Card Payment Processing Clause Samples

Card Payment Processing. Merchant services provided by Worldpay/Vantiv for Visa, MasterCard, Discover, and American Express. Merchant card rates are subject to change with thirty (30) calendar days’ advance notice resulting from increases by any applicable card association.

Card Payment Processing. The Company will at all times maintain compliance with the most current applicable Payment Card Industry Data Security Standards (“PCI DSS”). Company acknowledges responsibility for the security of cardholder data under its control as defined within the PCI DSS. Company acknowledges and agrees that cardholder data may only be used for providing services as provided in this Agreement, or as required by the PCI DSS, or as required by applicable law. As the merchant or submerchant, the Institution also has obligations under PCI DSS. On an annual basis, the Institution may be required to complete a PCI DSS Self-Assessment Questionnaire (“SAQ”) and Attestation of Compliance (“AOC”) to validate compliance with PCI DSS, even if such validation is simply to confirm that all cardholder data functions related to or performed under this Agreement have been fully outsourced to the Company. When SAQs are required, the Company will provide an online process for the Institution to complete the applicable documentation. Failure to complete an SAQ when required may result in cessation of card processing or non-compliance fees assessed to the Institution until such SAQ has been completed. Excluding payment-plan transactions and certain billing transactions, the Institution is liable for fees associated with all card authorizations, including fraudulent authorizations that do not settle.