Get the free Merchant Capture Agreement - LGE Community Credit Union - lgeccu

Business Merchant Capture Agreement A. General Terms and Conditions Merchant Capture (MC), the Service, allows you to deposit checks to your AGE Business Account from remote locations by electronically

How to fill out merchant capture agreement

How to fill out a merchant capture agreement:

1. Start by obtaining a copy of the merchant capture agreement from the appropriate financial institution. This document is typically provided by the bank or credit card processing company.
2. Review the agreement thoroughly, paying close attention to the terms and conditions, responsibilities of both parties, and any fees or charges associated with the merchant capture service.
3. Fill out the basic information section, which usually includes the merchant's legal name, business address, contact details, and tax identification number.
4. Provide identification details, such as the merchant's driver's license or passport number, to comply with anti-money laundering regulations.
5. Specify the type of business or industry you operate in, as some financial institutions have different agreements or requirements based on the nature of your business.
6. Input your bank account information accurately, including the account number and routing number, so that funds can be deposited into your designated account.
7. Carefully read and understand the liability and indemnification clauses, which outline the merchant's responsibility for any fraudulent or unauthorized transactions.
8. If applicable, fill out any additional sections or attachments that may be required for specific services or features, such as mobile check capture or remote deposit capture.
9. Once you have completed filling out the merchant capture agreement, review it again to ensure all information is accurate and nothing has been missed.
10. Sign and date the document as the authorized representative of the merchant.
11. Keep a copy of the fully executed merchant capture agreement for your records and provide any requested copies to the financial institution.

Who needs a merchant capture agreement:

1. Businesses that accept credit card payments or electronic check deposits, and wish to utilize a merchant capture service, will typically need a merchant capture agreement.
2. Retail establishments, online retailers, service providers, restaurants, and any other business that processes card transactions or electronic payments may benefit from a merchant capture agreement.
3. It is advisable to consult with your financial institution or merchant services provider to determine if a merchant capture agreement is necessary for your specific business needs.

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What is merchant capture agreement?

A merchant capture agreement is a contract between a merchant and a financial institution that allows the merchant to electronically capture and deposit check payments.

Who is required to file merchant capture agreement?

Merchants who wish to use electronic check processing are required to file a merchant capture agreement.

How to fill out merchant capture agreement?

To fill out a merchant capture agreement, the merchant needs to provide information about their business, banking details, and agree to the terms and conditions set by the financial institution.

What is the purpose of merchant capture agreement?

The purpose of a merchant capture agreement is to streamline check processing, reduce costs, and increase efficiency for both the merchant and the financial institution.

What information must be reported on merchant capture agreement?

The merchant capture agreement typically includes information about the merchant's business name, address, contact information, banking details, and authorization for electronic check deposit.