Merchant Acquiring Services
Synergy Cards provides service and support for new merchants. This includes opening of accounts with MasterCard and /or Visa providing credit card payment terminals to enable credit card transactions.
MERCHANT AGREEMENT – ADDITIONAL CLAUSES
1 Settlement by Merchant should be done on a daily basis through Merchant’s EDC Terminal. Please ensure the daily settlement slip amount tally with the daily merchant sales slip / draft batch amount. If Merchant is unable to do so, please contact Synergy Cards.
2 Sales Slip / Draft (Signed Copy) must be kept for a period of eighteen (18) months. This is to enable Merchant to provide Synergy Cards with transaction slip(s) within the time frame as stipulated under the credit card regulations. Failure to do so will prevent Merchant from submitting the payment transaction to Merchant’s customer in the event of retrieval request or charge back – Clause 7.8 of Merchant Agreement. In addition, Synergy Cards is entitled to withhold funds for a minimum of six (6) month until Synergy Cards / issuing Bank have examined and verified acceptable supporting documentation and/or conducted investigations.
3 A statement showing the daily settlement proceeds collected and paid to Merchant will be sent to Merchant’s trading address monthly. Please reconcile all Merchant’s daily settlements with the payment statement within thirty (30) days. Additional copies of statement may be requested if required at RM 10 per month.
4 All unpaid settlements shall be notified to Synergy Cards in writing with the settlement slip, supporting Sales Slip / Draft enclosed within twenty (20) days from the date of statement. Failure to do so will result in retention of payment to Merchant of up to hundred and twenty (120) days.
5 Merchant must notify Synergy Cards if there are any changes of business ownership or change of company name. In the event the Merchant fails to notify Synergy Cards of such within fourteen (14) days of such changes, Synergy Cards will take the necessary steps to terminate the Merchant Agreement.
6 Synergy Cards reserves the right to review the performance of the Merchant to determine the Merchant discount rates / EDC Terminal rental as and when necessary.
7 Synergy Cards will reserve the right to charge back any disputed transactions of the Merchant’s customers and the Merchant agrees that Synergy Cards shall debit the Merchant’s account to offset the full disputed charges, if any.
8 There is a government stamp duty on the Merchant agreement charged at RM 40.00, which will be deducted from Merchant’s current settlement proceeds.
9 Merchant is “Prohibited” from imposing surcharges and/or setting minimum transaction amount on card transactions.
1 If this Agreement is terminated under any of the provisions of this Agreement, Synergy Cards shall have the absolute rights (which shall not be questioned or challenged by the Merchant) to immediately withhold a sufficient sum of money to be determined by Synergy Cards for a period of six (6) months from the date of the termination of this Agreement by servicing a notice to the Merchant.
2 Synergy Cards wish to highlight that committing credit card fraud is a serious offence. In order to protect the Merchant from any allegations of collusion as well to prevent the spread of Counterfeit syndicate activities via unwitting Merchants, the following clause shall stand as one of the terms and conditions in all existing Merchants Agreement “Synergy Cards shall be entitled to disclose any information concerning the Merchant to any other person for any purpose in connection with any card payment system”.
3 In the event of any fraudulent transaction being brought to the attention of Synergy Cards, Synergy Cards shall debit an equivalent amount from Merchant settlement proceeds, such amount will be released upon completion of any investigation and Merchant is found to be in compliance with all the necessary requirements. The merchant agrees to repay Synergy Cards and Synergy Cards will have the right to debit such charges from the Merchant’s account without any prior notice. Synergy Cards have the right to mandate collateral, chargeback reserves, or a depository requirement as additional protection against financial exposure in the event the merchant is found to be engaged in such activities as listed in 11.
4 Merchant has the legal obligation under applicable Malaysian Laws to implement and identify money laundering activities and to keep Synergy Cards informed of such procedures.
5 This Agreement shall be deemed to be effectively terminated by giving seven (7) days notice by Synergy Cards to the merchant on some previous occasion where, the Deposit activity of the Merchant remains inactive for a period of six (6) consecutive months; or any other act being done by Synergy Cards.
IN WITNESS WHEREOF the parties hereto have caused this ADDITIONAL CLAUSES TO MERCHANT AGREEMENT to be executed.
For and on behalf of the Merchant WITNESS
Authorised Signatory and affix company stamp Signature :
Name : Name :
NRIC No. : NRIC No. :
Designation : Designation :