Merchant Settlement Account definition

Merchant Settlement Account means the account opened on Paynovate's books in the name of the Merchant for settlement purposes of under the Merchant Agreement. ● Payment: means a transfer of funds completing a Payment Transaction (settlement). Payment Card Industry Data Security Standard ("PCI" or "PCI DSS"): means the security standards for the transfer, storage and processing of Payment Security Standard ("PCI" or "PCI DSS"): means the security standards for the transfer, processing or storage of sensitive cardholder and authentication data, as updated from time to and published by the Payment Card Industry Security Standards Council at xxxx://xxx.xxxxxxxxxxxxxxxxxxxx.xxx.

Merchant Settlement Account. (MSA) means one of the following;

Merchant Settlement Account means account number [***] established and maintained on behalf of the Borrower in the name of the Servicer as the account owner at the Controlled Account Bank, or such other account approved by the Directing Agent, for the purposes of the daily settlement of amounts owned by or to merchants in respect of Loan Assets, such amounts not to include amounts becoming due and payable more than forty-eight (48) hours in advance at any time.

Examples of Merchant Settlement Account in a sentence

• Any fees or costs not deducted by Paynovate from amounts due to the merchant shall be deducted from the Reserve Amount in the Merchant Settlement Account.

• The balance of the Merchant Settlement Account shall be paid on a net basis, i.e. after deduction of all amounts due under the Merchant Contract on the day of transfer, including all amounts due for settlement of all Payment Transactions (including fees, amounts due as Chargebacks and the Rebates and the Reserve Amount as described in Article 7.2 (Reserve) of these General Conditions and the Purchase Order.

• The merchant shall execute all documents and take all actions as requested by Paynovate or the financial institution with which the Merchant Settlement Account is opened for the purpose of implementing this Section (Merchant Settlement Account), including the execution of all bank account mandates and/or collateral agreements, if any.

• The merchant irrevocably authorizes Paynovate to initiate debit/credit entries to the Merchant Settlement Account for the purpose of settling all Payment Transactions and Chargeback Amounts, and for the payment of any fees or taxes due under the Merchant Agreement.

• Paynovate shall maintain, during the term of the Merchant Agreement, a Merchant Settlement Account.

• The credit value date for funds credited to the Merchant Settlement Account shall be no later than the Business Day on which the amount of the Payment Transaction is credited to Paynovate.

• Paynovate shall transfer the balance in the Merchant Settlement Account to the account in the Merchant's name, the details of which have been provided to Paynovate in the Application Form within the timeframe agreed in the Purchase Order.

• The Reserve Amount held in the Merchant Settlement Account shall remain in the Merchant Settlement Account for one hundred and eighty (180) days following the Termination Date, as described in these Terms and Conditions or in the Merchant's last Payment Transaction submitted to Paynovate, provided, however, that the Merchant shall remain liable to Paynovate for all liabilities arising beyond such one hundred and eighty (180) day period.

• In the event of the merchant's insolvency, the Reserve Amount held in the Merchant Settlement Account shall be available for insolvency administration only after one hundred and eighty (180) days to the extent permitted by law, and subject to further liability of the merchant’s additional liability to Paynovate under these Terms and Conditions occurring between the time of Merchant's insolvency event and the expiration of the one hundred eighty (180) day period.

More Definitions of Merchant Settlement Account

Merchant Settlement Account means the depository account or accounts maintained by a Merchant with a depository institution into which proceeds from Sales Drafts will be deposited and/or to which Chargebacks and merchant fees will be charged.

Merchant Settlement Account means an account designated by Merchant through which Citibank will process amounts due Merchant. Mod 10 Validation means validating that the last position or check digit of an account number is correct by mathematically calculating that digit via running the first 12 digits through an algorithm provided by Citibank or a Processor or Financial Institution.

Merchant Settlement Account means [***] established and maintained on behalf of the Borrower in the name of the Servicer as the account owner at the Account Bank, or such other account approved by the Directing Agent, for the purposes of the daily settlement of amounts owned by or to merchants in respect of Loan Assets, such amounts not to include amounts becoming due and payable more than forty-eight (48) hours in advance at any time. “Xxxxxxx Xxxx” means Xxxxxxx Xxxx Xxxxxxxx (Canada) Ltd. “Xxxxxxx Xxxx Portfolio” means the portfolio of Xxxxxxx Xxxx Receivables. “Xxxxxxx Xxxx Portfolio Servicer” means Retail Credit Solutions, LLC. “Xxxxxxx Xxxx Receivable” means a Loan Asset that was purchased by the Seller from Xxxxxxx Xxxx and is sold to the Borrower pursuant to the Sale and Servicing Agreement. “Xxxxxxx Xxxx Servicing Agreement” means the servicing agreement, dated as of April 13, 2022, between, among others, the Servicer and the Xxxxxxx Xxxx Portfolio Servicer, as it may be amended, supplemented, amended and restated or otherwise modified, from time to time. “Millennium Sub-Servicing Agreement” means the subservices agreement dated as of June 1, 2017 between the Servicer and Millennium Process Group, Inc., as amended on June 7, 2018, as it may be further amended, supplemented, amended and restated or otherwise modified, from time to time. “Monthly Period” means the period from and including the first day of a calendar month to and including the last day of such calendar month. “Monthly Reporting Date” means the 21st day of each calendar month, or if such day is not a Business Day, the next following Business Day. “Xxxxx’x” means Xxxxx’x Investor Services, Inc. “NCRi Sub-Servicing Agreement” means the master services agreement dated September 15, 2021 between the Servicer and NCRi Inc., as it may be amended, supplemented, amended and restated or otherwise modified, from time to time. “Net Income” means, with respect to any Person, the net income (loss) of such Person, determined in accordance with GAAP and before any reduction in respect of Preferred Stock dividends, excluding, however, (1) any gain (but not loss), together with any related provision for taxes on such gain (but not loss) realized in connection with (A) any Asset Sale or (B) the disposition of any securities by such