Mastercard problems
 

Hi Everyone,

I just received a letter today from Mastercard which states that beginning May 1st, Mastercard will no longer allow any aggregators to process Mastercard transactions for merchants. All merchants will need to have a Mastercard merchant account individually, according to the letter.

Here is the exact first paragraph of the letter...

"Effective 1 May 2002, Mastercard will clarify its rules to prohibit members from accpeting or submitting into interchange a transaction that was submitted to the member directly or indirectly from a commercial entity that does not have a valid merchant agreement with the member."

More specifics later and text from the letter. Just wanted to post the heads up.

This may kill 3rd party Mastercard processing unless they bend the rules for certain entities or have a grandfather clause of some sort.

Happy Easter / Passover to everyone.

Thank you, Mitch

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