Balance Pay-In Terms
Last updated: September 23rd, 2024
These Balance Pay-in Terms (“Terms”) are supplementary to the Balance Services Agreement (the “Agreement”) and the Balance B2B Payment Solutions Terms (“Payment Solutions Terms”), and apply to the use of the functionality within the Balance Platform which enables acceptance of one-time and recurring payments.
Capitalized terms not defined in these Terms have the meanings given in the Payment Solutions Terms and the Agreement; to the extent that there is a conflict between the Agreement and these Terms with respect to the use of the B2B Payment Solutions Services, these Terms will prevail. For the purposes of these Terms, the term “Customer” refers to any person that uses the Services (including Vendors). Balance may amend these Terms from time to time, in its sole discretion and for any reason. Amendments will be indicated by a changed Last Updated date at the top of this web page, and each user is responsible for monitoring this web page for amendments. A user’s subsequent access and use of the Balance Platform or use of the Services shall constitute its’ consent and agreement to such amendments; in the event a user is acting on behalf of a Customer, such subsequent access and use shall constitute the Customer’s consent.
- APPOINTMENT AS AGENT.
- Customer hereby appoints Balance as Customer’s authorized agent for the purposes of enabling Customer’s access to the Payment Processing Services and performing any additional duties as set forth in these Terms, and Balance accepts such appointment. Customer agrees that upon Balance’s receipt of any amounts payable to Merchant, (a) such amount will be deemed received by Customer and treated in the same manner as any funds paid directly to Customer, such that Customer will be responsible for fulfilling its obligations to the payor of such amount in the same manner as if Customer had received such amount directly, whether or not such amount is subsequently remitted to Customer or a designated third party, and (b) Customer will not, to the extent such amount constitutes funds paid by or on behalf of a Buyer, have recourse against Buyer in the event such amount is not subsequently made available to Customer, or transferred in accordance with Customer’s instructions.
- Should the use of a certain Payment Processor preclude Balance from directly receiving any amounts payable to Customer, Customer agrees to provide Balance with all necessary consents and legal powers, and hereby provides Balance with such legal authorization and powers so as to allow Balance to open a virtual bank account or wallet (“Virtual Account”) on behalf and in the name of Customer, and to act and operate the Virtual Account and the funds therein as needed in order to perform Balance’s duties and obligations under this Agreement. Customer shall not be entitled to any of the funds in the Virtual Account until such funds have been transferred to the User Bank Account. Customer undertakes not to take any action or make any disposition, provide any instruction, pledge, use as security, commit or otherwise access any of the funds in the Virtual Account.
- In accepting such appointment as the authorized agent of Customer, Balance assumes no liability for any acts or omissions of a Customer or any third party. Customer hereby agrees to cooperate with Balance and execute all such documents as may be reasonably requested by Balance to give effect to this Section 1.
- Customer hereby appoints Balance as Customer’s authorized agent for the purposes of enabling Customer’s access to the Payment Processing Services and performing any additional duties as set forth in these Terms, and Balance accepts such appointment. Customer agrees that upon Balance’s receipt of any amounts payable to Merchant, (a) such amount will be deemed received by Customer and treated in the same manner as any funds paid directly to Customer, such that Customer will be responsible for fulfilling its obligations to the payor of such amount in the same manner as if Customer had received such amount directly, whether or not such amount is subsequently remitted to Customer or a designated third party, and (b) Customer will not, to the extent such amount constitutes funds paid by or on behalf of a Buyer, have recourse against Buyer in the event such amount is not subsequently made available to Customer, or transferred in accordance with Customer’s instructions.
- CUSTOMER’S USE OF THE PAYMENT PROCESSING SERVICES.
- General Obligations. Customer:
- agrees that it will, during or before transacting with a Buyer, prominently provide/ inform a Buyer: (i) about Customer's identity (including prominently displaying its registered name and any trading name on its website) and address of its fixed place of business; (ii) of the terms and conditions of a sale including the Customer's delivery policy and returns and cancellation policies (which policies must at all times be clear, fair, and comply with Applicable Law); (iii) of the date on, and the currency in which, any charges will commence; (iv) about Customer's dispute and complaints policy and procedure, customer service email and telephone contact details; and (v) Customer’s data privacy policy; and
- agrees that (i) Customer is the merchant of record for all Payments and assumes all of the responsibilities of a merchant under the Operating Regulations, (ii) as between Customer and Balance, Customer is responsible and liable for all charges, including fees, chargebacks, refunds, fines or penalties, arising in connection with Customer’s use of the Payment Processing Services, and (iii) in the event Balance pays any such amount to Payment Processor or other third party on behalf of Customer, that amount will be a debt payable by Customer to Balance, and Balance may exercise any of its rights under this Agreement to recover the debt.
- agrees that it will, during or before transacting with a Buyer, prominently provide/ inform a Buyer: (i) about Customer's identity (including prominently displaying its registered name and any trading name on its website) and address of its fixed place of business; (ii) of the terms and conditions of a sale including the Customer's delivery policy and returns and cancellation policies (which policies must at all times be clear, fair, and comply with Applicable Law); (iii) of the date on, and the currency in which, any charges will commence; (iv) about Customer's dispute and complaints policy and procedure, customer service email and telephone contact details; and (v) Customer’s data privacy policy; and
- General Obligations. Customer: