Electronic Funds Transfer Term of Service

Capitalized terms used in these Electronic Funds Transfer Terms of Service (these “EFT Terms”) have the meanings set out in the VoPay Terms of Service available at https://vopay.com/ca/legal/tos/ (the “Agreement”) unless otherwise defined in these EFT Terms.

VoPay’s electronic funds transfer services (“EFT Services”) can be accessed through the Services and include a Direct Debit / Direct Credit electronic payment system. Pre-authorized debits in Canadian Dollars or US Dollars may be charged against any individual or company bank account (a “Payor Account”) at financial institutions in Canada. Credit transfers in Canadian Dollars or US Dollars may be credited towards any individual or company bank account (a “Payee Account”) at financial institutions in Canada. If Customer has registered to use the EFT Services, in addition to the terms and conditions of the Agreement and the Privacy Policy, Customer agrees to be bound by these EFT Terms. If there is a conflict between these EFT Terms and the terms and conditions of the Agreement, these EFT Terms will apply to the extent necessary to resolve the conflict.

VoPay may amend these EFT Terms at any time, without notification to Customer, and Customer should review these EFT Terms from time to time by accessing the Services. Customer’s continued use of the EFT Services will be deemed irrevocable acceptance of any such revisions. Before Customer continues, Customer should print or save a local copy of these EFT Terms for its records.

1. Definitions.

1.1. “Business Day’’

means any day other than Saturday, Sunday, or a statutory holiday in British Columbia.

1.2. “Card”

means any valid credit card or debit card bearing the name and logo of Visa®, MasterCard®, American Express® or Discover® credit card associations or the issuer of any other credit card or debit card of any association or network.

1.3. “Card Association”

means Visa®, MasterCard®, American Express® or Discover® or the issuer of any other Card.

1.4. “Card Association Rules”

means rules, regulations, standards, policies, manuals and procedures published and implemented from time to time by any one or more Card Association(s), including, but not limited to, the Payment Card Industry Data Security Standard.

1.5. “Charged Institution”

means an underwriting Canadian financial institution.

1.6. “Credit Instructions”

means the method by which funds are sent to a Payee’s account, and must provide all the necessary information to enable the Charged Institution to execute the instructions.

1.7. “Cut Off Time”

means the recommended latest time on a Business Day which Customer must provide Payment Instructions by in order for VoPay to process Payment Instructions on the same day.

1.8. “Direct Credit”

means a payment transferred on a pre-arranged basis directly into a Payee’s account, initiated by Customer’s instruction to debit a VoPay Account and forward payment to a Payee’s account at a deposit-taking institution.

1.9. “Direct Debit”

means a pre-authorized instruction from Customer to VoPay, authorizing VoPay to collect varying amounts from a Payor account when the Payor has been given notice of the amounts and dates of the collection(s) in advance and has agreed to them.

1.10. “Debit Instructions”

means the method by which Customer obtains a Payor’s authority to debit its account, and must include all the necessary information to enable collection by Direct Debit and confirm that the Payor clearly understand that it has given Customer the authority to debit its account.

1.11. “Due Date”

means the Business Day that Customer requests that a debit or credit be charged against an account, or if a day that is not a Business Day is requested, then the next Business Day following the requested day.

1.12. “Payee”

means a person whose account at a financial institution is to be, or has been, credited pursuant to a Debit Instruction.

1.13. “Payor”

means a person whose account at a financial institution is to be, or has been, debited pursuant to Debit Instructions.

1.14. “VoPay Balance”

means the funds available in Customer’s Account, representing funds held for Customer’s benefit by VoPay’s financial institution partners in a holding account.

2. Instruction Cut Off Time.

To be processed on time, Debit Instructions and Credit Instructions (collectively, “Payment Instructions”) must be received by the Cut Off Time. VoPay will forward Payment Instructions received by the Cut Off Time and which are not rejected for any reason (“Valid Payment Instructions”) to the Payee/Payor’s financial institution.

3. Processing.

VoPay will process Payment Instructions on the same Business Day if received before the Cut Off Time. Payment Instructions received after the Cut Off Time will be processed on the following Business Day.

4. Due Dates.

Due Dates for all Payment Instructions can be specified by Customer when inputting Payment Instructions in the VoPay System. Payment Instructions will be processed on the Business Day prior to their specified Due Date. It is Customer’s responsibility to deliver Payment Instructions to VoPay prior to any Due Date.

5. Completion of Payment Instructions.

If Customer provides Valid Payment Instructions, VoPay will forward the Payment Instructions to the Charged Institution in sufficient time for Payment Instructions to be processed on their Due Date. VoPay will credit or debit Customer’s Account(s) on the date Payment Instructions are forwarded to the Charged Institution.

6. Availability of Funds – Debit Transactions.

Three Business Days after Debit Instructions are processed, VoPay will make the funds from honoured transactions available in the designated beneficiary account. This period allows sufficient time for returned items to clear payment systems. Any dishonoured debits will be deducted from the total amount processed, and the net amount will be credited to the designated beneficiary account. If an item is returned after this period, Customer will be notified and an adjustment will be made to the balance in the designated account.

7. Availability of Funds – Credit Transactions.

On the same day that Credit Instructions are processed, VoPay will debit the relevant funds from the designated Account. If an item is returned after this period, Customer will be notified and an adjustment will be made to the designated account. Credit Instructions will only be processed if Customer has sufficient funds in the account from which payment is attempted.

8. Returned or Contested Items.

Customer agrees to pay for any dishonoured, unauthorized, forged, materially altered, returned or contested items. VoPay will provide Customer with notification of these items and adjusts the credit to the relevant account for corresponding amounts less any fees associated with returned items.

9. No Interest.

VoPay will not pay interest on any funds sent pursuant to the EFT Services, including on amounts sent by Customer, for the period any amounts were not in Customer’s Account(s).

10. Card Association Rules.

In connection with the exercise of Customer’s rights and obligations under this Agreement (including without limitation any related to individual privacy), Customer will comply, at its own expense, with all Card Association Rules applicable to Customer and its end users, its business and/or Transactions and any orders of any Governmental Authority or regulatory body having jurisdiction over the subject matter hereof, including, but not limited to, the privacy guidelines of the Card Association Rules. Customer shall not use the Services in any manner, or in furtherance of any activity, that may cause VoPay to be subject to investigation, prosecution or legal action.

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