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Dear Webmasters,
WebSiteBilling.com would like to inform and update you on several new Visa
regulations that will affect the way WebSiteBilling.com, an Internet Payment
Service Providers (IPSP) and our clients conduct business. Visa has mandated
that a new, unique set of operating guidelines will be implemented by November1st.
Under the new Visa rules, WebSiteBilling.com along with other providers in our
market space will be considered IPSP's. An IPSP is a company that provides a
broad array of services and has financial responsibility and liability for
merchant accounts whereby you, our clients (Sponsored Merchants) are allowed
to process and settle Internet transactions.
It is our mutual responsibility to ensure that we fully comply with all
regulations implemented by the card associations. We are committed to seamlessly
implementing the new regulations while retaining a business model that is good
for the industry. Below is a summary of the requirements for Visa that we must
implement by November 1st:
VISA
* Each Sponsored Merchant must complete a registration form that we will submit
to Visa on your behalf. A form will be provided to you by WebSiteBilling.com
electronically as soon as possible. Some of the data elements required are:
company name, address, transaction counts, dollar volumes, URLs, etc.
* An initial registration fee of $750.00 per company (not per url) will be
charged to register each Sponsored Merchant. $500.00 of this fee is payable by
the Acquiring Banks to Visa, the balance are administrative fees to the banks
and processors. These fees are due November 15th.
* An ongoing annual registration fee of $375.00 will be charged. $250.00 of this
fee is payable by the Acquiring Banks to Visa, the balance are administrative
fees to the banks and processors.
* Sponsored Merchants must be approved by Visa for processing Visa transactions
under the new rules, and will be checked against Visa's TMF list (Terminated
Merchant File) and the MATCH File, a joint Visa / MasterCard database. You are
obviously processing now, so that service will not be interrupted if you have
paid your registration fee and completed your registration form.
* IPSP's can only register Sponsored Merchants in the country where the Sponsored
Merchant has a presence.
* IPSP's are required to provide Visa with monthly sales, chargeback and credit
data for their review, by Sponsored Merchant and down to the URL of each Sponsored
Merchant site. Sponsored Merchants who are out of compliance on chargeback and /
or credit ratios may be terminated at Visa?s discretion. Please Note: Your
ratios at all IPSP's will be evaluated by Visa.
* The credit card descriptor on the cardholder's statement must be the IPSP's name,
as well as the Sponsored Merchant's identifier, such as your company code.
* The IPSP's Join Form must disclose the IPSP's name and the fact that the billing
descriptor will be the name of the IPSP and the Sponsored Merchant's identifier.
* IPSP's will display, on the Join Form, their Privacy Policy along with Terms
and Conditions.
MasterCard
* The MasterCard logo cannot be displayed on the client's sites.
* Several other rules will be changed and we will advise you as soon as these
are solidified.
October is the month to implement these changes. We expect the transition should
be a relatively smooth process. The following is a timetable for preparing for
the November 1st deadline:
* By October 8th we will begin the Visa registration process. We will email you
a form which must be completed immediately.
* By October 15th, we will have a Privacy Policy up on our Join Pages.
* By October 15th you must have all MasterCard logos removed from your sites.
We will provide you with additional updates on these initiatives throughout the
month. Thank you in advance for helping us to ensure the successful implementation
of these new regulations.
Sincerely,
WebSiteBilling.com
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