Specific Payment Methods Sample Clauses
The 'Specific Payment Methods' clause defines the acceptable forms of payment that parties must use to fulfill their financial obligations under the agreement. It typically outlines whether payments should be made via bank transfer, credit card, check, or other specified methods, and may include details such as required account information or payment platforms. By clearly stating which payment methods are permitted, this clause helps prevent disputes over how payments are made and ensures both parties have a mutual understanding of the transaction process.
Specific Payment Methods. When accepting payment card payments, you must comply with all Network Rules applicable to merchants, including the Network Rules provided by Visa, MasterCard, and American Express. These Network Rules state that you may only accept payment using payment cards for bona fide legal commercial transactions, may only use payment network trademarks or service marks consistent with the Network Rules, and may not discriminate by card type or charge surcharges for acceptance of payment cards. You will not impose an excessive fee or surcharge on a customer that seeks to use an eligible payment card. If you impose a fee or surcharge it must be limited to reflect your costs for the use of such payment card. If you levy an additional charge or offer a reduction in cost to your customers for using a particular eligible payment card, this information must be advised to your customers before the start of the payment transaction. Unless we have agreed to do so, you will provide a receipt to the customers (without charging a fee for such receipt) at the conclusion of the purchase transaction that includes all information required under Network Rules and applicable law. If you are notified that you must prepare a receipt, you must ensure the information contained in the receipt is (a) identical with the information on any other copy; and (b) legibly includes the information notified to you. You must provide Propell with the transaction receipt and any other required evidence of the transaction within seven (7) days if you are asked by Propell to provide it. If You wish to change your Internet or email address, or telephone number appearing on the transaction receipt, you must notify Propell in writing at least fifteen (15) business days prior to the change taking effect. You will submit all card transactions for processing no later than three (3) days from the date of authorisation. You will maintain appropriate records of all card transactions for a period of at least five (5) years from the date of the transaction. The payment card networks may amend the Network Rules at any time without notice to you, and Propell reserves the right to change the Payment Services for payment card processing at any time to comply with the Network Rules. We may share the information you provide to us that we use to identify the nature of the products or services with Financial Services Providers, including assigning your business activities to a particular payment network merchant category ...
Specific Payment Methods. 6.1 When accepting payment card payments, you must comply with all Network Rules applicable to merchants, including the Network Rules provided by Card Providers not limited to Visa, MasterCard, Dinners and American Express and by the individual mobile wallet providers.
6.2 These Network Rules state that you may only accept payment for bona fide legal commercial transactions, may only use payment network trademarks or service marks consistent with the Network Rules. The Network Rules for card networks may also limit your ability to discriminate by card type or charge surcharges for acceptance of payment cards.
6.3 The payment card networks may amend the Network Rules at any time without notice to you, and Finserve reserves the right to change the Payment Services for payment card processing at any time to comply with the Network Rules. We may share the information you provide to us that we use to identify the nature of the products or services with Financial Services Providers, including assigning your business activities to a particular payment network merchant category code (MCC).
6.4 Customers typically raise payment card network Disputes (i.e. chargebacks) when a merchant fails to provide the product or service to the Customer, or where the payment card account holder did not authorise the Charge. High chargeback rates (typically those exceeding 1%) may result in your inability to use the Payment Services. Failure to timely and effectively manage Disputes with your Customers may ultimately result in your inability to accept payment cards for your business.
6.5 When you accept payment card Transactions, Network Rules specifically prohibit you from
(i) providing cash refunds for a Charge on a credit card, unless required by Laws, (ii) accepting cash, its equivalent, or any other item of value for a refund, (iii) acting as a payment intermediary or aggregator, or otherwise reselling Payment Services on behalf of others, (iv) submitting what you believe or know to be a fraudulent Charge, or (v) using Payment Services in a manner that is an abuse of Financial Services Providers’ networks or a violation of Network Rules.
6.6 If you misuse the Payment Services for payment card transactions or engage in activity the payment card networks identify as damaging to their brand, or if we are required to do so by Network Rules, we may submit information about you, Representatives, Principals, beneficial owners and other individuals associated with your Jenga PGW Acco...
Specific Payment Methods