Visa and MasterCard introduces ongoing technical and business enhancements that may affect the way you accept card payments. As a Visa or MasterCard merchant, you are required to follow the procedures set by them. These enhancements may require you to review your operating procedures, and modify them as necessary by the required implementation date. Below is a list of current compliant releases.
October 2014 - Visa Rule Changes
Payment Solution Providers, Inc. (PSP) would like to inform you of a recent rule change announced by Visa Inc. (“Visa”) which may impact your business processes.
Visa Floor Limit
Visa has announced that effective October 17, 2014, Visa floor limits will be decreased to zero. As a result of this change, you will be required to obtain an authorization each time a transaction is processed, as part of proper card acceptance procedures regardless of the type or the amount of the transaction. Failure to adhere to proper card acceptance procedures could result in chargebacks.
As a result of this change, please ensure that you review your business processes and make any necessary updates as they relate to your Visa.
October 2013 – Visa Rule Changes
Payment Solution Providers, Inc. (PSP) would like to inform you of some recent rule changes announced by Visa Inc. (“Visa”) which may impact your business processes.
Visa payWave
Visa has announced the payWave chargeback protection limit will increase from $50 CDN (including taxes) to $100 CDN (including taxes). These changes will take effect October 18, 2013.
If you accept payWave, please ensure that you review your business processes and make any necessary updates as they relate to your Visa. If you are not accepting payWave at this time, this change will not impact your business.
October 2013 - MasterCard Rule Changes
Payment Solution Providers, Inc. (PSP) would like to inform you of some recent rule changes announced by MasterCard Inc. (“MasterCard”) which may impact your business processes.
MasterCard Floor Limit
MasterCard has announced that effective October 18, 2013, MasterCard floor limits will be decreased to zero. As a result of this change, you will be required to obtain an authorization each time a transaction is processed, as part of proper card acceptance procedures regardless of the type or the amount of the transaction. Failure to adhere to proper card acceptance procedures could result in chargebacks.
MasterCard Quick Payment Service (QPS)
If you are a participant in the MasterCard QPS program, please be advised that MasterCard has announced that they are retiring this program effective October 18, 2013. At the close of this program, . all transactions will require a PIN or signature, regardless of the transaction amount. Acceptance of MasterCard PayPass contactless transactions is part of the natural evolution of the MasterCard QPS program.
MasterCard PayPass
MasterCard has announced that effective October 18, 2013, the PayPass chargeback protection limit will increase from $50 CDN (including taxes) to $100 CDN (including taxes).If you are not accepting PayPass at this time, this change will not impact your business.
As a result of the changes outlined above, please ensure that you review your business processes and make any necessary updates as they relate to your MasterCard.