Define: Payment Methods

How is Payment Methods defined in a legal contract?

• Payment Methods means varying modes of transactions that can be utilized by customers to make payments, such as Mobile Money Transfer facilities and Bank Account transactions (including online, ATM, and teller payments). Seen in 3 SEC filings
• Payment Methods means Cards and other methods by which the Merchant can accept payments. Seen in 2 SEC filings
• Payment Methods means a Credit Card, Debit Card or a Bank Account. Seen in 2 SEC filings
• Payment Methods means the way the Buyer chooses to pay for goods or services. Seen in 2 SEC filings
• Payment Methods means linking credit or debit cards to an account, redeeming reward points for cash equivalent held on an account or direct carrier billing. Seen in 1 SEC filing
• Payment Methods mean various valid credit and debit cards and direct bank debits. The ability to change the payment method and authorization to charge the new payment method in accordance with the agreement is also included. Seen in 1 SEC filing

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Which definition should you use?

🤔 Our AI Legal Assistant has combined and improved the above descriptions to create market-standard 'Genie definitions' below, with guidance on which documents and which industry to use for each.

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Genie Definition 1

Payment Methods means the specific procedures or systems, such as credit cards, debit cards, bank account transactions, or mobile money transfer facilities, by which customers execute payments.

Relevant Contract Types

• Sales Agreement
• Product Supply Agreement
• Lease Agreement
• Consulting Service Agreement

Relevant Circumstances

• When tangible or intangible goods are being sold.
• When services are being supplied and payment is required.
• When renting or leasing property with regular payments.
• In agreements where consultancy or freelance services are offered.

Relevant Sectors

• Retail
• Most e-Commerce platforms
• Real Estate
• Consultancy

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Genie Definition 2

Payment Methods means the chosen facility to complete a transaction for goods or services.

Relevant Contract Types

• Franchise Agreement
• Merchandising Agreement
• Commercial Lease Agreement

Relevant Circumstances

• When a franchise system is being set up, with predefined payment systems for franchisees.
• When merchandising goods or services are being sold and payment methods need to be decided.
• When leasing commercial property, and formal lease payments have to be made.

Relevant Sectors

• Fast Food Franchise
• Merchandising sector
• Commercial Real Estate

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Genie Definition 3

Payment Methods means linking a credit or debit card to an account, directly or through rewards redemption.

Relevant Contract Types

• Online Marketplace Agreement
• Credit Card Agreement

Relevant Circumstances

• When users are making purchases in an online marketplace.
• When a customer opens a credit card account.

Relevant Sectors

• e-Commerce
• Banking and Financial Services

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