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ACQUIRING ADDENDUM

Introduction: Scope and applicability This Acquiring Addendum is applicable to Merchants:

(1) who are an entity established in the United States; (2) who entered into a Merchant

Agreement with Adyen N.V. for the provision of payment services (the “Merchant

Agreement”); and (3) who have card transactions acquired via Adyen (the “Sponsored

Acquiring Services”) under the acquiring licenses of WELLS FARGO BANK, N.A.

(“Member”), a member of various card schemes such as Visa and MasterCard (the “Card

Schemes”). This Acquiring Addendum constitutes a separate legally binding contract between

Merchant, Member and Adyen applicable to the Sponsored Acquiring Services. As between

Adyen and Merchant, the terms of the Merchant Agreement also apply to the Sponsored

Acquiring Services, provided that where a conflict exists between the Merchant Agreement

and this Acquiring Addendum, the terms of this Acquiring Addendum will take precedence

where it concerns the Sponsored Acquiring Services. Merchant acknowledges that Member’s

obligations in connection with the Sponsored Acquiring Services are limited solely to acting,

under Member’s acquiring license, as an acquirer of record for Merchant’s payment

transactions on Adyen’s behalf. All other obligations relating to the provision of the Sponsored

Acquiring Services (other than those of Merchant) are the responsibility of Adyen. Merchant

agrees that, for the Sponsored Acquiring Services for which Member will be the acquirer of

record in the United States, Member is a party to the Merchant Agreement for that purpose

and for that part of the Merchant Agreement only. This Acquiring Addendum is entered into by

the parties to satisfy the requirement of the owners of the Card Schemes and Member that

Merchants wishing to accept card payments via such Card Schemes commit to comply with

the terms prescribed by the Card Schemes regarding the processing of payments via the Card

Schemes (the “Scheme Rules”).

Agreement to comply with Scheme Rules Merchant hereby agrees to comply with

applicable laws, the applicable Scheme Rules as set by the Card Schemes and as modified

by the Card Schemes from time-to-time, with respect to the use of the Sponsored Acquiring

Services by Merchant. Merchant is advised and agrees that pursuant to the Scheme Rules,

among other requirements: (1) transactions may be made subject to chargebacks (leading to

an obligation for Merchant to return funds received for such transaction); (2) settlement of

funds for processed transactions may be delayed or withheld; (3) the Sponsored Acquiring

Services may be suspended or terminated; and/or (4) fines for violations of applicable law or

Scheme Rules may be payable. Further information on applicable Scheme Rules is published

on the websites of the Card Schemes (usa.visa.com/merchants/merchant-support/internationaloperating-

regulations.jsp and www.mastercard.com/us/merchant/support/rules.html) and further

guidance on Scheme Rules is made available by Member via Adyen to Merchant. However,

Merchant acknowledges and agrees that it shall be subject to the requirements of applicable

law and Scheme Rules and , regardless of whether Member has advised Merchant through

Adyen or Merchant is otherwise aware of such requirement.

 

Settlement via Member Funds received from the Card Schemes for payment transactions

acquired via the Sponsored Acquiring Services will be received from the Card Schemes and

credited to bank accounts held by Member and paid out to Merchant directly from such bank

accounts. Merchant hereby authorises Adyen to, and authorises Member to allow Adyen to,

initiate debits or credits to such accounts related to the funds resulting from settlement of

Merchant’s payment transactions acquired via the Sponsored Acquiring Services. Without

limiting the generality of the preceding sentence, Merchant hereby authorises Adyen to, and

authorises Member to allow Adyen to, initiate debits to such accounts or otherwise withhold

amounts from such funds (including for refunds, adjustments, chargebacks, fines, fees, other

amounts due to Adyen or Member, any applicable reserve amounts, and any other obligation

of Merchant or as otherwise provided under the Merchant Agreement or this Acquiring

Addendum), pursuant to the terms of the Merchant Agreement or this Acquiring Addendum.

 

Fees No fees are payable by Merchant to Member hereunder. The fees and other charges

payable by Merchant for use of the Sponsored Acquiring Services are fully set out in the

Merchant Agreement and are payable by Merchant to Adyen pursuant to the terms thereof.

 

Term and termination This Acquiring Addendum is effective upon the date Merchant signed

the Merchant Agreement to which this Acquiring Addendum is attached or the date Merchant

otherwise agrees to this Acquiring Addendum, and continues so long as Merchant uses the

Sponsored Acquiring Services via the services of Adyen. This Acquiring Addendum will further

terminate automatically upon any termination or expiration of the Merchant Agreement. This

Acquiring Addendum may be terminated by Member or Adyen with immediate effect at any

time by giving writing notice in case of: (i) a material breach of any of Merchant obligations

under this Acquiring Addendum, the Merchant Agreement, applicable law and/or the Scheme

Rules, or (ii) the termination of the agreement between Adyen and Member relating to the

Sponsored Acquiring Services. Upon termination of this Acquiring Addendum, those terms

which by their nature are intended to survive termination (including indemnification obligations

and limitations of liability) shall survive.

