Agreement Accounts Receivable With Credit Card Processing In Cuyahoga
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PCI compliance standards require merchants and other businesses to handle credit card information in a secure manner that helps reduce the likelihood that cardholders would have sensitive financial account information stolen.
A cardholder agreement is a legal document outlining the terms under which a credit card is offered to a customer. Among other provisions, the cardholder agreement states the annual percentage rate (APR) of the card, as well as how the card's minimum payments are calculated.
The acquiring bank, also known as the “acquirer” or “merchant bank,” is the financial institution that has a contractual relationship with the business to accept and process credit card transactions. It settles funds with the issuing bank and deposits the funds into the business's account.
Merchant Card Receivables: Amounts owed by banking companies for sales of goods, services, and/or special functions from credit companies. This account will be used for all credit card sales regardless of the credit card company involved.
A credit card agreement is defined as the written document or documents evidencing the terms of the legal obligation, or the prospective legal obligation, between a card issuer and a consumer for a credit card account under an open-end (not home-secured) consumer credit plan.
If these forms are not stored securely or are accessible to unauthorized individuals, it increases the likelihood of credit card fraud or data breaches. Transmission of Information: Transmitting paper forms with credit card details via fax, mail, or email is not secure.
