Define: Processing Services

How is Processing Services defined in a legal contract?

• Processing Services means services that support the issuance of a Card and the handling of a transaction in accordance with [regulatory requirements]. These services include setup and maintenance of the Card and Cardholder Funds, transaction authorization, processing, clearing and Settlement, system access, cardholder dispute resolution, system compliance, regulatory compliance, security and fraud control, and activity reporting. Seen in 8 SEC filings
• Processing Services means services associated with the receipt of inputs, as well as transportation and processing of these inputs. This also involves the fractionation and/or treatment of intermediates, and the redelivery of end products output from the processing and treatment. The procedure also includes metering at the starting and ending points. Seen in 6 SEC filings
• Processing Services means all services provided under an agreed contract, which are further detailed in a [schedule]. Seen in 5 SEC filings
• Processing Services means a collection of mechanisms and supports related to successful check transactions and/or electronic payments. This also involves the generation of electronic files to facilitate the transfer of funds between accounts by financial institutions. Seen in 5 SEC filings
• Processing Services means the services described in this document or commonly performed under the direction of an [organization] by a card processor or credit processor necessary to manage a program and process transactions in accordance with [applicable law]. These services include setup and maintenance, transaction authorization, processing, clearing and settlement, system access, card services, cardholder dispute resolution, collections, system compliance, regulatory compliance, security and fraud control, and activity reporting. Seen in 4 SEC filings.

‍

Which definition should you use?

🤔 Our AI Legal Assistant has combined and improved the above descriptions to create market-standard 'Genie definitions' below, with guidance on which documents and which industry to use for each.

‍

Genie Definition 1

• Processing Services means services supporting the setup, maintenance, dispute resolution, security, fraud control and reporting of transactions.

Relevant Contract Type

• Software as a Service (SaaS) Agreements
• Payment Processor Agreement
• Service Level Agreement

Relevant Circumstances

• When a business needs to outsource transaction handling and processing.
• When integrating new payment processors into a business.
• Where regular detailed reporting and oversight is required.

Relevant Sectors

• Fintech
• E-Commerce
• Retail

‍

Genie Definition 2

• Processing Services means services assisting in the end-to-end management of a transaction-related program, including receipt, processing, and delivery of inputs and outputs.

Relevant Contract Type

• Supply Chain Contracts
• Logistics Service Contracts

Relevant Circumstances

• In supply chain management, especially in regulatory compliance and logistics.

Relevant Sectors

• Manufacturing
• Logistics

‍

Genie Definition 3

• Processing Services means all services agreed in a [contract], detailed in [schedule].

Relevant Contract Types

• Master Services Agreement (MSA)
• General Services Agreement (GSA)

Relevant Circumstances

• When a broad scope of services are to be covered under a contract.

Relevant Sectors

• Consultancy
• Information Technology

Genie Definition 4

• Processing Services means mechanisms supporting electronic payments and check transactions, including fund transfer facilitation between accounts.

Relevant Contract Types

• Merchant Agreements
• Payment Service Provider Agreement

Relevant Circumstances

• When businesses integrate new methods of electronic payments.

Relevant Sectors

• Fintech
• Banking

Genie Definition 5

• Processing Services means services executed under a [organization]'s direction necessary for transaction processing and management in compliance with [applicable law].

Relevant Contract Types

• Outsourcing Services Agreement
• Managed Services Agreement

Relevant Circumstances

• When businesses outsource management and processing tasks due to regulatory compliance needs.

Relevant Sectors

• Healthcare
• Legal Services

‍