Services Provided by Processor. Processor shall represent eligible items received from the Company’s financial institution that are consistent with the Rules. Processor will then pay the Company 100% of the face value of all items recovered electronically. Such recovered items shall be transmitted to the Company, via an ACH transaction into a business bank account designated by the Company, the first business day following successful recovery provided that the ACH Operator is open for business on such business day. If the Company is receiving a percentage of the recovered fees, these fees will be paid only if and when the item that the fee relates to has been successfully recovered electronically and provided that such fee was collected electronically. In the event that an item is returned unpaid following transmission of recovered funds to the Company, Processor will debit the Company’s account for the amount of the returned item. Processor does not guarantee the recovery, collection or payment of any returned item presented to Processor for representment.
Services Provided by Processor. Processor shall provide: (i) Company with information in deciding whether or not to accept a check (“Verification”); (ii) processing services; (iii) check guarantee for transactions that complied with the guarantee requirements and any other applicable restrictions as set forth in this Agreement; and (iv) certain check collection and recovery services.
Services Provided by Processor. Company agrees to direct returned checks to Processor by endorsing each check received with endorsement verbiage supplied by Processor, prior to depositing at Company’s depository bank(s). The endorsement verbiage shall include, but is not limited to, Processor’s name and routing number, and shall be endorsed where indicated by Processor, in order for Company’s returned checks to be routed to Processor. Company agrees to accept back any item received by Processor, or Processor’s Financial Institution, on behalf of Company. Returned checks that are delivered to Processor will be charged to the account maintained by Processor at Processor’s Financial Institution. Within the same business day of Processor having received Company’s returned checks, Processor will make returns available to Company, or other approved party agreed to by Processor and Company, in the manner agreed to by Processor and Company.
