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The subject of credit card processing is not one of the favorites of any merchant. Each month, when they receive their statement in the mail, they cringe at the fees they've had to pay for this "privilege" of accepting credit cards for payment. This blog is meant to provide a more thorough understanding of how the industry works, what makes up the fees that you are paying and how you can improve on them. So, come by often or, better yet, subscribe to the RSS feed below and you'll be notified any time there is an update.

Wednesday, January 30, 2008

Visa Announces No Signature Required Program

VISA SPRING RELEASE: NEW VISA MCC CODES ELIGIBLE FOR NO SIGNATURE REQUIRED PROGRAM

Visa has just announced that they are adding eight existing Merchant Classification Codes (MCCs) to be eligible for the No Signature Required (NSR) program. Additionally, Visa will allow two CPS programs to be eligible for the program. These changes are effective this April and the following eight additional MCCs will be added to the No Signature Required program:

5251 = Hardware stores
5331 = Variety stores
5411 = Grocery stores and supermarkets
5441 = Candy, nut and confection stores
5451 = Dairy products stores
5462 = Bakeries
5942 = Book stores
5947 = Gift, card, novelty and souvenir shops

In addition, the following Custom Payment Systems (CPS) Retail fee programs will be added to the list of CPS fee programs that support the NSR program:

CPS/Supermarket Debit
CPS/Supermarket Credit
This No Signature Required program is meant for transactions under $25. The primary purpose is to help speed up the check-out time and still provide total protection for the merchant.
To further enhance your knowledge of the credit card processing industry, click on over to our website at:
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