R2021-35 Resolution Authorizing Payment Processing Service Agreement with FirsTech, Inc., a Wholly Owned Subsidiary of Busey Bank

Home Browse Search

fi rstech (h) Transfer of Customer Payments. APA's will deposit Customer Payment Funds in the designated APA Bank Account no later than the business banking day following the date of the Customer Payments. (i) Check Handling. FirsTech provides for a customized endorsement to be printed on each Customer Payment check. Such endorsement directs the bank to forward a Return Item check to a centralized location for handling ("Centralized Return"). L Client shall maintain an adequate balance in Client's Bank Account in order to facilitate Return Items received. FirsTech and Client will work together to establish such adequate balance. ii. Returned Items returned due to"account closed","stop payment", "do not re-deposit",etc.,will not be re-presented. Returned Items received by the bank will be represented up to one additional time. FirsTech shall invoice Client for Returned Items processed according to Section 6, regardless of whether any such Returned Items are re-presented or subsequently paid by Customer's bank. iii. If the Returned Item does not clear the bank following re-presentment,FirsTech will communicate to Client via an electronic report that the Customer Payment in question is a Returned Item and will provide identifying Information, Including the name of the APA who took the Customer Payment,the Customer account number,the Customer Payment amount,and a code indicating the reason for the Returned Item. FirsTech shall send either a copy of the Returned Item or the actual check to Client by U.S. mail. FirsTech will ACH debit Client's Bank Account for the face value of any corresponding Returned Item.Client shall maintain an adequate balance in its bank account to cover Return Items received on a daily basis. 0) Customer Receipts. For each processed Customer Payment,the Payment System shall print a receipt containing,at minimum,the business name of the Payment Outlet,Customer account number, method of payment(cash,check, money order, bank draft,etc.),amount of Customer Payment,date and time of Customer Payment, transaction type,and transaction number.APA shall give the receipt to the person making the Customer Payment. (k) Support and Training. FirsTech shall provide initial training for APA's,furnish the Payment Outlets with appropriate training material,and support the APA's during the term of this Agreement by communicating changes in the Payment System, maintaining a toll-free telephone number that APR's may call for assistance,and as necessary,visit Payment Outlets to resolve operational Issues that may arise from time to time. (1) Records Retention. FirsTech will maintain Customer Payment data for a minimum period of two(2)years. 5. Risk of Loss. If any Customer Payments are lost,stolen,damaged,or destroyed("Missing Payments")between the time of receipt of a Customer Payment by an APA and transfer of the Customer Payment to Client's Bank Account, FirsTech will be responsible for such Missing Payments to the extent set forth below. FirsTech will notify Client of any Missing Payment Data pertaining to Missing Payments due to Client.Client agrees to cooperate fully with FirsTech by providing Customer names and addresses for all Customer accounts related to the Missing Payments. (a) In the case of Missing Payments other than cash (e.g.,check,money orders,traveler's checks, bank drafts),Client will use its best efforts to contact Customers directly to obtain replacement instruments or a copy of a canceled check, representative of the Customer's Missing Payment.Client will have thirty(30)days after notification of Missing Payments to obtain replacement instruments or a copy of each canceled check.The issuance of a replacement instrument by Customer will limit FirsTech's liability to reimburse Customer any charges Incurred by them in replacing these Instruments, including charges incurred in stopping payment on the Missing Payment. FirsTech may require written proof of such charges from Customer. FirsTech reserves the right to request the Customer's receipt, representative of the Missing Payment if the canceled check does not clearly indicate FirsTech's endorsement. FirsTech will not be liable for Missing Payments in instances where Client cannot obtain replacement instruments or proof of canceled checks.If Client cannot obtain a replacement instrument, FirsTech will initiate a debit adjustment to Client's Bank Account for the value of the Missing Payment that has already been forwarded to Client. (b) In the case of Missing Payments in the form of cash,the sole liability of FirsTech will be payment to Client for the value of such Customer Payments. 6. Fees and Compensation to FirsTech. (a) Client will allow APA's to charge Client's customers a Convenience Fee of any amount deemed reasonable by APA with a minimum fee of$ 1.50 per customer account credited at the point of sale,of which FirsTech will receive a portion as agreed per each customer account credited. Fees due FirsTech will be debited from each APA Bank Account each Processing Day. Walk-In Payments Services Schedule -3-