Updated:
February 13, 2024
MERCHANT TERMS AND CONDITIONS
YOU AGREE THAT THESE MERCHANT TERMS AND CONDITIONS WILL BE EFFECTIVE AS OF THE DATE OF LAST UPDATE
These Merchant Terms and Conditions (“Terms and Conditions”) are a legally binding Agreement (“Agreement”) between POSaBIT Inc. (“POSaBIT”), a Nevada corporation, and you (“You” or “Merchant”). POSaBIT provides a payment software platform (“POSaBIT Services”) that enables Merchant’s Customers to conduct electronic transactions for goods and services. This Agreement governs Merchant’s use of the POSaBIT Services. POSaBIT and Merchant are referred to herein each as a “Party” and together as the “Parties.” These Terms and Conditions are personal to Merchant and Merchant may not provide the POSaBIT Services to any third party.
IN ORDER TO UTILIZE AND ACCESS THE POSABIT SERVICES, YOU MUST ACKNOWLEDGE THAT YOU HAVE READ AND AGREE TO BE BOUND BY THESE TERMS AND CONDITIONS BY CLICKING THE “AGREE” BUTTON AT THE END OF THIS AGREEMENT. IF YOU DO NOT AGREE TO BE BOUND BY THESE TERMS AND CONDITIONS, YOU MUST CLICK THE “DECLINE” BUTTON AT THE END OF THIS AGREEMENT AND YOU MAY NOT USE THE POSABIT SERVICES.
The POSaBIT Services are intended to enable Merchant’s Customers to conduct electronic payments for goods and services. By using the POSaBIT Services to conduct a Transaction for goods or services with Merchant, Customer authorizes payment via an Automated Clearing House (“ACH") transfer from Customer’s Designated Bank Account to Merchant’s Designated Bank Account. As a technology provider to Merchant’s Financial Institution (“FI”), POSaBIT creates a Data File(s) in connection with Transactions by a Customer using the POSaBIT Services. Upon receipt of the Data File(s), FI processes it in accordance with applicable rules and regulations. No payments are made to or through POSaBIT. FI is the entity that controls funds sent to Merchant by Merchant’s Customers based upon instructions provided by Merchant and Merchant’s Customers through the POSaBIT Services. In providing the POSaBIT Services, POSaBIT is a “Third-Party Sender” (as defined in the NACHA Rules).
Provided Merchant agrees to these Terms and Conditions and satisfies the eligibility requirements in Section 2, Merchant will become authorized to access and use the POSaBIT Services. POSaBIT will provide Merchant with electronic access to the POSaBIT Merchant Portal, including providing access to information related to Transactions and Transaction Fees for a rolling twenty-four (24) month period. POSaBIT will also provide Merchant with an electronic keypad for Customers to enter their personal access code (“PAC”) at the point of sale, which serves as the Customer’s authorization for Merchant to initiate an ACH transfer. Merchant shall use such keypad in accordance with the user instructions and information transmitted by POSaBIT to Merchant from time to time. Merchant will not bypass or disable any security mechanisms in such keypad. Merchant will implement and install any updates to such keypad as provided by POSaBIT to Merchant. Merchant is responsible for the following: the maintenance of such keypad in good and clean operating condition; all costs incurred in connection with the shipment, use, operation, or possession of such keypad; all risk of loss associated with such keypad; any loss of or damage to such keypad; or any injury or damage caused by the usage of such keypad. Merchant shall not make any changes to the keypad without POSaBIT's prior written approval. POSaBIT makes no representations or warranties to Merchant about the keypad. Upon termination of this Agreement, Merchant shall return the keypad to POSaBIT in fully operating condition within ten (10) days.
POSaBIT may, in its sole discretion, limit or deny Merchant access to the POSaBIT Services for reasons including, but not limited to, the belief that Transactions conducted by Merchant expose any Party to harm, or violate these Terms and Conditions, or Applicable Law. If POSaBIT reasonably determines that the POSaBIT Merchant Portal has been used for any unauthorized, illegal, or criminal purpose (other than federal laws pertaining to the sale, use, or distribution of state-legal marijuana ), POSaBIT may notify FI of such activity.
Merchant understands and agrees to the following elements regarding its relationship with POSaBIT: (i) POSaBIT provides the POSaBIT Software and the POSaBIT Services; (ii) POSaBIT does not receive, hold, instruct, direct, or transmit funds; (iii) POSaBIT only maintains and manages information associated with funds generated by the sale of goods or services via the POSaBIT Services; (iv) FI provides all ACH entry and settlement services; and (v) POSaBIT is not a financial institution, credit reporting institution, money service business, or money transmitter.
