Processing Limits. Merchant’s “Approved Monthly Volume” for sales drafts is that monthly volume set forth in the Application or as otherwise set forth in the Merchant account approval letter from Paya to Merchant or as may be later changed by Paya from time to time upon notice to Merchant. If Merchant exceeds the Approved Monthly Volume, either in the aggregate or with respect to any “method of sale”: (i) Paya and Bank may suspend processing, hold the funds over the Approved Monthly Volume, and/or return all Sales Drafts evidencing funds over the Approved Monthly Volume to Merchant; and (ii) Merchant is subject to a 5% fee on all monies processed over the Approved Monthly Volume.
Appears in 2 contracts
Sources: Merchant Agreement, Merchant Agreement
Processing Limits. Merchant’s “Approved Monthly Volume” for sales drafts is that monthly volume set forth in the Application or as otherwise set forth in the Merchant account approval letter from Paya SPS to Merchant or as may be later changed by Paya SPS from time to time upon notice to Merchant. If Merchant exceeds the Approved Monthly Volume, either in the aggregate or with respect to any “method of sale”: (i) Paya SPS and Bank may suspend processing, hold the funds over the Approved Monthly Volume, and/or return all Sales Drafts evidencing funds over the Approved Monthly Volume to Merchant; and (ii) Merchant is subject to a 5% fee on all monies processed over the Approved Monthly Volume.and
Appears in 2 contracts
Sources: Merchant Agreement, Merchant Agreement