Preauthorized Debit Agreement
This Pre-Authorized Debit Agreement ("PAD Agreement"), is made between you and Dream Payments Corp. and its successors or assigns ("we", "us" or "our") in connection with your use of the Mobile Card Processing Solution.
In this PAD Agreement:
- "Merchant Services Agreements" means the agreement between you and us relating to your acceptance of credit cards and the agreement between you and TD relating to your acceptance of debit cards.
- "Mobile Card Processing Solution" is defined in the end user license agreement between you and us.
- "PAD" means a pre-authorized debit pursuant to this PAD Agreement.
- "TD" means The Toronto-Dominion Bank.
You authorize us and agree as follows:
You hereby authorize us to draw on the bank account you provided to us as part of your application for the Mobile Card Processing Solution (the "Account") at the financial institution which holds your Account (the "Financial Institution") for the purpose of paying all amounts due and payable to us in respect of your obligations to us and TD under the terms of the Merchant Services Agreements. You authorize the Financial Institution to honour and pay such PADs. You acknowledge and agree that PADs are for business purposes. You further authorize us to make deposits to the Account under the terms of the Merchant Services Agreements.
You acknowledge that this PAD Agreement is provided for the benefit of us, TD and the Financial Institution and is provided in consideration of the Financial Institution agreeing to process debits to your Account in accordance with the rules of the Canadian Payments Association.
You warrant and guarantee that:
- you are authorized to sign on the Account and to provide this PAD Agreement;
- all information that you have provided with respect to the Account is accurate and complete; and
- you will immediately inform us, in writing, of any change in information regarding the Account.
You acknowledge that provision and delivery of this PAD Agreement to us constitutes delivery by you to the Financial Institution. Any delivery of this PAD Agreement to us constitutes delivery by you.
You acknowledge that, in order to revoke this PAD Agreement, you must provide notice of revocation to us, which you may do at any time. Revocation of this PAD Agreement will result in the termination of your Merchant Services Agreements in accordance with their terms. Termination of this PAD Agreement will not relieve you of your obligations to pay all amounts owing under the Merchant Services Agreements. You agree to provide us and TD with an alternative method of payment satisfactory to us and TD to pay any amounts owing. You may obtain a sample cancellation form or more information on your right to cancel this PAD Agreement at the Financial Institution or by visiting www.cdnpay.ca.
YOU AGREE TO WAIVE THE PRE-NOTIFICATION REQUIREMENTS SET OUT IN RULE H1 OF THE CANADIAN PAYMENTS ASSOCIATION, INCLUDING YOUR RIGHT TO RECEIVE PRE-NOTIFICATION OF THE AMOUNT OF ANY PAD, AND AGREE THAT YOU DO NOT REQUIRE ADVANCE NOTICE OF THE AMOUNT OF PADS BEFORE THE DEBIT IS PROCESSED.
You acknowledge that the Financial Institution is not required to verify that a PAD has been issued in accordance with the particulars of your authorization including, but not limited to, the amount. You acknowledge that the Financial Institution is not required to verify that any purpose of payment for which the PAD was issued has been fulfilled by us as a condition to honouring a PAD issued or caused to be issued by us on the Account.
YOU ACKNOWLEDGE THAT WE MAY ASSIGN THIS PAD AGREEMENT WITHOUT YOUR APPROVAL AND WITHOUT PRIOR NOTICE TO YOU.
You have certain recourse rights if any debit does not comply with this PAD Agreement. For example, you have the right to receive reimbursement for any PAD that is not authorized by or is not consistent with this PAD Agreement. To obtain more information on your recourse rights, you may contact the Financial Institution or visit www.cdnpay.ca.
Dream Payments Corp.
171 East Liberty Street