Balance Pay-Out Terms
Last updated: September 23rd, 2024
These Balance Pay-in Terms (“Terms”) are supplementary to the Balance Online Services Agreement (the “Agreement”) and the Balance B2B Payment Solution Terms and apply to use of the functionality within the Balance Platform (as defined in the Agreement) which enables Customer to receive one-time and recurring payments.
Capitalized terms not defined in these Terms have the meanings given in the Agreement, and to the extent that there is a conflict between the Agreement and these Terms, these Terms will prevail. For the purposes of these Terms, the term “Customer” refers to any person that uses the relevant Services. 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 Customer’s subsequent access and use of the Balance Platform or use of the Services shall constitute its’ consent and agreement to such amendments.
- CUSTOMER BALANCE ACCOUNT; PAYOUTS.
- Customer Balance Account. Customer may be entitled to submit Actions (on its own behalf or, if Customer is a marketplace operator, on behalf of Vendors) with respect to funds that are held in connection with the Services.
- Payouts. Customer may initiate, via the Balance Dashboard or Balance API, and subject to the availability of funds as indicated in the Customer Balance Account ledger, a transfer of funds to the Customer Bank Account. Customer may also, pursuant to an authorization granted by a Site User, and subject to the availability of funds in the Customer Balance Account and the terms of the Site User Agreement, initiate a transfer of funds to a User Bank Account.
- Connected Account. To the extent required as determined by Balance, Customer authorizes and directs Balance to (i) on behalf of Customer, create an account with Payment Processor for and in the name of Customer for the purpose of allowing Payment Processor to accept, process and settle Payments for Customer and otherwise provide the Payment Processing Services to Customer (such account, the “Connected Account”), and (ii) manage the Connected Account on behalf of Customer in the manner described in these Terms.
- Customer Balance Account. Customer may be entitled to submit Actions (on its own behalf or, if Customer is a marketplace operator, on behalf of Vendors) with respect to funds that are held in connection with the Services.
- CUSTOMER’S USE OF THE PAYMENT PROCESSING SERVICES.
- Payment Processor Terms
- Customer acknowledges and agrees that Customer has reviewed, agrees to, and shall at all times comply with and be bound by, each of the following payment processor account agreements, as some or all may apply to Customer, depending on the needs for providing the Payment Processing Services, at Balance’s discretion, as the same may be amended by Payment Processor from time to time (each a “Payment Processor Account Agreement”):
- Stripe. The Stripe Connected Account Agreement (available at https://stripe.com/us/connect-account/legal), which includes the Stripe Services Agreement (available at https://stripe.com/us/legal).
- Customer additionally acknowledges that once agreed to, the Payment Processor Account Agreement governs all Payment Processing Services provided to Customer by Stripe under the B2B Payment Solutions Services, including without limitation both the Balance Pay-In Terms and the Balance Pay-Out Terms; and Customer additionally represents, warrants and covenants to Balance that Customer will not at any time utilize the Payment Processing Services in any way which violates the Payment Processor Account Agreement.
- Customer acknowledges and agrees that Customer has reviewed, agrees to, and shall at all times comply with and be bound by, each of the following payment processor account agreements, as some or all may apply to Customer, depending on the needs for providing the Payment Processing Services, at Balance’s discretion, as the same may be amended by Payment Processor from time to time (each a “Payment Processor Account Agreement”):
- Payment Processor Terms