Common use of Transaction Requirements Clause in Contracts

Transaction Requirements. As to each Transaction you tender to us for processing, you represent and warrant that: (1) The Transaction represents payment or refund of payment, for the bona fide sale or lease of the goods, services or both, which you have provided in the ordinary course of your business, and the Transaction is not submitted on behalf of a third party. (2) The Transaction does not involve any element of credit for any purpose other than payment for a current Transaction (including payment of a previously- dishonored check) and, except in the case of approved installment or pre- payment plans, the goods have been shipped or services actually rendered to the Cardholder. (3) The Transaction is free from any alteration not authorized by the Cardholder. (4) Neither you nor your employee has advanced any cash to the Cardholder or to yourself or to any of your representatives, agents or employees in connection with the Card transaction, nor have you accepted payment for effecting credits to a Cardholder's account. (5) To the best of your knowledge, the goods described in each Transaction are your sole property and you are free to sell them. (6) You have made no representations or agreements for the issuance of refunds except as it states in your return/cancellation policy. (7) You have no knowledge or notice of information that would lead you to believe that the enforceability or collectability of the subject Transaction is in any manner impaired, and the Transaction is in compliance with all applicable laws, ordinances and regulations; and you have originated the Transaction in compliance with this Agreement and the Card Association rules and regulations. (8) For a Card sale where the Cardholder pays in installments or on a deferred payment plan, a Transaction record has been prepared separately for each installment or deferred payment on the date(s) the Cardholder agreed to be charged. All installments and deferred payments, whether or not they have been submitted to us for processing, shall be deemed to be a part of the original Card sale.

Transaction Requirements. As to each Transaction you tender to us for processing, you represent and warrant that: (1) The Transaction represents payment or refund of payment, for the bona fide sale or lease of the goods, services or both, which you have provided in the ordinary course of your business, and the Transaction is not submitted on behalf of a third party. (2) The Transaction does not involve any element of credit for any purpose other than payment for a current Transaction (including payment of a previously- previously-dishonored check) and, except in the case of approved installment or pre- pre-payment plans, the goods have been shipped or services actually rendered to the Cardholder. (3) The Transaction is free from any alteration not authorized by the Cardholder. (4) Neither you nor your employee has advanced any cash to the Cardholder or to yourself or to any of your representatives, agents or employees in connection with the Card transaction, nor have you accepted payment for effecting credits to a Cardholder's ’s account. (5) To the best of your knowledge, the goods described in each Transaction are your sole property and you are free to sell them. (6) You have made no representations or agreements for the issuance of refunds except as it states in your return/cancellation policy. (7) You have no knowledge or notice of information that would lead you to believe that the enforceability or collectability of the subject Transaction is in any manner impaired, and the Transaction is in compliance with all applicable laws, ordinances and regulations; and you have originated the Transaction in compliance with this Agreement and the Card Association rules and regulations. (8) For a Card sale where the Cardholder pays in installments or on a deferred payment plan, a Transaction record has been prepared separately for each installment or deferred payment on the date(s) the Cardholder agreed to be charged. All installments and deferred payments, whether or not they have been submitted to us for processing, shall be deemed to be a part of the original Card sale.