# Bolt Payment Terms

Last revised: Thursday, September 26, 2024

**Bolt Payment Terms**

Capitalized terms not defined herein shall have the meaning ascribed to them in the MSA.

1. **The Payment Processor.** The 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 Processor (the “Processor Terms”). By entering into this Agreement, Merchant agrees to be bound by the Processor Terms which are a legal agreement between Merchant and the Processor. Bolt is not a party to the Processor Terms and is not liable to Merchant in respect thereof. Merchant’s use of these Bolt Services is conditioned on Merchant’s ongoing use of the designated Processor. In the event that Merchant terminates, suspends or otherwise ceases to use Processor’s services, Merchant shall notify Bolt immediately.

Certain Associations may require that Merchant enter into a direct contractual relationship with Processor if Merchant is categorized within certain MCC codes designated by the Associations and Merchant’s card transaction volume exceeds $1,000,000 for any Association, or such other amount or criteria provided in the Operating Regulations. By agreeing to this Agreement, Merchant agrees to the terms and conditions of the applicable Processor Terms as designated in Section 2.1.1 of the MSA. Processor may independently enforce the Processor Terms.

2. **Operating Regulations.** “Associations” includes Mastercard International Inc. ("Mastercard"), VISA U.S.A. Inc. ("VISA"), Discover (“Discover”), and certain similar entities involved in credit or debit card transactions. Associations have established Operating Regulations. Merchant is required to comply with all applicable Operating Regulations. Associations reserve the right to amend the Operating Regulations. As such, Bolt reserves the right to amend the Agreement at any time with notice to Merchant as necessary to comply with Operating Regulations or otherwise address changes to the Bolt Services. Associations make excerpts of their Operating Regulations available online, including via: [https://www.mastercard.us/en-us/business/overview/support/rules.html](https://www.mastercard.us/en-us/business/overview/support/rules.html); [https://usa.visa.com/support/consumer/visa-rules.html](https://usa.visa.com/support/consumer/visa-rules.html); [https://www.americanexpress.com/merchantopguide](https://www.americanexpress.com/merchantopguide).

Each applicable Association’s complete Operating Regulations are incorporated by reference into this Agreement and will control with respect to any conflict in terms between this Agreement and such Operating Regulation. Merchant will not discriminate against Cards or Issuers (e.g., limited acceptance options) except in full compliance with the Operating Regulations, and will comply with all Operating Regulations, applicable laws, and regulations related to its business operations, PCI-DSS obligations, the use of an Association’s marks, and each transaction acquired hereunder. Merchant expressly agrees that it will accept Cards and protect, utilize, or restrict transaction data, including the magnetic stripe and CVV2, in accordance with the terms of this Agreement, applicable law or regulation, and the Operating Regulations, and will cooperate with any audit requested by an Associations until such audit is completed.

3. **Merchant Requirements.** In addition to complying with each Association’s obligations or prohibitions related to acceptance, disbursement, or resubmission of a transaction, Merchant may not submit any illegal, fraudulent, or unauthorized transaction and shall only submit transactions for the sale of its own goods or services, and not any other person or company, and may not receive payment on behalf of or, unless authorized by law, redirect payments to any other party. Merchant agrees to honor all eligible cards presented for payment by Merchant’s End Users for Merchant’s products and services in accordance with the Operating Regulations, the Agreement and any operating guides that Bolt or Processor may provide Merchant from time to time. Merchant covenants that it is not a third-party beneficiary under any agreement with an Association; however, an Association may be a third-party beneficiary of this Agreement, and shall have the rights, but not any obligation, necessary to fully enforce the terms of this Agreement against the Merchant.

Merchant authorizes Bolt and/or Processor to conduct checks of Merchant’s background, credit, or banking information, as necessary, and agrees that all information obtained under this Agreement may be shared with an Association. Merchant acknowledges and agrees that it is responsible for its employees’ actions, it will notify Bolt of any third party that will have access to cardholder data, and it will immediately report all instances of a data breach to Bolt immediately after it reasonably identifies an incident.

4. **Authorizations.** Merchant authorizes Bolt to provide instructions and otherwise communicate with Processor about relevant Merchant transactions and events (including but not limited to approved orders, refunds, returns, and chargebacks) to provide Bolt Services. Merchant further authorizes Bolt to instruct Processor on how Merchant’s card transaction settlement funds should be disbursed to Merchant and the timing of such disbursements. Merchant authorizes Processor to pay Bolt the relevant transaction fees associated with Bolt Services along with the settlement process. Merchant agrees that Bolt may manage the risks associated with providing Bolt Payments by instructing Processor to place restrictions on the settlement of funds to Merchant when Bolt deems it is necessary at its sole discretion, including as necessary to comply with law or mitigate fraud or abuse of the Services. The authorizations set forth in this section will remain in effect until Merchant’s Account is closed or terminated.

5. **Merchant Dashboard.** Bolt may make available to Merchant information in the Bolt Merchant Dashboard regarding anticipated settlement amounts received on Merchant’s behalf from the Associations and held pending settlement. This settlement information does not constitute a deposit or other obligation of Bolt or Processor to Merchant and is subject to change in Bolt’s discretion depending on the circumstances of the particular transaction. This settlement information reflected in the Bolt Merchant Dashboard is for reporting and informational purposes only, until such funds are credited to Merchant by Processor.

6. **Reconciliations and Errors.** 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. 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. Whenever Merchant becomes aware of an error with any transactions involved in Bolt Services, Merchant will notify Bolt immediately of the specifics of the Error and fully cooperate with Bolt in its resolution of that Error.

7. **Refunds and Returns.** In connection with any returns or refunds processed by Merchant for End Users, Merchant may seek reversal or refund of the payment transaction in accordance with the Processor Terms, if applicable, this Agreement, any applicable card network rules, and applicable law. Bolt has no responsibility or obligation for processing such refunds or returns, or for responding to Merchant’s End Users’ inquiries about such refunds or returns. Bolt reserves the right to recoup any amount refunded by offsetting it against any amount pending settlement to Merchant.

8. **Chargebacks.** A “Chargeback” is a request that Merchant’s End User files directly with the End User’s card-issuing bank to reverse or invalidate a processed payment. A Chargeback is typically initiated when an End User disputes a charge that appears on their bill, such as because the End User allegedly did not receive the relevant goods or services. Merchant is solely responsible for any costs associated with Chargebacks unless Merchant participates in Bolt’s Fraud Protection Service and the Chargeback is a Covered Transaction as described in Bolt’s Fraud Protection terms.

9. **Suspicion of Unauthorized or Illegal Use.** Bolt reserves the right to provide instructions not to 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.

10. **Reserves.** In certain circumstances, Bolt may determine that a Reserve Account is necessary to manage the risks associated with providing the Bolt Payments to Merchant. Where needed, Bolt may, in its sole discretion, provide instructions and set the terms of a reserve account for Merchant with Processor. Bolt, in its sole discretion, may elect to change the terms of such reserve account at any time for any reason based on Merchant’s payment processing history or as requested by Processor.