Verotel Pro - 2004 VISA compliance

no fee

the full story:

VEROTEL INTRODUCES VEROTEL PRO
Merchants will have their own descriptor
Verotel follows European VISA/MasterCard IPSP regulations

AMSTERDAM, 26TH OF FEBRUARY 2004

Starting April 1st 2004 VISA and MasterCard require that there is more transparency with the larger merchants for which Verotel processes. End-users need to know which company they are dealing with when they are using their credit card on the Internet. This is good for both your and our business, as it will reduce the number of chargebacks and complaints.

The solution is that larger merchants will need to show their company name on the descriptor portion of the credit card statements. Currently the name 'VEROTEL' shows up on enduser's credit card statements. Webmasters that process, on average, more than USD 1,000 a week, have been selected to become a VEROTEL PRO customer, and it is required that the webmasters company name is shown on the descriptor.

The descriptor will be starting with 'VTL' followed by the company name. The phone number on the credit card statement remains one of our 1-800 (toll-free) numbers, where we continue to handle your enduser support.

Verotel Pro webmasters need to register their company with the Chamber of Commerce in the Netherlands, to ensure the right registration with VISA and MasterCard. This step is required to add your company name on the descriptor.

There is no one-time neither an annual fee for registration. Our Verotel Compliance Specialists will contact all Verotel Pro customers within 7 business days by courier or registered mail with the information how they can be registered. These Compliance Specialist will guide the Verotel Pro webmaster through this easy process.

Next to registration of webmasters company at the Chamber of Commerce, there are some alternative ways of registration. All Verotel Pro customers will receive this information about alternative registrations enclosed with their information package.

For more questions about these new transparency regulations, please contact the Compliance Department at [email protected].

Existing Verotel webmasters can review the first page in the Verotel Control Center to verify if they are selected to be a Verotel Pro Customer.



just as long as they stay in business

So this only affects those processing over $1K a week?
What about new clients processing who will be processing less than $1K?

Verotel

then they carry on as usual i would guess. No registration, no billing descriptor.

I hope so.

Its about time we've heard something good, anything good, in regards to CC billing.

I'm just wondering how the hell they are managing to do this, considering everyone else who tried to evade the registration fees for int'l customers went tits up on their approach?

There is no $750 fee for EU IPSP's. That includes CCBill + Ibill etc.

You must be capable to be registered to do business in EU, which I suppose is what is what is going to happen.

But I totally agree, the news that they are looking to become compliant is great .