Common use of Regarding Visa & MasterCard Discount Rates and Fees Clause in Contracts

Regarding Visa & MasterCard Discount Rates and Fees. (i) In the FEE SCHEDULE, "Discount" refers to a percentage of the gross dollar Card sales processed by Xxxxxxxx. "Per Item" refers to a fee per Transaction processed by Xxxxxxxx. "Interchange" refers to the fees assessed by the Card Networks on all bankcard sales that are paid to the bankcard issuing financial institution. "Assessments" refers to the fees assessed and retained by the Card Networks on all Card sales. "Fees" or “Processing Fees” refers to all the foregoing and, in addition, to amounts charged for any other purposes or services as described in the Application; (ii) The Visa and MasterCard interchange fees and assessments are based on the current interchange rates and assessments set by Visa and MasterCard. Any increases in these interchange fees and assessments will be passed through to Merchant either as part of the separately stated interchange fees and assessments or as an increase in any percentage-based or per item processing fee. Merchant acknowledges that whenever Xxxxxxxx's Transactions fail to qualify for any reduced interchange fees, Provider will process such Transactions at the applicable interchange fees as set by the applicable Card Network, and Merchant will pay Provider the corresponding increased interchange fees (or as an increase in any percentage-based or per item processing fee based on the corresponding interchange fees). Merchant acknowledges that the fees specified as “qualified” or “mid-qualified” in the Application, as they may be updated or amended from time to time, are basic fees which will apply only to Transactions which exactly meet certain processing criteria or “qualify” or (in the case of “mid-qualified”) partially qualify for those basic fees according to the Operating Rules. In the event that Transactions submitted to Provider for processing only partially qualify or do not at all qualify for the qualified discount rate quoted in accordance with the Application and/or the Operating Rules, Merchant may be assessed, and agrees to pay, an additional Non- Qualified or Mid-Qualified Surcharge as set forth on the Application (or, if not set forth therein, or if set forth therein at a rate or in an amount less than that specified in the Operating Rules) as set forth in the Operating Rules; (iii) Processor may receive program discounts and other special pricing benefits based on the total volume of business it processes with some or all of its customer base. Xxxxxxxx understands and agrees that all such discounts and special pricing inures solely to the benefit of Processor, and Xxxxxxxx is not entitled to such discounts; (iv) Initial Discount: Merchant understands that initial discount rates assessed by Provider are based on Merchant's projected sales volume, average Transaction amount, and Card acceptance practices. If Merchant's actual sales volume and average Transaction amount are less than Merchant's projected sales volume and average Transaction amount, Provider reserves the right to adjust discount rates to reflect Merchant's actual sales volume and average Transaction amount with thirty (30) days advanced written notice.

