Planet Payment Platform Clause Samples
The Planet Payment Platform clause defines the terms and conditions governing the use of the Planet Payment system for processing transactions. It typically outlines the responsibilities of both the service provider and the user, such as compliance with security standards, transaction processing procedures, and any applicable fees or limitations. For example, it may specify how payments are authorized, settled, and reported within the platform. The core function of this clause is to ensure that both parties understand their obligations and the operational framework for using the payment platform, thereby reducing misunderstandings and managing risk associated with electronic transactions.
Planet Payment Platform. (a) Authorization Host The Acquirer Merchants and certain VARs will utilize the Planet Payment Platform in order to facilitate the authorization of DCC Transactions and to route DCC Transactions to Planet Payment for settlement under the Program. It is understood that the Planet Payment’s authorization host is a component of the Planet Payment Platform and, as such, the software, technology and processes comprising the Planet Payment authorization host are proprietary to Planet Payment. GPPC acknowledges and agrees that for load balancing, back-up or redundancy purposes traffic may be moved to different Planet Payment sites for authorizations or clearing, provided that the service is not affected. Planet Payment represents and warrants that all sites and Transaction re-routing are operated in accordance with the applicable Account Security Program.
Planet Payment Platform. (a) Authorization Host The Acquirer Merchants and certain VARs will utilize the Planet Payment Platform in order to facilitate the authorization of DCC Transactions under the Program. It is understood that the Planet Payment’s authorization host is a component of the Planet Payment Platform and, as such, the software, technology and processes comprising the Planet Payment authorization host are proprietary to Planet Payment. Acquirer acknowledges and agrees that for load balancing, back-up or redundancy purposes their traffic may be moved to different Planet Payment sites for authorizations, provided that the service is not affected. Planet Payment represents and warrants that all sites and Transaction re-routing are operated in accordance with the applicable Account Security Program.