As more businesses move online, the need for secure and reliable payment processing has become increasingly important. One popular option for online payment processing is through Humm, a platform that allows customers to split their payments into smaller, more manageable amounts. However, before businesses can start accepting payments through Humm, they must first agree to the Humm merchant agreement.
The Humm merchant agreement outlines the terms and conditions between Humm and the merchant. It covers everything from payment processing fees to dispute resolution procedures. As a professional, I`ve put together some key points businesses should know about the Humm merchant agreement.
Firstly, it`s important to note that Humm is not a bank or a lending institution. Instead, it is a payment platform that allows customers to split their payments into smaller amounts over time. This means that the merchant is responsible for ensuring they have the necessary funds to cover the full payment amount at the time of purchase, even if the customer is only paying a portion of it upfront.
The Humm merchant agreement also outlines the fees associated with using the platform. These fees include a transaction fee and interest charges for customers who choose to split their payments over time. Merchants must ensure that their customers are aware of these fees before they make a purchase through Humm.
Another important aspect of the Humm merchant agreement is the dispute resolution process. In the event of a payment dispute, Humm will work with the merchant and the customer to resolve the issue. If a resolution cannot be reached, the matter may be escalated to a third-party arbitrator.
Overall, the Humm merchant agreement is a crucial component of using the payment platform for businesses. By understanding the terms and conditions outlined in the agreement, merchants can ensure they are providing a secure and reliable payment option for their customers.