In order to be eligible for the POSaBIT Services, Merchant must: (1) have a checking account with, and be sponsored by, a financial institution that utilizes the POSaBIT Services; and (2) be authorized by that financial institution to originate ACH transactions pursuant to its rules and applicable regulations.
Provided Merchant meets the eligibility requirements and agrees to these Terms and Conditions, Merchant will become authorized to access and use the POSaBIT Services. Merchant must select a user ID and password in order to access the POSaBIT Merchant Portal, which will serve as its primary source of communication with POSaBIT. POSaBIT will report all Transactions and corresponding Transaction Fees to Merchant via the POSaBIT Merchant Portal. Merchant is obligated to review any notices and statements from POSaBIT and to promptly report any apparent errors or unauthorized Transactions. Failure to timely contact POSaBIT may result in financial loss to Merchant. Any dispute of accuracy must be made in writing to POSaBIT within thirty (30) days of the inaccuracy occurring, after which time all items will be deemed accurate and accepted by Merchant. Merchant will keep all Account Information with the sponsoring financial institution current and accurate and will update its POSaBIT Merchant Portal password as required or recommended by POSaBIT from time to time.
By registering with POSaBIT for the POSaBIT Services, Merchant represents and warrants that (i) Merchant is either a legal resident of the United States, a United States citizen, or a business entity authorized to conduct business in the state(s) in which it operates, (ii) the individual agreeing to the Terms and Conditions of this Agreement has the authority to do so on behalf of Merchant, (iii) this Agreement is an enforceable obligation of Merchant, (iv) Merchant has the full power and authority to perform all its obligations under this Agreement, (v) there are no actions, suits or proceedings pending or threatened against Merchant which would materially adversely affect its ability to perform its obligations under this Agreement, (vi) the performance of this Agreement by Merchant will not violate its organizational documents or any material contract or other instrument to which Merchant is a party or by which Merchant is bound that would adversely affect the ability of Merchant to perform its obligations under this Agreement, (vii) the performance of this Agreement by Merchant does not require the approval of any other person or regulatory authority, and (viii) Merchant’s business and performance of its obligations pursuant to this Agreement are in compliance with and will not violate in any material respect any Applicable Law (including the rules of NACHA).
By registering with POSaBIT, Merchant confirms that it has read, understands, and agrees to POSaBIT's e-sign consent form located at posabit.com and will comply with POSaBIT's Privacy Policy located at posabit.com/privacy-policy (the “Privacy Policy”).
Merchant shall prevent unauthorized or fraudulent use of the POSaBIT Services by Merchant, its employees, agents, and Customers. Merchant will keep its user ID and password for the POSaBIT Merchant Portal confidential. Merchant will notify POSaBIT immediately upon learning of any suspected or actual unauthorized use of any of the POSaBIT Services, its user ID or its password. Merchant will update to the most current POSaBIT Software version and security updates and patches necessary to properly operate the POSaBIT Services.
Merchant is responsible for providing refunds for goods or services for which a purchase was made using the POSaBIT Services. Merchant is liable for any return of payments, including, but not limited to, insufficient funds, stop payments, unauthorized transactions to Customers and chargebacks. Merchant may be liable for any return fees charged by the Customer’s financial institution.
Merchant agrees not to utilize the POSaBIT Services to market or advertise names, logos, or similar text and images that may be deemed inappropriate, offensive, or abusive. POSaBIT reserves the right to delete such material at its discretion and without prior notice.
Merchant shall be responsible for the payment of all fees owed to FI/POSaBIT in connection with Merchant’s use of the POSaBIT Services. Merchant consents to and authorizes FI/POSaBIT to initiate ACH transactions to Merchant's Designated Bank Account for the settlement of Transaction Fees.
Fee Schedule: Customer authorizes POSaBIT to debit any of the following fees from Merchant's Designated Bank Account Account from time to time as appropriate:
Initial POSaBIT Setup Fee $ 300.00
Account limits. You are limited on the amount of money that can be sent from your Account per transaction. The per transaction limit varies based on your Account type. Business, Non-profit, and Government Accounts are limited to sending $50,000.00 per transaction. We reserve the right to decrease your sending limit at any time, for any reason.
