In order to use Payments with Pay Theory, you (“you” and “your”) must pre-authorize Pay Theory, Inc. (Pay Theory) to debit your bank account as described in the Terms of Service. This Pre-Authorized Debit Agreement (this “Authorization”) constitutes your agreement and authorization for Pay Theory to debit your bank account as described in the Terms of Service and is effective as of the date you accept the Terms of Service. You accept and agree to comply with all of these terms:
Payments Canada: When requesting or issuing PADs through the PAD Service, you are required to comply with Rule H1 of Payments Canada ad the other Rules of Payments Canada that supplement such Rule (collectively, the “PAD Rules”). Payments Canada may amend or replace the PAD Rules and/or the PAD Service at any time. Consequently, Pay Theory may amend the Agreement, these terms, and/or make changes to the Services as necessary to comply with the PAD Rules and PAD Service, each as amended, supplemented, restated, or replaced from time to time.
Debits: You acknowledge that this Authorization is provided for the benefit of Pay Theory and your financial institution (“Financial Institution”) and is provided in consideration of your Financial Institution agreeing to process all debits against your bank account(s) (the “Settlement Account”) in accordance with the Rules of the Payments Canada.
Draws: You hereby authorize Pay Theory to draw on the Settlement Account for purposes of (a) processing refunds or transaction reversals or chargebacks, or (b) collecting any and all amounts owed to Pay Theory under the Terms of Service or any other agreement between you and Pay Theory (a “debit” or “PAD”). In particular, you agree that if any payment is dishonored by your Financial Institution for any reason, Pay Theory shall be entitled to issue another debit in substitution for the dishonored debit. Pay Theory shall be under no liability whatsoever caused by a dishonored debit.
Cancellations: You may cancel this Authorization at any time by closing your Pay Theory Account. You acknowledge that, if you revoke this Authorization, you must close your Pay Theory Account, or else Pay Theory may do so. Pay Theory may debit the Settlement Account up until 30 days after your cancellation or revocation.
Purpose: You acknowledge that the debits authorized pursuant to this Authorization are for business purposes.
Verification by Financial Institution: You acknowledge that your Financial Institution is not required to verify that (a) a PAD has been issued in accordance with the particulars of this Authorization or (b) any purpose of payment for which the PAD has been issued has been fulfilled by Pay Theory as a condition to honoring a PAD issued on your Settlement Account.
Surviving Provisions: Even if you cancel or revoke this Authorization, certain provisions of the Terms of Service between you and Pay Theory survive and remain in effect in accordance with their terms. To obtain a sample cancellation form, or for more information on your right to cancel a PAD Agreement, you may contact your Financial Institution or visit https://www.payments.ca.
Resources: You have certain recourse rights if any debit does not comply with this Authorization. For example, you have the right to receive reimbursement for any debit that is not authorized or is not consistent with this Authorization. To obtain more information on your recourse rights, contact your Financial Institution or visit https://www.payments.ca.
Disputes: A PAD may be disputed by you only if (a) the PAD was not drawn in accordance with this Authorization or (b) amounts were drawn after this Authorization was revoked. In order to be reimbursed, you acknowledge that a declaration must be completed and presented to your Financial Institution holding the Settlement Account up to and including 10 business days after the date on which the PAD in dispute was posted to the Settlement Account. You acknowledge that, after such 10 business day period, a claim that the Authorization was revoked or any other dispute of a PAD is a matter to be resolved solely between you and Pay Theory.
Agreement: You acknowledge that you understand the terms hereof and you accept and agree to participate in this PAD arrangement with Pay Theory.
Assigning Authorization: You acknowledge that Pay Theory may assign this Authorization, whether directly or indirectly, by operation of law, change of control, or otherwise, by providing at least 10 days prior written notice to you.
Payment Service Provider: You acknowledge that we may use a third party as our payment processing representative for the transactions contemplated by this authorization. You agree that the information contained in this Authorization may be disclosed to such third party in accordance with our Privacy Policy and as required to complete any PAD transaction. You acknowledge that this Authorization is provided for the benefit of Pay Theory and is provided in consideration of your financial institution agreeing to process debits against your Account in accordance with the rules of the Canadian Payments Association.
You consent to the disclosure of any personal information that may be contained in this Authorization to financial institutions at which Pay Theory maintains its account to be credited with the PADs as far as any such disclosure of personal information is directly related to and necessary for the proper application of the Rules of the Canadian Payments Association.
YOU UNDERSTAND AND AGREE TO THE FOREGOING TERMS AND CONDITIONS AND, IN PARTICULAR, YOU HEREBY WAIVE THE RIGHT TO RECEIVE ANY NOTICE FROM PAY THEORY OF THE AMOUNT TO BE DEBITED AGAINST THE SETTLEMENT ACCOUNT AND THE DATES ON WHICH THE DEBITS WILL BE PROCESSED, AS WELL AS NOTICE OF ANY AND ALL FUTURE CHANGES TO THE AMOUNTS OR PAYMENT DATES.
The parties have requested that this Authorization and all related documents be drawn up in English only. Les parties aux présentes ont exigé que le présent contrat et tous les documents qui s’y rattachent soient rédigés en anglais seulement.
