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.
Read more: Compliance Updates