Increased limits. You may apply for an increased sending limit here. Approval is solely in POSaBIT discretion and may be reassessed and/or revoked at any time.
Merchant may not copy, duplicate, or use POSaBIT’s trademarks, registered trademarks or copyrights without POSaBIT’s prior written consent. Merchant may not alter, modify or change HTML logos provided by POSaBIT in any way, or use them in a manner that disparages POSaBIT or shows or display them in any manner that suggest POSaBIT’s sponsorship, support or endorsement of your products or services. All right, title and interest in any POSaBIT website, any content therein, the POSaBIT Services, or the POSaBIT technology, and any and all technology and any content created or derived from any such information are the exclusive property of, and belong to, POSaBIT and its licensors. POSaBIT grants Merchant a personal, limited, non-exclusive, non-transferable license, without the right to sublicense, to electronically access and use the POSaBIT Services and the POSaBIT Software solely to accept and receive payments from Customers to their Designated Bank Account. Merchant will not alter, reproduce, adapt, distribute, display, publish, reverse engineer, translate, disassemble, decompile or otherwise attempt to create any source code which is derived from the POSaBIT Software or the POSaBIT Services. Merchant's rights to use the POSaBIT Services and the POSaBIT Software cease immediately upon termination of this Agreement and Merchant must delete all of its copies of the POSaBIT Software.
In the event that the POSaBIT Software includes any open source code, the POSaBIT Software will be subject to compliance with the terms and conditions of the applicable open source license. Merchant may not use any computer code, data mining software, "robot," "bot," "spider," "scraper" or other automatic device, or program, algorithm or methodology having similar processes or functionality, or any manual process, to monitor or copy any POSaBIT webpage (including the POSaBIT Merchant Portal), data or content found thereon or accessed through any POSaBIT webpage. Merchant may not republish content from any POSaBIT webpage (including the POSaBIT Merchant Portal) on another website or use in-line or other linking to display such content. Merchant may not introduce viruses, spyware or other malicious code to POSaBIT's websites (including their POSaBIT Merchant Portal). Merchant represents and warrants that Merchant uses frequently updated, commercially standard virus protection software to ensure that the system Merchant uses to access POSaBIT webpages (including the POSaBIT Merchant Portal) is virus free.
Merchant will provide to each Customer all goods and services sold to Customer by Merchant in all Transactions. Any Transaction submitted by Merchant will represent a bona fide sale by Merchant and will accurately describe the goods and/or services sold and delivered to a Customer. Merchant will cooperate to resolve any dispute or complaint regarding a Transaction with the Customer or with Customer’s financial institution.
Merchant has and will maintain all required permits, licenses and approvals to operate its business. Merchant is obligated to pay all taxes and other charges imposed by any governmental authority with respect to the provision of the POSaBIT Services and Merchant’s sale of goods or services to Customers.
Merchant may not act as a payment intermediary, aggregator or service bureau or otherwise resell the POSaBIT Services on behalf of any third party.
Merchant may not use the POSaBIT Services to transmit funds for any Customer or for cash advances.
Merchant may not accept payments for any restricted or prohibited businesses or business activities as set forth in any rules that POSaBIT may propound, or processing association rules, as such rules may be revised from time to time.
Merchant is responsible for obtaining any relevant information from Customer required under Applicable Law in connection with the sale of goods or services (for example, to verify that Customer meets applicable age requirements).
Merchant will comply with Applicable Law with respect to all data and any other Personally Identifiable Information (as defined in the Gramm-Leach Bliley Act) received, accessed, stored or transmitted by Merchant in connection with this Agreement. Merchant will treat such data and information in a secure manner and will protect the privacy of the same. Merchant is solely responsible for the security of such data and information on computers, electronic systems and other devices owned or operated by Merchant or its service providers. Merchant will take such precautions as are necessary to ensure that Merchant’s computers and electronic systems are secure from breach or intrusion by unauthorized third parties. In the event that Merchant's system is breached, Merchant shall notify POSaBIT immediately.
Merchant may terminate this Agreement by contacting POSaBIT to close Merchant’s POSaBIT Merchant Portal. Upon termination, Merchant will no longer have access to the POSaBIT Merchant Portal.
POSaBIT may suspend or terminate Merchant’s use of, and access to, the POSaBIT Services and the POSaBIT Merchant Portal, in its reasonable discretion. Reasons for suspension or termination may include, but are not limited to, POSaBIT’s belief that Merchant (i) has breached the terms of this Agreement; (ii) poses an unacceptable credit or fraud risk; (iii) has provided false, incomplete, inaccurate, or misleading information or otherwise has engaged in fraudulent or illegal conduct; or (iv) for non-payment of fees owed under this Agreement.
