Conversion with Guarantee definition

Conversion with Guarantee means that SPS-EFT, subject to the limitations set forth in this Agreement and subject to Merchant’s compliance with the terms and conditions of this Agreement, will provide Conversion and Verification services and will Guarantee reimbursement of losses sustained by Merchant in accepting checks for electronic processing. In addition to the provisions set forth in this Agreement and notwithstanding any provisions to the contrary, SPS-EFT has established a per check guarantee limit (“Guarantee Limit”), which is set forth in the Welcome Letter. Each month Merchant shall have access to an itemized summary of electronic check deposits. SPS-EFT shall process up to the Guarantee Limit established for Merchant, but will not be responsible for reimbursement of checks exceeding the Merchant’s approved Guarantee Limit. Conversion with Guarantee shall cover, subject to the Guarantee Limit, Merchant losses due to: (1) Insufficient Funds, (2) Account Closed, (3) No Account/Unable to Locate Account, (4) Invalid Account Number, (5) Uncollected Funds, (6) Customer Advises Not Authorized/Item is Ineligible, Notice Not Provided, Signatures Not Genuine, or Item Altered, (7) File Record Edit Criteria, (8) Non-Transaction Account, (9) Corporate Customer Advises Not Authorized, (10) Branch sold to another XXX, (00) account holder deceased and (12) beneficiary deceased.
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Conversion with Guarantee means that GETI, subject to the limitations set forth in this Agreement and subject to Merchant’s compliance with the terms and conditions of this Agreement, will provide Conversion and Verification services and will Guarantee reimbursement of losses sustained by Merchant in accepting checks for electronic processing. In addition to the provisions set forth in this Agreement and notwithstanding any provisions to the contrary, GETI has established a per check guarantee limit (“Guarantee Limit”), which is set forth in the Welcome Letter. Each month Merchant shall have access to an itemized summary of electronic check deposits. GETI shall process up to the Guarantee Limit established for Merchant, but will not be responsible for reimbursement of checks exceeding the Merchant’s approved Guarantee Limit. Conversion with Guarantee shall cover, subject to the Guarantee Limit, Merchant losses due to: (1) Insufficient Funds, (2) Account Closed,
Sample 1
Conversion with Guarantee means that GETI, subject to the limitations set forth in this Agreement and subject to Merchant’s compliance with the terms a GETI has established a per check guarantee limit (“Guarantee Limit”), which is set forth in the Welcome Letter. Each month Me uarantee Limit established for Merchant, but will not be responsible for reimbursement of checks exceeding the Merchant’s app “Conversion” or “Conversion without Guarantee” lar amount of the sale has been calculated, the cashier feeds the consumer’s check in a Magnetic Ink Character Recognition (M The POS terminal connects to GETI’s host network. GETI then creates a transaction file to be delivered to the ACH, debiting t customer’s bank account electronically and crediting the Merchant’s account. Each day, GETI shall create a transaction file f
Sample 1

Examples of Conversion with Guarantee in a sentence

  • If Merchant has selected Conversion with Guarantee, then checks contained in an untimely Batch Out will not be guaranteed.

  • If a Merchant, which has selected the Conversion with Guarantee service, fails to provide the requested receipt or documentation within this time period, SPS-EFT, in its sole discretion, may elect not to guarantee that check.

  • Additionally, if a Merchant has selected the Conversion with Guarantee, then upon SPS-EFT’s request, Merchant will deliver all documents related to a guaranteed transaction to SPS-EFT’s designated location within 48 hours.

  • By subscribing to the Conversion with Guarantee service, Merchant shall be deemed to have assigned to SPS-EFT, without recourse, all of Merchant’s right, title and interest in any and all checks, including any rights to treble or punitive damages, permitted under applicable law.

  • Ensure the Paper Check is eligible for ECS.2. Ensure that the Paper Check is completely filled out and signed by the Customer.3. Verify the Customer's identity.4. Process the Paper Check through the POS Device.5. Obtain Customer information and enter it when prompted by the POS Device, or write this information on the Paper Check prior to imaging (required for Conversion with Guarantee Service Level only).6.

  • A “Discount Fee” shall be paid on each electronic inquiry to the database under the Conversion with Guarantee service.

  • The Guarantor bears the risk of loss if a COD Paper Check is returned provided the following criteria are met with respect to each COD Paper Check:• Merchant must be a subscriber to the ECS Conversion with Guarantee Service Level;• Merchant must use the ATA services, as described below, for Paper Check Authorization.

  • For POP, BOC, ARC, CCD, WEB, TEL and PPD Transactions, and for all Service Levels excluding ECS Conversion with Guarantee, upon the successful resubmission of a returned ECS Transaction, an NSF Transaction service fee may be collected automatically and deposited to the ECS depository account designated by Merchant.

  • Hold Check is only available for Merchants who are new car dealers in the automobile industry and who subscribe to the ECS Conversion with Guarantee Service Level.

  • Stop Payment is only available for Merchants who subscribe to Hold Check and to the ECS Conversion with Guarantee Service Level.

Related to Conversion with Guarantee

  • Guarantee means, as to any Person, (a) any obligation, contingent or otherwise, of such Person guaranteeing or having the economic effect of guaranteeing any Indebtedness or other obligation payable or performable by another Person (the “primary obligor”) in any manner, whether directly or indirectly, and including any obligation of such Person, direct or indirect, (i) to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness or other obligation, (ii) to purchase or lease property, securities or services for the purpose of assuring the obligee in respect of such Indebtedness or other obligation of the payment or performance of such Indebtedness or other obligation, (iii) to maintain working capital, equity capital or any other financial statement condition or liquidity or level of income or cash flow of the primary obligor so as to enable the primary obligor to pay such Indebtedness or other obligation, or (iv) entered into for the purpose of assuring in any other manner the obligee in respect of such Indebtedness or other obligation of the payment or performance thereof or to protect such obligee against loss in respect thereof (in whole or in part), or (b) any Lien on any assets of such Person securing any Indebtedness or other obligation of any other Person, whether or not such Indebtedness or other obligation is assumed by such Person (or any right, contingent or otherwise, of any holder of such Indebtedness to obtain any such Lien). The amount of any Guarantee shall be deemed to be an amount equal to the stated or determinable amount of the related primary obligation, or portion thereof, in respect of which such Guarantee is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof as determined by the guaranteeing Person in good faith. The term “Guarantee” as a verb has a corresponding meaning.

  • Subsidiary Guarantee means any guarantee of the obligations of the Issuers under this Indenture and the Notes by any Subsidiary Guarantor in accordance with the provisions of this Indenture.

  • Guaranty means, with respect to any Person, any obligation (except the endorsement in the ordinary course of business of negotiable instruments for deposit or collection) of such Person guaranteeing or in effect guaranteeing any indebtedness, dividend or other obligation of any other Person in any manner, whether directly or indirectly, including (without limitation) obligations incurred through an agreement, contingent or otherwise, by such Person:

  • Subsidiary Guaranty means, collectively, the Subsidiary Guaranty made by the Subsidiary Guarantors in favor of the Collateral Agent on behalf of the Secured Parties, substantially in the form of Exhibit F-2, together with each other Guaranty and Guaranty supplement delivered pursuant to Section 6.12.

  • company limited by guarantee means a company having the liability of its members limited by the memorandum to such amount as the members may respectively undertake to contribute to the assets of the company in the event of its being wound up;