Merchant Referral Sample Clauses
A Merchant Referral clause establishes the terms under which one party may refer potential merchants to another party, often in exchange for a referral fee or commission. Typically, this clause outlines the process for making referrals, eligibility criteria for referred merchants, and the calculation and payment of any associated fees. Its core practical function is to incentivize and formalize the process of generating new business leads, ensuring both parties understand their rights and obligations regarding referrals and compensation.
Merchant Referral. EVERTEC agrees to refer exclusively to BPPR all Merchants and potential Merchants, doing business in Puerto Rico, the U.S. Virgin Islands or the British Virgin Islands (the “Region”), that inquire about, request, or otherwise evidence an interest, to EVERTEC’s knowledge, in banking services and products. All such referrals shall be communicated to BPPR by EVERTEC in a reasonably agreed upon manner. BPPR may provide EVERTEC with promotional and informational materials and supplies relating to BPPR’s banking services and products, at BPPR’s expense.
Merchant Referral. (a) BPPR agrees to refer exclusively to EVERTEC potential Merchants (including any Government-Merchants) that inquire about, request, or otherwise evidence an interest, to BPPR’s knowledge, in Merchant Services with respect to such business. All such referrals shall be communicated to EVERTEC by BPPR in a reasonably agreed upon manner. If EVERTEC enters into a Merchant Agreement with such potential Merchant, BPPR shall be paid a referral fee of $25 for each Referred Merchant (the “BPPR Referral Compensation”).
(b) In accordance with EVERTEC’s procedures and instructions for referrals, BPPR will actively cooperate with EVERTEC, on an exclusive basis and at EVERTEC’s expense (such expense to be agreed by the parties in advance), in marketing EVERTEC’s Merchant Services and in locating, investigating and referring potential Merchants to EVERTEC, and provide marketing assistance to EVERTEC for the purpose of retaining and signing new Merchants in exchange for the BPPR Referral Compensation; provided that BPPR shall make no representations or warranties regarding EVERTEC’s Merchant Services. With respect to any such potential Merchants, BPPR shall:
(i) provide EVERTEC with such information and assistance as EVERTEC may reasonably request and BPPR may legally provide in connection with EVERTEC’s review of any corresponding Merchant Application for Merchant Services, and/or EVERTEC’s administration or collection efforts regarding any Merchant referred by BPPR; and
(ii) establish a Settlement Account for each Merchant for the deposit of paper Transaction records and/or the electronic settlement of electronic Transactions, and, if applicable, remit paper Transaction records to EVERTEC in accordance with EVERTEC’s procedures.
(c) EVERTEC shall provide BPPR with promotional and informational materials and supplies relating to the Merchant Services, at EVERTEC’s expense.
Merchant Referral. In accordance with Metavante's procedures and ----------------- instructions for referrals, M&I may locate, investigate, and refer Prospects to Metavante, and provide marketing assistance to Metavante for the purpose of retaining and signing new Merchants, provided that M&I shall make no representations or warranties regarding Metavante's Merchant Services. With respect to any such Prospects, M&I shall
(i) provide Metavante with such information and assistance as Metavante may request and M&I may legally provide in connection with Metavante's review of any Prospect's application for Merchant Services, and/or Metavante's administration or collection efforts regarding any Merchant referred by M&I; and
(ii) establish a settlement account for each Referred Merchant for the deposit of paper Merchant Transaction records and/or the electronic settlement of electronic Merchant Transactions, and, if applicable, remit paper Merchant Transaction records to Metavante in accordance with Metavante's procedures. Metavante shall provide Bank with sales training to enable Bank to fulfill its marketing assistance obligations hereunder. Additional training shall be available from Metavante at Metavante's then current rates. Metavante shall schedule Merchant training for each Merchant following completion of processing and approval of the applicable Merchant's application for Merchant Services. Such training shall take place via teleconference. Additional training shall be available from Metavante at Metavante's then current rates.