The Merchant Agreement is a critical commercial contract used when a business needs to establish a formal relationship with a payment service provider to process customer payments. This agreement, governed by Danish law, sets out the comprehensive framework for payment processing services, including operational procedures, fees, security requirements, and regulatory compliance obligations. It is essential for businesses operating in Denmark that need to accept various payment methods, whether in-person or online. The agreement must comply with Danish financial regulations, particularly the Danish Payments Act (Betalingsloven), EU Payment Services Directive 2 (PSD2), GDPR, and other relevant Danish and EU legislation. It includes specific provisions for data protection, consumer protection, anti-money laundering compliance, and financial security measures required under Danish law.
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Key Requirements PROMPT example:
Merchant Agreement
I need a Merchant Agreement for my Danish e-commerce company that will be integrating with multiple payment methods, including credit cards and mobile payments, with specific attention to GDPR compliance and cross-border transactions within the EU.
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1. Parties: Identification of the merchant and the payment service provider, including full legal names, registration numbers, and addresses
2. Background: Context of the agreement, including the merchant's business nature and desire to accept payments through the service provider
3. Definitions: Definitions of key terms used throughout the agreement, including technical payment terms and service-specific terminology
4. Scope of Services: Detailed description of payment processing services to be provided, supported payment methods, and service levels
5. Merchant Obligations: Core responsibilities of the merchant, including compliance with payment scheme rules, security standards, and operational requirements
6. Service Provider Obligations: Core responsibilities of the payment service provider, including service delivery, support, and maintenance
7. Fees and Payment Terms: Pricing structure, payment terms, settlement periods, and related financial arrangements
8. Security Requirements: Security protocols, PCI DSS compliance requirements, and data protection measures
9. Chargebacks and Disputes: Procedures for handling customer disputes, chargebacks, and refunds
10. Term and Termination: Duration of the agreement, renewal terms, and termination provisions
11. Liability and Indemnification: Allocation of risks, limitation of liability, and indemnification obligations
12. Confidentiality: Protection of confidential information and trade secrets
13. Data Protection: GDPR compliance and data processing terms
14. General Provisions: Standard legal provisions including governing law, jurisdiction, entire agreement, and amendments
1. Integration Services: Technical integration requirements and processes, included when the service provider offers integration support
2. Currency Conversion: Terms for multi-currency processing and conversion, included for cross-border merchants
3. Equipment Rental: Terms for POS terminal rental and maintenance, included when physical payment terminals are provided
4. Value-Added Services: Additional services such as fraud detection or analytics, included when merchant subscribes to these services
5. Service Level Agreement: Detailed performance metrics and remedies, included for larger merchants requiring specific service levels
6. Marketing and Branding: Requirements for displaying payment service provider's logos and branding, included when required by the provider
7. Reserve Requirements: Terms for maintaining a reserve account, included for high-risk merchants or specific business types
1. Schedule 1 - Pricing Schedule: Detailed breakdown of all fees, charges, and payment terms
2. Schedule 2 - Technical Specifications: Technical requirements, API documentation, and integration guidelines
3. Schedule 3 - Service Level Requirements: Detailed service levels, response times, and performance metrics
4. Schedule 4 - Supported Payment Methods: List of all supported payment methods and associated terms
5. Schedule 5 - Security Requirements: Detailed security protocols, PCI DSS requirements, and compliance checklist
6. Schedule 6 - Processing Countries: List of countries where services are provided and any country-specific terms
7. Appendix A - Definitions: Extended list of defined terms and technical terminology
8. Appendix B - Contact Information: Key contacts for both parties for various purposes (technical, legal, operational)
