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New FinCEN Requirements: How Obtaining a Financial Account Will Change
Any time you obtain a financial product, be it a bank account or a loan, you have to provide some personal information. This process protects the lender from fraud and ensures that the relationship is transparent.
Christina Lavingia
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Visa Chargeback Rules Changing April 2018
The payments space is ever evolving, so it should be no surprise that card brand rules change too. Despite the improvements in payment technology, chargebacks aren’t going anywhere. In an effort to streamline the chargeback dispute process, Visa is rolling out a new initiative — the Visa Claims Resolution (VCR) — to reduce time, costs and (hopefully) the number of chargebacks received.
Ursula Librizzi
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Visa Increasing Fixed Acquirer Network Fee (FANF) Rates
Visa imposed a monthly fee in July 2012 called the fixed acquirer network fee (FANF) to incentivize businesses to route transactions to Visa. This implementation was a direct result of the Durbin Amendment, and was intended to level the competitive landscape for Visa.
Ursula Librizzi
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New Visa Transaction Integrity Fee in 2018
A new Visa transaction integrity fee will be charged starting April 14, 2018, on any credit transaction that does not meet the custom payment service (CPS) qualification standards. Visa, MasterCard, Discover and Amex update their Interchange guidelines biannually in April and October. This fee will be $0.10 per transaction.
Christina Lavingia
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MasterCard Assessment Fee Set to Increase to 0.13%
MasterCard announced that its assessment fee will increase to 0.13% effective April 8, 2018. The card brands update their Interchange guides biannually in October and April. This change will represent a 0.0025% increase from MasterCard’s October 2017 rate of 0.1275%, equating to an extra $0.13 in MasterCard assessment fees for every $5,000 processed per month.
Christina Lavingia
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MasterCard Revisits Rules Around Card Validation
All four card brands (Visa, MasterCard, Discover and Amex) provide written rules and regulations for processing their cards to ensure sound business for all. MasterCard recently changed its standards around determining card validity at checkout.
Ursula Librizzi
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