Initiation of Payment Transactions Sample Clauses
The 'Initiation of Payment Transactions' clause defines the process by which a party can begin or authorize a payment under the agreement. Typically, this clause outlines the required steps, such as submitting a payment request, providing necessary documentation, or using specified payment methods or platforms. Its core function is to establish a clear and standardized procedure for starting payment transactions, thereby reducing confusion and ensuring timely and accurate payments between parties.
Initiation of Payment Transactions. You may initiate (a) a one-time payment transaction to a Receiver for which processing shall be initiated immediately, (b) a one-time payment transaction to a Receiver for which processing shall be initiated at a later specified date up to one (1) year, and (c) a recurring series of payment transactions to a Receiver for which processing shall be initiated on the specified dates. Payment transactions initiated to Receivers are processed in two ways. You can provide all the required information about the Receiver, including his/her Eligible Transaction Account, necessary to complete an ACH Network transfer of funds. Alternatively, you can provide contact information about the Receiver (including an email address or mobile telephone number) and the Popmoney Service may contact the Receiver and request that the Receiver (i) provide information so that we may validate the identity of the Receiver at the Popmoney Website and then (ii) provide Eligible Transaction Account information in order to complete the payment transaction (a “Two-Step Transfer”). If the Receiver maintains an Eligible Transaction Account with an institution that participates in the Popmoney Service, the Receiver may access the Popmoney Service at his or her financial institution’s website or mobile application to complete the payment transaction and receive the payment. You understand and agree that when you initiate a payment transaction from an Eligible Transaction Account using the Popmoney Service, the processing of the payment transaction will begin and the debiting of your Eligible Transaction Account will occur as early as the day of such initiation. However, the payment funds will be transferred into the Receiver’s Eligible Transaction Account no earlier than the next Business Day after you initiated the payment transaction. If you request a one-time payment transaction to be initiated on a specified date or a recurring series of payment transactions to be initiated on specified dates, then the processing of the payment transaction will begin on the specified date and the debiting of your Eligible Transaction Account will occur as early as the specified date(s). However, the payment funds will be transferred into the Receiver’s Eligible Transaction Account no earlier than the next Business Day following the specified date. In addition, in the case of all Two-Step Transfers, the deposit of the payment funds into the Receiver’s Eligible Transaction Account (even if debited or withdraw...
Initiation of Payment Transactions. You may initiate a one-time payment transaction to a Receiver for which processing shall be initiated immediately. It is important to note that you are limited to six (6) preauthorized or automatic transfers or withdrawals from your Money Market Account per monthly statement cycle. Payment transactions initiated to Receivers are processed in two ways. You can provide all the required information about the Receiver, including his/her Eligible Transaction Account, necessary to complete an ACH Network transfer of funds. Alternatively, you can provide contact information about the Receiver (including an email address or mobile telephone number) and the People Pay Service may contact the Receiver and request that the Receiver (i) log in to the People Pay site with the required claim code and provide information so that we may validate the identity of the Receiver and then (ii) the Receiver will provide Eligible Transaction Account information in order to complete the payment transaction (a "Two-Step Transfer"). If the Receiver maintains an Eligible Transaction Account with an institution that participates in the People Pay Service, the Receiver may access the People Pay Service at his or her financial institution's website or mobile application to complete the payment transaction and receive the payment. You understand and agree that when you initiate a payment transaction from an Eligible Transaction Account using the People Pay Service, the processing of the payment transaction will begin and the debiting of your Eligible Transaction Account will occur as early as the day of such initiation. However, the payment funds will be transferred into the Receiver's Eligible Transaction Account no earlier than the next Business Day after you initiated the payment transaction. In addition, in the case of all Two-Step Transfers, the deposit of the payment funds into the Receiver's Eligible Transaction Account (even if debited or withdrawn from your Eligible Transaction Account) may be delayed if the Receiver has not provided the People Pay Service with certain required information such as his or her Eligible Transaction Account information. There are limits on the amount of money you can send or receive through the People Pay Service. These limits may be adjusted from time to time at our sole discretion. We also reserve the right to select the method in which to remit funds on your behalf, and the method to return funds to you in the event your Eligible Transaction Acco...
