Pre-Authorized Debit Agreement
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Last Updated: June 18, 2024
This Pre-Authorized Debit Agreement (this “PAD Agreement”) is provided in connection with the payment of amounts payable by Merchant to Affirm Canada Holdings Ltd. (“Affirm Canada”) arising under or in connection with the Merchant Agreement entered into between Affirm Canada and Merchant and any other agreements for the Services entered into thereunder (as may be amended or supplemented from time to time) (collectively, the “Agreements”). All capitalized terms used but not defined in this PAD Agreement will have the same meanings given to them in the Merchant Agreement or in the Affirm Canada Service Terms.
Merchant certifies that (i) the Banking Information attached to this Enrollment Form (the “Account”) accurately represents Merchant’s banking details; (ii) Merchant owns the Account; and (iii) Merchant will use the Account solely for business purposes and not for personal, family or household purposes. In accordance with the terms of the Agreements, Affirm Canada may (i) deposit into the Account any amounts owed to Merchant by Affirm Canada, and (ii) debit the Account for any amounts Merchant owes to Affirm Canada under the Agreements.
Merchant acknowledges that this authorization (the “Authorization”) is provided for the benefit of Affirm Canada and Merchant’s designated financial institution (or any other financial institution Merchant may designate from time to time) (the “Financial Institution”) and is provided in consideration of the Financial Institution agreeing to process all debits against the Account in accordance with the Rules of Payments Canada.
Merchant warrants and guarantees that all persons whose signatures are required to sign on the Account have signed this PAD Agreement.
Merchant hereby authorizes Affirm Canada to draw on the Account for the purpose of paying Affirm Canada all regular occurring payments required under the Agreements including, but not limited to, all payments required to establish a Reserve Account, if applicable, the payment of all Fees, charges, expenses and other amounts Merchant has agreed to pay for Services under the Agreements, and any other amounts owing to Affirm Canada pursuant to the Agreements or any other agreement between Affirm Canada and Merchant. In particular, Merchant agrees that if any payment is dishonoured by Merchant’s Financial Institution for any reason, Affirm Canada shall be entitled to issue another debit in substitution for the dishonoured debit. Affirm Canada shall be under no liability whatsoever caused by a dishonoured debit. In connection with the payments of amounts owing by Merchant to Affirm Canada from time to time under the Agreements, Merchant authorizes such amounts to be debited from the Account on the date such amounts become due and owing under the Agreements, if such date is on a weekend or statutory holiday, on the next business day.
Merchant acknowledges that provision and delivery of this Authorization to Affirm Canada constitutes delivery by Merchant to the Financial Institution. Any delivery of this Authorization to Affirm Canada constitutes delivery by Merchant.
Merchant acknowledges that the debits authorized pursuant to this Authorization are for business purposes.
Merchant undertakes to forthwith inform Affirm Canada in writing of any change to the Account information provided in this Authorization.
Merchant acknowledges that the Financial Institution is not required to verify that (i) a PAD has been issued in accordance with the particulars of this Authorization, or (ii) any purpose of payment for which the PAD has been issued has been fulfilled by Affirm Canada as a condition to honouring a PAD issued on the Account.
This Authorization may be cancelled at any time upon notice by Merchant. Merchant acknowledges that in order to revoke this Authorization, Merchant must provide notice of revocation to Affirm Canada. Merchant acknowledges that it could take up to 10 business days after Affirm Canada’s receipt of such notice to implement the revocation. Affirm Canada may debit the Account up until the time when the revocation is implemented by Affirm Canada. Revocation of this Authorization does not terminate the Agreements between Merchant and Affirm Canada. This PAD Agreement applies only to the method of payment and does not otherwise have any bearing on the Agreements. To obtain a sample cancellation form, or for more information on the right to cancel this Authorization, Merchant may contact Merchant’s Financial Institution or visit www.payments.ca.
Merchant understands that Merchant has certain recourse rights if any debit does not comply with this Authorization. For example, Merchant has the right to receive reimbursement for any debit that is not authorized or is not consistent with this Authorization. To obtain more information on Merchant’s recourse rights Merchant may contact Merchant’s Financial Institution or visit www.payments.ca.
A PAD may be disputed by Merchant in accordance with the Rules of Payments Canada. In order to be reimbursed, Merchant acknowledges that a declaration must be completed and presented to the Financial Institution holding the Account up to and including 10 business days after the date on which the PAD in dispute was posted to the Account. Merchant acknowledges that a claim that the Authorization was revoked or any other reason is a matter to be resolved solely between Affirm Canada and Merchant when disputing any PAD after 10 business days.
Merchant acknowledges that Merchant understands the terms hereof and Merchant accepts and agrees to participate in this PAD arrangement with Affirm Canada.
Merchant acknowledges that Affirm Canada may assign this Authorization to another person or entity, whether directly or indirectly, by operation of law, change of control, or otherwise; provided that, at least 10 days prior to the next PAD being issued in the assignee’s name, Merchant shall be provided with notice of the details of any such assignment, including the identity and contact information of the assignee. Thereafter, Merchant acknowledges that the assignee shall be permitted to debit the Account in accordance with the terms of this PAD Authorization.
Merchant understands that Merchant can contact Affirm Canada at the following electronic mail address noted to make any inquiries, obtain information or seek any recourse rights: legalnotices@affirm.com.
Merchant consents to the disclosure of any personal information that may be contained in this Authorization to the Financial Institution at which Affirm Canada 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 Payments Canada.