Termination of this Agreement shall not affect any right or obligation accruing prior to such termination. POSaBIT will not be liable to Merchant for compensation, reimbursement, or damages in connection with Merchant's use of the POSaBIT Services, or in connection with any termination or suspension of the POSaBIT Services. Merchant’s responsibility for chargebacks, and authorization for FI to initiate an ACH debit to Merchant’s Designated Bank Account to settle chargebacks, shall survive termination of this Agreement for a period commensurate with a Customer’s right to dispute a Transaction.
THIS AGREEMENT EXCLUDES, AND POSABIT HEREBY SPECIFICALLY DISCLAIMS, ANY AND ALL REPRESENTATIONS OR WARRANTIES, EXPRESS OR IMPLIED, ORAL OR WRITTEN, WITH RESPECT TO THE POSABIT SERVICES, INCLUDING BUT NOT LIMITED TO, WARRANTIES OF QUALITY, PERFORMANCE, NONINFRINGEMENT, ACCURACY, DATA SECURITY, VIRUS FREE OPERATION, MERCHANTABILITY AND FITNESS FOR A PARTICULAR PURPOSE. NOR ARE THERE ANY WARRANTIES CREATED BY A COURSE OF DEALING, COURSE OF PERFORMANCE OR TRADE USAGE. POSABIT DOES NOT REPRESENT OR WARRANT THAT THE POSABIT SERVICES WILL OPERATE SECURELY OR WITHOUT INTERRUPTION, ANY THIRD-PARTY CONTENT DOWNLOADED OR OTHERWISE OBTAINED THROUGH THE USE OF THE POSABIT SERVICES IS DOWNLOADED AT MERCHANT'S OWN RISK AND MERCHANT WILL BE SOLELY RESPONSIBLE FOR ANY DAMAGE TO MERCHANT THAT RESULTS FROM SUCH DOWNLOAD.
POSaBIT is responsible only for providing the POSaBIT Services and is not responsible for the results of any credit inquiry, the availability or performance of the internet, or for any damages or costs Merchant suffers or incurs as a result of any instructions given, actions taken or omissions made by Merchant, FI, any Customer's financial institution, or any internet service provider. POSaBIT makes no representations or warranties regarding the availability, accuracy, timeliness or completeness of Data or any output or results of the POSaBIT Services based in whole or in part on Data.
POSaBIT shall not have any liability if it is unable to perform its obligations, in whole or in part, as a consequence of an act of God, fire, explosion, public utility failure, accident, strike, flood, embargo, war, terrorism, nuclear disaster, riot, failure of communication links or facilities, computer malfunction of a computer operated by or on behalf of POSaBIT as a result of events not within the control of POSaBIT, or other circumstances beyond POSaBIT’s control.
POSaBIT shall not be liable to Merchant for any lost profits, loss of business, or any indirect, exemplary, consequential, incidental, punitive or special damages of any kind or nature, including, without limitation, damages for loss of profits, goodwill, use, data or other intangible losses, that result from the use of, inability to use, or unavailability of the POSaBIT Services. Under no circumstances will POSaBIT be liable for any damage, loss, or injury resulting from hacking, tampering, or other unauthorized access or use of the POSaBIT Services, the POSaBIT Merchant Portal, or the information contained therein. TO THE MAXIMUM EXTENT PERMITTED BY APPLICABLE LAW, POSABIT ASSUMES NO LIABILITY OR RESPONSIBILITY FOR (I) ERRORS, MISTAKES, OR INACCURACIES OF CONTENT POSTED, EMAILED, TRANSMITTED, OR OTHERWISE MADE AVAILABLE THROUGH THE POSABIT SERVICES OR MERCHANT’S POSABIT MERCHANT PORTAL; (II) PERSONAL INJURY OR PROPERTY DAMAGE, OF ANY NATURE WHATSOEVER, RESULTING FROM MERCHANT'S ACCESS TO OR USE OF THE POSABIT SERVICES OR MERCHANT’S POSABIT MERCHANT PORTAL; (III) ANY UNAUTHORIZED ACCESS TO OR USE OF POSABIT'S SERVERS AND/OR ANY AND ALL PERSONAL INFORMATION STORED THEREIN; (IV) ANY INTERRUPTION OR CESSATION OF TRANSMISSION TO OR FROM THE POSABIT SERVICES; (V) ANY BUGS, VIRUSES, TROJAN HORSES, OR THE LIKE THAT MAY BE TRANSMITTED TO OR THROUGH THE POSABIT SERVICE BY ANY THIRD-PARTY; AND/OR (VI) MERCHANT CONTENT OR THE DEFAMATORY, OFFENSIVE, OR ILLEGAL CONDUCT OF ANY THIRD-PARTY. IN NO EVENT SHALL POSABIT BE LIABLE TO MERCHANT OR ANY THIRD-PARTY FOR ANY CLAIMS, PROCEEDINGS, LIABILITIES, OBLIGATIONS, DAMAGES, LOSSES OR COSTS IN AN AMOUNT EXCEEDING FIVE HUNDRED DOLLARS ($500). THIS LIMITATION OF LIABILITY SECTION APPLIES WHETHER THE ALLEGED LIABILITY IS BASED ON CONTRACT, TORT, NEGLIGENCE, STRICT LIABILITY, INDEMNITY OR ANY OTHER BASIS, EVEN IF POSABIT HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGE. THE FOREGOING LIMITATION OF LIABILITY SHALL APPLY TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW.
