\nRevisions have been made to rules related to the processing of Estimated Authorization Requests, Initial Authorization Requests, and Incremental Authorization Requests, as well as Authorization Reversals, Issuer hold releases, and Chargeback rights. These changes impact issuer, merchant, customer, and acquirer- whatever merchants have in place today is not sufficient for the future.<\/strong><\/p>\n
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<\/a>Partial excerpt from section 5, Visa Core Rules<\/a>. Applicable merchants should read the entire table and additional sections.<\/p><\/div>\n Truck and heavy duty equipment rental authorizations. Aircraft rental, Bicycle rental, Boat rental, Car rental, Equipment rental, Motor home rental, Motorcycle rental, Trailer park or campground rental are all impacted. A core concept is authorization validity<\/span>, which impacts merchant rights and potentially credit card processing rate qualification. An invalid authorization equates to no authorization. Card issuers<\/strong> will be within their rights to use reason code 72 and chargeback, or ACH, funds from merchant bank account on the next settlement day, for failure to comply with authorization rules. This is a significant change for most rental companies, as in the past, businesses typically responded to cardholder initiated<\/strong> disputes, a completely different scenario, and win a good portion of them.<\/p>\n With payment processing technology updates, rental companies can increase profits by complying with the new rules, including for guaranteed reservations. EBITDA is improved with increased approvals, lower qualified interchange rates, and fewer chargebacks.<\/p>\n What’s a valid authorization?<\/strong> It’s partially described in Special Authorization Request Allowances and Requirements. <\/strong>Key elements:<\/p>\n Updated Checkout Flow For Online Rental Booking:<\/strong><\/p>\n KEY DATES<\/strong><\/p>\n Without action to update rental authorizations in advance of the April dates, financial exposure for prior months may be significant.<\/p>\n Visa Core Rules<\/a> see Table 5-16: Special Authorization Request Allowances and Requirements and other pages.<\/p>\n Christine Speedy, authorized CenPOS reseller, provides universal payment processing solutions to maximize merchant profits and mitigate risk across multiple sales channels. To get a CenPOS account and Dynamics AX, SAP, Bluebird or other compatible plugin, contact Christine at 954-942-0483.\u00a0<\/em><\/p>\n","protected":false},"excerpt":{"rendered":" Visa announced sweeping changes to rental industry card acceptance rules in\u00a0October 2016. Key changes include defining who initiated transaction, transaction data sent, authorization rules, stored card rules, and customer communications. Compliance will increase approvals and mitigate fraud risk;\u00a0 Failure to … Continue reading
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