from
[email protected] *Visa - MasterCard Regulations*
Dear iBill Client,
I would like to update you on several new Visa and MasterCard regulations
that will affect the way iBill and all other Internet Payment Service
Providers (IPSP) and their clients conduct business. Both credit card
associations now will require a unique set of operating guidelines that must
be implemented by November 1st. Under new rules adopted by Visa, iBill will
be considered an IPSP that provides services to Sponsored Merchants (iBill
clients). In contrast, MasterCard will consider iBill the merchant that
supplies the goods and services of its clients.
It is our mutual responsibility to ensure that we fully comply with all
regulations implemented by the card associations. iBill is committed to
seamlessly implementing the new regulations while retaining a business model
that is good for our company and our clients. Below is a summary of the
requirements for Visa and MasterCard that we must implement by November 1st:
VISA
* Each Sponsored Merchant must complete a registration form
that iBill will submit to Visa on their behalf.
* Visa and our processor will require an initial registration
fee of $750; $500 will be paid to Visa and $250 to our processor.
* Visa and our processor will require an annual registration
fee of $375; $250 will be paid to Visa and $125 to our processor.
* Sponsored Merchants must be approved by Visa before we can
begin processing Visa transactions.
* The pay page must present the client's country of domicile.
* iBill must provide Visa with monthly sales, chargeback and
refund data on each Sponsored Merchant for Visa's review. Sponsored
Merchants not performing to Visa standards can be terminated directly by
Visa.
* The credit card descriptors must pass iBill's name, as well
as the Sponsored Merchants name. Sponsored Merchants will have 10
characters to identify their name ie: iBillCS.com*Merchant Name
* iBill pay pages must include the following language: "iBill
is a designated payment processor for Merchant Name. iBillCS.com*Merchant
Name will appear on your cardholder statement."
* Sponsored Merchants must display their privacy policy on
their site. iBill will provide a web resource to assist clients in adopting
a privacy policy.
* Sponsored Merchants will need to update each of their master
accounts client email address with a single email address. This will help
iBill create a single identification number for your business.
MasterCard
* The join page that resides on our client's server can no
longer negotiate any aspect of the transaction. iBill will provide all
clients with a standard join page format that our compliance group will
approve for account activation.
* Selection of specific purchase options for goods and
services will occur on a join page on iBill's servers.
* iBill must allow for consumers to make purchases from
multiple iBill client sites. iBill will support a consumer portal and all
clients will be required to register their sites on the portal.
* At the time of checkout, iBill must offer the consumer the
ability to make additional purchases. iBill receipts will now contain a
link to this portal for additional consumer purchases.
* MasterCard logos cannot be displayed on the client's
servers.
October will be a month of change for all of us, though we expect the
transition should be a relatively smooth process. Following is a timetable
for preparing for the November 1st deadline:
* By October 14th, iBill will begin the Visa registration and
MasterCard portal sign-up process.
* By month end, clients will need to have a privacy policy up
on their site and have implemented the new MasterCard sign-up process.
I will provide you with additional updates on these initiatives throughout
the month. Rest assured that your iBill account manager or our client
service team will be available at every step of this process if you have any
additional questions or need support in making these changes. Thank you in
advance for helping us to ensure a successful implementation of these new
regulations.
Sincerely,
Garrett M. Bender