Whether you use token billing or have been considering it, all businesses storing credit cards are impacted by Visa rules updates. Visa has published multiple updates about requirements for its Stored Credential Transaction framework, including mandates to identify initial storage and subsequent usage of payment credentials.
If your business stores credit cards, including a 3rd party payment gateway or any software, you’re impacted. Merchants should not assume that any software or technology in their payment processing ecosystem is automatically updated and compliant. To the contrary, there are specific items that merchants will need to take action to implement. Now is the time to learn more and make a plan. While some businesses were impacted in April, most have until October 14, 2017 to comply.
Visit the Visa USA web site for more information; Visa Merchant Business News Digest. PDF download: Advance Copy of Rules for Stored Credential Transaction Framework REGIONS: US, AP, Canada, CEMEA, LAC, Europe, 15 JUN 2017.
TIP: All card brands have their own spin but frequently have similar rules. Need help to get compliant? Contact Christine Speedy to learn more about solutions for your business that are quick and easy to adopt, increasing efficiency and growing profits virtually overnight.