Payment settlement entity definition
Payment settlement entity means, in the case of a payment card transaction, a merchant acquiring entity and, in the case of a third party network transaction, a third party settlement organization. A “participating payee” means, in the case of a payment card transaction, any person who accepts a payment card as payment and, in the case of a third party network transaction, any person who accepts payment from a third party settlement organization in settlement of such transaction. A “person” includes a governmental unit, although, generally, not someone with a foreign address.
Payment settlement entity means: (A) in the case of a payment card transaction, the merchant acquiring entity; and (B) in the case of a third party network transaction, the third party settlement organization.38 Such entities generally include banks or other organizations that process credit card transactions on behalf of a merchant and make an interbank transfer of funds to the merchant from a customer.39
Payment settlement entity means: (A) in the case of a payment card transaction, the merchant acquiring entity; and (B) in the case of a third party network transaction, the third party settlement organization.38 Such entities generally include banks or other organizations
More Definitions of Payment settlement entity
Payment settlement entity as used in this document means the banks and other organizations with contractual obligations to make payment to participating payees (merchants) in settlement of payment cards, or third-party settlement organizations.
Payment settlement entity means, in the case of a payment card transaction, a merchant acquiring entity (defined below) and, in the case of a third party network transaction, the third party settlement organization.26 A “participating payee” means, in the case of a
Payment settlement entity as used in this document means the banks and other organizations with contractual obligations to make payments to participating payees (merchants) in settlement of payment card transactions or third-party network transactions.