of Transfer of Settlement Funds Clause in Contracts

Transfer of Settlement Funds. CMS shall submit Merchant’s Transactions to the applicable Card Network (or, with respect to Transactions involving Eligible Chase Cards, to Chase for processing as Chase Transactions to the extent Schedule A sets forth pricing specific to Chase Transactions). Promptly after CMS receives funds for Merchant’s Transactions from the applicable Card Network, CMS will fund the Settlement Account. Transactions received after the established cutoff time will be combined with the next business day’s transactions. CMS will not be liable for any delays in receipt of funds or errors in Settlement Account entries caused by third parties, including, without limitation, delays or errors by the Card Networks or Merchant’s bank. The funds payable to Merchant in this Section shall be equal to the total Transaction amounts minus the sum of the following: (a) all fees, charges, and other amounts described on Schedule A or that Merchant has otherwise agreed to pay; (b) all Chargebacks and Refunds; (c) any required Reserve Account amounts; (d) any Card Network Liabilities and (e) any and all amounts due and payable by Merchant to CMS or any Affiliate of CMS, whether or not Merchant or such Affiliate is in default in its obligations to CMS or such Affiliate. Merchant agrees that all fees and other amounts are due and payable at the time the Services are performed or such fees or amounts are incurred. In the event CMS does not deduct any such amounts from Merchant’s proceeds when such amounts first become due and payable, CMS may collect such amounts in any manner set forth for the collection of amounts due, as set forth in this Agreement. Furthermore, Merchant agrees to reimburse CMS, Chase, the Card Network, and their respective affiliates, officers, directors, employees, agents, and sponsoring banks from any losses, liabilities, and damages of any and every kind (including, without limitation, CMS’ costs, expenses, and reasonable attorneys’ fees) arising out of any claim, complaint, or Chargeback (a) made or claimed by a Customer with respect to any Transaction or Transaction data submitted by Merchant; (b) caused by Merchant’s noncompliance with this Agreement or the Card Network Rules (including without limitation any breach of a representation or warranty made by Merchant or Merchant’s failure to comply with the Security Standards); (c) resulting from any voluntary or involuntary bankruptcy or insolvency proceeding by or against Merchant; or (d) related to Merchant’s placement or the placement of any person owning or controlling Merchant’s business in one or more databases of terminated or high risk merchants maintained by the Card Networks. The obligations provided for in this Section shall survive termination of this Agreement and do not apply to any claim or complaint to the extent they are caused by CMS’ own negligence or willful misconduct.

Transfer of Settlement Funds. CMS shall submit Merchant’s Transactions For all Settled Transactions, we will process your Transaction Data to facilitate the applicable Card Network (or, with respect to Transactions involving Eligible Chase Cards, to Chase for processing as Chase Transactions to funds transfer between the extent Schedule A sets forth pricing specific to Chase Transactions)various Payment Brands and you. Promptly after CMS receives funds we receive credit for Merchant’s Transactions from the applicable Card Networksuch Transaction Data, CMS we will fund the Settlement Account. Transactions received after the established cutoff time will be combined with the next business day’s transactions. CMS will not be liable for any delays in receipt of funds or errors in provide provisional credit to your Settlement Account entries caused by third parties, including, without limitation, delays or errors by for the Card Networks or Merchant’s bankproceeds. The funds proceeds payable to Merchant in this Section you shall be equal to the total amounts received by us in connection with your Transaction amounts Data minus the sum of the following: (a) all fees, charges, and other amounts described on Schedule A or that Merchant has otherwise agreed to pay; (b) all Chargebacks and Refunds; (c) any required Reserve Account amounts; (d) , if any. You agree that amounts set forth above, and any Card Network Liabilities and (e) any and all amounts due and payable by Merchant to CMS or any Affiliate of CMS, whether or not Merchant or such Affiliate is in default in its obligations to CMS or such Affiliate. Merchant agrees that all fees and other amounts are due and payable by you at the time the Services related services are performed or such fees or rendered to you and may be imposed on a daily basis if we so determine; that all Reserve Account amounts are incurreddue and payable by you upon establishment; and that the related Chargebacks, Customer refunds, and adjustments, fees, charges, fines, assessments, penalties, and all other liabilities are due and payable by you when we receive notice thereof from the Payment Brands or any third party, or otherwise pursuant to this Section 4.4. In the event CMS does we do not deduct any such amounts from Merchant’s the proceeds when payable to you, you agree to pay all such amounts first become due and payableto us immediately without any deduction or offsets. Alternatively, CMS at our option, we may collect debit the Settlement Account or your Reserve Account for such amounts in at any manner set forth for the collection of amounts duetime. Also, insofar as set forth in this Agreement. Furthermoreallowed by law, Merchant agrees you agree to reimburse CMSPaymentech, ChaseMember, the Card NetworkPayment Brands, and their respective affiliates, officers, directors, employees, agents, agents and sponsoring banks from any losses, liabilities, and damages of any and every kind (including, without limitation, CMS’ our costs, expenses, expenses and reasonable attorneys’ fees) arising out of any claim, complaint, or Chargeback (ai) made or claimed by a Customer with respect to any Transaction or Transaction data Data submitted by Merchant; you, (bii) caused by Merchant’s your noncompliance with this Agreement Agreement, the Operating Guide, or the Card Network Rules (Payment Brand Rules, including without limitation any breach