Terms and Conditions
This Terms and Conditions are to regulate the relations arising from merchant card payment processing services solicited by Merchant that signed the Merchant Application (Merchant) from Bank of Merchant, Inc. DBA Bank of Merchant (Partner).
According to the processing services selected by Merchant on the Merchant Application and, in accordance with the terms of this Merchant Agreement and applicable Operating Rules, Merchant acknowledges that Partner is selecting a service processor for Merchant (Processor) and agrees to participate in the Card processing program provided by the Processor.
By completing the Merchant Application, Merchant applies for the Card Program services covered by the Application and this Agreement. In their sole and absolute discretion, Processor and Partner may accept or reject Merchant’s Merchant Application.
Subject to the requirements of the Credit Card Network Operating Rules, Partner and Processor reserve the right to allocate their duties and obligations among themselves as they deem appropriate in their sole discretion, they may jointly or individually assert or exercise any rights or remedies provided to Merchant here-under.
Notwithstanding, Merchant also acknowledges that Partner is the link between Merchant and Processor set to facilitate the communication between the two and is not providing any processing services themselves and is not responsible for providing statements, settlement funds directly to Merchant.
Partner may not have access, directly or indirectly, to any account for funds or funds due to a Merchant and/or funds withheld from a Merchant for Chargebacks arising from, or related to, performance of the Merchant Agreement. Processor is responsible for providing settlement funds directly to Merchant, and Partner shall not have access to or hold settlement funds.
Processor may not assign or otherwise transfer an obligation to pay or reimburse a Merchant fees arising from, or related to, performance of the Merchant Agreement to Partner.
Partner does not charge interchange, assessment, annual, monthly, set up or contract cancellation fees. If these charges are on statement, they are passed through by Partner and collected by the Processor and/or Credit card network, Bank.
Partner will take all actions reasonably possible to minimize the Processing fees for Merchant and notify Merchant of any fee change initiated by Processor, Credit Card Network or another financial institution.
Partner will take all actions reasonably possible to provide Merchant with free Equipment and Payment Gateway. If Processor set fees for equipment and gateway, they are passed through by Partner and collected by Processor.
MERCHANT AKNOLEDGES THAT IN NO EVENT SHALL PARTNER BE LIABLE FOR SPECIAL, INCIDENTAL, INDIRECT, CONSEQUENTIAL OR EXEMPLARY DAMAGES OR FOR ANY INTERRUPTION OR LOSS OF USE, DATA, BUSINESS OR PROFITS, WHETHER OR NOT SUCH LOSS OR DAMAGES WERE FORESEEABLE OR PARTNER WAS ADVISED OF THE POSSIBILITY THEREOF AND REGARDLESS OF WHETHER ANY LIMITED REMEDY HEREIN FAILS OF ITS ESSENTIAL PURPOSE. PARTNER SPECIFICALLY DISCLAIMS ALL WARRANTIES OF ANY KIND, EXPRESSED OR IMPLIED, INCLUDING, WITHOUT LIMITATION, ANY WARRANTY THAT THE SERVICES WILL BE UNINTERRUPTED OR ERROR-FREE.
By continuing with the Merchant Application, the Merchant understands and agrees to these terms. In addition, the Merchant waives any claims based on not reading or understanding these terms and conditions and will not hold Partner responsible for any fees or costs arising out of anything resulting from not reading, understanding, or having knowledge of these terms and conditions.