Authors
Relevant legal definitions
Account
Acquirer
Acquiring Bank
Agreement
Applicable Law
Authorization
Business Day
Card
Card Scheme
Card Scheme Rules
Cardholder
Chargeback
Confidential Information
Customer
Data Protection Laws
Effective Date
Equipment
Fees
Force Majeure
GDPR
Intellectual Property Rights
Issuer
Merchant
Merchant Account
Merchant Bank Account
Merchant Portal
Payment Card Industry Data Security Standards (PCI DSS)
Payment Method
Payment Service Provider
Payment Services
Payment Transaction
Personal Data
Processing
Prohibited Transaction
Refund
Reserve
Security Standards
Services
Settlement
Settlement Currency
Settlement Period
Terminal
Transaction Data
Transaction Records
Working Day
3D Secure
Payment Schemes
Strong Customer Authentication
Settlement Account
Processing Fee
Interchange Fee
Scheme Fee
Merchant Outlet
Point of Sale
Payment Gateway
Authentication Method
Batch
Capture
Clearing
Danish Banking Business Day
Electronic Commerce
Face-to-Face Transaction
Merchant Category Code
Payment Token
Recurring Transaction
Voice Authorization
Processing System
Acquirer
Acquiring Bank
Agreement
Applicable Law
Authorization
Business Day
Card
Card Scheme
Card Scheme Rules
Cardholder
Chargeback
Confidential Information
Customer
Data Protection Laws
Effective Date
Equipment
Fees
Force Majeure
GDPR
Intellectual Property Rights
Issuer
Merchant
Merchant Account
Merchant Bank Account
Merchant Portal
Payment Card Industry Data Security Standards (PCI DSS)
Payment Method
Payment Service Provider
Payment Services
Payment Transaction
Personal Data
Processing
Prohibited Transaction
Refund
Reserve
Security Standards
Services
Settlement
Settlement Currency
Settlement Period
Terminal
Transaction Data
Transaction Records
Working Day
3D Secure
Payment Schemes
Strong Customer Authentication
Settlement Account
Processing Fee
Interchange Fee
Scheme Fee
Merchant Outlet
Point of Sale
Payment Gateway
Authentication Method
Batch
Capture
Clearing
Danish Banking Business Day
Electronic Commerce
Face-to-Face Transaction
Merchant Category Code
Payment Token
Recurring Transaction
Voice Authorization
Processing System
Clauses
Interpretation
Definitions
Services
Service Implementation
Merchant Obligations
Service Provider Obligations
Fees and Charges
Payment Terms
Settlement
Chargebacks
Security
PCI DSS Compliance
Data Protection
Confidentiality
Intellectual Property
Representations and Warranties
Term and Duration
Termination
Suspension of Services
Force Majeure
Liability
Indemnification
Insurance
Anti-Money Laundering
Audit Rights
Record Keeping
Service Levels
Technical Requirements
Integration
Testing
Merchant Onboarding
Risk Management
Dispute Resolution
Assignment
Subcontracting
Notices
Amendments
Entire Agreement
Severability
Waiver
Governing Law
Jurisdiction
Third Party Rights
Counterparts
Reserve Requirements
Currency Conversion
Equipment Provision
Business Continuity
Marketing and Branding
Prohibited Activities
Compliance with Laws
Change Control
Definitions
Services
Service Implementation
Merchant Obligations
Service Provider Obligations
Fees and Charges
Payment Terms
Settlement
Chargebacks
Security
PCI DSS Compliance
Data Protection
Confidentiality
Intellectual Property
Representations and Warranties
Term and Duration
Termination
Suspension of Services
Force Majeure
Liability
Indemnification
Insurance
Anti-Money Laundering
Audit Rights
Record Keeping
Service Levels
Technical Requirements
Integration
Testing
Merchant Onboarding
Risk Management
Dispute Resolution
Assignment
Subcontracting
Notices
Amendments
Entire Agreement
Severability
Waiver
Governing Law
Jurisdiction
Third Party Rights
Counterparts
Reserve Requirements
Currency Conversion
Equipment Provision
Business Continuity
Marketing and Branding
Prohibited Activities
Compliance with Laws
Change Control
Relevant Industries
Retail
E-commerce
Hospitality
Travel
Professional Services
Healthcare
Education
Entertainment
Food and Beverage
Telecommunications
Transportation
Financial Services
Software and Technology
Manufacturing
Wholesale
Relevant Teams
Legal
Finance
Compliance
Risk Management
Operations
Information Technology
Security
Treasury
Commercial
Procurement
Business Development
Account Management
Data Protection
Payment Operations
Relevant Roles
Chief Financial Officer
Finance Director
Payment Operations Manager
Legal Counsel
Compliance Officer
Risk Manager
Treasury Manager
E-commerce Manager
Retail Operations Director
Commercial Director
Chief Technology Officer
IT Security Manager
Data Protection Officer
Head of Operations
Procurement Manager
Business Development Manager
Account Manager
Financial Controller
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