Processing and Settlement. The Contractor shall adhere to industry standard timeframes for processing, settling, and data capturing for all transactions, and shall adhere to industry standard timeframes for processing and receiving authorizations by device type. Transaction authorization and verification shall be available on a twenty-four (24) hours per day, seven (7) days per week basis, three-hundred sixty-five (365) days per year, including holidays. Upon Authorized User request, Contractor shall also provide to the Authorized User:
1. Information for authorized and declined transactions, including a listing of the declination codes;
2. Individual or aggregated transfers to one or more accounts;
3. A close-out procedure identifying whether POS Terminals are manually closed, automatically batch closed at a predetermined time, or both;
4. Whether settlement amounts for Credit/Charge Cards are listed separately on the bank statement, or as a lump sum;
5. Information explaining how the Contractor reconciles transactions;
6. Contractor’s mechanisms for transmitting reconciling transactions to summary reports; and
7. Information the Authorized User will receive upon presentation of an electronic payment (i.e., same day, online, individual device number, batch level, and individual transactions by the Payment Reference Number).
Processing and Settlement. 4.1. Xxxxxxxx agrees that it will comply with the terms of the Agreement and acknowledges that all Transactions (i) are only originating from websites approved by Credorax and (ii) will be submitted in accordance with the Operational Terms and Conditions and any other specifications or instructions set by Credorax in order for Credorax to carry out the Credorax Services. Xxxxxxxx agrees that Xxxxxxxx shall not be obliged to provide the Credorax Services when the relevant data is not delivered accurately and in the format specified by Credorax.
4.2. Provision of the Credorax Services to Merchant may be subject to certain conditions, such as – but not limited to – operation models (ie. recurring, subscriptions etc), Transaction caps or thresholds, limits on Transaction amounts, secure Transaction processing, volume caps, currency limitations, country blocks, MCC code restrictions, amendments to the funding delay or frequency of settlement and a (increase of the) Reserve and/or guarantee, which may be amended from time to time if reasonably required by Credorax.
4.3. Xxxxxxxx acknowledges and agrees that it shall be liable for all Transactions processed under its merchant account ID and that it shall be liable for all Chargebacks, Refunds and Penalties with respect to Transactions processed under the Agreement. This liability is not subject to any limitation of liability that may be expressed elsewhere in the Agreement and survives termination or expiration of the Agreement. Under no circumstances will Merchant submit Transactions for any activity, product or entity not explicitly authorized by Credorax for Merchant.
4.4. Subject to the terms of the Agreement, and provision of acquiring Services to Merchant, Merchant shall pay the Fees stipulated in Schedule 1 in either way:
I. Payment by direct deduction of the Fees from the settlement funds amount due to Merchant (“Net Settlement”), as follows: Credorax will transfer the settlement funds to the Merchant less Chargebacks, Refunds, Penalties, Adjustments and/or Fees in accordance with the terms of the Agreement; or
II. Payment of the Fees and Fee related Adjustments subject to an issued invoice, as follows: Credorax shall transfer Merchant the full amount of settlement funds due for processed Transactions (“Gross Settlement”) and shall issue to Merchant an invoice for all applicable Fees and Fee related Adjustments. Merchant may pay the invoiced Fees to Credorax by wire transfer, or by Credorax deducting the ...
Processing and Settlement. Except as otherwise provided in this ACH Agreement, if iStream elects to accept an Entry for processing, it shall (i) process Entries received from Company to conform with the file specifications set forth in the Rules, (ii) transmit such Entries to the clearing agent selected by iStream, (iii) settle for such Entries as provided herein or in the Rules, and (iv) if applicable, in the case of a credit Entry received for credit to an account with iStream’s designated ODFI ("On-Us Entry"), iStream shall attempt to credit the Receiver's account in the amount of such credit Entry on the date contained in such credit Entry provided such credit Entry is received by iStream at the time and in the form prescribed by iStream in Section 4 and Exhibit 2.
Processing and Settlement. Unless otherwise agreed upon by the parties, all processing and settlement for Sales Transactions will be accomplished via Processor.
Processing and Settlement. Unless otherwise agreed to with Citibank, all Processing and Settlement for Sears Card transactions will be accomplished via your agreement with your Processor or Financial Institution, with and through Citibank.
4.1 Processing and Settlement for Sears Card Transactions General Rules for Processing and Settlement Submission of Card Sales for Cardholder Purchases: You must submit to Citibank Card Sales only if the Card Sale is made or approved by the Cardholder who is issued, or is authorized to use, the Card used for the Card Sale. Unless otherwise agreed to in writing by Citibank, you must not submit a Card Sale until you have performed the services or have shipped the merchandise postage prepaid to the customer. You will not submit: • A Card Sale involving solicitations from third parties, for example, telemarketing by independent contractors, or a Card Sale involving your franchisees, partners, or joint ventures, except as authorized in writing by Citibank;
• A Card Sale for a purchase from any entity other than you, or Card Sales by any of your owners, partners, officers or employees, other than Card Sales for bona fide purchases from you. You will not directly bxxx or accept payment from a Cardholder for any Card sales you submit to Citibank, except that if a Card Sale results in a Chargeback paid by you, you may proceed to collect from the Cardholder as permitted by law but not by submitting a new Card Sale to cover the Chargeback. Citibank will pay you for each valid Card Sale, which you submit to Citibank by crediting your Merchant Settlement Account according to the payment schedule and method agreed to in your Agreement with Citibank. Citibank is not obligated to pay you for Card Sales submitted that are not valid Card Sales. Each payment from Citibank to you will be subject to adjustment upon Citibank’s further review and verification. Payment to you for a Card Sale disputed by a Cardholder for any reason is not final. Citibank may deduct from any payment to you the amount of any Credit Slip, Refund or Chargeback to you, and any processing fees or Card Sales due from you, as well as any deductions for a Reserve Account, as provided in your Agreement with Citibank. You must immediately pay Citibank the amount by which Credit Slips processed on any day exceed valid Card Sales submitted on that day without limiting Citibank remedies, Citibank may obtain the amount due by deducting it from the Merchant Settlement Account, or funds due you. You must ...