Liability Limitation and Indemnification TO THE MAXIMUM EXTENT PERMITTED BY

LAW, MEMBER SHALL NOT BE LIABLE TO MERCHANT UNDER ANY THEORY OF

LIABILITY. ADYEN ASSUMES RESPONSIBILITY FOR THE PROVISION OF THE

SPONSORED ACQUIRING SERVICES TO THE MERCHANT PER THE TERMS AND

LIABILITY LIMITATIONS SET OUT IN THE MERCHANT AGREEMENT. MEMBER IS NOT

RESPONSIBLE OR LIABLE TO MERCHANT FOR ANY ACT OR OMISSION OF ADYEN

TOWARD MERCHANT OR ADYEN’S PERFORMANCE OF THE SPONSORED ACQUIRING

SERVICES. MERCHANT AGREES TO INDEMNIFY AND HOLD MEMBER HARMLESS

FROM AND AGAINST ALL LOSSES, LIABILITIES, DAMAGES AND EXPENSES

RESULTING FROM AND/OR ARISING OUT OF ANY BREACH OF ANY OBLIGATION BY

MERCHANT OF THE TERMS OF THIS ACQUIRING ADDENDUM, THE MERCHANT

AGREEMENT, APPLICABLE LAW AND/OR THE SCHEME RULES, EXPRESSLY

INCLUDING ANY FINE OR OTHER CLAIM MADE AGAINST MEMBER BY A CARD

SCHEME AS A RESULT OF SUCH BREACH.

 

Governing Law; Jurisdiction This Acquiring Addendum shall be governed by and construed

in accordance with the laws of the State of New York. Each party hereby submits to the

jurisdiction of any state or federal court sitting in New York County, State of New York, United

States of America for any action, suit or proceeding arising out of or relating to this Acquiring

Addendum and the transactions contemplated hereunder. The parties expressly submit and

consent in advance to such jurisdiction in the aforementioned courts, and each party hereby

waives any objection that it may have based upon lack of personal jurisdiction, improper

venue or forum non convenience.

 

Changes to Acquiring Addendum Member or Adyen may amend this Acquiring Addendum

at any time by Adyen providing written notice to Merchant where Member or Adyen in its/their

reasonable discretion deems the amendment to be necessary to ensure compliance with

applicable laws, and/or Scheme Rules. The revised version will be effective 30 days after the

date of such notice, unless otherwise specified in such notice. Merchant will be considered to

expressly consent to all changes to the Acquiring Addendum if Merchant continues to use the

Sponsored Acquiring Services after the effective date of the change.

 

Waiver The failure of a party to assert any of its rights under this Acquiring Addendum,

including the right to terminate this Acquiring Addendum in the event of breach or default by

the other party, will not be deemed to constitute a waiver by that party of its right to enforce

each and every provision of this Acquiring Addendum in accordance with its terms.

Relationship between the Parties. No agency, partnership, joint venture or employment

relationship is created between Adyen, Member and/or Merchant by way of this Acquiring

Addendum. In the performance of their respective obligations hereunder, the parties are, and

will be, independent contractors.

 

Severability Whenever possible, each provision of this Acquiring Addendum will be

interpreted in such a manner as to be effective and valid under applicable law, but if any

provision hereof will be prohibited by or determined to be invalid by a court of competent

jurisdiction, such provision will be ineffective to the extent of such prohibition or invalidity,

without invalidating the remainder of such provision or the remaining provisions of this

Acquiring Addendum.

 

Merchant Details

As recorded on the Merchant Registration Form and Roller Order Form

Appendix to this Acquiring Addendum:

 

Appendix 1 – Member disclosures Wells Fargo Bank

 

Appendix 1 - Member Disclosures Wells Fargo Bank

Member contact information: WELLS FARGO BANK, N.A. may be contacted by mail at:

1200 Montego, Walnut Creek, CA 94598 and by phone at (925) 746-4167.

Adyen contact information: ADYEN N.V. may be contacted by mail via its US subsidiary

Adyen Inc. at 274 Brannan Street, Suite 600, San Francisco, CA 94107and by phone at (415)

957 1000

 

Important Member Responsibilities:

A. Member is the entity approved to extend acceptance of Card Scheme products directly to

you.

B. Member must be a principal (signer) to the relevant Acquiring Addendum.

C. Member is responsible for educating you on pertinent Visa and MasterCard Rules with

which you must comply; but this information may be provided to you by Adyen.

D. Member is responsible for and must provide settlement funds to you.

E. Member is responsible for all settlement funds prior to funding you (or Adyen as your

agent).

Important Merchant Responsibilities:

A. Ensure compliance with cardholder data security and storage requirements.

B. Maintain fraud and chargebacks below Card Scheme thresholds.

C. Review and understand the terms of the Acquiring Addendum.

D. Comply with Visa and MasterCard rules.

 

The responsibilities listed above do not supersede terms of the Merchant Agreement or this

Acquiring Addendum and are provided to ensure Merchant understands some important

obligations of each party and that Member is the ultimate authority should Merchant have any

problems.

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