Bolt Gateway Services
Last revised: July 22 2021
Bolt Gateway Services (Third Party Payment Processing)
Capitalized terms not defined herein shall have the meaning ascribed to them in the MSA.
- The Payment Processor. The Payment Processor is a third party service provider offering processing and settlement services for Merchant’s End User transactions under a separate agreement between Merchant and the Payment Processor (the “Payment Processor Terms”). The Payment Processor will be identified on the Order Form. By entering into this Agreement, Merchant agrees to be bound by the Payment Processor Terms which are a legal agreement between Merchant and the Payment Processor. Bolt is not a party to the Payment Processor Terms and is not liable to Merchant in respect thereof. Merchant’s use of the Bolt Services is conditioned on Merchant’s ongoing use of the Payment Processor identified on the Order Form. In the event that Merchant terminates, suspends or otherwise ceases to use Payment Processor’s services, Merchant shall notify Bolt immediately.
- Authorization to Handle Funds. Merchant authorizes Bolt or their applicable payment processor, if any, to serve as a limited agent for the purpose of holding, receiving, and disbursing funds on Merchant’s behalf when such funds from Merchant’s card transactions settle from the applicable card networks, if any. Merchant further authorizes Bolt to instruct or otherwise access Merchant’s applicable payment processor account solely to the extent necessary and required for the Merchant to utilize the Bolt Services. The authorizations set forth in this section will remain in effect until Merchant’s Account is closed or terminated.
- Taxes. Merchant will determine what, if any, taxes apply to the sale of Merchant’s products and services to End Users and the payments Merchant receives in connection with Merchant’s use of Bolt Services. It is solely the Merchant’s responsibility to assess, collect, report, or remit the correct taxes to the proper tax authority. Bolt and the Payment Processor are not obligated to determine whether taxes apply, calculate, collect, report, or remit any taxes to any tax authority arising from any transaction. Bolt or the Payment Processor may make certain reports to tax authorities regarding transactions that are processed via the Bolt Services. Merchant acknowledges that Bolt or the Payment Processor will report to the IRS the total amount of payments Merchant receives each calendar year as required by law, including without limitation on IRS Form 1099-K.
- Transaction History. Information regarding Merchant’s transactions using the Bolt Services (“Transaction History”) will be available in Merchant’s Account. While Bolt will provide Transaction History in Merchant’s Account, Merchant is solely responsible for compiling and retaining permanent records of all transactions and other data associated with Merchant’s Account as may be required for Merchant’s business. Bolt reserves the right to provide Merchant’s Transaction History or other related Merchant Account activity to the Payment Processor if Bolt reasonably determines or suspects it is necessary due to (i) an unauthorized payment, (ii) Merchant received the payment for activities that violated this Agreement, (iii) pending disputes, (iv) excessive or anticipated excessive chargebacks pursuant to this Agreement, (v) other suspicious activity associated with Merchant’s use of the Bolt Services, or (vi) if required by law or court order.
- Reconciliations and Errors. Merchant’s Transaction History is available when Merchant logs in to the Merchant Account. Invoices, if applicable, will be available on a monthly basis. Merchant is responsible for reconciling Merchant’s Transaction History with Merchant’s actual transactions, notifying Bolt of any errors or discrepancies in Merchant’s Transaction History (each an “Error”) arising from such reconciliation and verification. Bolt will investigate reported Errors and attempt to rectify any Errors that Merchant or Bolt discovers. If Merchant is owed money from Bolt as a result of an Error, Bolt will transfer funds to Merchant’s account in the next scheduled payout. While Bolt may still work with Merchant in its discretion to reconcile Errors, Merchant’s failure to notify Bolt of Errors within ninety (90) days of when an Error first appears on Merchant’s Transaction History will be deemed a waiver of any right to amounts that may be owed to Merchant in connection with any such Error, including any related charges. If Merchant submits or causes Bolt to process transactions erroneously, Merchant will notify Bolt immediately of the specifics of the Error and fully cooperate with Bolt in its resolution of that Error.
- Returns. Merchant will seek reversals for End Users’ returns of Merchant’s products and services in accordance with the Payment Processor Terms, if applicable, this Agreement and any applicable law including any applicable card network rules. Bolt has no responsibility or obligation for processing such returns, or for responding to Merchant’s End Users’ inquiries about such returns.
- Suspicion of Unauthorized or Illegal Use. Bolt reserves the right to not approve any transaction Merchant submits, which Bolt reasonably believes is in violation of this Agreement, or exposes Merchant, other Bolt merchants, End Users, the Payment Processor, or Bolt to harm or unnecessary risk, including but not limited to fraud, money laundering, tax evasion, and other criminal acts. Merchant grants Bolt authorization to share information with law enforcement about Merchant, Merchant’s Transaction History, or Merchant’s Account if Bolt reasonably suspects that Merchant’s use of the Bolt Services has been for an unauthorized, illegal, or criminal purpose.