The Visa/MC/FTC Smackdown

Visa and Mastercard, in collaboration with the Federal Trade Commission, are drafting a new series of rules which you need to be informed about and prepared for.

So far in the past couple weeks, hundreds of internet businesses have lost their merchant accounts. The intention is to rid the internet of fraudulent businesses who charge customers for things of which they are not aware, and in general misuse the privilege of having a merchant account with Visa and Mastercard. Visa and Mastercard have a reputation as being trustworthy, ethical corporations. Abuses tarnish their reputation, and make the internet unsafe for all.

So that’s a good thing, right? Well…yes and no. The problem is that blanket rules can affect internet businesses which AREN’T involved in scams or unethical activities, as well.

The official regulations are still being worked out, but there is data available to you right now, so that you can stay informed and in compliance.

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