Payment Card Services Clause Samples
The PAYMENT CARD SERVICES clause defines the terms under which payment card processing services are provided to a party, typically by a financial institution or payment processor. It outlines the responsibilities of each party regarding the acceptance, processing, and settlement of credit and debit card transactions, and may address issues such as transaction fees, chargebacks, and compliance with industry standards like PCI DSS. This clause ensures that both parties understand their obligations and liabilities in handling payment card transactions, thereby reducing the risk of disputes and ensuring smooth financial operations.
Payment Card Services. Payment Cards Emitted by Pay Unicard
Payment Card Services. 16.1. Access and Use
(a) Customer will be provided with a debit Card to access the linked Bank Account.
(b) Customer will use a pin number to withdraw cash from the ATM or any other devices or swipe the Card at local and foreign merchant outlets to make purchases. All transactions shall be debited from the Bank Account at such rate of exchange determined by the Bank in its sole discretion.
(c) Upon successful input of the Customer's PIN, the Bank shall deem this as sufficient proof of the Customer's identity and grant access to the system without making any further checks or verifying actual identity and without incurring any liability to the Customer in relation to the instructions.
(d) Card is not transferable to a third party for use
(e) Card remains the property of the Bank and upon cancellation must be surrendered on demand to the Bank.
(f) Additional cards can be issued on the same account subject to the Account opening Mandate.
Payment Card Services