By David H. Press
any ISOs will be shocked by Visa U.S.A.'s new requirements for all tri-party agreements. Effective June 1, 2006, a stand-alone disclosure page is now mandatory when an agent and/or processor is a party to a merchant agreement. It isn't required when the merchant agreement is limited to the merchant and member bank.
Basically, the disclosure page ensures that the merchant is aware of the member bank's involvement in the process and that the merchant agreement is not just with the ISO.The disclosure page must be a separate document and contain the Internet protocol's minimum address resolution protocol standards. The document also must be provided to the merchant at the time of solicitation, signed by the merchant and given to the merchant along with the merchant agreement.
Member banks were sent information on disclosure page format, and requests for exceptions must be submitted to Visa by members. Compliance monitoring is scheduled to begin in June 2006. Members with agents who do not comply may be subject to fees or other special conditions. (More information about disclosure page requirements is in "Visa requires change to all merchant agreements" in this issue of The Green Sheet.)
MasterCard International updated its Merchant Rules Manual effective April 6, 2006. It is available online at www.mastercard.com/us/wce/PDF/12999_MERC-Entire_Manual.pdf
The manual contains excerpts from MasterCard member publications that provide information applicable to merchants. The update reflects recent changes to MasterCard's security rules and procedures.
It includes MasterCard's Bylaws and Rules pertaining to merchant card acceptance and published in April 2005. Subjects include use of the MasterCard marks, prohibited practices, merchant obligation to honor all MasterCard cards, authorization and presentment of transactions, and the secure treatment of card account and transaction data....for more of the story from the GreenSheet