Limited Acceptance. If so indicated below, Merchant acknowledges and agrees that it wishes to be a Limited Acceptance Merchant, which means that Merchant has elected to accept only certain VISA/MasterCard card types as indicated below, or via later notification. Merchant further acknowledges and agrees that Acquirer has no obligation other than those expressly provided under the Operating Regulations and applicable law as they may relate to limited acceptance and that Acquirer’s obligations do not include policing card types at the point of sale. As a Limited Acceptance Merchant, Merchant will be solely responsible for the implementation of its decision for Limited Acceptance. Merchant will be solely responsible for policing, at the point of sale, the card type(s) of transactions it submits for processing by Acquirer. Should Merchant submit a transaction for processing for a card type it has indicated it does not wish to accept, Acquirer may process that transaction and Merchant will pay the applicable fees, charges, and assessments associated with that transaction. For Merchant’s convenience, a general description of VISA/MasterCard card types are:
Appears in 6 contracts
Samples: Sub Merchant Agreement, Terms of Service Fattmerchant Sub Merchant Agreement, Terms of Service Fattmerchant Sub Merchant Agreement
