Common use of Processing and Settlement Clause in Contracts

Processing and Settlement. The Contractor shall adhere to industry standard timeframes for processing, settling, and data capturing for all transactions, and shall adhere to industry standard timeframes for processing and receiving authorizations by device type. Transaction authorization and verification shall be available on a twenty-four (24) hours per day, seven (7) days per week basis, three-hundred sixty-five (365) days per year, including holidays. Upon Authorized User request, Contractor shall also provide to the Authorized User: 1. Information for authorized and declined transactions, including a listing of the declination codes; 2. Individual or aggregated transfers to one or more accounts; 3. A close-out procedure identifying whether POS Terminals are manually closed, automatically batch closed at a predetermined time, or both; 4. Whether settlement amounts for Credit/Charge Cards are listed separately on the bank statement, or as a lump sum; 5. Information explaining how the Contractor reconciles transactions; 6. Contractor’s mechanisms for transmitting reconciling transactions to summary reports; and 7. Information the Authorized User will receive upon presentation of an electronic payment (i.e., same day, online, individual device number, batch level, and individual transactions by the Payment Reference Number).