Card Processing Clause Samples
The Card Processing clause defines the terms and procedures governing the handling of payment card transactions between parties. It typically outlines responsibilities for processing credit or debit card payments, including authorization, settlement, and compliance with relevant security standards such as PCI DSS. This clause ensures that both parties understand their obligations regarding the secure and efficient processing of card payments, thereby reducing the risk of fraud and ensuring timely receipt of funds.
Card Processing. Seller will void on and as of the Closing Date all (i) ATM access cards issued by it to customers of the Branches who will not have ATM-accessible accounts with Seller after the Closing Date and (ii) debit cards issued by it to customers of the Branches who will not have debit card-accessible accounts with Seller after the Closing Date. Seller will notify the customer in writing as part of the notice requested under Section 13.1 above, of such cancellation of the ATM access cards and debit cards. Seller agrees to provide to Buyer the necessary data and tapes required, prior to the Closing Date, to accommodate the processing of ATM and debit cards, which may then be issued prior to the Closing Date. Furthermore, the Parties agree to settle within two (2) Business Days of the ATM transaction date for transactions occurring prior to Closing or during the conversion period and for customers with sufficient funds: (i) any and all rejected ATM and debit card transactions processed after the Closing Date, and (ii) any and all ATM and debit card transactions processed while the ATM or debit card network could not communicate with Seller's main host. Buyer agrees to remit the total sum of such transactions to Seller on the same date the transactions are settled. Any claim submitted under "Regulation E" of the Federal Reserve System, for transaction processed prior to the Closing Date on Deposits transferred to Buyer, shall be settled as follows:
(a) If the claim is submitted to Seller, Seller shall process the claim under the guidelines specified in "Regulation E," and if a reimbursement to the customer is determined necessary, Seller shall directly reimburse the customer.
(b) If the claim is submitted to Buyer, Buyer shall refer claimant to Seller. Such settlement shall continue for a period of sixty (60) days following the Closing Date. All claims submitted after such sixty (60) day period shall be returned by Seller to the originator of the claim.
Card Processing. Subject to Section 5.1 and the terms and conditions of the Processing Agreements, SHMC shall provide to LE and for so long as they remain wholly owned subsidiaries of LE, to Land’s End Direct Merchants, Inc. and Land’s End Europe Limited (together with LE, the “LE Receiving Parties”), and to no other Affiliates of LE, payment card processing services (the “Services”) for those consumer credit cards, debit cards, pre-paid access cards and private label credit cards (collectively, the “Cards”) that are accepted by all retail businesses operated by Sears, ▇▇▇▇▇▇▇ and Co. and Kmart Corporation, including Sears stores and Kmart stores, ▇▇▇▇▇.▇▇▇, ▇▇▇▇▇.▇▇▇ and all other retail businesses operated by all current and future electronic means, channels, processes and methods, including via the Internet (collectively, the “SHMC Locations”) for payment of products and services, pursuant to the Card processing agreements between SHMC on the one hand, and one or more third parties, on the other hand as set forth on Appendix #1 and in effect as of the Effective Date (together with the merchant operating regulations for all such agreements, and as they may be amended, modified or waived from time to time, the “Processing Agreements”). SHMC may, in its sole discretion, add, remove or change the Cards accepted at any or all of the SHMC Locations or enter into new or amended Processing Agreements, and any and all such changes shall be immediately binding on the LE Receiving Parties without prior notice. SHMC shall not be obligated to provide any Services or any other benefits to any LE Receiving Party that are not provided for under the Processing Agreements.
Card Processing. You represent and warrant that Schedule A lists any and all of Borrower's Card Processors and any and all arrangements to which Borrower is a party with respect to the payment to Borrower of the proceeds of all credit card charges for sales by Borrower, including, with respect to each such Card Processor, (i) the name and address of that Card Processor and (ii) the merchant identification number assigned to Borrower by such Card Processor. You agree during the Term of this Agreement that you will promptly (and in any event within five business days thereof) provide notice to Lender of any change to Schedule A attached hereto, together with an updated Schedule A incorporating such change(s).
Card Processing. In order for Company to accept Card payments through the Lockbox, Company will be required to meet certain requirements and additional costs may apply. The following is applicable in relation to accepting Card payments via Lockbox:
a. Company must establish a merchant services account with Bank’s merchant processor and Company’s use of Lockbox Online will be subject to the relevant terms and conditions of such processor;
b. Company will provide Bank with samples and evidence of where a Card number may be written on Company’s customer bills or Remittance Materials;
c. Bank will use commercially reasonable efforts to locate Card numbers on the documents mailed into the Lockbox; however, look for such documents to validate if Card numbers are located in the designated area; and
d. Bank will: (i) Separate Card payments into separate batch; (ii) Process Card payments through a virtual terminal/API call; (iii) Omit Card payment information from scanned Remittance Materials prior to storing in archive; and (iv) Settle merchant transactions at end of each Business Day with the merchant processor and include relevant information in Company’s daily Lockbox reporting.
