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Financial Policy

1. Responsibilities

TED’s dedicated team of account executives, administrators, and accounting & finance professionals goes to great lengths to ensure our customers receive the best possible customer service and fairest prices through the employment of generally accepted accounting principles (GAAP) and best practice financial policies. Our rigorous internal audit and quality assurance processes enable us to keep our prices low, while delivering industry-leading service and support to our hard-working customers. Consistent with our up-front and transparent internal policies, only individuals authorized to make financial decisions for the represented customer should submit financial information to TED. Any information received through the normal application and ordering processes shall be regarded by TED as valid and binding. TED is not responsible for customers’ loss of funds or revenue resulting from accidental or deliberate errors submitted.

2. Term of Agreement

The authority authorized to TED by customers shall remain in effect until TED has received written notification of its termination, and in such reasonable time and manner as to afford TED the opportunity to act on it.

3. Customer Information

In accordance with best business practices and applicable Federal and State laws, customers will be asked to provide reasonable sets of information concerning their business. This data may include personal information about the owner, management, or other employees authorized to submit orders and accept deliveries on behalf of the customer.

4. Tobacco License

Where applicable, customers must be licensed and/or permitted under State and Federal statutes to purchase and resell tobacco and tobacco-related products, based on the license information provided to TED.

5. Tax Exemption Status

Customers must be legally permitted under State and Federal statutes to purchase products from TED on a tax-exempt basis, based on the Tax ID information provided to TED.

6. Business or Trade References

For credit verification purposes, Customers may be asked to provide up to four (4) business or trade references with which they are currently doing business, or have done business with in the past 12 months. 

7. Payment Policy

TED will process all transactions in accordance with individually negotiated customer payment terms via electronic funds transfers (EFT) and automated clearinghouse (ACH) debits, only from the financial institutions and account(s) provided, and in accordance with National Automated Clearing House Association (NACHA) guidelines and other Florida or U.S. statutes. Until and unless EFT/ACH has been setup, verified and approved by TED (normally 2-3 business days following application submission), payments for orders must be made via major credit card. Until and unless credit is approved and extended to the customer by TED, credit card debits for payment in full will be initiated by TED on the day of shipment, and the next business day for EFT/ACH payments. TED will consider payment received when our bank or financial institution has received or has control of the payment transaction. 

8. Financial Institution Verification

Customers must complete the TED EFT application, and provide a copy of their retail tobacco license, tax exemption information, and a voided check representing the customer’s bank or financial institution and account information to facilitate EFT setup and before the first order can be processed. Customers shall notify TED in writing of any changes to their banking information, and shall allow 14 days for TED to make the necessary changes to their EFT setup.

9. Credit Terms

TED reserves the right to extend credit or payment terms to those customers who have demonstrated credit worthiness, complete the credit application and agree to the terms therein, at its sole discretion. TED will only extend credit to EFT/ACH customers, and only on orders which meet TED’s established minimum requirements for free shipping. Payment transactions for orders not meeting these requirements will be initiated on the day of shipment for credit card debits, and the next business day for EFT/ACH payments. Payments for backordered items are due and shall be debited on the later of the next business day or the due date of the original order.

TED may also, at its sole discretion, make credit inquiries to the references provided by customers, and to credit agencies, to obtain credit reports as may be deemed appropriate and necessary to obtain credit histories and to make credit decisions for the represented customer. Until and unless credit has been approved by TED, payment is due in accordance with the standard payment terms described herein.

In consideration of TED extending credit, all owners of the represented customer shall each personally guaranty to TED payment in full, in accordance with the terms described herein, for all accounts negotiated with TED by the customer and/or the customer’s representatives. The owners/guarantors furthermore each waive all rights to all notices of acceptance, approved credit, presentment, invoices, past due payments or default, or all other notices to which the guarantors might otherwise be entitled.

10. Ordering

Orders, financial transactions, and shipment of products will be processed based solely on legitimate customer orders received electronically via website order or email addressed to orders@tedtobacco.com from established customers. Although we will always offer our customers industry-leading ordering flexibility, texting and/or verbal orders are inherently error-prone and subject to loss or misinterpretation. TED is not responsible for ordering errors for those not processed electronically. Customers should review Sales Orders immediately, and notify TED of potential changes before the order is invoiced and shipped. Unless TED receives notification of changes to the Sales Order through the normal ordering channels, Sales Orders will be assumed valid and approved by the customer, and will be invoiced and shipped accordingly. TED is not responsible for changes to orders not communicated via normal ordering channels and in such reasonable time to make necessary changes, and customers are liable for expenses resulting from changes, including shipping.

Orders received after 3:00 pm EST/EDT will be processed and considered received on the following business day.

11. Adjustments

TED reserves the right to initiate interim or out-of-cycle debits, or adjust future debits, to correct for open invoices, outstanding payments not previously debited, or other billing or debit errors. In accordance with best financial practices, customers are responsible for ensuring funds are available to cover debts until they are reasonably collected, debited, and paid.

12.  Fees

A non-sufficient funds (NSF) fee of the greater of $50 or 5% of the total order price (not including shipping costs) will be assessed for returned payments incurred through the normal billing process.

A late fee of $500 shall be assessed on payments not made in full by midnight of the 7th calendar day following shipment of the order.

13.  Finance Charges

A finance charge of 18% per annum (1.5% per month) or the maximum amount permitted by law shall be assessed on past due items.

14.  Collection Costs

Retailers shall reimburse TED for any collection costs incurred to collect the account balance, including attorney's fees and court costs.