YNOT – An unofficial amnesty period affecting online merchants who accept MasterCard comes to an end Friday. By Saturday, all internet payment service providers, facilitators and aggregators must ensure they and their clients meet regulations in place since 2010 but only loosely enforced.
Among other things, the MasterCard Registration Program and Payment Facilitator Model Regulations require all merchants to provide MasterCard with specific information about their accounts, their companies, and their websites. In addition, each merchant must pay an annual service fee of $500. Those who do not meet the strict terms of MasterCard’s regulations may face stiff penalties, including expulsion from the MasterCard network.
Most IPSPs began working toward 100-percent compliance when the regulations were announced. A SegPay representative said her company’s clients are protected.
“All SegPay clients have been registered,” said President and Chief Executive Officer Cathy Beardsley. “Our clients will not face the annual fee until August of 2013. SegPay clients can now rest easy that their future with one of the largest card brands in the world is secure.”
According to Beardsley, MasterCard is the preferred internet payment method for about 35 percent of online shoppers. Consequently, the card brand represents a significant source of income for SegPay clients.
“SegPay is excited to be one of the first payment facilitators to attain full compliance with the MasterCard Payment Facilitator Model and Merchant Registration Program,” she said Cathy Beardsley. “Attaining compliance was a rigorous process, but now we can put extra emphasis on providing excellent customer service and expanding our payment system to further support mobile programs technology.”
In business since 2005, SegPay offers clients real-time credit-card billing direct-debit and check authorization services; automated password management systems; marketing tools and real-time sales reporting. For more information about the company, visit SegPay.com.
