Common use of MasterCard Account Billing Updater Addendum Clause in Contracts

MasterCard Account Billing Updater Addendum. This MasterCard Account Billing Updater (“ABU”) Addendum is made between Merchant and Processor and is made a part of the terms and conditions of the Agreement. Xxxxxxxx understands that a request for ABU service is subject to approval by MasterCard and the Processor. Merchant signature on the Application signifies acceptance of the terms of this MasterCard Account Billing Updater Addendum, including ABU pricing, in addition to the terms of the Agreement. Failure to comply with the terms of this MasterCard Account Billing Updater Addendum or the Agreement may result in suspension of ABU service and all other payment processing services for Merchant. The MasterCard Account Billing Updater program enables U.S. card issuers to supply the most current Cardholder account information through U.S. acquirers to U.S. acquired merchants whose businesses require electronic maintenance of customer account data. Participating merchants use updated Cardholder account information to support subscription services, recurring payments, and other account-on-file functions. ABU service provides an automated, dedicated, secure clearinghouse to make changes to limited Cardholder account information (such as account number, expiration date, account closure or other changes) available in a timely, efficient and cost-effective manner.

MasterCard Account Billing Updater Addendum. This MasterCard Account Billing Updater (“ABU”) Addendum is made between Merchant and Processor and is made a part of the terms and conditions of the Agreement. Xxxxxxxx Merchant understands that a request for ABU service is subject to approval by MasterCard and the Processor. Merchant signature on the Application signifies acceptance of the terms of this MasterCard Account Billing Updater Addendum, including ABU pricing, in addition to the terms of the Agreement. Failure to comply with the terms of this MasterCard Account Billing Updater Addendum or the Agreement may result in suspension of ABU service and all other payment processing services for Merchant. The MasterCard Account Billing Updater program enables U.S. card issuers to supply the most current Cardholder account information through U.S. acquirers to U.S. acquired merchants whose businesses require electronic maintenance of customer account data. Participating merchants use updated Cardholder account information to support subscription services, recurring payments, and other account-on-file functions. ABU service provides an automated, dedicated, secure clearinghouse to make changes to limited Cardholder account information (such as account number, expiration date, account closure or other changes) available in a timely, efficient and cost-effective manner.