Specifications include, but are not limited to:The State’s detailed processing requirements for Merchant Services are set out in Appendix A and a list of essential functions is also included below. The State requires the selected Vendor to meet such requirements and functions while providing Merchant Services in accordance with industry standards that reflect best practices and guidelines. In addition, the Vendor is expected to take an active, lead role in achieving the greatest efficiencies possible for the State with respect to its bank card transactions. A. The State considers the following operational and cash management functions to be essential in connection with the performance of such services: 4 1. Next Day Settlement. When the merchant processor and the bank are part of the same organization, the State must receive ledger credit the next banking day after the merchant batch is transmitted. Where they are not part of the same organization, the State must receive two-day ledger credit.
