ACQUIRING Clause Samples
POPULAR SAMPLE Copied 2 times
ACQUIRING. This clause 14 only applies if acquiring services (i.e., payment instrument accept- ance) are part of the Contract.
14.1. The Acquirer will assign one or more membership numbers to the Mer- chant. These membership numbers will be mentioned on the Order Form. The Merchant shall verify whether the mem- bership numbers initialized in the online payment platform and payment terminal correspond with the membership num- bers assigned by the Acquirer. If such would not be the case (which tends to particularly arise when commercial activi- ties are being transferred), then the Mer- chant shall strictly refrain from accepting any transactions, and shall instead con- tact KB SmartPay first. The Merchant ac- knowledges that if it would nevertheless accept any transactions despite non-cor- responding membership numbers, the transaction amounts may be transferred to a third party. The Merchant shall then be himself responsible for recovering these amounts from the third party.
14.2. The Merchant recognizes that, de- pending on the circumstances in which the Contract was agreed, it is possible that the effective verification of the ac- tivities and risk profile of the Merchant will not be done until after the Contract was already agreed between the parties. The Merchant therefore accepts that KB SmartPay shall have the right to refuse the Merchant’s subscription, and to termi- nate the Contract up to one month after it was initially agreed. KB SmartPay shall in- form the Merchant about this refusal and termination within one month. During this period, the Acquirer will pay the Merchant all amounts for transactions accepted by the Merchant, to the extent the Merchant complied with the Contract.
14.3. The Merchant accepts to verify, not only after each installation and modifica- tion but also on a periodic basis, whether all of the Merchant’s identification and payment data registered by the online payment platform (e.g., in transaction logs) and by the payment terminal (e.g., on the printed ticket) are correct. The Merchant accepts that every negligence in this regard may lead to incorrect pay- ments to wrong accounts or third parties.
14.4. The Merchant shall define the bank account to which the transaction amounts need to be transferred. The bank account number that is mentioned by the Mer- chant on the Order Form can only be changed by following the procedure set forth in clause 10. KB SmartPay and the Ac- quirer shall not be responsible if the wrong bank account numb...
ACQUIRING. 4.5.1. The Company may provide acquiring of payment transactions services for the Clients. These Services are provided according to the separate rules and conditions set out in the annex to the T&C.
ACQUIRING a. Ecommerce
i. Payment for eCommerce transactions is only accepted through Visa, Mastercard, and American Express (Amex) cards in accordance with the accepted card schemes of the merchant’s Acquiring bank. Other schemes than those signed between the merchant and his acquiring bank will not be processed by MIPS. Merchants are advised to ensure that their client’s payment method aligns with the accepted card types before proceeding with the transaction.
ii. The Merchant allows MIPS to do “dynamic routing” on his PayStations on financial institutions with whom he has an agreement. For the avoidance of doubt, “Dynamic routing refers to the capability of MIPS to route the financial transaction to an Acquirer or another based on a set of rules fixed by the Merchant
iii. The applicable fees for eCommerce transactions may vary depending on the Merchant’s acquiring bank. Merchants are informed that fees, including but not limited to transaction fees, processing fees, and any other related charges, are subject to the policies and regulations of their respective acquiring banks. Merchants should refer to the terms and conditions provided by their chosen acquiring bank for specific information regarding applicable fees, including any variations based on transaction type, card network, or other relevant factors.
iv. The commission rate for transactions processed through the payment app is subject to variation based on the merchant's acquiring bank. The commission rate applied by the acquiring bank may differ depending on the specific agreement between the merchant and their acquiring bank. Merchants are advised that commission rates, including any applicable transaction fees or charges, are determined by their acquiring bank and may vary accordingly. Merchants should refer to the terms and conditions provided by their acquiring bank for detailed information regarding commission rates and any associated fees applicable to transactions processed through the payment app
b. PayStations
1. Only Visa and Mastercard payment cards are accepted for transactions on MIPS PayStations. Merchants are informed that only Visa and Mastercard cards will be compatible with MIPS PayStations for payment processing. Alternative payment methods are not supported. Users should ensure they possess Visa or Mastercard cards for transactions on MIPS PayStations.
2. The merchant acknowledges that if payments are accepted via QR code, regardless of the app used by the end buyer to complete the tra...