Interac Acknowledgement Clause Samples
The Interac Acknowledgement clause serves to confirm that parties recognize and accept the use of Interac, a Canadian electronic payment system, for certain transactions or payments under the agreement. Typically, this clause outlines the parties’ understanding of how Interac transfers will be initiated, processed, and confirmed, and may specify responsibilities for ensuring correct payment details. Its core function is to ensure both parties are aligned on the use of Interac as a payment method, thereby reducing confusion or disputes regarding payment processes.
Interac Acknowledgement. ▇▇▇▇▇▇▇▇ acknowledges that the acquiring member for purposes of accepting Interac cards is PayFacto. PayFacto is a certified Global Payments Direct indirect connector to the Interac Member Network, and Interac Service Provider for Interac Direct Debit. PayFacto is authorized to extend acceptance of Interac to Merchant under this agreement. PTC (not PayFacto) holds, administers and controls settlement funds for the Merchant.