Common use of Identification of Transactions in Approved Currencies Clause in Contracts

Identification of Transactions in Approved Currencies. Transactions involving Approved Currencies will be identified as eligible for processing as a Foreign Transaction at both the time of authorization and capture and prior to submission to the applicable Card Association for either authorization or capture, by one of the following methods: (a) at Planet Payment’s Platform; or (b) by a VAR certified by Planet Payment to the Program; or (c) by the Merchant by means of a Point-of-Sale modified to support the Program. Specifically, the Acquirer Merchant will swipe the Cardholder’s Card (or key in the Card number) on a POS terminal that is enabled with software to allow for the processing of Foreign Transactions. The POS terminal application determines whether the Transaction is a Domestic Transaction. All Transactions other than Domestic Transactions will initially be routed to Planet Payment via the existing network infrastructure, communications links, and interfaces owned by Acquirer and in mutually agreed formats. Domestic Transactions will not be routed to Planet Payment, but instead will be routed by the POS terminals via the Acquirer’s existing network to the Acquirer, and all such Domestic PP NI Multi-Currency Processing Agreement version 11 Final 01-21-10.doc 9 Transactions shall be authorized, cleared and settled by Acquirer (or a third person).