Common use of Automated Clearing House Clause in Contracts

Automated Clearing House. 29.1. Generally. All payments to Client shall be through the Automated Clearing House (“ACH”) and shall normally be electronically transmitted directly to the Settlement Account You have designated or any successor account designated to receive provisional funding of Client’s Card sales pursuant to the Agreement. Client agrees that any Settlement Account designated pursuant to the preceding sentence will be an account primarily used for business purposes. Neither Bank, nor Payment World can guarantee the time frame in which payment may be credited by Client’s financial institution where the Settlement Account is maintained. Your funds for MasterCard, Visa and Discover Network transactions will be processed and transferred to your financial institution within two (2) Business Days from the time a batch is received by Payment World if your financial institution is the Bank. If your financial institution is not the Bank, your MasterCard, Visa and Discover Network transactions will be processed via the Federal Reserve within two (2) Business Days from the time a batch is received by Payment World. The Federal Reserve will transfer such amounts to your financial institution.

Automated Clearing House. 29.1. Generally. All payments to Client shall be through the Automated Clearing House (“ACH”) and shall normally be electronically transmitted directly to the Settlement Account You have designated or any successor account designated to receive provisional funding of Client’s Card sales pursuant to the Agreement. Client agrees that any Settlement Account designated pursuant to the preceding sentence will be an account primarily used for business purposes. Neither Bank, nor Payment World PaymentWorld can guarantee the time frame in which payment may be credited by Client’s financial institution where the Settlement Account is maintained. Your funds for MasterCard, Visa and Discover Network transactions will be processed and transferred to your financial institution within two (2) Business Days from the time a batch is received by Payment World PaymentWorld if your financial institution is the Bank. If your financial institution is not the Bank, your MasterCard, Visa and Discover Network transactions will be processed via the Federal Reserve within two (2) Business Days from the time a batch is received by Payment WorldPaymentWorld. The Federal Reserve will transfer such amounts to your financial institution.