Common use of Stored Card Clause in Contracts

Stored Card. A solution where the Cardholder has registered with the Merchant with a username and password and in which Card Data is stored by the Merchant’s payment solution provider at the time of the first transaction. The Cardholder may sub- sequently complete Card Payments to the Merchant without entering Payment Card information, simply by entering the username, password and the Security Code. An authentication based on the use of two or more ele- ments categorised as knowledge (something only the user knows), possession (something only the user possesses) and inherence (something the user is) that are independent, in that the breach of one does not compromise the reliability of the others, and is designed in such a way as to protect the confidentiality of the authentication data and which fulfill the requirements set out in the EU Commission’s delegated regulation 2018/389. The currency in which the Cardholder pays and which is stated on the Receipt. The data used to complete a Card Payment. These include Card Data and other information received in connection with the Card Payment, e.g. the transaction amount and Transac- tion Date. The date on which the transaction takes place. For Card Not Present-Transactions, the Transaction Date is the date on which the goods are dispatched or the service is delivered. UCOF allow the Merchant to complete Card Payments auto- matically with stored Card Data at irregular intervals. Acquiring – Terms and Conditions 4 / 29