This Secure Payments Partner Agreement (“Agreement”) is made on (“Effective Date”) by and between BNG Holdings, Inc.(“BNG”), and (“Partner”).
Whereas, BNG is engaged in the business of providing financial transaction processing services to Merchants.
Whereas, Partner desires to offer such services to its Members.
Now, therefore, for good and valuable consideration, the parties agree as follows:
The following terms when used in this Agreement will have the meanings set forth in this Section:
(a)During the term of this Agreement, we agree to pay you a revenue share (the "Revenue Share") equal to a percentage of Net Revenue determined pursuant to the current interchange costs and processor revenue share agreements. We reserve the right, at our sole discretion, to change, modify, add or remove portions of this Revenue Share at any time without notice. For purposes of this Agreement, "Net Revenue" means all cash consideration from goods and services sold resulting directly from a merchant transaction. You acknowledge and agree that we will not be obligated to pay any revenue share unless transaction is processed.
(b)Subject to the terms and conditions of this Agreement, we will pay you the above-described Revenue Share on a monthly basis. We will send, or cause to be sent, to you payment by check, wire transfer, ACH direct deposit, PayPal or any other method offered for the Revenue Share earned, less any taxes or other amounts that we may be required by law to withhold. The method of payment will be selected by us. No interest will be paid on any amount held by us for any reason. Upon termination of this Agreement, we will send, or cause to be sent, to you, payment for the total amount of Revenue Share then owed to you as of the termination date. The final Revenue Share payment may be withheld by us for a reasonable period of time to ensure that the correct amount is to be paid after making any adjustments that may be required, including, but not limited to, adjustments for returns. If Partner is terminated for cause, we reserve the right to reverse commissions currently owed and may reverse any unlocked commissions owed for the previous 30 days prior to termination, as long as such commissions are associated with a violation of this Agreement.