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iBill New Cross Border Aquiring Regulations
Got this from my REP
I wanted to bring this to your attention before you were sent an email Monday.
As you are aware, Visa and the other card associations have classified iBill as an IPSP (Internet Payment Service Provider). With this, there are some new regulations that iBill must adhere to. One of the regulations deals with cross border aquiring. This means that as an IPSP, we can only accept transactions from merchants that are located in the regions in which iBill has banking relations.
Today, iBill has banking relationships in the US and EU regions only. Shortly, iBill will not be able to accept transactions from our merchants located in Canada. Hence: I wanted to make you aware of this ASAP. As I mentioned, communication should be going out to all of our clients regarding this issue in the upcoming days. In order to continue to process through iBill you will need to have a presence in the US or EU regions.
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