Visa® & MasterCard® Rules and Regulations
As a merchant accepting MasterCard® and Visa®, there are basic card acceptance rules that you must follow. By adhering to these rules, you can increase customer satisfaction and ensure that you do not run into compliance issues, which may put your continued ability to accept credit cards at risk. The following are some of the rules outlined in the Visa and MasterCard manuals:
Card Logos & Acceptance: You must display the appropriate card logos for any card types that you accept and advise your customers of their payment options. You must honor all categories of cards (credit, debit, rewards etc.) within each card type that you accept.
Dollar Minimums and Maximums: You may not impose a minimum or maximum amount for any transactions. If you do not accept a customer charge, which is below a certain amount that you specify, the customer can notify Visa and/or MasterCard, who will take the appropriate steps to see that you understand and adhere to the card acceptance rules and regulations.
Surcharges: All credit card transactions must be treated like any other transactions. You may not impose any surcharge on a transaction because your customer is using a credit card. However, you may offer a discount to your customers for paying in cash provided the offer is clearly disclosed to your customers and the cash price is a discount from the standard price charged for any other type of payment.
Laundering: You may only process transactions for your own business. Processing transactions for a business that does not have a valid merchant agreement is called laundering and is considered a form of fraud.
To learn more about the rules and regulations of accepting Visa and MasterCard cards, please contact us or see the Visa and MasterCard guides available through the Visa and MasterCard websites.
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4 Responses to “ Visa® & MasterCard® Rules and Regulations ”
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Can you advise me if it is true and correct that Mastercard and Visa tells you what you can bill for and accept as payment, such as in my trade I have to pay taxes, license fees and so forth for companies, they in turn are billed on my invoice. I submitted a clients card for payment, it was approved thru the issuing bank. My processor required proof of invoices in which I faxed to them. They denied payment. Can I say for a small business, I had already incurred $6000 in payout fees that I was being reimbursed for from my client. Can this company truly do this and be within their financial obligations and guidelines?
WE OWN A SMALL GROCERY STORE AND GAS STATION IN A RURAL AREA. I DON’T UNDERSTAND HOW VISA/MASTERCARD CAN CHARGE US TO ACCEPT CREDIT AND DEBIT CARDS BUT NOT ALLOW US TO CHARGE OUR CUSTOMERS A FEE. WITH THE GASOLINE BUSINESS OF TODAY, THE PROFITS AVERAGE FROM .02 TO .06 PER GALLON. IF A CUSTOMER PAYS WITH A CREDIT OR DEBIT CARD, WE LOSE MONEY ON THAT SALE. THE PROCESSING COMPANIES SOLUTION TO THIS IS TO JUST RAISE THE PRICE OF GAS. OF COURSE, WE CAN’T DO THAT. WITH COMPETING STORES IN THE AREA, WE WOULD LOSE OUR BUSINESS.
VISA/MASTERCARD CHARGE PEOPLE TO USE A CREDIT CARD AND CHARGE MERCHANTS TO ACCEPT THEM. WE WANTED TO CHARGE A 3% CHARGE ON ALL SALES PAID WITH A CREDIT OR DEBIT CARD. THIS WOULD ALMOST COVER OUR EXPENSES JUST TO ACCEPT THE CARDS. BUT THAT’S AGAINST THEIR REGULATIONS. CAN SOMEONE PLEASE EXPLAIN THIS TO ME.
Can a merchant advise you of a sub total only and debited your mastercard first and then advise you of the total that you have just authorised?
I was wondering what they law states regarding a store refusing to accept debit/credit for the purchase of cigarettes but will accept debit/credit on alcohol purchases? Can anyone advise me on this?? Thanks