We are updating our Terms of Service to provide additional clarity on how we process payments to your chosen financial institution. Elavon will endeavour to make payment within 24 hours upon receipt of our customers funding request. This change will not impact our commitment to our existing payment processes. Elavon’s payment processing platform has a resiliency and uptime of 99.9% as of the time of issuing this communication. The amendment to the Terms of Services are follows
Section 4 (d) (ii) of the Terms of Service updated wording:
4 (d) (ii)
Elavon will endeavour to make payments to your chosen Financial Institution, subject always to 4(d)(i), in accordance with the funding frequency details set out in the application (subject always to Elavon’s right to increase the funding frequency period by the number of delay days, also set out in the application). Whilst Elavon will endeavour to make payment to your chosen Financial Institution in line with these timescales, there may be occasions where the processing of payment may take up to three banking business days. Timing of the payment and availability of any such funds shall be dependent on the procedures of the financial institution at which your Nominated Bank Account is held.
You do not need to take any action and your Terms of Service will be effective from 1st March 2023.If you do not contact us prior to this date, you will be deemed to have accepted these changes from this date.