Encore Payment Systems furnished the Merchant Application / Merchant New Account Order Form/Merchant Processing Agreement, which was necessary to receive the credit card machine and to be able to accept credit cards & get them
processed by Encore Payment Systems. The whole point of the transaction is to get credit cards processed & the money from the transaction deposited into my bank account.in order to accomplish that objective, it was necessary that Encore Payment Systems, acting as ISO/MSP for HSBC Bank, USA, (referred to as Bank in the agreement) deposit the funds from the transactions (referred to as Sales Drafts) in the Merchant Application / Merchant New Account Order Form/Merchant Processing Agreement.
That Merchant Application / Merchant New Account Order Form/Merchant Processing Agreement states that Bank will deposit all Sales Drafts to the designated account. The very first time that I had a customer ask to pay by credit card, when I tried to use the credit card processing equipment, the transaction did not work. I immediately called Encore Payment Systems' technical assistance number and was informed that my account was deactivated months before.
Without credit card processing equipment, referred to as equipment in the lease document, it is impossible to process credit cards and receive the funds from the transaction. Encore Payment Systems, through its sales agent Bert Chuck Mayo sold the credit card processing service to be provided by Encore Payment Systems. Encore Payment Systems also acted as Vendor of, and physically provided the credit card machine, the Hypercom Optimum, Clear Advantage 4200, and according to the lease, sold that piece of equipment to Lease Source, Inc.
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