PAYROLL CHECK CASHING COVERAGE Sample Clauses

PAYROLL CHECK CASHING COVERAGE. SPS-EFT agrees to waive section 11.1 (i) and 11.2 (j) and to guarantee Payroll Checks cashed by MERCHANT up to the limit which was approved by SPS-EFT’s underwriting department at the time of acceptance (maximum $500.00 limit unless approved in writing by SPS-EFT in advance), provided that Merchant shall have performed all of his obligations related to the issuance of said qualified instrument and is compliant with all other requirements of Sections 11.1 and 11.2. Payroll Check Cashing Coverage must be indicated by marking the Payroll Guarantee section on the front of this Agreement upon the initial acceptance by SPS-EFT and must be approved and accepted by SPS-EFT in addition to this agreement. Merchant agrees that Payroll Checks will be funded on a different schedule than Sale transactions and will usually be made available in Merchant’s account within 8 banking days. Payroll Check Guarantee does not cover checks drawn on personal accounts or any check payable to “cash”, only valid business payroll checks drawn on a valid business account. Payroll check must contain a preprinted business address on the face of the check and the work phone number for the employee cashing the check must be hand written on the face of the check prior to imaging the check in order to qualify for guarantee reimbursement. Merchant is required to have payee place their thumbprint on the check prior to imaging the check. Merchant must carefully inspect the employee’s valid photo driver’s license to insure that the photo and descriptive information correctly identifies the person whom the check is made payable to; payee must be the same person attempting to cash the check. SPS-EFT will assign Merchant’s equipment or software a separate Terminal ID specifically for Payroll Check cashing. Merchant must process all Payroll Checks under the SPS-EFT assigned terminal ID labeled “Paycheck”. Additionally, if prompted by the terminal, Payroll Checks must be processed by selecting Payroll/Business check type on the SPS-EFT approved check imaging device. Merchant shall be charged an additional discount for all checks processed as Payroll/Business if Payroll Check Cashing Coverage is in effect. This coverage is not available to all business types and SPS-EFT reserves the right to determine which business types will be eligible for Payroll Check Cashing Coverage.
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