Common use of Settlement of Payments Clause in Contracts

Settlement of Payments. (a) The settlement amount from UnionPay will be credited into the Merchant’s MoneySwap Account as per the agreed terms with the Merchant as specified in the Fee Schedule of this Agreement. Once the aforesaid credit is done, the Online and/or POS transaction shall be complete. However, the settlement amount shall be calculated after the Merchant Service Charge, Chargeback amount (if any) and other appropriate fees, as applicable. (b) After step (a) above is completed, the Merchant can then request for the funds in the Merchant’s MoneySwap Account to be paid out to the Merchant’s designated bank account by giving a standing instruction to MoneySwap to effect the aforesaid Payout.