Common use of Payout Schedule Clause in Contracts

Payout Schedule. The Bank will disburse funds to the User’s bank account according to the schedule the User selects (daily, weekly, or monthly). Users may request ad- hoc settlement at any time, by ACH transfer or by paper check. Regardless of the disbursement schedule selected by the User, the Bank will transfer funds to the User’s bank account no more than thirty (30) days after funds settle to the Bank, subject to any Reserve, as defined below, imposed under Section 14 below. If the Bank cannot transfer the funds to the User’s bank account (due to inaccurate or obsolete bank account information entered by the User, or for any other reason), MojoPay may refund the funds to the Purchaser or escheat them pursuant to Section 23 below. Neither the Bank, MojoPay, nor the Purchaser will have any liability to User for funds so refunded or escheated. Settlements to a bank account may be limited or delayed based on Your perceived risk and history with MojoPay. If You would like to request an increase to Your settlement limit, please contact MojoPay Support. Upon receiving this request, MojoPay will conduct a review of Your account. MojoPay will consider a variety of factors in making this decision and will make this determination at its sole discretion. Should MojoPay need to investigate or resolve any pending dispute related to Your Account, the Bank may defer payout or restrict access to Your funds for the entire time it takes Us to do so. The Bank may also defer payout or restrict access to Your funds as required by law or court order, or if otherwise requested by law enforcement or governmental entity. Furthermore, if MojoPay or the Bank suspects future Chargebacks or disputes because of Transactions to Your Account, the Bank may defer payout and/or restrict access to Your funds until MojoPay or the Bank reasonably believes, in their sole discretion, that the risk of receiving a Chargeback or dispute has passed. All settlements to Users are subject to review for risk and compliance purposes and can be delayed or postponed at MojoPay’s sole discretion.

Payout Schedule. The Bank will disburse funds to the User’s bank account according to the schedule the User selects (daily, weekly, or monthly). Users may request ad- ad-hoc settlement at any time, by ACH transfer or by paper check. Regardless of the disbursement schedule selected by the User, the Bank will transfer funds to the User’s bank account no more than thirty (30) days after funds settle to the Bank, subject to any Reserve, as defined below, imposed under Section 14 below. If the Bank cannot transfer the funds to the User’s bank account (due to inaccurate or obsolete bank account information entered by the User, or for any other reason), MojoPay PayRom may refund the funds to the Purchaser or escheat them pursuant to Section 23 below. Neither the Bank, MojoPayPayRom, nor the Purchaser will have any liability to User for funds so refunded or escheated. Settlements to a bank account may be limited or delayed based on Your perceived risk and history with MojoPayPayRom. If You would like to request an increase to Your settlement limit, please contact MojoPay PayRom Support. Upon receiving this request, MojoPay PayRom will conduct a review of Your account. MojoPay PayRom will consider a variety of factors in making this decision and will make this determination at its sole discretion. Should MojoPay PayRom need to investigate or resolve any pending dispute related to Your Account, the Bank may defer payout or restrict access to Your funds for the entire time it takes Us to do so. The Bank may also defer payout or restrict access to Your funds as required by law or court order, or if otherwise requested by law enforcement or governmental entity. Furthermore, if MojoPay PayRom or the Bank suspects future Chargebacks or disputes because of Transactions to Your Account, the Bank may defer payout and/or restrict access to Your funds until MojoPay PayRom or the Bank reasonably believes, in their sole discretion, that the risk of receiving a Chargeback or dispute has passed. All settlements to Users are subject to review for risk and compliance purposes and can be delayed or postponed at MojoPayPayRom’s sole discretion.