Regarding Visa & MasterCard Discount Rates and Fees. (i) In the FEE SCHEDULE, "Discount" refers to a percentage of the gross dollar Card sales processed by XxxxxxxxMerchant. "Per Item" refers to a fee per Transaction processed by XxxxxxxxMerchant. "Interchange" refers to the fees assessed by the Card Networks on all bankcard sales that are paid to the bankcard issuing financial institution. "Assessments" refers to the fees assessed and retained by the Card Networks on all Card sales. "Fees" or “Processing Fees” refers to all the foregoing and, in addition, to amounts charged for any other purposes or services as described in the Application; (ii) The Visa and MasterCard interchange fees and assessments are based on the current interchange rates and assessments set by Visa and MasterCard. Any increases in these interchange fees and assessments will be passed through to Merchant either as part of the separately stated interchange fees and assessments or as an increase in any percentage-based or per item processing fee. Merchant acknowledges that whenever XxxxxxxxMerchant's Transactions fail to qualify for any reduced interchange fees, Provider will process such Transactions at the applicable interchange fees as set by the applicable Card Network, and Merchant will pay Provider the corresponding increased interchange fees (or as an increase in any percentage-based or per item processing fee based on the corresponding interchange fees). Merchant acknowledges that the fees specified as “qualified” or “mid-qualified” in the Application, as they may be updated or amended from time to time, are basic fees which will apply only to Transactions which exactly meet certain processing criteria or “qualify” or (in the case of “mid-qualified”) partially qualify for those basic fees according to the Operating Rules. In the event that Transactions submitted to Provider for processing only partially qualify or do not at all qualify for the qualified discount rate quoted in accordance with the Application and/or the Operating Rules, Merchant may be assessed, and agrees to pay, an additional Non- Qualified or Mid-Qualified Surcharge as set forth on the Application (or, if not set forth therein, or if set forth therein at a rate or in an amount less than that specified in the Operating Rules) as set forth in the Operating Rules; (iii) Processor may receive program discounts and other special pricing benefits based on the total volume of business it processes with some or all of its customer base. Xxxxxxxx Merchant understands and agrees that all such discounts and special pricing inures solely to the benefit of Processor, and Xxxxxxxx Merchant is not entitled to such discounts; (iv) Initial Discount: Merchant understands that initial discount rates assessed by Provider are based on Merchant's projected sales volume, average Transaction amount, and Card acceptance practices. If Merchant's actual sales volume and average Transaction amount are less than Merchant's projected sales volume and average Transaction amount, Provider reserves the right to adjust discount rates to reflect Merchant's actual sales volume and average Transaction amount with thirty (30) days advanced written notice.

Regarding Visa & MasterCard Discount Rates and Fees. (i) In the FEE SCHEDULE, "Discount" refers to a percentage of the gross dollar Card sales processed by Xxxxxxxx. "Per Item" refers to a fee per Transaction processed by Xxxxxxxx. "Interchange" refers to the fees assessed by the Card Networks on all bankcard sales that are paid to the bankcard issuing financial institution. "Assessments" refers to the fees assessed and retained by the Card Networks on all Card sales. "Fees" or “Processing Fees” refers to all the foregoing and, in addition, to amounts charged for any other purposes or services as described in the Application; (ii) The Visa and MasterCard interchange fees and assessments are based on the current interchange rates and assessments set by Visa and MasterCard. Any increases in these interchange fees and assessments will be passed through to Merchant either as part of the separately stated interchange fees and assessments or as an increase in any percentage-based or per item processing fee. Merchant acknowledges that whenever Xxxxxxxx's Transactions fail to qualify for any reduced interchange fees, Provider will process such Transactions at the applicable interchange fees as set by the applicable Card Network, and Merchant will pay Provider the corresponding increased interchange fees (or as an increase in any percentage-based or per item processing fee based on the corresponding interchange fees). Merchant acknowledges that the fees specified as “qualified” or “mid-qualified” in the Application, as they may be updated or amended from time to time, are basic fees which will apply only to Transactions which exactly meet certain processing criteria or “qualify” or (in the case of “mid-qualified”) partially qualify for those basic fees according to the Operating Rules. In the event that Transactions submitted to Provider for processing only partially qualify or do not at all qualify for the qualified discount rate quoted in accordance with the Application and/or the Operating Rules, Merchant may be assessed, and agrees to pay, an additional Non- Qualified or Mid-Qualified Surcharge as set forth on the Application (or, if not set forth therein, or if set forth therein at a rate or in an amount less than that specified in the Operating Rules) as set forth in the Operating Rules; (iii) Processor may receive program discounts and other special pricing benefits based on the total volume of business it processes with some or all of its customer base. Xxxxxxxx understands and agrees that all such discounts and special pricing inures solely to the benefit of Processor, and Xxxxxxxx is not entitled to such discounts; (iv) Initial Discount: Merchant understands that initial discount rates assessed by Provider are based on Merchant's projected sales volume, average Transaction amount, and Card acceptance practices. If Merchant's actual sales volume and average Transaction amount are less than Merchant's projected sales volume and average Transaction amount, Provider reserves the right to adjust discount rates to reflect Merchant's actual sales volume and average Transaction amount with thirty (30) days advanced written notice.thirty