The time of receipt is the time at which the payment order is received by the payer’s payment service provider.
If the payment service user who ordered the payment transaction and his payment service provider agree that the execution of the payment order will begin on a specific day or at the end of a specific period or on the day on which the payer has made the funds available to his payment service provider, the point in time of receipt shall be deemed to be the agreed day.
If the time of receipt is not a business day for the payer’s payment service provider, the payment order is deemed to have been received on the next business day.