Last updated 06/15/2024

You authorize Capital on Tap, as the servicer for your Capital on Tap Business Credit Card, and any successive servicer (together “we” or “us”) to initiate an automated clearing house (ACH) debit from the financial account you specified and in the U.S. Dollar amount you requested through the Capital on Tap application or the Capital on Tap website. The payment amount scheduled will be either (i) the monthly minimum payment; (ii) a fixed amount as specified by you on the Capital on Tap application or website if such amount is in excess of the minimum monthly payment,  otherwise the minimum monthly payment will apply, or (iii) the entire  outstanding balance of your account as of the time of payment (excluding pending transactions or pending payments.) Payments initiated will be credited to your account within 2 business days.

In the event we make an error in processing an electronic debit, you authorize us to correct the error by initiating an electronic debit to the account in the amount of such error on or after the date such error occurs. If you make a typographical or similar error in providing us with information about the account, you authorize us to correct the error upon receiving corrected information from you or your financial institution. In the event the electronic debit is rejected, you authorize us to reinitiate it up to as many times as is permitted by network rules, without further notice to you. However, you agree that we are under no obligation to reinitiate any rejected debits.

You attest that the designated checking account for payments was established and is used for business purposes and not for personal, family or household purposes.

You understand you are only able to terminate this Authorization for future payments by calling us at the number on the back of your Capital on Tap Business Credit Card. We will honor termination requests to the best of our ability; however, for various reasons we may not be able to honor all requests. We are not liable for failing to stop a payment once you submit and agree to it.

If you are currently enrolled in a program to make monthly recurring ACH payments from a designated bank account ("monthly AutoPay"), you may cancel your upcoming payment by turning off monthly AutoPay through your designated bank, or by contacting Capital on Tap directly, at least three (3) calendar days prior to the monthly AutoPay payment date.

If you opt into weekly recurring ACH payments (“weekly AutoPay”), you may cancel your upcoming payment as late as 11:59 pm ET on the day prior to your weekly AutoPay payment date, by opting out of weekly AutoPay on your portal. Your weekly AutoPay payment date is as specified on the online portal.

You may edit your monthly or weekly AutoPay setup on any date prior to the relevant AutoPay payment date, however, any changes you make on the same day as the relevant AutoPay payment date will occur after your payment processes and be effective for the next monthly or weekly AutoPay payment date (as applicable).  You will not incur a charge for canceling or editing a payment prior to the payment being processed by us. You understand and agree that we may not honor any stop payment requests received less than three (3) calendar days before the scheduled payment date for monthly Autopay payments (or if you have opted into weekly AutoPay, any stop payment requests received later than 11:59 pm ET on the day prior to the weekly AutoPay payment date), and that once we have begun processing a payment it cannot be canceled or edited by us.

Note: As you are enrolled in monthly AutoPay, we will debit your designated bank account each month even if you made other payments between the statement issuance date and your monthly repayment date, but only where your monthly payment due has not already been covered. No monthly AutoPay debit will be made if your monthly payment due is less than $5.

If you are enrolled in weekly AutoPay, we will debit your bank account each week where there is an outstanding balance at 7am ET on Monday.

We will send you a reminder at least two (2) calendar days prior to initiating any debit by sending you an email that contains the amount of your scheduled  payment and the date the debit will be initiated, except if you have opted into weekly AutoPay, we will send you a reminder at least one (1) calendar day prior to initiating your weekly Autopay debit. If your monthly AutoPay or weekly Autopay date falls on a Saturday, Sunday, legal holiday or other day that we are not open for business, we will process your payment within 2 business days. However, the payment will be credited to your account as if it had been processed and posted on the relevant repayment date. All payments are subject to further verification and payment as well as the Credit Card Agreement. 

If you are turning on monthly AutoPay or weekly AutoPay before 11:59 pm ET on the day before your monthly repayment date, your monthly AutoPay or weekly AutoPay selection will go into effect on the same day. If you are turning on monthly AutoPay or weekly AutoPay on the same day as your monthly repayment date, your monthly AutoPay or weekly AutoPay selection will not apply until the next billing cycle’s monthly repayment date or, in the case of weekly AutoPay, the next weekly AutoPay payment date, as provided in your portal.  If you elect to enroll in weekly Autopay, you will continue to be enrolled in monthly Autopay and your monthly Autopay payment will be debited if your weekly Autopay payments have not already covered the monthly payment amount by your due date.  For avoidance of doubt, if you enroll in monthly AutoPay after your repayment date for the current billing cycle then your monthly AutoPay will go into effect for the following billing cycle. If you have not set up an AutoPay before the repayment date you will be required to make your payment for the current billing cycle by debit card using the online portal.

For any automatic or scheduled payment, Capital on Tap shall use its best efforts to not debit your bank account by an amount that will cause your Capital on Tap account to have a credit balance. You authorize Capital on Tap to reduce the amount of any scheduled debit, so that the amount debited does not exceed the Current Balance as of the time we begin processing your payment.  With respect to your Current Balance, you agree that once you have expressly agreed for your monthly AutoPay or weekly AutoPay payment to be charged on a recurring basis, and agreed to the amount of the recurring charges, Capital on Tap may process future payments, which may vary in amount, but never to exceed the amount of your Current Balance, to your eligible monthly AutoPay or weekly AutoPay without further authorization from you, until you revoke such authorization or change your monthly AutoPay or weekly AutoPay bank account.

If your monthly AutoPay or weekly AutoPay bank account rejects the payment because of insufficient funds, you authorize Capital on Tap to reinitiate the payment up to as many times as is permitted by network rules, without further notice to you. However, you agree that Capital on Tap is under no obligation to reinitiate any rejected debits. Capital on Tap at its discretion may attempt to process the charge again within 30 days. If funds are not fully available at any time during your participation in the Capital on Tap automatic payment program, or your Capital on Tap Business Credit Card account is otherwise not in good standing, we reserve the right to terminate your participation therein. If you have opted into weekly AutoPay, we reserve the right to automatically opt you out of weekly AutoPay if any one of your weekly AutoPay payments fails. Where this occurs, you must continue to make your repayments under your existing monthly Autopay authorization to pay your full balance, which will schedule on your monthly repayment date. For the avoidance of doubt, your monthly repayments will not schedule where you have successfully met your weekly Autopay payments. If your Capital on Tap Business Credit Card account is unenrolled from monthly or weekly AutoPay for any reason, you will receive an email alert notifying you that your account has been unenrolled.

You must update your Capital on Tap account: (a) if any information changes regarding your bank account, or (b) if you wish to change the account or financial institution from which your payment is debited.

 

OTHER IMPORTANT INFORMATION

Applicable Laws and Network Rules: You understand and agree that this Authorization is subject to applicable law and network rules, including the National Automated Clearing House Association Rules and you agree to abide by such applicable law, network rules, and National Automated Clearing House Association Rules.

‍Charges/Fees: You understand that your financial institution may impose fees in connection with rejected debits, and you agree that we do not have any liability to you for such fees. Additionally, some Capital on Tap Business Credit Cards may be subject to returned payment fees. See your Credit Card Agreement for additional details on fees.

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