of a representation or warranty made by Merchant you, or Merchant’s failure to comply with the Security Standards); (ciii) resulting from any voluntary or involuntary bankruptcy or insolvency proceeding by or against Merchant; or (d) related to Merchant’s placement or the placement of any person owning or controlling Merchant’s business in one or more databases of terminated or high risk merchants maintained by the Card Networksyou. The obligations obligation provided for in this Section shall survive termination of this Agreement and do does not apply to any claim or complaint to the extent they are it is caused by CMS’ Paymentech’s own negligence or willful misconduct. Without limiting the foregoing or our rights under Section 7.2 or Section 10, if a third party notifies us, or a Payment Brand notifies us or the Member that it or they intend to impose any fine or penalty as a result of excessive Chargebacks or your acts or omissions (including, without limitation, your failure to fully comply with any Payment Brand Rules), we may suspend the processing of your Transactions. Additionally, Paymentech agrees that it will make a separate electronic deposit for each merchant number and that it will not deduct from daily settlement proceeds any fees, chargebacks, or miscellaneous debits. Rather, the amounts due under this Agreement will appear separately and Paymentech will debit the designated bank account once a month for the fees incurred per merchant number. Paymentech understands that Xxxxxxxx must also be able to distinguish the type of transaction (credit or debit) by identification in each individual automated clearinghouse (ACH) transfer record for accounting purposes.

Transfer of Settlement Funds. CMS shall submit Merchant’s Transactions For all Settled Transactions, we will process your Transaction Data to facilitate the applicable Card Network (or, with respect to Transactions involving Eligible Chase Cards, to Chase for processing as Chase Transactions to funds transfer between the extent Schedule A sets forth pricing specific to Chase Transactions)various Payment Brands and you. Promptly after CMS receives funds we receive credit for Merchant’s Transactions from the applicable Card Networksuch Transaction Data, CMS we will fund the Settlement Account. Transactions received after the established cutoff time will be combined with the next business day’s transactions. CMS will not be liable for any delays in receipt of funds or errors in provide provisional credit to your Settlement Account entries caused by third parties, including, without limitation, delays or errors by for the Card Networks or Merchant’s bankproceeds. The funds proceeds payable to Merchant in this Section you shall be equal to the total amounts received by us in connection with your Transaction amounts Data minus the sum of the following: (ai) all fees imposed by us or any third parties passed through to you, charges, and discounts set forth in Schedule A; (ii) all adjustments and Chargebacks; (iii) all equipment charges (if any); (iv) all Customer refunds, returns and adjustments; (v) all Reserve Account amounts; and (vi) any fees, charges, and fines, assessments, penalties, or other amounts described liabilities that may be imposed on Schedule A us or that Merchant has otherwise agreed the Member from time to pay; (b) all Chargebacks and Refunds; (c) time by the Payment Brands or any required Reserve Account amounts; (d) any Card Network Liabilities and (e) any third party and all amounts due related costs and payable expenses incurred by Merchant to CMS or any Affiliate of CMS, whether or not Merchant or such Affiliate is in default in its obligations to CMS or such Affiliateus. Merchant agrees You agree that all fees amounts set forth above, and any other amounts are due and payable by you at the time the Services related services are performed or such fees or rendered to you and may be imposed on a daily basis if we so determine; that all Reserve Account amounts are incurreddue and payable by you upon establishment; and that the related Chargebacks, Customer refunds, and adjustments, fees, charges, fines, assessments, penalties, and all other liabilities are due and payable by you when we receive notice thereof from the Payment Brands or any third party, or otherwise pursuant to this Section 4.4. In the event CMS does we do not deduct any such amounts from Merchant’s the proceeds when payable to you, you agree to pay all such amounts first become due and payableto us immediately without any deduction or offsets. Alternatively, CMS at our option, we may collect debit the Settlement Account or your Reserve Account for such amounts in at any manner set forth for time. Without limiting the collection foregoing or our rights under Section 7.2 or Section 10, if a third party notifies us, or a Payment Brand notifies us or the Member that it or they intend to impose any fine or penalty as a result of amounts due, as set forth in this Agreement. Furthermore, Merchant agrees to reimburse CMS, Chase, the Card Network, and their respective affiliates, officers, directors, employees, agents, and sponsoring banks from any losses, liabilities, and damages of any and every kind excessive Chargebacks or your acts or omissions (including, without limitation, CMS’ costs, expenses, and reasonable attorneys’ fees) arising out of any claim, complaint, or Chargeback (a) made or claimed by a Customer with respect to any Transaction or Transaction data submitted by Merchant; (b) caused by Merchant’s noncompliance with this Agreement or the Card Network Rules (including without limitation any breach of a representation or warranty made by Merchant or Merchant’s your failure to fully comply with any Payment Brand Rules), we may suspend the Security Standards); (c) resulting from any voluntary or involuntary bankruptcy or insolvency proceeding by or against Merchant; or (d) related to Merchant’s placement or the placement processing of any person owning or controlling Merchant’s business in one or more databases of terminated or high risk merchants maintained by the Card Networks. The obligations provided for in this Section shall survive termination of this Agreement and do not apply to any claim or complaint to the extent they are caused by CMS’ own negligence or willful misconductyour Transactions.

