Merchant Credit Card
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Deciding on a merchant services provider can impact your finances, your operations, and ultimately how you serve your customers. Our fully integrated system of hardware, software, and services can help any business manage payments and risk.
Merchant services providers allow businesses to accept credit, debit cards and other forms of payment online, through a payment card reader, or a point-of-sale (POS) system. Many entities are authorized to be merchant services providers. They generally fall into three categories: banks, independent sales organizations (ISO), and fintech companies like Square.
Offer customers a fast, secure way to pay in-store with the retail point of sale (POS) system that lets you accept credit cards while moving around your business. Plus, get fast access to cash with no-fee, same-day deposits.
We send cardholders various types of legal notices, including notices of increases or decreases in credit lines, privacy notices, account updates and statements. Currently, we can provide some of these legal notices, including statements, electronically. We are working towards being able to provide all of these legal notices electronically. When we are able to provide all legal notices electronically, we will notify you by email. In the meantime, if you choose to receive legal notices electronically, you will need to monitor both your U.S. postal mailbox and your email inbox for legal notices.To receive your legal notices electronically, your computer must be capable of printing or storing email, web pages and documents in PDF format and your browser must meet minimum system requirements.
We will send notifications regarding the availability of your statement online and legal notices to the email address you provided to us until you contact us to change it. It is your responsibility to update promptly any changes in this information. If your email address changes, please update it through Account Online or call us at the number on the back of your card.
We send cardholders various types of legal notices, including notices of increases or decreases in credit lines, privacy notices, account updates and statements. Currently, we can provide some of these legal notices, including statements, electronically. We are working towards being able to provide all of these legal notices electronically. When we are able to provide all legal notices electronically, we will notify you by email.In the meantime, if you choose to receive legal notices electronically, you will need to monitor both your U.S. postal mailbox and your email inbox for legal notices.To receive your legal notices electronically, your computer must be capable of printing or storing email, web pages and documents in PDF format and your browser must meet minimum system requirements.
A summary of the rules changes required by the settlement that Mastercard acquirers will provide to their merchant can be accessed here. The details regarding the terms under which merchants may impose a surcharge on Mastercard credit transactions can be found in the specific No Surcharge Rule modification that can be accessed via clicking here.
Below is a summary of key provisions of the no surcharge rule change. Merchants should review the actual rule change and complete the required notification process before implementing a surcharge on Mastercard credit cards.
A merchant's ability to apply a surcharge is conditioned on the merchant's satisfaction of certain disclosure requirements. These disclosure requirements include advance notice to both Mastercard and the merchant's acquirer of the merchant's intention to impose a surcharge no less than thirty days before the merchant implements a surcharge. A merchant can satisfy its disclosure obligation to Mastercard by clicking here and providing the following information:
Merchants are permitted to apply either a brand-level surcharge or a product-level surcharge to Mastercard credit cards. A brand level surcharge is one where the merchant charges the same percentage on all Mastercard credit cards. A product level surcharge is one where the merchant imposes a surcharge on a particular Mastercard credit product. In both circumstances, the level of the surcharge is subject to a cap.
The level of the fee that a merchant may charge a cardholder is capped in relation to the merchant's cost for Mastercard credit acceptance. For merchants who choose to impose a brand level surcharge, a merchant may only surcharge a Mastercard cardholder at the lesser of the merchant's average effective merchant discount rate that the merchant pays its acquirer for Mastercard credit acceptance or the Maximum Surcharge Cap, which can be found below. For merchants that impose a product level surcharge, the surcharge must not be more than the merchant's cost to accept the particular Mastercard credit product, minus the Durbin Amendment's cap on debit interchange fees.
A merchant must provide clear disclosure to the merchant's customers of the merchant's surcharging practices at the point of interaction which shall include the amount of the surcharge and the dollar amount of the surcharge on the transaction receipt provided by the merchant to its customers. Merchants should refer to the specific rule for additional consumer disclosure obligations.
Nothing in the Mastercard rules affects any obligation of a merchant to comply with applicable state or federal laws, including but not limited to state laws that may prohibit or restrict surcharging of credit transactions, and federal and state laws regarding deceptive or misleading disclosures.
For merchants that accept other brands of credit payment networks, such as American Express, Discover or PayPal, there are other requirements around the circumstances in which such a merchant could surcharge Mastercard cards that depend on the costs of those brands to the merchant and those brands' surcharging restrictions. A merchant should refer to the specific rules and/or contact their acquirer for greater detail concerning those requirements.
Cash Management Control System (CMCS) - System provided by OSC to State agencies to report credit card deposits. Amounts reported are to be the total of the amount swept, as viewed on Wells Fargo CEO, one day after settlement.
In addition, Visa does not allow a fee to be charged for card-not-present transactions unless the same fee is charged for all transactions through the same channel (e.g., ACH bank drafts and card transactions initiated through the web).
The OSC policy allows each participant to make its own determination regarding which proprietary cards it will accept and allows the participant to be selective as to which types of receipts it will accept proprietary cards.
Participants receive a monthly invoice directly from American Express for the discount fees, which is in addition to the fee of $.015 per transaction charged by STMS for processing a proprietary card transaction.
With this Interchange Plus pricing option, rates are based on what the card payment networks charge per transaction, and can vary from transaction to transaction. Call us at 1-866-380-9828 to learn more and determine if this pricing structure is right for your business.
Merchant processing is the acceptance, processing, and settlement of payment transactions for merchants. A bank that contracts with (or acquires) merchants is called an acquiring bank, merchant bank, or acquirer. Acquiring banks sign up merchants to accept payment cards for the network and also arrange processing services for merchants. They can contract directly with the merchant or indirectly through agent banks or other third parties.
A bank can be both an issuing bank and an acquiring bank, but banks most often specialize in one function or the other. Merchant processing is a separate and distinct line of business from credit card issuing. It is generally an off-balance sheet activity with the exception of merchant reserves and settlement accounts, both of which are discussed later in this chapter. Merchant processing involves the gathering of sales information from the merchant, obtaining authorization for the transaction, collecting funds from the issuing bank, and reimbursing the merchant. It also involves charge-back processing. The vast majority of merchant transactions are electronically originated (as compared to paper-based) and come from credit card purchases at merchant locations or the point-of-sale (POS). Merchant processing increasingly includes transactions initiated via debit cards, smart cards, and electronic benefits transfer (EBT) products.
Transaction Process Overview The payment networks are the center of the cardholder transaction process and maintain the flow of information and funds between issuing banks and acquiring banks. In a typical cardholder transaction, the transaction data first moves from the merchant to the acquiring bank (and through its card processor, if applicable), then to the Associations, and finally to the issuing bank (and through its card processor, if applicable). The issuing bank ultimately bills the cardholder for the amount of the sale. Clearing is the term used to refer to the successful transmission of the sales transaction data. At this point, no money has changed hands; rather, only financial liability has shifted. The merchant, however, needs to be paid for the sale. Settlement is the term used to refer to the exchange of the actual funds for the transaction and its associated fees. Funds to cover the transaction and pay the merchant flow in the opposite direction: from the issuing bank to the Associations, to the acquiring bank, and finally to the merchant. The merchant typically receives funds within a few days of the sales transaction. 59ce067264