QUALIFIED INSTRUMENT. For any Instrument to qualify for purchase by SPS-EFT it must be an Authorized Instrument as defined by the terms of Paragraph 4 and meet the following criteria: a. The authorization number issued by SPS-EFT for the Instrument and the identification used for authorization is written on the face thereof; b. The Instrument is payable to Merchant, and was issued in exchange for goods delivered or services rendered at the time of the Instrument’s issuance by presenter; c. The Instrument has been signed by the person presenting same and has been endorsed by Merchant; d. The Instrument has not been altered; e. The Instrument was not tendered, in whole or in part, in exchange for cash. Merchant has not received value in full or in part on the dishonored instrument through cash, credit, service, exchange, or repossession. f. The Instrument was not presented as partial payment for a transaction, as payment for debt due the Merchant previous to the date of authorization, or as one of multiple payments in a single transaction; g. The Instrument was not authorized under a state driver’s license or identification number different than the one appearing on the Instrument; h. The State ID code or the name of the issuing state must appear on the face of the Instrument being processed; i. Merchant did not subsequently receive value, in full or in part, for the dishonored Instrument from the presenter thereof in the form of payment, credit, services, return, exchange or repossession; j. The Instrument was not dishonored as a result of a “stop payment” order issued by the presenter to his financial institution which is based upon a dispute against the Merchant by the presenter, unless Merchant has selected coverage for this contingency; k. The authorization for the Instrument was not secured by Merchant, its agents or employees under fraudulent pretenses. Merchant, its agents or employees has not submitted an Instrument for authorization with prior knowledge of the likelihood of the check being dishonored or the ID was forged, stolen or otherwise did not belong to the check writer or that was knowingly illegal, void, or invalid. l. The date of the Instrument must be no more than one (1) day from the date on which the Instrument was authorized by SPS-EFT. The check number and the dollar amount of the instrument being authorized must be the same check number and dollar amount given at the time authorization is attempted. m. The Instrument was not previously denied by SPS-EFT based on the same or a different driver’s license number presented for authorization by Merchant; n. The presenter’s name, address and home and work telephone number must appear on the Instrument o. Merchant must have followed instructions contained in SPS-EFT’s Merchant Quick Reference Guide or other authorized, current published instructions; p. SPS-EFT may change any of these procedures upon written notice to Merchant
Appears in 7 contracts
Samples: Merchant Processing Agreement, Merchant Processing Agreement, Merchant Processing Agreement
QUALIFIED INSTRUMENT. For any Instrument to qualify for purchase by SPS-EFT it must be an Authorized Instrument as defined by the terms of Paragraph 4 and meet the following criteria:
a. The authorization number issued by SPS-EFT for the Instrument and the identification used for authorization is written on the face thereof;
b. The Instrument is payable to Merchant, and was issued in exchange for goods delivered or services rendered at the time of the Instrument’s issuance by presenter;
c. The Instrument has been signed by the person presenting same and has been endorsed by MerchantXxxxxxxx;
d. The Instrument has not been altered;
e. The Instrument was not tendered, in whole or in part, in exchange for cash. Merchant has not received value in full or in part on the dishonored instrument through cash, credit, service, exchange, or repossession.
f. The Instrument was not presented as partial payment for a transaction, as payment for debt due the Merchant previous to the date of authorization, or as one of multiple payments in a single transaction;
g. The Instrument was not authorized under a state driver’s license or identification number different than the one appearing on the Instrument;
h. The State ID code or the name of the issuing state must appear on the face of the Instrument being processed;
i. Merchant Xxxxxxxx did not subsequently receive value, in full or in part, for the dishonored Instrument from the presenter thereof in the form of payment, credit, services, return, exchange or repossession;
j. The Instrument was not dishonored as a result of a “stop payment” order issued by the presenter to his financial institution which is based upon a dispute against the Merchant by the presenter, unless Merchant Xxxxxxxx has selected coverage for this contingency;
k. The authorization for the Instrument was not secured by Merchant, its agents or employees under fraudulent pretenses. Merchant, its agents or employees has not submitted an Instrument for authorization with prior knowledge of the likelihood of the check being dishonored or the ID was forged, stolen or otherwise did not belong to the check writer or that was knowingly illegal, void, or invalid.
l. The date of the Instrument must be no more than one (1) day from the date on which the Instrument was authorized by SPS-EFT. The check number and the dollar amount of the instrument being authorized must be the same check number and dollar amount given at the time authorization is attempted.
m. The Instrument was not previously denied by SPS-EFT based on the same or a different driver’s license number presented for authorization by MerchantXxxxxxxx;
n. The presenter’s name, address and home and work telephone number must appear on the Instrument
o. Merchant must have followed instructions contained in SPS-EFT’s Merchant Quick Reference Guide or other authorized, current published instructions;
p. SPS-EFT may change any of these procedures upon written notice to MerchantXxxxxxxx
Appears in 3 contracts
Samples: Merchant Processing Agreement, Merchant Processing Agreement, Merchant Processing Agreement
QUALIFIED INSTRUMENT. For any Instrument to qualify for purchase by SPS-EFT GETI it must be an Authorized Instrument as defined by the terms of Paragraph 4 and meet the following criteria:
a. The authorization number issued by SPS-EFT GETI for the Instrument and the identification used for authorization is written on the face thereof;
b. The Instrument is payable to Merchant, and was issued in exchange for goods delivered or services rendered at the time of the Instrument’s issuance by presenter;
c. The Instrument has been signed by the person presenting same and has been endorsed by Merchant;
d. The Instrument has not been altered;
e. The Instrument was not tendered, in whole or in part, in exchange for cash. Merchant has not received value in full or in part on the dishonored instrument through cash, credit, service, exchange, or repossession.
f. The Instrument was not presented as partial payment for a transaction, as payment for debt due the Merchant previous to the date of authorization, or as one of multiple payments in a single transaction;
g. The Instrument was not authorized under a state driver’s license or identification number different than the one appearing on the Instrument;
h. The State ID code or the name of the issuing state must appear on the face of the Instrument being processed;
i. Merchant did not subsequently receive value, in full or in part, for the dishonored Instrument from the presenter thereof in the form of payment, credit, services, return, exchange or repossession;
j. The Instrument was not dishonored as a result of a “stop payment” order issued by the presenter to his financial institution which is based upon a dispute against the Merchant by the presenter, unless Merchant has selected coverage for this contingency;
k. The authorization for the Instrument was not secured by Merchant, its agents or employees under fraudulent pretenses. Merchant, its agents or employees has not submitted an Instrument for authorization with prior knowledge of the likelihood of the check being dishonored or the ID was forged, stolen or otherwise did not belong to the check writer or that was knowingly illegal, void, or invalid.
l. The date of the Instrument must be no more than one (1) day from the date on which the Instrument was authorized by SPS-EFTGETI. The check number and the dollar amount of the instrument being authorized must be the same check number and dollar amount given at the time authorization is attempted.
m. The Instrument was not previously denied by SPS-EFT GETI based on the same or a different driver’s license number presented for authorization by Merchant;
n. The presenter’s name, address and home and work telephone number must appear on the Instrument
o. Merchant must have followed instructions contained in SPS-EFTGETI’s Merchant Quick Reference Guide or other authorized, current published instructions;
p. SPS-EFT GETI may change any of these procedures upon written notice to Merchant
Appears in 2 contracts
Samples: Merchant Processing Agreement, Merchant Processing Agreement
