Common use of Third Party Payment Processors Clause in Contracts

Third Party Payment Processors. We do not accept business accounts serving as a Third-Party Payment Processor (TPPP), including as a Third Party Sender (TPS). These are businesses that provide payment-processing services to merchants and other business entities, typically initiating transactions on behalf of merchant clients that do not have a direct relationship with the Payment Processor’s financial institution. Examples of services include (but not limited to) (i) credit card payments (ii) Automated Clearing House (ACH) debits (iii) creating and depositing remotely created checks (RCCs) or “demand drafts.” RBFCU monitors all members and transactions. If prohibited activity, suspicious activity and/or unsatisfactory account handling is detected, the Credit Union will review the account and take action either by limiting services or closing the account. (Refer to Limitation of Services).

Third Party Payment Processors. We do not accept business accounts serving as a Third-Party Payment Processor (TPPP), including as a Third Party Sender (TPS). These are businesses that provide payment-processing services to merchants and other business entities, typically initiating transactions on behalf of merchant clients that do not have a direct relationship with the Payment Processor’s financial institution. Examples of services include (but not limited to) (i) credit card payments (ii) Automated Clearing House (ACH) debits (iii) creating and depositing remotely created checks (RCCs) or “demand drafts.” RBFCU monitors all members and transactions. If prohibited activity, suspicious activity and/or unsatisfactory account handling is detected, the Credit Union will review the account and take action either by limiting services or closing the account. (Refer to Limitation of Services).