Merchant shall indemnify and hold harmless POSaBIT, and its directors, officers, employees, affiliates, and agents from and against all proceedings, claims, demands, losses, liabilities, damages and expenses (including but not limited to, any fines, fees, assessments, audit fees, penalties and attorneys’ fees and expenses) resulting from or otherwise arising out of (i) its use of the POSaBIT Services; (ii) Merchant or Merchant’s employees and agents acts or omissions in connection with the POSaBIT Services; (iii) Merchant’s operating activities and provision of goods and services to Customers; (iv) any violation of Applicable Law; (v) any infiltration, hack, breach, or violation of the processing system resulting from, arising out of, or in any way related to Merchant’s ability to use the POSaBIT Services including, but not limited to, Merchant’s use of an agent or any other third-party processor or system, or Merchant’s ability to connect to the internet or an external network; (vi) any action or omission of any third party with which Merchant has contracted; (vii) any bankruptcy proceeding; (viii) any action Merchant institutes against any third party; or (ix) any action POSaBIT takes against Merchant for any fees incurred pursuant of this Agreement. Merchant will also defend, indemnify, and hold harmless FI for acting in accordance with any instruction from POSaBIT regarding a Transaction. This indemnification shall survive any termination of this Agreement.
All disputes shall be settled by a binding, non-appealable arbitration administered by the American Arbitration Association in Phoenix, Arizona in accordance with such association’s commercial arbitration rules in effect at the time. Judgment on any such decisions and awards may be entered in and enforced by any court of competent jurisdiction. If any provision of this arbitration agreement is found unenforceable or violates Applicable Law, the unenforceable provision shall be severed, and the remaining arbitration terms shall be enforced. If the foregoing provision expressly violates a protection allowed to Merchant by virtue of Merchant being a citizen of a particular state and under Applicable Law, then the Parties will use good faith efforts to resolve any disputes.
POSaBIT has the right to change or add to these Terms and Conditions by posting update notices on POSaBIT’s website at posabit.com or any other website maintained or owned by POSaBIT for the purposes of providing services in connection with this Agreement. Merchant’s use of the POSaBIT Services after POSaBIT’s publication of any such changes shall constitute Merchant’s acceptance of the amended Terms and Conditions.
If any provision of this Agreement is found to be illegal, the invalidity of that provision will not affect any of the remaining provisions and this Agreement will be construed as if the illegal provision is not contained in the Agreement. Neither the failure nor delay by POSaBIT to exercise, or partially exercise, any right under this Agreement will operate as a waiver or estoppel of such right, nor shall it amend this Agreement.
