Common use of Merchant Settlement Clause in Contracts

Merchant Settlement. Amount shall mean the amount payable to an Acquirer Merchant in respect of a Transaction pursuant to the merchant services agreement between the Acquirer Merchant and Acquirer, before deduction of any amount by the Acquirer pursuant to the merchant services agreement for the processing of such Transaction, as reported to Acquirer by Planet Payment pursuant to this Agreement. Amounts deducted shall include for this purpose all Interchange and assessments charged by the Card Association, with respect to such Transaction, whether or not separately billed to the Acquirer Merchant.