Excessive Returns. Any merchant with more than the defined percentage of returns in a single billing cycle (calendar month), will be assessed an additional fee per returned item. Laws – All international, national, regional and local regulations or laws which are applicable to the services provided herein. NACHA – National Automated Clearing House Association responsible for establishing, revising and enforcing the Operating Rules for the ACH Network. ODFI – Originating Depository Financial Institution is the financial institution that receives ACH Transactions from Merchant through FORTE and then forwards these Transactions (defined below) to the ACH Network. Originator – A Merchant who has contracted with FORTE to initiate ACH entries, on their behalf, to the ACH Network. Payment Association – Any entity governing a payment network, including but not limited to VISA, M/C, Discover, American Express, NACHA, STAR, Pulse. PCI-DSS – System security measures established by the various credit card companies, known as the Payment Card Industry Data Security Standards. RDFI – Receiving Depository Financial Institution is the financial institution that receives the ACH Transactions from the ODFI through the ACH Network and posts these Transactions to the accounts of Receivers (defined below). Receivers –An entity or individual consumer that has an established account with a card issuer or financial institution upon which a Transaction is or may be acted upon. Returned Entries – Any Transaction returned or rejected by FORTE, ODFI or RDFI. Rules – The operational rules, policies and procedures established by each applicable Payment Association to govern all transactions and parties that participate in the associated Transaction Network. Settlement Account – An account established and maintained by Merchant with a financial institution through which the following may occur: (a) deposit of funds for Debit Entries, or (b) the extraction of funds for
Appears in 1 contract
Sources: Merchant Services Agreement
Excessive Returns. Any merchant with more than the defined percentage of returns in a single billing cycle (calendar month), will be assessed an additional fee per returned item. Laws – All international, national, regional and local regulations or laws which are applicable to the services provided herein. NACHA – National Automated Clearing House Association responsible for establishing, revising and enforcing the Operating Rules for the ACH Network. ODFI – Originating Depository Financial Institution is the financial institution that receives ACH Transactions from Merchant through FORTE and then forwards these Transactions (defined below) to the ACH Network. Originator – A Merchant who has contracted with FORTE to initiate ACH entries, on their behalf, to the ACH Network. Payment Association – Any entity governing a payment network, including but not limited to VISA, M/C, Discover, American Express, NACHA, STAR, Pulse. PCI-DSS – System security measures established by the various credit card companies, known as the Payment Card Industry Data Security Standards. RDFI – Receiving Depository Financial Institution is the financial institution that receives the ACH Transactions from the ODFI through the ACH Network and posts these Transactions to the accounts of Receivers (defined below). Receivers –An entity or individual consumer that has an established account with a card issuer or financial institution upon which a Transaction is or may be acted upon. Laws – All international, national, regional and local regulations or laws which are applicable to the services provided herein. Returned Entries – Any Transaction returned or rejected by FORTE▇▇▇▇▇, ODFI or RDFI. Rules – The operational rules, policies and procedures established by each applicable Payment Association to govern all transactions and parties that participate in the associated Transaction Network. Settlement Account – An account established and maintained by Merchant with a financial institution through which the following may occur: (a) deposit of funds for Debit Entries, or (b) the extraction extractions of funds forfor Credit Entries, reserve funds or fee obligations unless otherwise agreed to by the parties. Settlement Entry – A Debit or Credit Entry to Merchant’s Settlement Account which corresponds to the net amount owed Merchant by FORTE at the end of each Business Banking Day. Transactions –Any transfer of data or information to FORTE in a format pre-approved by FORTE, including but not limited to payment, verification and authentication items. 1. Description of Services. FORTE shall use information provided by Merchant to send ▇▇▇▇▇▇▇▇'s ACH Transactions to the ACH Network on Merchant’s behalf. For Debit Entries, FORTE shall first originate each debit transaction through its ODFI to the ACH Network for withdrawal from the Receiver’s account. All funds collected on behalf of the Merchant will be transmitted to a custodial account located with FORTE’s ODFI and scheduled for settlement to Merchant. For Credit Entries, FORTE will submit each Credit Transaction to the end- of-day settlement process and then schedule each transaction for Origination. On the date scheduled, each Credit Transaction is then originated through FORTE’s ODFI to the ACH Network for deposit to the Receiver’s account.
Appears in 1 contract