Merchant Services Terms and Conditions

Clause 4

CHARGEBACKS

Amendments to the clause heading to insert ‘AND REFUSAL OF PAYMENT’:

CHARGEBACKS AND REFUSAL OF PAYMENT

Merchant Services Terms and Conditions

Clause 4.1

If any Cardholder, eWallet User, customer, Card Companies, PayNet or eWallet Operator

disputes the validity of any transaction or if any transaction is invalid or if the Merchant breaches any of its warranties, representations or obligations or if the Bank is otherwise allowed by law or under any rules and regulations issued by any of the Card Companies or PayNet or eWallet Operators, notwithstanding anything contained in the Appendices, the Bank may by giving notice to the Merchant:-

(a) refuse payment to the Merchant for the amount of such transaction; and

(b) where payment has been made by the Bank to the Merchant, deduct such payment from any of the Merchant’s sales proceeds and/or raise a debit against the Merchant for the amount of such transaction and debit or cause to be debited the same from the Merchant's Designated Account.

Authorisation of any transaction does not guarantee payment by the Bank.

Amendments to clause 4.1 to include additional grounds for the Bank to exercise chargebacks and refusal of payment.

Notwithstanding anything contained in the Appendices, the Bank may by giving notice to the Merchant (a) refuse payment to the Merchant for the amount of such transaction; and (b) where payment has been made by the Bank to the Merchant, deduct such payment from any of the Merchant’s sales proceeds and/or raise a debit against the Merchant for the amount of such transaction and debit or cause to be debited the same from the Merchant's Designated Account if:

(a) any Cardholder, eWallet User, customer, Card Companies, PayNet or eWallet Operator disputes the validity of any transaction or if any transaction is invalid, or

(b) the Merchant performed late settlement transaction(s) of more than seven (7) calendar days from the date of transaction or late submission of transaction slips to the Bank for manual posting payment, or

(c) the Merchant breaches any of its warranties, representations, undertakings or obligations, or

(d) the Bank is otherwise allowed by law or under any rules and regulations issued by any of the Card Companies or PayNet or eWallet Operators, or

(e) the documents, information, statement or declaration furnished to the Bank by the Merchant  are incorrect or inaccurate at any time, or

(f) suspicious or abnormal settlement transactions are detected or the Bank has reason to believe that there is fraud.

Under the above circumstances, the Bank reserves the right to withhold payment and refuse any payment to the Merchant unless the Bank receives all relevant supporting documents and has completed investigation (if applicable) to the Bank’s satisfaction. Authorisation of any transaction does not guarantee payment by the Bank. 

Merchant Services Terms and Conditions

Clause 8

SET-OFF AND WITHOLDING OF PAYMENT

Amendments to the clause heading to delete ‘AND WITHHOLDING OF PAYMENT’

SET-OFF

Merchant Services Terms and Conditions

Clause 8.2

In the event that suspicious or abnormal settlement transactions are detected and the Bank has reason to believe that there is fraud, the Merchant shall facilitate the Bank’s further investigation and the Bank may withhold and/or refuse payment for such settlement transactions to the Merchant.

Clause 8.2 has been deleted. Provisions of this clause is now covered in the amended Clause 4.1 and new Clause 14.1(j)

Merchant Services Terms and Conditions

Clause 11.1

SUSPENSION NOTICE

If the Merchant fails to provide to the Bank any requested information or documents reasonably required by the Bank within seven (7) Business Days from the Bank’s request, or if the Bank has reasonable grounds to suspect that the Merchant has breached or intends to breach any of these terms and conditions or suspicious or abnormal settlement transactions are detected or due to regulatory reasons, the Bank may (without terminating the availability of the Payment Channels and/or Programs/Services) immediately suspend the operation of all or any of the Payment Channels and/or Programs/Services individually without affecting any of the other Payment Channels and Programs/Services by service of notice on the Merchant (“Suspension Notice”). If the Suspension Notice is not revoked by the Bank within seven (7) Business Days or such other extended period as the Bank may permit from the date of the issuance of the Suspension Notice, the Bank may immediately terminate the Payment Channel and/or Program/Service that was suspended by giving the Merchant notice of the termination. The Bank will not be liable to the Merchant for any loss suffered by the Merchant for the suspension and/or the suspension and termination of the Payment Channel and/or Program/Service as aforesaid.

Clause 11.1 is amended to allow the Bank to immediately terminate the Payment Channel and/or Program/Service that was suspended following a Suspension Notice by service of notice on the Merchant.

SUSPENSION NOTICE

If the Merchant fails to provide to the Bank any requested information or documents reasonably required by the Bank within seven (7) Business Days from the Bank’s request, or if the Bank has reasonable grounds to suspect that the Merchant has breached or intends to breach any of these terms and conditions or suspicious or abnormal settlement transactions are detected or due to regulatory reasons, the Bank may (without terminating the availability of the Payment Channels and/or Programs/Services) immediately suspend the operation of all or any of the Payment Channels and/or Programs/Services individually without affecting any of the other Payment Channels and Programs/Services by service of notice on the Merchant (“Suspension Notice”). Following the Suspension Notice, the Bank may immediately terminate the Payment Channel and/or Program/Service that was suspended by giving the Merchant notice of the termination. The Bank will not be liable to the Merchant for any loss suffered by the Merchant for the suspension and/or the suspension and termination of the Payment Channel and/or Program/Service as aforesaid.

Merchant Services Terms and Conditions

Clause 14.1 (j), (k) and (l)

Nil-

Clause 14 under the heading of “Merchant’s Undertakings” is amended to include new sub-clauses 14.1(j), (k) and (l) in relation to additional undertaking on the part of the Merchant as follows:

(j) facilitate the Bank’s investigation under the circumstances or scenarios stated in Clause 4.1;

(k) to perform settlement transaction(s) on daily basis and to submit transaction slips for manual posting and payment within seven (7) calendar days from transaction date should there be any discrepancy in the settlement transactions record; and

(l) to ensure all documents, information, statement and declaration furnished to the Bank are statements of facts within the actual knowledge of the Merchant and are correct and in order at all times.