Remittance Processing Services Clause Samples
The Remittance Processing Services clause defines the responsibilities and procedures for handling and processing payments received on behalf of a client. Typically, this clause outlines how payments such as checks or electronic transfers are collected, recorded, and deposited, and may specify timelines, reporting requirements, and security measures. Its core function is to ensure that all remittances are managed efficiently and accurately, reducing the risk of errors or delays in payment processing and providing transparency for both parties.
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Remittance Processing Services. In order to provide a means of collection of the Receivables which will allow the Trustee to receive the proceeds of the Receivables and related security without AmeriCredit or its Affiliates having access to the funds, the parties hereto agree for the benefit of the Trustee that the processing services (the “Service(s)”) of Processor will be used for the collection and the deposit of remittances related to the Receivables and related security.
Remittance Processing Services. 1. Taxes Processed: AVENU will perform remittance processing for sales and use taxes as designated by CLIENT.
2. Taxpayer Notification and Remittance: AVENU will send individualized tax forms to all known taxpayers. Taxpayers will remit payments to the following Address: City of Boaz, ▇.▇. ▇▇▇ ▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇-▇▇▇▇. Upon reasonable notice to CLIENT, AVENU may change the Address for payments.
3. Deposit Process: Deposits are made to the extent that funds have been received, via Automated Clearing House of the amounts and to the designated recipients as instructed by the CLIENT for each type of tax collected, as shown in more detail on Exhibit A.
4. Posting Process: Taxpayer accounts are posted with payment information captured in the AVENU revenue system. Additional information such as net sales, deductions, credit sales, measure of tax, name change, and address change is captured and added to payment data and taxpayer master file (as determined necessary by AVENU). Late payments (postmarked by U.S. Postal Service after due date) are invoiced at penalty amounts required by State code. Under-payments are invoiced for remaining tax due plus any required penalties.
Remittance Processing Services. 1. Taxes Processed: AVENU will perform remittance processing for Alcohol taxes as designated by CLIENT.
2. Taxpayer Notification and Remittance: AVENU will send individualized tax forms to all known taxpayers. Taxpayers will remit payments to the following Address: City of Boaz, P.O. Box 830725, Birmingham, AL 35283-0725. Upon reasonable notice to CLIENT, AVENU may change the Address for payments.
3. Deposit Process: Deposits are made to the extent that funds have been received, via Automated Clearing House of the amounts and to the designated recipients as instructed by the CLIENT for each type of tax collected, as shown in more detail on Exhibit A.
4. Posting Process: Taxpayer accounts are posted with payment information captured in the AVENU revenue system. Additional information such as net sales, deductions, credit sales, measure of tax, name change, and address change is captured and added to payment data and taxpayer master file (as determined necessary by AVENU). Late payments (postmarked by U.S. Postal Service after due date) are invoiced at penalty amounts required by State code. Under-payments are invoiced for remaining tax due plus any required penalties.
Remittance Processing Services. 4.2.5.1. All remittances will be processed with a batch date that equals the post office mail received date. The received date can be no later than the last business date of the payment month.
4.2.5.2. ESD recognizes that during quarterly processing periods the Bank may be unable to process all work on the same day it is received. During the quarterly processing period all mail will be processed no later than the timely date (5th of the month). After the 5th of the month, the Bank will do postmark review of remittances through the 12th of the month for Reports, Payment Coupons and ICESA and separate into previous month (timely) and current month batches.
4.2.5.3. If the fifth of the month falls on a Saturday, Sunday, or legal holiday, then the tax report remittances received by ESD on the next banking business day shall be considered as having been received from the employer in a timely manner.
4.2.5.4. There shall be no unreasonable processing “carry-over” other than that caused by unforeseen circumstances (e.g., power failure). In the event of a carry-over, the Bank shall record the total number of items received on that date and the total number of items involved in the carry-over. This shall be immediately reported by telephone and by e-mail to ESD with an explanation for the carry-over. The e-mail must contain at a minimum the total number of trays carried over and the date the trays were received.