Conversion with Guarantee definition

Conversion with Guarantee means that SPS-EFT, subject to the limitations set forth in this Agreement and subject to Merchant’s compliance with the terms and conditions of this Agreement, will provide Conversion and Verification services and will Guarantee reimbursement of losses sustained by Merchant in accepting checks for electronic processing. In addition to the provisions set forth in this Agreement and notwithstanding any provisions to the contrary, SPS-EFT has established a per check guarantee limit (“Guarantee Limit”), which is set forth in the Welcome Letter. Each month Merchant shall have access to an itemized summary of electronic check deposits. SPS-EFT shall process up to the Guarantee Limit established for Merchant, but will not be responsible for reimbursement of checks exceeding the Merchant’s approved Guarantee Limit. Conversion with Guarantee shall cover, subject to the Guarantee Limit, Merchant losses due to: (1) Insufficient Funds, (2) Account Closed, (3) No Account/Unable to Locate Account, (4) Invalid Account Number, (5) Uncollected Funds, (6) Customer Advises Not Authorized/Item is Ineligible, Notice Not Provided, Signatures Not Genuine, or Item Altered, (7) File Record Edit Criteria, (8) Non-Transaction Account, (9) Corporate Customer Advises Not Authorized, (10) Branch sold to another ▇▇▇, (▇▇) account holder deceased and (12) beneficiary deceased.
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Conversion with Guarantee means that GETI, subject to the limitations set forth in this Agreement and subject to Merchant’s compliance with the terms a “Conversion” or “Conversion without Guarantee” lar amount of the sale has been calculated, the cashier feeds the consumer’s check in a Magnetic Ink Character Recognition (M
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Conversion with Guarantee means that GETI, subject to the limitations set forth in this Agreement and subject to Merchant’s compliance with the terms and conditions of this Agreement, will provide Conversion and Verification services and will Guarantee reimbursement of losses sustained by Merchant in accepting checks for electronic processing. In addition to the provisions set forth in this Agreement and notwithstanding any provisions to the contrary, GETI has established a per check guarantee limit (“Guarantee Limit”), which is set forth in the Welcome Letter. Each month Merchant shall have access to an itemized summary of electronic check deposits. GETI shall process up to the Guarantee Limit established for Merchant, but will not be responsible for reimbursement of checks exceeding the Merchant’s approved Guarantee Limit. Conversion with Guarantee shall cover, subject to the Guarantee Limit, Merchant losses due to: (1) Insufficient Funds, (2) Account Closed,
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Examples of Conversion with Guarantee in a sentence

  • If Merchant has selected Conversion with Guarantee, then checks contained in an untimely Batch Out will not be guaranteed.

  • By subscribing to the Conversion with Guarantee service, Merchant shall be deemed to have assigned to SPS-EFT, without recourse, all of Merchant’s right, title and interest in any and all checks, including any rights to treble or punitive damages, permitted under applicable law.

  • Additionally, if a Merchant has selected the Conversion with Guarantee, then upon SPS-EFT’s request, Merchant will deliver all documents related to a guaranteed transaction to SPS-EFT’s designated location within 48 hours.

  • If a Merchant, which has selected the Conversion with Guarantee service, fails to provide the requested receipt or documentation within this time period, SPS-EFT, in its sole discretion, may elect not to guarantee that check.

  • A “Discount Fee” shall be paid on each electronic inquiry to the database under the Conversion with Guarantee service.

  • By subscribing to the Conversion with Guarantee service, Merchant shall be deemed to have assigned to GETI, without recourse, all of Merchant’s right, title and interest in any and all checks, including any rights to treble or punitive damages, permitted under applicable law.

  • If a Merchant, which has selected the Conversion with Guarantee service, fails to provide the requested receipt or documentation within this time period, GETI, in its sole discretion, may elect not to guarantee that check.

  • Additionally, if a Merchant has selected the Conversion with Guarantee, then upon GETI’s request, Merchant will deliver all documents related to a guaranteed transaction to GETI’s designated location within 48 hours.

  • If a check is returned unpaid after the third presentment, GETI shall be entitled to debit the Merchant’s account for the amount of the check, if Merchant does not have the Conversion with Guarantee service.

  • For those Merchant’s who have purchased Conversion with Guarantee, GETI shall have the right to debit Merchant’s incoming transactions, designated account or any other funds of Merchant in GETI’s direct or indirect control and to chargeback such transactions to Merchant only for those items set forth in (a) through (x) above that are not covered by the Guarantee.