Chargeback Handling
If an 8fig initiated ACH debit fails due to issues with the Merchant’s bank account, including but not limited to: insufficient funds, inaccessible account, or a stop payment order, the Merchant’s Growth Plan will be paused, and any credits to the Merchant will be held until the chargeback is resolved.
8fig will contact the Merchant when the chargeback is detected. Communication will include steps the Merchant can take to resolve the chargeback.
8fig will continue to perform debits to the Merchant’s bank account in an attempt to collect the amounts due. These debits may only collect a portion of the amounts due and will continue until all amounts due are repaid.
Once amounts due are repaid, the Merchant’s Growth plan will be resumed and any credits due will be processed. The Growth Plan may be adjusted once resumed to reflect the current state of the Merchant’s business.
Bank and Platform Connectivity
If a Merchant’s primary bank account or platform becomes disconnected, the Merchant’s Growth Plan will be paused. Remittances will continue, but any credits to the Merchant will be held until the connection is restored.
8fig will contact the Merchant when the disconnect is detected. Communication will include steps the Merchant can take to reconnect their account.
Once the connection is restored, the Merchants Growth Plan will resume and any credits due will be processed.The Growth Plan may be adjusted once resumed to reflect the current state of the Merchant’s business.
If the Merchant does not reconnect their account or make a meaningful attempt to reconnect, 8fig reserves the right to withdraw amounts due from the Merchant’s bank account, place a UCC lien on the business and redirect platform revenues to 8fig until amounts due are remitted, and take other legal action as outlined in Section 13 of the Master Future Revenues Purchase Agreement.
Platform and Bank connection requirements are outlined in section 5 of the Master Future Revenues Purchase Agreement. Remediation steps are outlined in section 13.
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ACH Validation and Compliance
8fig requires Merchants to utilize ACH enabled bank accounts to receive funding. In an effort to validate the ability to debit the Company’s bank account 8fig initiates $1 ACH debits and credits.
A Merchant’s primary bank account will be credited $1 on a Monday and debited $1 on Tuesday. ACH validation checks will occur periodically until a Merchant begins remitting funds back to 8fig. A Merchant may see periodic $1 ACH checks through the lifespan of the Growth Plan to ensure connectivity.