Acquirer Program definition
Examples of Acquirer Program in a sentence
The parties shall use the Confidential Information of the other party only for the purpose of implementing the Acquirer Program and in accordance with this Agreement.
Planet Payment shall calculate the Net FX Margin and the respective Revenue shares of all participants in the Acquirer Program for each month and submit a report thereof (“Monthly Revenue Report”) to Acquirer within [*] after the end of each month.
Planet Payment shall make available to Acquirer Merchants certain information regarding their Transactions processed under the Acquirer Program, via Planet Payment’s “MWeb” Internet based reporting system, in accordance with the MWeb documentation.
Planet Payment hereby gives Acquirer a license to use its name, trademarks, and logos in connection with the Acquirer Program.
Planet Payment shall provide reasonable assistance to Acquirer in applying for the relevant BINs and ICAs and shall configure them as necessary to provide the Acquirer Program and to implement Acquirer’s reporting requirements for Visa and MasterCard Transaction settlement.
The third party costs chargeable by such terminal manufacturers, POS providers or other VARs in connection with the modification, implementation, testing and certification of their respective POS applications, or other systems or interfaces for the purposes of supporting the Acquirer Program, (as well as Planet Payment’s own costs in connection therewith) shall be borne by Planet Payment, in accordance with paragraph 14 of Appendix V.
In order to participate in the Acquirer Program, Merchants shall be required to enter into an addendum to Acquirer’s existing Merchant Services Agreement.
Planet Payment shall defend, indemnify and hold Acquirer, Affiliates, HSBC, any other member bank which Acquirer is using for the purposes of the Acquirer Program, and any of their directors, employees, representatives, parents, Affiliates, subsidiaries, successors, and permitted assigns (“Acquirer Indemnified Persons”) harmless from and pay any and all losses, costs and damages, including reasonable counsel fees attributable to an Infringement Claim.
Such business case shall take into account the costs of modification and implementation of such third parties’ applications or systems and their integration to the Planet Payment Platform, the time required for such modification and implementation and the likely Foreign Transaction volume that will be attained as a result, that would not otherwise be accessible to the parties by other means already supported under the Acquirer Program.
To participate in the Program, a Merchant must utilize a Point of Sale device that has been modified to support the Acquirer Program in accordance with the Acquirer Program specifications and the Card Association Rules, such POS to use APACS40, or such other message format as may in the future be mutually agreed by the parties to be used for the Acquirer Program.