MERCHANT HEREBY AGREES NOT TO ELECT A TRIAL BY JURY OF ANY ISSUE TRIABLE OF RIGHT BY JURY, AND WAIVES ANY RIGHT TO TRIAL BY JURY FULLY TO THE EXTENT THAT ANY SUCH RIGHT SHALL NOW OR HEREAFTER EXIST WITH REGARD TO THIS AGREEMENT OR ANY ACTION, LAWSUIT, CLAIM, COUNTERCLAIM OR OTHER ACTION RELATING TO, OR ARISING UNDER THIS AGREEMENT AND/OR ANY TRANSACTION GOVERNED BY THIS AGREEMENT. THIS WAIVER OF RIGHT TO TRIAL BY JURY IS GIVEN KNOWINGLY, VOLUNTARILY AND INTENTIONALLY BY MERCHANT, AND IS INTENDED TO ENCOMPASS EACH INSTANCE AND EACH ISSUE AS TO WHICH THE RIGHT TO A TRIAL BY JURY WOULD OTHERWISE BE AVAILABLE. POSABIT IS HEREBY AUTHORIZED TO FILE A COPY OF THIS PARAGRAPH IN ANY PROCEEDING AS CONCLUSIVE EVIDENCE OF THIS WAIVER BY MERCHANT. MERCHANT ALSO COVENANTS NOT TO PARTICIPATE IN ANY CLASS ACTION AGAINST POSABIT BASED UPON ANY CLAIMS ARISING FROM THIS AGREEMENT.
Unless otherwise specified in an exhibit or addendum to this Agreement, the following minimum system requirements (“Minimum System Requirements”) are required to run the POSaBIT Software:
Internet access requirements: A dedicated, wired, business grade, high speed internet connection with a minimum upstream and downstream bandwidth of 5 MBps, however higher bandwidth is recommended.
Browser requirements: The POSaBIT Services require a modern, up to date browser that supports at a minimum, HTML5, JavaScript, CSS3, TLS 1.2, and the setting of cookies. As of September 21, 2019, the following browsers and versions meet the Minimum System Requirements:
The Parties acknowledge that Minimum System Requirements may change over time as technology changes, POSaBIT adds or updates features, or as the web browsers listed above update their versions. These Minimum System Requirements shall be deemed superseded by any updates reflected within POSaBIT’s periodic release notes, or POSaBIT’s support documentation as posted to the POSaBIT Merchant Portal. Merchant is responsible for the payment of any internet connection fees and telecommunication charges that Merchant incurs when accessing or utilizing the POSaBIT Services.
If Merchant has questions or concerns regarding this Agreement or its use of the POSaBIT Services, it may contact POSaBIT at 1 (855) 767-2248 or by e-mailing us at support@POSaBIT.com. Hours of customer service may be found at POSaBIT.com.
“Account Information” means the information provided by Merchant to the sponsoring financial institution in connection with opening an account and being authorized to conduct ACH transactions.
“ACH” means the Automated Clearing House network for the electronic funds transfer system governed by the NACHA Rules.
“Applicable Law” means, as applicable, all federal, state or other governmental statutes, codes, ordinances, laws, regulations, rules, guidance, written directives, orders and decrees applicable to the POSaBIT Services or a Party.
“Application” means POSaBIT's software application(s).
“Customer” means an individual who is registered to use the POSaBIT Services.
“Customer Information” means any information collected by POSaBIT from a Customer that is necessary to conduct a Transaction.
“Data” means Transaction Information and Customer Information.
“Data File” means properly formatted NACHA files created by POSaBIT.
“Designated Bank Account” means an eligible depository account with a financial institution which has been specifically designated for settlement of Transactions pursuant to this Agreement.
“FI” means a U.S.-based financial institution providing depository and other services to Merchant that has authorized and sponsored Merchant to utilize the POSaBIT Services.
“POSaBIT Merchant Portal” means an online recordkeeping profile created by POSaBIT for Merchant to use in connection with the POSaBIT Services.
“POSaBIT Services” means the services provided by POSaBIT, including (i) the creation of NACHA files on behalf of FI upon a Customer authorizing Merchant to originate an ACH debit/credit transaction(s) to the Customer's Designated Bank Account for debit/credit to Merchant's Designated Bank Account in exchange for goods or services provided by Merchant to the Customer; (ii) access to and use of the POSaBIT Software; and (iii) access to the POSaBIT Merchant Portal.
“POSaBIT Software” means any software or Application provided by POSaBIT for use by Merchant and Merchant’s Customers in connection with the POSaBIT Services.
“NACHA” means the National Automated Clearing House Association.
“NACHA Rules” means the bylaws, operating rules, guidance or other requirement of NACHA, as amended from time to time.
“Transaction” means a Customer's purchase of goods or services from Merchant utilizing the POSaBIT Services.
“Transaction Fees” means all fees assessed to Merchant by FI/POSaBIT for use of the POSaBIT Services.
“Transaction Information” means information generated in connection with or related to a Transaction, including, but not limited to, date, time, items purchased, and amount.
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