PRE- AUTHORIZATION AND AUTHORIZATION OF PAYMENT. TRANSACTIONS Pre- Authorization
6.1 You shall request Preauthorization to withhold the necessary funds on the Card to cover the anticipated provision of goods and/or services where the Payment Transaction is not being completed at the time of contracting for your services.
6.2 For the purpose of Pre-Authorization, you shall estimate the value of the Payment Transaction which would be concluded for the entire services to be rendered on the basis of the following:
(i) type and duration of the services as may be anticipated at the time of the Pre-Authorization; and
(ii) the estimated price for such services during the intended period.
6.3 You shall swipe the Card through the POS Terminal, in case of EMV Cards you may insert the Card into the POS Terminal and if prompted, you shall request the Cardholder to enter the PIN, to obtain the required Pre- Authorization.
6.4 You shall inform the Cardholder of the amount for which the Pre-Authorization was obtained at the time of contracting for your services. You shall record the date, the amount and the Pre-Authorization approval code received or obtained on the POS Record or Manual Sale Draft as the case may be.
6.5 In order for you to complete a Payment Transaction on the basis of the earlier Pre-Authorization, you shall process a Payment Transaction for value not exceeding the Pre-Authorized Amount. The approval code entered by you for Payment Transaction shall be the same as the one obtained in the Pre-Authorization.
6.6 If necessary, you may obtain Pre-Authorizations for additional amounts (not cumulative of previous amounts) at any time during the course of your services. It is understood that Pre-Authorization for additional funds may be necessary if the value of your services to be rendered exceeds or would exceed the sum of the funds Pre-Authorized.
6.7 No Transaction shall be made for any additional services that are requested by the Cardholder unless charges in relation to those additional services are previously agreed by the Cardholder. You shall obtain the Cardholders written acceptance to such additional charges at the time of completion of the additional services and you shall process the Payment Transactions within seven (7) days from the date the services are completed. The POS Record and/or Manual Sale Draft used as a result of Payment Transaction for additional services may not be accepted unless noted with statement advising Cardholder consent is obtained; such as “Signature on File” or otherwis...
