Common use of ACH PROCESSING Clause in Contracts

ACH PROCESSING. BASE COMMERCE and Merchant have contracted for BASE COMMERCE to provide Automated Clearing House (“ACH”) services as a Third Party Processor of ACH transactions. These transactions will be placed through a financial institution used by BASE COMMERCE who will be acting as the Originating Depository Financial Institution (“ODFI”). Merchant shall act as the Originator. BASE COMMERCE will debit funds (“Debit Entry”) for the purpose of collecting Automatic Payments from the accounts of the Merchant’s customers (“Receivers”) and/or credit funds (“Credit Entry”) for the purpose of paying the Merchant’s accounts receivable in accordance with the terms of this Agreement, the Operating Rules (“Rules”) of the National Automated Clearing House Association (“NACHA”), and applicable federal, state and local laws or regulations governing ACH transactions (collectively, “Regulations”). The terms and conditions of this Agreement do not limit Merchant’s obligation to comply with the Rules and Regulations. “Entry” or “Entries” shall mean either a Credit Entry or a Debit Entry.