Card Processing. Client acknowledges that for card transactions processed by credit card, debit card or prepaid card under this Agreement, Flywire or an Affiliate of Flywire shall be designated as the merchant of record, as the agent of Client for the purpose of processing the card transactions.
Card Processing. All (i) ATM access cards, debit cards, or combined ATM and debit cards issued by Seller to customers of the Branches who will not have accounts accessible by such cards with Seller after the Closing Date, and (ii) check guarantee cards issued by Seller to customers of the Branches who will not have checking accounts with Seller after the Closing Date, if applicable, will be valid for a period of thirty (30) days after the Closing Date. In connection with the notices to depositors described in Section 4.11 of this Agreement, Buyer will notify customers in writing at least thirty (30) calendar days prior to the anticipated cancellation of the ATM access cards and check guarantee cards. Seller agrees to provide the necessary data tapes reasonably required, prior to the Closing Date, to accommodate Buyer's processing of ATM cards, which Buyer may issue, but not activate, prior to the Closing Date. Furthermore, both Buyer and Seller agree to settle within two (2) business days after the ATM transaction date: (i) any and all rejected ATM transactions processed after the Closing Date, and (ii) any and all ATM transactions processed while the ATM network could not communicate with Seller's main host. The Buyer agrees to remit the total sum of such transactions to the Seller on the same date the transactions are settled.
Card Processing. Where applicable, you must:
(a) immediately notify the Facilitator if you become aware of or suspect fraud on the part of a person presenting a card for use in a transaction;
(b) only process a transaction as a refund to a customer if it is a genuine refund of a previous sale transaction. For any refund transaction, the refund must be processed to the same card that was used in the original sales transaction and be for the original sale amount;
(c) if a card transaction for a sale does not cover the full amount of the sale, in the situation in which the card is used to make a deposit or pay an instalment you may accept the card in payment of all or part of the outstanding balance;
(d) not state or set a minimum or maximum amount for a card transaction without the Facilitator’s and Macquarie’s prior written consent;
(e) not ask a person presenting a card to you for use in a transaction to reveal any secret identifier;
(f) contact the Facilitator for instructions if the identification of a person presenting a card to you for use in a transaction or the validity of the card is uncertain;
(g) take all reasonable steps to verify the identity of the person you are dealing with, in order to confirm that they are the genuine cardholder, including by observing and implementing the recommendations or procedures of the Card Schemes; and
(h) record reasonable identification details of the person you are dealing with, as well as the commencement and expiry dates of the relevant card, in accordance with relevant Privacy Laws and Data Security Standards.
Card Processing. With respect to the processing of Cards (as defined below) under this Agreement:
a. Registry represents and warrants that it shall comply with all applicable laws of the United States; and
b. Registry agrees to comply with all applicable Card Association rules, including, without limitation, the Visa Cardholder Information Security Program, the MasterCard Site Data Protection Program, and the Payment Card Industry Data Security Standard.
Card Processing. The charges to your debit and/or credit card will be processed online after you have ordered greeting cards on ▇▇▇.▇▇▇▇▇▇▇▇▇▇▇▇▇▇.▇▇▇.
Card Processing. Synapse may provide Platform and Platform Users with the ability of processing payments with external credit and debit cards (“Card Processing”), including to fund Users Deposit Accounts in case we are providing you and your Users with Deposit Account Services. Platform shall ensure that it has all the appropriate and necessary authorizations from Users to use Card Processing Services, and Platform shall keep in a record of such authorization.
1.4.1. Synapse agrees to comply with the applicable Payment Card Industry Data Security Standards (“PCI DSS”) at all times.
1.4.2. Platform shall at all times comply with applicable data privacy and security requirements under the PCI DSS, as they may be amended from time to time, with respect to the use, access, and storage of certain credit card non-public personal information. If required, Platform shall also register with the appropriate card association. Synapse and Bank may provide Platform with additional requirements related to Platform’s collection, usage, and storage of the User Data, as may be defined in your Specification Sheet or further notices, if an update is needed. Platform must provide Synapse with documentation demonstrating Platform’s PCI compliance upon request. If Synapse is unable to validate Platform’s PCI compliance, Synapse may suspend the Card Processing Services provided herein.