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What Is A Merchant Services Agreement

dimanche, décembre 20, 2020

This merchant contract (contract) is concluded between Harris Trust and the Savings Bank (bank, us, us or our) and the merchant who signed (trader, you or you) taking into account reciprocal promises. The bank and the trader are independent service partners and are not representatives, partners or joint ventures of each other. The Bank`s services (other than resolution and transfer of funds) are provided by MONERIS SOLUTIONS, INC., a Delaware company and member service providers of the bank. They agree to be bound to the requirements and conditions of the instruction notice and operating regulations of all card associations applicable in their current version. Copies can be found at bank offices. The bank has the right to notify any card association or other party concerned if this agreement is terminated for any reason. Distributors understand that card associations publish a list of names (including principles) of merchants who have been fired for the reason. Merchant undertakes to compensate the bank (in accordance with the provisions of these provisions) and any combination of cards of any right that merchants or any other person may have as a result of their inclusion on such a list. The distributor guarantees that it has not been included on such a list before. You agree to keep and retrieve records in accordance with the instructions and operating regulations and verify them. If the bank introduces you to a debit card program, this assistance will only be extended for the duration of the agreement. In cases where merchants do not authorize electronic payments and only accept cash, they will generally create a standard bank account that will have their own contractual requirements and arrangements.

For the duration of the agreement, you will not hire or use another Visa or MasterCard card publisher or provider in the United States, with the exception of the bank, and the bank is the sole provider of the types of services provided in this context for all merchant sites. (ii) a transaction between a cardholder and another entity or source other than Merchant or (iii) a fraudulent transaction. Traders are responsible for the actions of its employees and agents. The Bank may refund any item at any time in the event of a breach of a warranty, guarantee or contract relating to this article. The trader will comply with the current legislation. At the request of the banks, the merchant will provide commercial and financial information and inform the bank of any significant changes in name, location, ownership, type of transaction, sale of products and/or services not related to its day-to-day operations, or any change in the information provided to the bank on request or any other information provided to the bank. Merchant agreements highlight broad rules, including the following requirements: the fees paid by merchants for electronic payment settlement services vary according to online transactions and fixed transactions. Merchants are generally required to pay the purchaser, for each electronic transaction, a high fee covering both the purchaser`s costs and the processor`s costs.

As a general rule, purchasers also charge a monthly fee for billing and bank account services they provide to merchants. While merchant agreements generally apply to sellers of goods or services, they can also be addressed to foundations and non-profit organizations. For the services we provide, you agree to pay us the non-refundable fees, fees and discounts specified in the pricing and pricing plan for us and for all applicable exhibitions or facilities, including changes, or that we agree in writing. You agree to refund the amount of all credits, refund of taxes and amounts imposed in this agreement, in the operating manual, in operating regulations or by a card association (including foreign transactions or excessive repayment fees).

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