Common use of Debit Cards Clause in Contracts

Debit Cards. an electronic payment card tied to a bank account of a Device User or Customer which is processed either by entry of a PIN (Online Debit Card) or processed like a Credit/Charge card (Offline Debit Card). Device User or Customer – a customer entering into a transaction for goods or services with an Authorized User who uses a Point of Sales (POS) Terminal to make a payment in connection with such transaction. Electronic Check (or e-Check) – is a form of digital payment that serves the same function as a physical check. Electronic Draft Capture (EDC) – A system in which the transaction data is captured at the merchant location for processing and storage. Electronic Value Transfer Administrator (EVTA) – the New York State Office of General Services. Interchange Fee – a fee imposed by a Card Association that is passed through to the Authorized User. Interchange Pass Through Pricing (Interchange Plus Pricing) – A pricing model whereby all interchange fees and assessments will be passed on directly from the Contractor to the Authorized User. Contractor will charge a per transaction fee to be added to the interchange fees and assessments that are passed on directly to the Authorized User. This pricing model is also known as “Interchange Plus” pricing. Member – The bank or financial institution utilized to process payments, which is a required signatory to the Contract. Merchant – the Authorized User. Merchant Category Codes (MCCs) – numbers that classify businesses by what they sell or the service they provide. These four-digit codes are assigned by the payment card organizations (Visa, MasterCard, Discover and American Express as well as any other card network as required by the Authorized User.) Merchant Identification Number (MID) – a unique Merchant ID Number (MID) that identifies an Authorized User (merchant) to the processor and the banking institution which authorizes transactions, and subsequently deposits the funds. MWBE – shall refer to a business certified with NYS Empire State Development (“ESD”) as a Minority- and/or Women-owned Business Enterprise. National Automated Clearing House Association (NACHA) – the organization that establishes the standards and rules followed by financial institutions for transferring payments through the ACH Network. NACHA is the overseer of the ACH Network. Net Depositing or Net-Billing – the depositing of funds by Contractor into an Authorized User’s account in an amount reflecting the total face value of the Authorized User’s transactions less funds owed to Contractor. Next Business Day – The day following a business day, which is Monday through Friday, excluding New York State or federal holidays. NYS Holidays – refers to the legal holidays for State employees in the classified service of the executive branch, as more particularly specified on the website of the NYS Department of Civil Service. This includes the following: New Year’s Day; Xxxxxx Xxxxxx Xxxx Day; Washington’s Birthday (observed); Memorial Day; Independence Day; Labor Day; Columbus Day; Veteran’s Day; Thanksgiving Day; and Christmas Day. NYS Vendor ID – is a unique ten-character identifier issued by the NYS Office of the State Comptroller (OSC) when the vendor is registered on the Vendor File System. Payment Gateway Services – Services that facilitate the transfer of information (e.g., a payment transaction) between a payment portal (e.g., website, mobile phone or interactive voice response service) and the Payment Processor or bank to ensure that the information passes securely (e.g., process, verify, encrypt) between the customer and the Authorized User.