Initiation of Payment Transactions. You may initiate (a) a one-time payment transaction to a Receiver for which processing shall be initiated immediately, (b) a one-time payment transaction to a Receiver for which processing shall be initiated at a later specified date up to one (1) year, and (c) a
Initiation of Payment Transactions. You may initiate:
a. a one-time payment transaction to a receiver for which processing shall be initiated immediately;
b. a one-time payment transaction to a receiver for which processing shall be initiated at a later specified date up to one (1) year, and
c. a recurring series of payment transactions to a receiver for which processing shall be initiated on the specified dates. Payment transactions initiated to receivers are processed in two ways. You can provide all the required information about the receiver, including his/her transaction account, necessary to complete an ACH network transfer of funds. Alternatively, you can provide contact information about the receiver (including an email address or mobile telephone number) and the person-to-person service may contact the receiver and request that the receiver:
a. provide information so that we may validate the identity of the receiver and then
b. provide transaction account information to complete the payment transaction. You understand and agree that when you initiate a payment transaction from a transaction account using the person-to-person service, the processing of the payment transaction will begin and the debiting of your transaction account will occur as early as the day of such initiation. However, the payment funds will be transferred into the receiver's transaction account no earlier than the next business day after you initiated the payment transaction. If you request a one- time payment transaction to be initiated on a specified date or a recurring series of payment transactions to be initiated on specified dates, then the processing of the payment transaction will begin on the specified date and the debiting of your transaction account will occur as early as the specified date(s).
Initiation of Payment Transactions. You may initiate (a) a one-time payment transaction to a Receiver for which processing shall be initiated immediately, (b) a one-time payment transaction to a Receiver for which processing shall be initiated at a later specified date, and (c) a recurring series of payment transactions to a Receiver for which processing shall be initiated on the specified dates. Payment transactions initiated to Receivers are processed by you providing contact information about the Receiver either an email address or mobile telephone number and the Person to Person Payments Service may contact the Receiver and request that the Receiver (i) provide information so that we may validate the identity of the Receiver and then (ii) provide Transaction Account information in order to complete the payment transaction. You understand and agree that when you initiate a payment transaction from an Transaction Account using the Person to Person Service, the processing of the payment transaction will begin and the debiting of your Transaction Account will occur as early as the day of such initiation. The payment funds may be transferred into the Receiver's Transaction Account as soon as the same day that you initiated the payment transaction. If you request a one-time payment transaction to be initiated on a specified date or a recurring series of payment transactions to be initiated on specified dates, then the processing of the payment transaction will begin on the specified date and the debiting of your Transaction Account will occur as early as the specified date(s).
Initiation of Payment Transactions. You may initiate (a) a one-time payment transaction to a Receiver for which processing shall be initiated immediately, (b) a one-time payment transaction to a Receiver for which processing shall be initiated at a later specified date up to one (1) year, and (c) a recurring series of payment transactions to a Receiver for which processing shall be initiated on the specified dates. Payment transactions initiated to Receivers are processed in two ways. You can provide all the required information about the Receiver, including his/her Transaction Account, necessary to complete an ACH Network transfer of funds. Alternatively, you can provide contact information about the Receiver (including an email address or mobile telephone number) and the Person-to-Person Service may contact the Receiver and request that the Receiver (i) provide information so that we may validate the identity of the Receiver at the Person-to-Person Website and then (ii) provide Transaction Account information in order to complete the payment transaction.
Initiation of Payment Transactions. As a debit cardholder, you may send one- time person-to-person transfers to Credit Union members or a depositor of another financial institution. Notice is given to the Recipient by the Sender providing the Recipient's email address or text-enabled mobile phone number. You may initiate these transfers by use of a computer or a mobile device and providing transaction and Recipient information. Payment transactions initiated to Recipients are processed in two steps. First, you must enter your debit card number and email address. Second, you must provide contact information about the Recipient (including an email address or mobile telephone number) and the One 2PayTM Service may contact the Recipient and request that the Recipient may provide Eligible Transaction Account information in order to complete the payment transaction. You understand and agree that when you initiate a payment transaction from an Eligible Transaction Account using the One 2PayTM Service, the processing of the payment transaction will begin and the debiting of your Eligible Transaction Account will occur as early as the day of such initiation. The timing of funds received will depend on when the Recipient responds to the email and when their financial institution posts the transactions. The posting of the transaction is dependent on the business days of that institution.
Initiation of Payment Transactions. You may initiate (a) a one-time payment transaction to a Receiver for which processing shall be initiated immediately, (b) a one-time payment transaction to a Receiver for which processing shall be initiated at a later specified date up to one (1) year, and (c) a recurring series of payment transactions to a Receiver for which processing shall be initiated on the specified dates. Payment transactions initiated to Receivers are processed in two ways. You can provide all the required information about the Receiver, including his/her Transaction Account, necessary to complete an ACH Network transfer of funds. Alternatively, you can provide contact information about the Receiver (including an email address or mobile telephone number) and the Person-to-Person Service may contact the Receiver and request that the Receiver (i) provide information so that we may validate the identity of the Receiver at the Person-to-Person Website and then (ii) provide Transaction Account information in order to complete the payment transaction.