ISO and Processor Agreements Clause Samples
The ISO and Processor Agreements clause defines the contractual relationship and obligations between an Independent Sales Organization (ISO) and a payment processor. It typically outlines the terms under which the ISO is authorized to market, sell, or manage payment processing services on behalf of the processor, including responsibilities for compliance, risk management, and revenue sharing. This clause ensures that both parties understand their roles and liabilities, thereby reducing the risk of disputes and ensuring smooth operation of payment processing services.
ISO and Processor Agreements. (a) enter into any new ISO Agreements or processing agreements without Purchaser’s prior written consent, such consent not to be unreasonably withheld and such consent or objection to be delivered as soon as possible and, if not delivered within five (5) days of receipt of Seller’s written request, Purchaser’s consent shall be deemed to have been given, (b) amend, modify, restate, cancel or otherwise change in any material way any existing ISO Agreement or processing agreement (except to the extent that processor makes changes to its standard ISO Agreement), (c) transfer the processing services for any Merchants under the ISO Agreements, (d) sell or transfer any Merchants or Residuals to another Person other than in accordance with the provisions of this Agreement, (e) direct any processor to change the payment of Residuals to any person other than Purchaser, or (f) direct any processor to withhold the payment of Residuals from Purchaser.
ISO and Processor Agreements. (a) enter into any new ISO Agreements or processing agreements without Purchaser’s prior written consent, such consent not to be unreasonably withheld and such consent or objection to be delivered as soon as possible and, if not delivered within five (5) days of receipt, Purchaser’s consent shall be deemed to have been given, (b) amend, modify, restate, cancel or otherwise change in any material way any existing ISO Agreement or processing agreement (except to the extent that processor makes changes to its standard ISO Agreement), (c) transfer the processing services for any Merchants under the ISO Agreements, (d) sell or transfer any Merchants or Residuals to another Person other than in accordance with the provisions of this Agreement, (e) except as otherwise permitted by the Consent Agreement (Exhibit C), direct any processor to change the payment of Residuals to any person other than Purchaser or Escrow Agent, or (f) direct any processor to withhold the payment of Residuals (in the amount provided for in the Consent Agreement) from Purchaser or Escrow Agent, but this covenant 4.3(f) shall not restrict Seller while Purchaser or Escrow Agent is in default of its obligations to remit to Seller the payments described in §1.6(b).