Square may debit the Settlement Account up until 30 days after your cancellation or revocation. You acknowledge that, if you revoke this Authorization, you must close your Square Account or else Square may do so.
Square shall be under no liability whatsoever caused by a dishonored debit. In particular, you agree that if any payment is dishonored by your Financial Institution for any reason, Square shall be entitled to issue another debit in substitution for the dishonored debit. You hereby authorize Square to draw on the Settlement Account for purposes of (a) funding a reserve account to secure the performance of your payment obligations pursuant to the Payment Terms, (b) processing refunds or transaction reversals or chargebacks, or (c) collecting any and all amounts owed to Square under the Payment Terms or any other agreement between you and Square (a “debit” or “PAD”).You acknowledge that this Authorization is provided for the benefit of Square 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.This Pre-Authorized Debit Agreement (this “Authorization”) constitutes your agreement and authorization for Square to debit your bank account as described in the Payments Terms and is effective as of the date you accept the Payment Terms. and its affiliates (“Square”) to debit your bank account as described in the Payment Terms.
In order to use the Payment Services, as defined in the Payment Terms, you (“you” and “your”) must pre-authorize Square Canada, Inc.
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