PURCHASE, N.Y. | MasterCard today announced a new standard to deliver greater transparency and value to smaller business owners. MasterCard requires Acquirers and Payment Service Providers to provide their U.S. merchants with a clear and detailed disclosure of the fees they are charged, while also ensuring a minimum of 30 days’ notice before they modify any fees related to MasterCard transactions.
Support merchants to choose the best partner
“For nearly half a century, electronic payments have helped businesses of all sizes increase sales and deliver additional convenience for their customers,” said Craig Vosburg, group executive of U.S. Market Development, MasterCard. “Through these new standards and best practices, we’re bringing years of experience and proven results to help merchants evaluate and choose the best partner to help control costs and maximize the opportunities to grow their business.”
Merchant’s Guide to Chargebacks
In addition to the new standards, MasterCard also formally launched interactive education modules designed to provide merchants with resources to optimize their business operations. The “Merchant’s Guide to Chargebacks” outlines ten helpful ways merchants can minimise the risk of chargebacks, while providing tips on navigating the process, should an issuer request compensation for a disputed transaction on behalf of a cardholder. The modules are available in the “Tips for Merchants” tab at MasterCardMerchant.com.
New Standards through Consultation
MasterCard developed the new standards in consultation with its customers and partners, as well as community organisations through its Master Your Card and Master Your Card Oportunidad public education programs. “Small merchants are the engines that drive the economy forward,” said Hector Barreto, chairman, The Latino Coalition. “I praise MasterCard’s new standards because they clear the path for Latino small business owners to move forward with the sales growth potential achievable through card acceptance.”
MasterCard, www.mastercard.com, is a technology company in the global payments industry. We operate the world’s fastest payments processing network, connecting consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. MasterCard’s products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MasterCardNews, join the discussion on the Cashless Pioneers Blog and subscribe for the latest news on the Engagement Bureau.
Sourced from MasterCard, March 19th, 2014