Sponsor Bank Agreement
In the case of recurring transactions, if applicable, authorized by the sales contract, the seller (i) must obtain the customer`s permission to regularly charge the customer a fee for the goods or services purchased; (ii) retain this licence for the duration of the recurring services and pass it on to Paymentech or the bank issuing the customer card upon request; and (iii) keep written documents indicating the frequency of the recurring fee and the length of time these taxes can be collected, as well as the amount or range of amounts that can be charged. The seller is not allowed to submit a recurring transaction after: (i) a customer cancellation notification (if that notification was provided on time for three (3) days or more before the transaction date); or (ii) Paymentech`s statement or a card mark (via the authorization code or otherwise) that the card should not be taken into account. The seller must include in his transaction data the electronic indicator that the transaction is a recurring transaction. The seller agrees to change Paymentech at least 30 days after the written notification of its intention to use current product lines or services, the seller`s trade name or the way the seller adopts payment instruments. If Paymentech finds that such a change is essential to its relationship with the seller, Paymentech may refuse to process transaction data made after the change or terminate the agreement. The seller agrees to notify Paymentech immediately in writing if the seller is the subject of a bankruptcy or an insolvency application or a voluntary or involuntary proceeding. The seller`s signature in this agreement authorizes Paymentech to make all credit cheques deemed necessary for the seller. The seller will also inform paymentech without delay in writing on (i) any adverse change in the seller`s financial situation, (ii) any planned or expected liquidation or substantial change in the fundamental nature of the seller`s transaction, (iii) any transfer or sale of a substantial portion (25% or more of the value) of the seller`s total assets, or (iv) if the seller or the seller`s parent company is not a share national securities or in the largest market, any change in the control or ownership of the seller`s or the seller`s parent company.