Policy changes with Visa, MasterCard
Posted by administrator on Wednesday, April 14th, 2010
I'm excited about this new change from Visa and MasterCard.
Ever get one of
those prepaid Visa gift or debit cards? They're getting more and more popular. I have heard of some people who do a lot of shopping online purchase prepaid debit cards to limit the risk of identity theft. Others find it a convenient method to issue refunds or rebates.
I received one of these prepaid Visa debit cards once as part of a rebate when we purchased an appliance from GE. I found it a bit frustrating because it was hard to use. It wasn't the same as cash. I never knew what my balance was, and if I wanted to buy something with it, it had to be below the balance on the card or else the card would be declined.
Here's the good news. Visa and MasterCard have put together a solution! In about a year from now, all merchants accepting Visa & MasterCard will be required to display the balance remaining on the prepaid gift card. If the order total exceeds the available balance, the customer is to be presented with another payment option to pay the remaining amount of the order.
All clients that use Authorize.Net will be upgraded in the coming year to be compliant to this regulation.
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