Common use of Standard Payment Clause in Contracts

Standard Payment. Alternatively, the Payor may initiate a payment from a Verified Bank Account. This method is not a real time payment and Payors are advised to allow between three (3) and five (5) business days for the payment to be posted to the Payee’s account. A completed payment through this method consists of two steps: A. First, a debit (withdrawal) is made by nanopay from the Payor’s bank account against a specific invoice. In Canada this is done by means of an initiation by the Payor of a Pre-Authorized Debit (PAD), according to Payor’s Authorization for Pre-Authorized Debits (Business PADs) Agreement. B. Second, when the debit is confirmed as received by nanopay, a credit payment is initiated to be deposited to the Payee’s bank account for the corresponding invoiced amount, including any applicable fees, as described in section 4. (For avoidance of doubt, the Payor will pay the fee for the Service.) Your nanopay Account will display your account and transaction details, including Payee and Payor information. However, your financial institution’s account statement will not display such information.