Transfer of Settlement Funds. CMS shall submit For all Settled Transactions, Paymentech will process the Transaction Records to facilitate the funds transfer between the various Payment Brands, TP3, and Merchant’s Transactions to the applicable Card Network (or, with respect to Transactions involving Eligible Chase Cards, to Chase for processing as Chase Transactions to the extent Schedule A sets forth pricing specific to Chase Transactions). Promptly after CMS receives funds receiving credit for Merchant’s Transactions from the applicable Card Networksuch Transaction Record, CMS Paymentech will fund provide provisional credit to the Settlement Account. Transactions received after Account for the established cutoff time will be combined with the next business day’s transactions. CMS will not be liable for any delays in receipt of funds or errors in Settlement Account entries caused by third parties, including, without limitation, delays or errors by the Card Networks or Merchant’s bankproceeds. The funds proceeds payable to Merchant in this Section shall be equal to the total amounts received by Paymentech in connection with the Transaction amounts minus Record less the sum of the following: (ai) all fees, imposed by Paymentech or any third parties passed through to TP3, charges, and other amounts described on discounts set forth in Schedule A or that Merchant has otherwise agreed to payA; (bii) all Chargebacks and RefundsChargebacks; (ciii) any required all equipment charges (if any); (iv) all Customer refunds, returns, and adjustments; and (v) all Reserve Account amounts; (dvi) any Card Network Liabilities funds Paymentech may pay directly to a Merchant if direct funding is required by the Payment Brand Rules; and (evii) any fees, charges, fines, assessments, penalties, or other liabilities that may be imposed on Paymentech or the Member from time to time by the Payment Brands and all related costs and expenses incurred by Paymentech pursuant to this Agreement. Paymentech also reserves the right to withhold or offset from the proceeds owed to TP3 or any Merchant by Paymentech any or all amounts due and payable owed by TP3 or a Merchant to CMS Paymentech or its affiliates under any Affiliate of CMS, whether or not Merchant or such Affiliate is in default in its obligations to CMS or such Affiliateother agreement between you and Paymentech. Merchant TP3 agrees that all fees amounts set forth above, and any other amounts are due and payable by TP3 at the time the Services related services are performed rendered and may be imposed on a daily basis if Paymentech so determines; that all Reserve Account amounts due from TP3 hereunder are payable upon establishment; and that the related Chargebacks, Customer refunds and adjustments, fees, charges, fines, assessments, penalties, and all other liabilities are due and payable when Paymentech receives notice thereof from the Payment Brands or such fees any third party, or amounts are incurredotherwise pursuant to this Section 4.4. In the event CMS Paymentech does not deduct any such amounts from Merchant’s the proceeds when payable, TP3 agrees to pay all such amounts first become due and payableimmediately without any deduction or offsets. Alternatively, CMS at Paymentech’s sole option, Paymentech may collect debit the Settlement Account or the Reserve Account for such amounts in at any manner set forth for time. Without limiting the collection foregoing or Paymentech’s rights under Section 7.2 or Section 10, if a Payment Brand notifies Paymentech or the Member that it or they intend to impose any fine, fee, or penalty as a result of amounts due, as set forth in this Agreement. Furthermore, Merchant agrees to reimburse CMS, Chase, the Card Network, and their respective affiliates, officers, directors, employees, agents, and sponsoring banks from any losses, liabilities, and damages of any and every kind excessive Chargebacks or TP3’s acts or omissions (including, without limitation, CMS’ costs, expenses, and reasonable attorneys’ fees) arising out of any claim, complaint, or Chargeback (a) made or claimed by a Customer with respect to any Transaction or Transaction data submitted by Merchant; (b) caused by Merchant’s noncompliance with this Agreement or the Card Network Rules (including without limitation any breach of a representation or warranty made by Merchant or Merchant’s failure to fully comply with any Payment Brand Rules), Paymentech may suspend the Security Standards); (c) resulting from any voluntary or involuntary bankruptcy or insolvency proceeding by or against Merchant; or (d) related to Merchant’s placement or processing of the placement of any person owning or controlling Merchant’s business in one or more databases of terminated or high risk merchants maintained by the Card Networks. The obligations provided for in this Section shall survive termination of this Agreement and do not apply to any claim or complaint to the extent they are caused by CMS’ own negligence or willful misconductTransactions upon at least 10 days prior notice.

