New Toast, Inc. (“Toast”) merchant customers who sign Toast’s Merchant Agreement (“Agreement”) on or before March 31, 2020 (“New Customers”) and meet the below criteria may be eligible to receive the discount set forth below:
New Customers may be eligible to receive their first three (3) months of Toast’s digital ordering and/or egift card modules (each, a “Module”) if they sign up for their selected Module(s) prior to March 31, 2020 (“3 Months Free Promotion”).
The 3 Months Free Promotion may not be combined with additional subscription discounts or redeemed for cash and may be available only in select markets. Following the first three (3) months free of the Module(s), the fee shall be the full quote price per month until the end of the Term (as defined in the Agreement). This is a limited time offer subject to change. Toast reserves the right to suspend, modify, or cancel 3 Months Free Promotion.
Notwithstanding Section 8.4 of the Merchant Agreement, after the Initial Term, as outlined in the Order, the term of this Agreement with respect to such Order Form will automatically renew for successive one (1) month periods (each a “Renewal Term”; collectively, the Initial Term and any subsequent Renewal Term(s) shall be referred to as the “Term”); provided, however, that either party may terminate an Order, and this Agreement with respect to such Order, by providing at least fifteen (15) days’ written notice of its intent not to renew prior to the end of the then-current Term.”
In order to provide Merchant with payment processing services, Toast must enter into agreements with the Payment Networks, processors, and acquiring banks. The Payment Networks have set certain Card volume thresholds, which require anyone that processes at or above those thresholds to enter into an agreement directly with one or more of Toast’s banking partner(s). These thresholds are as follows: $1,000,000 in Visa transactions and/or $1,000,000 in MasterCard transactions (or such other amount provided by the Operating Regulations) processed in any 12-month period. By accepting or otherwise agreeing to these terms, Merchant agrees to the terms and conditions of each applicable Commercial Entity Agreement, located at https://pos.toasttab.com/merchant-service-agreements, as may be amended from time to time, effective as of the date Merchant processes such specified amounts or as otherwise required by Toast’s bank partners. If Merchant fails to comply with any “Commercial Entity Agreement”, Toast may suspend or terminate Merchant’s Toast Account. Similarly, if American Express considers Merchant to be a high value customer, it may require that Merchant enter into a direct agreement with American Express and designate Toast as Merchant’s agent for American Express payments. If that is the case, Toast will notify Merchant of such requirement.