National Acceptance Company

Payment Collection Agreement

National Acceptance Company
Payment Collection Agreement


THIS AGREEMENT, made this month day, Year, by and between
of Harrisburg, Pennsylvania (hereinafter referred to as "NAC") and

Client Name:  
(hereinafter referred to as "Client") with offices at

  1. Agency. Client appoints NAC as its exclusive agent for the collection of monthly or other periodic charges( Periodic Payments) from all of those persons (“Members”) who have agreed to make such Periodic Payments.

  2. Collection by EFT. NAC accepts the appointment and agrees that upon date(s) of each calendar month (or the next banking date if the agreed upon date(s) fall on non-banking day(s) during the term of this agreement, NAC will submit to various networks, including but not limited to, the Automated Clearing House, the Federal Reserve System, and National Credit Card Networks, data in the form required for the electronic debiting of Periodic Payments from Members’ bank deposit or credit card accounts.

  3. Collection by Payment Book. NAC Agrees to provide each Member with a payment coupon book in a timely manner and accept and post regular payments from the Member which are mailed to the NAC business address or reported to NAC by the client in the manner prescribed by NAC.

  4. Collection Data. Client shall provide NAC with data necessary for billing in the form prescribed by NAC (“Collection Data”).  The format and schedule requirements for delivery of Collection Data by Client may be changed by NAC during the term of this agreement.  NAC assumes no responsibility or liability on behalf of the Client in regard to compliance with state laws. Client represents and warrants to NAC that the obligations described in the Collection Data are legally valid and enforceable, and all Collection Data will be true and correct.

  5. Remittance of Funds. Any and all moneys received by NAC on behalf of Client will be disbursed to Client in agreed upon method by the close of business every Friday, less all fees, debits, and other charges prescribed in Paragraph 6 and 11 hereof. Amount of remittance will not be made available to the client until 4pm or the close of business on Thursday of the posting week.  If Client opts to receive payment via check, any unclaimed or lost checks can have payments stops and reissue at   per check.

  6. Fees. For the service performed by NAC, Client will pay the following fees: % per transaction collected through EFT, and   %  per transaction collected through credit card and %  per transaction collected through check or money order.  Fees are applicable to funds collected only, and application of said fees begins immediately upon placement of accounts with NAC for billing, regardless of date of payment.  Minimum per item fee is .  Minimum fee is subject to change at NAC’s discretion and with 30-day notification to Client.

  7. Reporting. NAC will provide Client with the following reports: weekly cash receipts report and other reports which NAC deems pertinent to the Client through secure website.  Customized reports, as well as mailing labels and letter service are available to the Client at the current prevailing rate.

  8. Confidentiality and Security. NAC shall keep confidential all information collected by NAC pursuant to this AGreement, including customer billing names and information; such information will not be made available to any other organization to be used for any other purpose other than to process collections.  NAC agrees to store and maintain all sensitive customer financial information within PCI DSS requirements and maintain a compliant status.

  9. Delinquent Contracts. In the event that any account should go delinquent and into default after placement with NAC, Client hereby authorizes NAC to turn said account over to National Recovery Agency for collections purposes if applicable.  A contract shall be deemed to be in default when a payment on said account has not been received within a period of ninety (90) days. Current payments will be subject to the fees outlined in Paragraph 6 above.

  10. Administrative charges. This agreement may be terminated by either of the parties hereto at any time by giving a 30-day written notice to the other.  The following terms apply in the event of cancellation by either party:
    1. Upon cancellation, any funds outstanding on cash advances will become due and payable immediately.
    2. In the event of termination, NAC will continue to collect all active contracts under the terms hereof, until there are no longer any active contracts remaining.  This agreement may not be canceled with respect to active contracts which have been delivered to NAC except by mutual consent of NAC and the Client. In the event that active contracts are returned to Client by NAC, a $5.00  charge will be applied to each account that has been managed by NAC to recover up-front expenses incurred by NAC on the client’s behalf, but not recouped by NAC through the normal billing cycle.
    3. In the event of termination of this agreement and if customer payments have been collected through credit card or electronic funds transfer, Client authorizes NAC to hold in escrow a minimum of  $500.00  or  25%  of the net remittance for the previous month’s disbursement, whichever is greater, in an escrow account for a period of 120 days to cover any charge backs or returns initiated by the customer or their financial institution.  After 120 days, Client agrees to immediately reimburse NAC for any charges incurred by NAC due to charge backs by Client’s customers and/or their financial institution from funds held in escrow. In the event that charges exceed the funds held in escrow, Client agrees to reimburse NAC immediately upon receipt of outstanding balance.  Client authorizes NAC to deduct any balance outstanding from account on file with NAC for funds no paid within 10 days of receipt of outstanding balance.
  1. Administrative Charges. Administrative charges outside the normal billing process will be as follows:    fee for disputed credit card transactions, a  fee if contract is canceled prior to contract completion,      for EFT refund services, and a  fee for entering accounts paid-in-full at facility.  Wire transfer fee is    per electronic remittance or    charge for paper check.  Annual      PCI Fee charges on January 15th of each year.  Full commission is due if contract is paid-in full after first payment due.

  2. Entire Agreement. This agreement constitutes the entire agreement between the parties relating to the specific subject matter hereof.  No modification shall be made to this Agreement except in writing and agreed to by the parties hereto.

  3. Unenforceable Terms. If any provision of this Agreement is held invalid, illegal, or unenforceable, this Agreement will be interpreted as if such provision, to the extent the samne has been held invalid, illegal, or unenforceable, had never been contained herein.

  4. Applicable Law/Heirs and Assigns.  This Agreement, construed under the laws of the Commonwealth of Pennsylvania, shall bind the heirs, assigns, successors, and legal representatives of CLIENT and NAC.

  5. No Partnership. The parties hereto are independent contractors and nothing herein shall be interpreted as creating a partnership or joint venture between them.  Neither party shall have the authority to legally bind the other or to act as agent of the other except as specifically set forth herein.

  6. Indemnification. Client hereby agrees to defend, indemnify and hold harmless NAC and its officers, employees, directors and agents, from and against any and all claims, demands, suits and actions arising from the operation of Client’s business, including but not limited to compliance with any local, state, or federal consumer protection laws relating to Client’s operations.  Client agrees to pay any legal, court or settlements fees and/or charges incurred by NAC that can be attributed to action or neglect of Client.


IN WITNESS WHEREOF, the parties hereto, fully intending to be legally bound do set their hand and seals the day and year first above written.





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National Acceptance Company
Signature Certificate
Document name: Payment Collection Agreement
lock iconUnique Document ID: ea8282201a0c158f769215fab569536c5695402a
Timestamp Audit
February 28, 2020 10:52 am EDTPayment Collection Agreement Uploaded by Aaron Hoke - sales@nacbilling.lcom IP