Merchant Services Account agreement
Last Updated: 09/13/2014
THIS MERCHANT SERVICES AGREEMENT (the "Agreement") is entered into by and between RMO Merchant Services, powered by RMO Payment Services, a California corporation ("Service Provider"),
and [Merchant Legal Name] ("Merchant"), effective as of the date of acceptance by Merchant.
RECITALS
WHEREAS, Service Provider offers Merchant processing services for card-based (credit, debit, prepaid, etc.) and Automated Clearing House (ACH)/electronic check transactions; and
WHEREAS, Merchant desires to engage Service Provider to provide such services subject to the terms and conditions set forth herein.
NOW, THEREFORE, in consideration of the mutual promises and covenants contained herein and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows:
1. Provision of Services
Service Provider shall provide the following services to Merchant:
Processing of card-based payment transactions, which include credit cards, debit cards, and other related payment methods.
Processing of ACH and electronic check payments, facilitating the debiting of consumer bank accounts and the credit of Merchant’s designated account.
Services supporting authorization, settlement, chargeback handling, and related support functions necessary for processing said transactions.
2. Merchant Obligations
Merchant agrees to:
Adhere strictly to all applicable federal, state, and local laws, rules, and regulations, as well as card association and network rules, including but not limited to those related to consumer privacy and data security.
Utilize secure practices in connection with the collection, transmission and storage of cardholder and payor information, conforming to PCI DSS standards and any additional security standards as required by applicable law or outlined by Service Provider.
Promptly notify Service Provider of any changes to Merchant’s business structure, banking relationships, or any other material change that may affect the provision of services.
3. Fees and Payments
Merchant will be assessed transaction processing fees, as itemized in the attached Fee Schedule, which may include per-transaction fees, monthly service fees, chargeback fees, equipment rental fees, and any other fees associated with the provided services.
Fees may be subject to change from time to time with at least thirty (30) days prior written notice to Merchant.
Service Provider is authorized to deduct fees directly from payment transactions processed or from Merchant's designated settlement account.
4. Term and Termination
The term of this Agreement shall commence on the Effective Date and shall continue indefinitely until terminated by either party upon no less than thirty (30) days prior written notice.
Service Provider may terminate the Agreement immediately if Merchant breaches any obligation hereunder, engages in forbidden activities, or becomes the subject of a bankruptcy proceeding.
Obligations and rights accrued prior to termination shall survive the termination of this Agreement.
5. Warranties and Liabilities
Service Provider represents and warrants that it shall perform the services using reasonable care and skill and in accordance with industry standards.
EXCEPT AS EXPRESSLY PROVIDED IN THIS AGREEMENT, SERVICE PROVIDER MAKES NO WARRANTIES, EXPRESS OR IMPLIED, AND HEREBY DISCLAIMS ALL IMPLIED WARRANTIES, INCLUDING ANY WARRANTY OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE.
6. Dispute Resolution
All disputes arising under this Agreement shall be settled by binding arbitration in accordance with the American Arbitration Association's Commercial Arbitration Rules, and judgment on the award may be entered in any court having jurisdiction.
7. General Provisions
Amendments: This Agreement may be modified only by a written amendment signed by authorized representatives of both parties.
Severability: Should any part of this Agreement be found invalid or unenforceable, the remainder of the Agreement shall remain valid and enforceable.
Governing Law: This Agreement and the rights of the parties hereunder shall be governed by and construed in accordance with the laws of the state of [Your State], exclusive of conflict or choice of law rules.
8. Acceptance
The parties have executed this Agreement as of the date of Merchant's acceptance of these terms.
By initiating service, you acknowledges they have read, understood, and agreed to the terms and conditions of this Agreement.