Visa Transaction Rules Update
March 3, 2017
CIPH Members should be advised that In Section 188.8.131.52 "Payment of Existing Debt" of Visa’s Transaction Rules it states:
A Merchant must not accept a Card to collect or refinance an existing debt unless either:
- The Transaction results from conversion of a Merchant's existing card program to the Visa Program or Visa Electron Program.
- The Merchant is a government agency and the Transaction represents a loan payment. In this case, the Transaction amount must not equal the loan balance unless it is the final payment.
A Merchant must not accept a Visa Card or Visa Electron Card as payment for a debt that is considered uncollectible (for example: payments to a collection agency). This does not apply to a US Merchant. A Merchant must not:
- Accept Cardholder payments for previous Card charges
- Complete a Transaction that represents the collection of a dishonored check
Both of these rules govern TD Merchant Solutions' contract terms prohibiting the same.
Visa’s Transaction Rules are available online.
For more information on this, please contact:
Robert MacKinnon | PCI Compliance Manager | TD Merchant Solutions
77 King Street West, 15th Fl., Toronto, Ontario, M5K 1A2
T: 647 881 4588 | F: 416 307 0623