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Recent VISA Mandate

GeneralPayment Processing

WHAT IS IT?

You might have heard the buzz about the Visa Mandate that affects the Vacation Rentals industry. Visa changed their definition of the Industry Code under which Vacation Rentals should process. Visa’s regulations now state that payments for short term rentals (stays shorter than 30 days) need to be processed under the Lodging Industry Code of 7011. 

Ascent Processing has your back: 

As of December 2017, Ascent proactively reached out to all our affected clients notifying them of the Mandate and making the necessary changes to ensure each was compliant. Ascent merchant’s pricing remained the same. 

There has been some confusion and misinformation regarding the Visa Mandate. We can help clear it up and keep you informed.

 

IN FACT, LET’S LOOK AT FACT OR FICTION:

 
  • FACT:

    All of Ascent’s clients were successfully compliant with the new Mandate regulations prior to the enforcement deadline.

     
  • FACT:

    Interchange costs assessed by the card companies for the US are the same for all banks/processors. There are no “special rates” given to one bank/processor over another. Interchange rates can be viewed online for all businesses to review.

     
  • FICTION: 

    Credit card fees will increase in the near future due to the Visa mandate.

     
  • FACT: 

    Changes related to the Mandate that impacted merchant costs occurred at the end of 2017. In many cases, Ascent clients’ costs did not change.

     
  • FICTION: 

    Calculating costs/savings without including ALL card companies’ fees is accurate.

     
  • FACT: 

    Ascent’s clients receive full disclosure of all fees to ensure that they can accurately assess their overall effective rate (total fees divided by total volume). This is the only way merchants can know and compensate for their true payment processing costs.

     
  • FACT: 

    At Ascent Processing, our goal is to protect your time, your money, and your business by providing vital information, so you can stay compliant with regulations and receive the best rates possible.

     

If you have any questions or are confused by any emails you have received by 3rd parties regarding the Visa Mandate, please contact us at info@ascentpaymentsolutions.com

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