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News: Pipeline

Visa Transaction Rules Update

March 3, 2017  
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CIPH Members should be advised that In Section 1.5.5.4 "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

 


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