Common use of Clearing of Transactions Clause in Contracts

Clearing of Transactions. The Planet Payment Platform will prepare the Transactions received by Planet Payment’s authorization host prior to the agreed daily cut off time for clearing to the appropriate Card Association through Planet Payment’s end points. All Transactions received by Planet Payment’s authorization host will be cleared to the appropriate Card Association utilizing the appropriate BIN and ICA, in the manner provided herein. The Acquirer Merchant will not initiate batch close on POS and POS will not forward transaction batches to the Planet Payment Platform.