Transfer of Settlement Funds. CMS shall submit Merchant’s Transactions For all Settled Transactions, we will process your Transaction Data to facilitate the applicable Card Network (or, with respect to Transactions involving Eligible Chase Cards, to Chase for processing as Chase Transactions to funds transfer between the extent Schedule A sets forth pricing specific to Chase Transactions)various Payment Brands and you. Promptly after CMS receives funds we receive credit for Merchant’s Transactions from the applicable Card Networksuch Transaction Data, CMS we will fund the Settlement Account. Transactions received after the established cutoff time will be combined with the next business day’s transactions. CMS will not be liable for any delays in receipt of funds or errors in provide provisional credit to your Settlement Account entries caused by third parties, including, without limitation, delays or errors by for the Card Networks or Merchant’s bankproceeds. The funds proceeds payable to Merchant in this Section you shall be equal to the total amounts received by us in connection with your Transaction amounts Data minus the sum of the following: (a) all fees, charges, and other amounts described on Schedule A or that Merchant has otherwise agreed to pay; (b) all Chargebacks and Refunds; (c) any required Reserve Account amounts; (d) , if any. You agree that amounts set forth above, and any Card Network Liabilities and (e) any and all amounts due and payable by Merchant to CMS or any Affiliate of CMS, whether or not Merchant or such Affiliate is in default in its obligations to CMS or such Affiliate. Merchant agrees that all fees and other amounts are due and payable by you at the time the Services related services are performed or such fees or rendered to you and may be imposed on a daily basis if we so determine; that all Reserve Account amounts are incurreddue and payable by you upon establishment; and that the related Chargebacks, Customer refunds, and adjustments, fees, charges, fines, assessments, penalties, and all other liabilities are due and payable by you when we receive notice thereof from the Payment Brands or any third party, or otherwise pursuant to this Section 4.4. In the event CMS does we do not deduct any such amounts from Merchant’s the proceeds when payable to you, you agree to pay all such amounts first become due and payableto us immediately without any deduction or offsets. Alternatively, CMS at our option, we may collect debit the Settlement Account or your Reserve Account for such amounts in at any manner set forth for the collection of amounts duetime. Also, insofar as set forth in this Agreement. Furthermoreallowed by law, Merchant agrees you agree to reimburse CMSPaymentech, ChaseMember, the Card NetworkPayment Brands, and their respective affiliates, officers, directors, employees, agents, agents and sponsoring banks from any losses, liabilities, and damages of any and every kind (including, without limitation, CMS’ our costs, expenses, expenses and reasonable attorneys’ fees) arising out of any claim, complaint, or Chargeback (ai) made or claimed by a Customer with respect to any Transaction or Transaction data Data submitted by Merchant; you, (bii) caused by Merchant’s your noncompliance with this Agreement Agreement, the Operating Guide, or the Card Network Rules (Payment Brand Rules, including without limitation any breach of a representation or warranty made by Merchant you, or Merchant’s failure to comply with the Security Standards); (ciii) resulting from any voluntary or involuntary bankruptcy or insolvency proceeding by or against Merchant; or (d) related to Merchant’s placement or the placement of any person owning or controlling Merchant’s business in one or more databases of terminated or high risk merchants maintained by the Card Networksyou. The obligations obligation provided for in this Section shall survive termination of this Agreement and do does not apply to any claim or complaint to the extent they are it is caused by CMS’ Paymentech’s own negligence or willful misconduct. Without limiting the foregoing or our rights under Section 7.2 or Section 10, if a third party notifies us, or a Payment Brand notifies us or the Member that it or they intend to impose any fine or penalty as a result of excessive Chargebacks or your acts or omissions (including, without limitation, your failure to fully comply with any Payment Brand Rules), we may suspend the processing of your Transactions. Additionally, Paymentech agrees that it will make a separate electronic deposit for each merchant number and that it will not deduct from daily settlement proceeds any fees, chargebacks, or miscellaneous debits. Rather, the amounts due under this Agreement will appear separately and Paymentech will debit the designated bank account once a month for the fees incurred per merchant number. Paymentech understands that Merchant must also be able to distinguish the type of transaction (credit or debit) by identification in each individual automated clearinghouse (ACH) transfer record for accounting purposes.