Common use of Specific Payment Methods Clause in Contracts

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 Account to the MATCH terminated merchant listing maintained by MasterCard and accessed and updated by Visa and American Express, or to the Consortium Merchant Negative File maintained by Discover. Addition to one of these lists may result in your inability to accept payments from payment cards. You understand and consent to our sharing this information and to the listing itself, and you will fully reimburse us for any losses we incur from third-party claims, and you waive your rights to bring any direct claims against us that result from such reporting.

Specific Payment Methods. 6.1 a. Payment Cards: When accepting payment card payments, you must comply with all applicable Network Rules applicable to merchantsRules, including the Network Rules provided specified by Card Providers not limited to the Visa Rules and Regulations Rules specified by Visa International (“Visa”), the Mastercard Rules specified by MasterCard International Incorporated (“Mastercard”), and Network Rules specified by American Express. Collectively, Visa, MasterCard, Dinners Mastercard and American Express are referred to in this Agreement as the “Networks”. In addition, for Visa and by Mastercard Transactions, Visa and Mastercard require that you enter into a direct contractual relationship with the individual mobile wallet providers. 6.2 These Payment Method Acquirer for these types of Transactions, as described in the Financial Services Terms. The Network Rules state that you may only accept payments using payment cards for bona fide legal commercial transactionstransactions between you and your Customers for goods or services that are free of liens, claims, and encumbrances. You may only use payment network trademarks or service marks consistent with the Network Rules. The , and 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 Networks may amend the Network Rules at any time without notice to you, and Finserve Fyiro reserves the right to change the Payment Processing Services for payment card processing at any time to comply with the Network Rules. We may share with the Networks (and the Payment Method Acquirer) information you provide to us that we use to identify the nature of the your products or services with Financial Services Providersservices, including assigning the assignment of your business activities to a particular payment network merchant category code (MCC). 6.4 . Customers typically raise payment card network Disputes (i.e. also known as “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 Dispute rates (typically those exceeding 1%) may result in your inability to use the Payment Processing 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 from (i) providing cash refunds for a Charge on a credit card, unless required by Laws, (ii) initiating a Refund more than five calendar days after issuing a credit to your Customer, (iii) accepting cash, its equivalent, or any other item of value for a refundRefund, (iiiiv) acting as a payment facilitator, intermediary or aggregator, or otherwise reselling Payment Processing Services on behalf of others, (ivv) submitting what you believe or know to be a fraudulent ChargeCharge or a Charge that has not been authorised by the cardholder, (vi) submitting a Charge where the Transaction has not been completed or the goods or services have not been shipped or provided (except where the cardholder has paid a partial or full prepayment or the cardholder’s consent is obtained for a recurring transaction), (vii) splitting Transactions into multiple Charges unless certain criteria are met, or (vvii) using Payment Processing Services in a manner that is an abuse of Financial Services Providers’ the payment card networks or a violation of the Network Rules. 6.6 . If you misuse the Payment Processing Services for payment card transactions Transactions or engage in activity the payment card networks Networks identify as damaging to their brand, or if we are required to do so by the Network Rules, we may submit information about you, Representatives, Principals, your beneficial owners and principals, and other individuals associated with your Jenga PGW Account Fyiro Account, to the MATCH terminated merchant listing maintained by MasterCard and accessed and updated by Visa and American Express, or to the Consortium Merchant Negative File maintained by Discover. Addition to one of these lists may result in your inability to accept payments from payment cards. You understand and consent to our sharing this information and to the listing itself, and you will fully reimburse us for any losses we incur from third-party claims, and you waive your rights to bring any direct claims against us that result from such reporting. Our reporting of information under this paragraph is separate from any other right that we may exercise under this Agreement, and we may separately terminate this Agreement or suspend your Fyiro Account due to the misuse or damaging activity that caused us to make the report. If you engage a third party processor to create and deliver a payment card transaction directly to the payment card network, then you may be able to specify that the transaction will be cleared and settled by Fyiro via our Payment Processing Services. If you intend to make use of this service with respect to the Fyiro Payment Processing Services, you first must notify us. If you engage a third party to deliver this service, and you are permitted to designate Fyiro in this manner, then you take the risk of the third party properly delivering the transaction to the payment card network. You understand and agree that Fyiro will only clear and settle to you funds for transactions that are actually received by the payment card network. You further assume responsibility for any failure by such third party to comply with the applicable Network Rules. b. American Express conversion: If your American Express Transaction volume exceeds a threshold amount set by American Express, American Express may convert you to a direct American Express merchant, which means that your acceptance of American Express Transactions will be governed by American Express’ then-current Card Acceptance Agreement, and your pricing and other fees for the acceptance of American Express Transactions will be directly agreed between you and American Express. In the event of such conversion, your relationship with Fyiro will not be otherwise affected, and Fyiro will continue to process your American Express Transactions in accordance with this Agreement.