Factoring

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March 22, 2004

Factoring can be defined as the processing of transactions that are not directly related to your business.

Occasionally, our clients are approached to process credit card sales for another business that doesn't have their own processing facility. These other businesses may have had their processing facilities terminated, or may claim that they are waiting to have one established.

Typically, the individual making this request would approach you with a list of credit card numbers, or a batch of sales drafts, and request that you process manual transactions to the card numbers. Often, the individual will offer to pay you a percentage of the total dollar amount you process as compensation for your efforts.

CAUTION - BE AWARE

• Factoring is a violation of your Moneris Credit Card Agreement and may result in the termination of your Merchant Account.
• You are financially responsible for all cardholder disputes / chargebacks associated with this processing for up to 240 days from the date of the transaction.