Common use of Payment Processing Services Clause in Contracts

Payment Processing Services. All services within the scope of this Contract as set forth in Section 1.2, Scope, including but not limited to: the processing of payments made via the four nationally recognized Credit Card Networks (Visa, MasterCard, Discover and American Express**), as well as any other card network as required by the Authorized User, Debit Cards, ACH/Electronic Check payments, Convenience Fee, Surcharge or Service Fee transactions, Contactless Payments and Virtual Cards; the provision of hardware, software and services necessary for the acceptance of in-person, online, mobile and IVR payments, and related services including secure depositing, funding and reconciliation of payments, reporting, training, customer service and marketing, Payment Gateway Services including integration services, and maintenance for all applicable hardware and software. Payment Processor (or Processor) – The sponsoring bank or financial institution that processes Credit/Charge and Debit Card payments on behalf of the Authorized User (Merchant) and allows the Authorized User to accept Credit/Charge Card and/or ACH payments from the card issuing bank within an association. Payment Programs – any payment collection program which is authorized by law to be collected by any Authorized User by means of currency, a Credit/Charge Card, Debit Card or other future forms of electronic payment processing. These payment programs may include, but are not limited to: fines, fees, rates, charges, taxes, interest, penalties, special assessments, revenue, financial obligations, civil penalties, rents, interest owed to local governments, or other amounts. Payment Reference Number – An electronic alpha-numeric unique identifier field to be used by the Authorized User in identifying, referencing, funding, balancing and/or settling each transaction. Point of Sales (POS) Terminal - A hardware device (including, but not limited to, Ingenico 220, VeriFone Vx520, Ingenico ICT250, VeriFone VX570IP, Ingenico iWL250an), payment device, or data capture device that can be used for processing card payments at Authorized User locations. Process/Processing – shall include but not be limited to Authorization, capture, batch, settlement, and reporting. Processing Fee – a fee charged by the Contractor to an Authorized User for Payment Processing Services.