Approved Merchant definition

Approved Merchant means a Merchant that was referred to ▇▇▇▇▇▇▇▇▇.▇▇▇ by Reseller during the Term, was not an existing customer of ▇▇▇▇▇▇▇▇▇.▇▇▇ as of the date Reseller referred such Merchant to ▇▇▇▇▇▇▇▇▇.▇▇▇, had not previously contacted or been contacted by ▇▇▇▇▇▇▇▇▇.▇▇▇ concerning any of the ▇▇▇▇▇▇▇▇▇.▇▇▇ Services, has entered into an ▇▇▇▇▇▇▇▇▇.▇▇▇ Merchant Service Agreement with ▇▇▇▇▇▇▇▇▇.▇▇▇, and has been approved by the necessary financial institutions(s) for a processing account.

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Approved Merchant means a Merchant referred to ▇▇▇▇▇▇▇▇▇.▇▇▇ by Company subject to the following conditions: (1) the Merchant that was referred to ▇▇▇▇▇▇▇▇▇.▇▇▇ by Company was not an existing customer of ▇▇▇▇▇▇▇▇▇.▇▇▇ as of the date Company referred such Merchant to ▇▇▇▇▇▇▇▇▇.▇▇▇; (2) the Merchant had not previously contacted or been contacted by ▇▇▇▇▇▇▇▇▇.▇▇▇ concerning any of the ▇▇▇▇▇▇▇▇▇.▇▇▇ Services; (3) for Payment Gateway services, the Merchant has executed a Payment Gateway Service Agreement; and (4) for Merchant Account services, the Merchant has executed a Merchant Account Services Agreement. “▇▇▇▇▇▇▇▇▇.▇▇▇ Services” means generally, the Authorize.Net-hosted, online gateway and fraud services, set forth in more detail in the Services Documentation.

Approved Merchant means each: (i) Merchant approved by SERVICERS for participation in the Program that enters into a Merchant Processing Agreement with SERVICERS; (ii) each Existing Merchant in the Existing Portfolio which is approved to participate in the Program by SERVICERS pursuant to the terms of this Agreement and whose contract for Transaction processing and settlement services with another Member (and/or IPAYMENT or one of its Subsidiaries or a predecessor in interest to IPAYMENT), has been assigned to SERVICERS; and (iii) each Merchant in a Subsequently Acquired Portfolio which is approved to participate in the Program by SERVICERS pursuant to the terms of this Agreement and whose contract for Transaction processing and settlement services with another Member (and/or IPAYMENT, or a predecessor in interest to IPAYMENT), has been assigned to SERVICERS.

Examples of Approved Merchant in a sentence

Commissions generated by Approved Merchants will not be paid to Company where payments owing from such Approved Merchants are overdue and require collection efforts by ▇▇▇▇▇▇▇▇▇.▇▇▇ or in instances where the Approved Merchant engages a new merchant service provider.
In the event that the Merchant lead does not enter into a Merchant Account Agreement and such Merchant acquires a Merchant Account from another service provider or if an Approved Merchant terminates its Merchant Account Agreement, Company will not earn a commission for such Merchant Account.
Billing shall be accordance with the terms of the ▇▇▇▇▇▇▇▇▇.▇▇▇ Merchant Service Agreement between ▇▇▇▇▇▇▇▇▇.▇▇▇ and an Approved Merchant.
With respect to each Approved Merchant enrolling in ▇▇▇▇▇▇▇▇▇.▇▇▇ Services, ▇▇▇▇▇▇▇▇▇.▇▇▇ will pay Reseller a Residual so long as Reseller charges the Approved Merchant a Sell Rate greater than the Buy Rate for such services.
Company will be eligible to receive 15 basis points (Basis Points) on an Approved Merchant's total monthly credit card volume processed by a Merchant Account Provider if the Approved Merchant obtains their Merchant Account from one of ▇▇▇▇▇▇▇▇▇.▇▇▇'s approved Merchant Account Providers.
Subject to the terms hereof, ▇▇▇▇▇▇▇▇▇.▇▇▇ will use commercially reasonable efforts to provide the ▇▇▇▇▇▇▇▇▇.▇▇▇ Services to Approved Merchants and maintain the same in an uninterrupted and error-free fashion consistent with its practices in effect as of the Effective Date, provided that the applicable Approved Merchant is not in default of its obligations to ▇▇▇▇▇▇▇▇▇.▇▇▇ pursuant to the Payment Gateway Merchant Service Agreement or Merchant Account Services Agreement.
In months when Reseller earns a Residual payment, ▇▇▇▇▇▇▇▇▇.▇▇▇ shall pay Residual payment on the first business day of the month following the month in which ▇▇▇▇▇▇▇▇▇.▇▇▇ collects the applicable fees from the Approved Merchant.
Billing shall be accordance with the terms of the Payment Gateway Agreement or Merchant Account Services Agreement between it and an Approved Merchant.
Residuals generated by Approved Merchants will not be paid to Reseller where payments owing from such Approved Merchants are overdue and require collection efforts by ▇▇▇▇▇▇▇▇▇.▇▇▇ or in instances where the Approved Merchant engages a new Merchant Service Provider.
During the respective term of the Payment Gateway Merchant Service Agreement or Merchant Account Services Agreement, if the Approved Merchant is current in payment of all fees owing to ▇▇▇▇▇▇▇▇▇.▇▇▇ and is otherwise not in default under such agreement, ▇▇▇▇▇▇▇▇▇.▇▇▇ and/or its Suppliers shall provide customer service to such Approved Merchant via telephone and email.

More Definitions of Approved Merchant

Approved Merchant means any Merchant that:

Approved Merchant bank" means a merchant bank of repute in Hong Kong selected by the Company and approved by 214 the Noteholder for the purpose of providing a specific opinion or calculation or determination hereunder or such merchant bank as may be appointed by the President for the time being of The Law Society of Hong Kong upon the request of either the Company or the Noteholder;

Approved Merchant means any Merchant (as defined herein) registered in the DIJIExchange Financial Services system.

Approved Merchant means a Merchant that was referred to VIVA PAYMENTS by the Reseller Partner during the Term, was not an existing customer of VIVA PAYMENTS as of the date Reseller referred such Merchant to VIVA PAYMENTS, has been approved by VIVA PAYMENTS, has entered into the VIVA PAYMENTS Merchant Service Agreement with VIVA PAYMENTS, has been registered as professional user and has activated a Viva Wallet Account, has completed successfully the Onboarding and KYC Process and has completed one successful Transaction.