You agree that you will not be authorized to access the Settlement Funds until Stripe`s Settlement Funds have been credited to your User Bank Account (or to the bank account of a third party recipient from whom you have instructed Stripe to withdraw on your behalf). You further agree that you do not have the authority to request the Member Bank to distribute settlement funds, that you may not dispose of shares in compensation funds held by the Member Bank and that you will not be entitled to interest or other compensation in connection with compensation funds held by the Member Bank. All permissions set forth in these Member Banking Terms will remain in full force and effect until your Stripe Account is closed or terminated. You must agree to all of the terms and conditions of these Member Bank Terms of Use in order to use VM Payment Processing Services. If you do not accept them, you may not receive VM payment processing services. One. You are legally able to enter into these Member Banking Terms; Member Banking Companies will not be liable for (a) personal injury or property damage of any kind resulting from your access to or use of VM Payment Processing Services; (b) misuse of VM payment processing services or protected data; (c) any interruption or cessation of transmission to or from the VM Payment Processing Services; (d) software errors, viruses or other harmful code that may be transmitted to, through or in connection with VM Payment Processing Services; (e) any errors, inaccuracies or omissions in the Services or VM Payment Processing Data, or any loss or damage resulting therefrom, regardless of the method of transmission; or (f) defamatory, abusive or illegal conduct by any third party. The foregoing applies to the fullest extent permitted by law in the applicable jurisdiction and applies regardless of the legal theory on which the claim is based, including, but not limited to, contract, tort (including negligence), strict liability or any other basis. The limitations apply even if Stripe or Member Bank has been advised of the possibility of such damages. If Member Bank receives funds from the networks used to process your card payments (“Funds Processing”), Member Bank will provide the settlement funds to Stripe or Stripe Payments Company, which will receive the settlement funds on your behalf.
You agree to appoint Stripe and Stripe Payments Company as your representative for receiving settlement funds, and you authorize Stripe to notify the member bank on your behalf how and when to make settlement fund transfers to Stripe, including initiating blocks, receipts, and settlement fund payments. Settlement funds will be held by Stripe in pooled merchant fund accounts until payment is made to you (or to an appropriate third-party recipient from whom you have instructed Stripe to make a withdrawal on your behalf) in accordance with the terms of the Agreement, including these Member Banking Terms. You may not use VM payment processing services or services of any kind offered by Member Bank by or on behalf of any person or entity (a) in any U.S. embargoed country or (b) blocked or denied by the U.S. Government. You further acknowledge and agree that you will not use your Stripe Account and/or VM Payment Processing Services for any illegal transactions, such as those prohibited by the Unlawful Internet Gambling Enforcement Act, 31 U.S.C. Section 5361 et seq., as amended, or those involving listed persons in the United States. Department of the Treasury, Office of Foreign Assets Control (“OFAC”), Specially Designated Nationals and Blocked Persons List (available at www.treas.gov/ofac), or the U.S. Department of Treasury, Office of Foreign Assets Control (“OFAC”), Specially Designated Nationals and Blocked Persons List (available at ), or the U.S.
Department of Foreign Assets Control (“OFAC”). Department of State Terrorist Exclusion List (available under www.state.gov) or processing and accepting transactions in certain jurisdictions pursuant to 31 CFR Part 500 et seq. and other OFAC-enforced laws. Unless expressly stated otherwise, VM Payment Processing Services are intended solely for your use in the United States, Puerto Rico, and the U.S. Virgin Islands. Any dispute under these Member Banking Terms shall be governed by the applicable provisions of the Agreement. In particular, the dispute resolution, class action waiver and arbitration provisions of the Agreement shall apply to disputes under these Member Bank Terms by, with or against Member Bank in the same manner as they apply to disputes by, with or against Stripe, except that (a) in the event of arbitration, only a federal court (not an arbitrator) can rule; if a particular claim is arbitrable, and (b) service on the Member Bank must be made on its registered agent or on PNC Bank, N.A., 1600 Market Street, 8th Floor, Philadelphia, PA 19103. b. To help the government combat terrorist financing and money laundering activities, federal law requires each financial institution to receive, verify and record information that identifies each person who establishes a customer relationship with the financial institution.
To comply with this requirement, you authorize and request Stripe to provide the Member Bank with all information necessary to verify your identity, including your name, address, and tax identification number. If you are an entity, including a limited liability company or corporation, you authorize and instruct Stripe to provide the member bank with information about the identity of (1) all beneficial owners of 25% or more of the company; and (2) at least one person with significant control over the Company. As a payment acquirer, Member Bank authorizes you to accept payments from your customers by Visa and Mastercard credit or debit cards (“VM Payment Cards”). However, by using VM payment processing services and accepting VM payment cards, you are not creating a deposit account or other account with the member bank. As between Stripe and the Member Bank, Stripe is responsible for subscribing to and evaluating your eligibility to receive VM Payment Processing Services, authorizing fees, clearing funds to your User Bank Account(s) in accordance with Section 4, and providing VM Payment Processing Services in accordance with the terms of the Agreement. These PNC Bank Acquirer Terms of Use (“Member Bank Terms”) are additional terms that apply to Stripe payment services for Visa and Mastercard products for which PNC Bank, N.A. (“Member Bank”) is an acquirer of payment methods (“VM Payment Processing Services”). In these Member Banking Terms, Visa and Mastercard may be referred to individually as the “Network” and collectively as the “Networks”, and the rules issued by a Network are the “Network Rules”. In addition, for the purposes of these Member Banking Terms, if you are registered with a network in accordance with the applicable Network Rules, you will be deemed to be “Registered on the Network”. All terms used but not defined in these Member Banking Terms shall have the meanings set forth in the Stripe Service Agreement (“Agreement”).
Notwithstanding the foregoing or to the contrary effect in the Agreement, you agree to indemnify Member Bank and its respective employees, directors, agents, contractors and affiliates (collectively, the “Member Banking Companies”) from and against any and all claims, actions, demands, losses, liabilities, damages (including indirect or consequential damages), action or proceeding arising out of or related to (a) your breach of any provision to defend, to indemnify and hold harmless the Contract or this Member Bank. Conditions; (b) your use of VM Payment Processing Services; (c) pay your obligations, fees or fines to Stripe, your customers, payment method providers or third parties; (d) your negligence or willful misconduct or the negligence or willful misconduct of your employees, contractors or agents; and (e) any third party indemnity obligation incurred by Member Bank as a direct or indirect result of your acts or omissions (including compensation to networks, card issuers or intermediary banks). If you use VM Payment Processing Services to accept fees from VM payment cards, you must comply with the network rules set forth therein, including the acceptance policies, monitoring programs, and activity reports (including excessive credits, disputes, or deposits) set forth therein. Under the Network Rules, certain activities may result in litigation, fees, fines, delays in settlement, holdbacks, audits of your processing activities or termination of these Member Banking Terms and/or the Agreement. Without limiting the foregoing, you expressly agree that these Member Banking Terms will be offered to you and that the legal agreement established by these Member Bank Terms shall be effective as described below. b. You will not use the VM Payment Processing Services, directly or indirectly, for fraudulent or illegal businesses; and The failure of the Member Bank to enforce any of its rights under these Member Bank Terms or the Agreement shall not be deemed a waiver by the Member Bank of its rights to enforce any provision of these Member Bank Terms or the Agreement in accordance with its terms. These Member Bank Terms may be amended by Member Bank or Stripe from time to time in the same manner as the Stripe Agreement may be modified.