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FOR AGENTS OF SIGNATURE CARD SERVICES

SIGAGENTS

 
 
 


 

New Visa Claims Resolution (VCR) Process


Visa’s old process for managing chargebacks and disputes was outdated (last revised 15 years ago), inefficient, and lengthy (46 days on average to resolve a chargeback). The card network has created a more modern, streamlined approach to claim resolutions called Visa Claims Resolution (VCR). It was designed to address all the issues the old system had and reduce time, cost, and the number of chargebacks.

VCR has arrived and we bet you want to know how this impacts your merchants. Click here for the most frequently asked questions about VCR.

If you have any questions or concerns regarding this change, please reach us at security@signaturecard.com or 800.631.3072.

 

 

We’re Suiting Up for BIN Migration

In an effort to better support all the updates regarding Mastercard BIN-II and EMV conversion, our Deployment Department has improved and streamlined their daily protocols. They have been pushing out updates around the clock regarding payment applications and equipment to ensure that your merchants are ahead of the curve.

It is now mandated by all major card brands that every terminal must be encrypted with PIN-Debit, even if the feature will not be utilized. Without internal encryption, specific terminal functions will not work. Making sure your equipment is up-to-date is vital as terminal errors can hinder processing. Please see the listed compliant and non-compliant equipment below.

    Compliant / Non-Compliant Pin Pads

      Compliant Pin Pads
    • SP30 – PAX

    • VX805 – VeriFone

    • IPP300 Family – Ingenico

      Non-Compliant Pin Pads
    • SP20 – PAX
    • 1000SE – VeriFone
    • IPP200 Family – Ingenico


Keep in mind that Version 2 (V2) of the Ingenico Terminal Family is no longer compliant, as there is not enough memory in the terminal to handle the EMV application. That being said, to verify if the terminal is a V2 or V3, you will need to ask your merchants to reboot the terminal and check if the screen displays “A98” upon starting. If so, this is a V2 terminal and will need to be replaced immediately. We advise you to contact our Customer Service Department at 800.631.3072 or support@signaturecard.com, so that we may remedy this issue quickly.

 

 

New VISA Chargeback Policy

Please be aware that we have notified your merchants regarding changes made by VISA to their chargeback dispute resolution process starting April 13, 2018. The Visa Claims Resolution (VCR) dispute process is designed to eliminate invalid disputes and responses, reduce the dispute time frames from 45 days to 30 days, reduce the number of reason codes, and simplify dispute rules. All other card type chargebacks will continue to process as they currently do, without change. We realize that these changes could be quite overwhelming, so please do not hesitate to reach out to our Risk Department at 888.334.2284 ext. 603 if you need any help.

 

 

Mandated Merchant Application Changes

The Financial Crimes Enforcement Network is imposing new regulations regarding beneficial ownership. The rule requires that certain institutions establish risk-based procedures for conducting customer due diligence. The new beneficiary ownership requirements are geared toward preventing evasion of targeted financial sanctions, facilitating tax compliance, and providing information that will assist law enforcement in financial crime investigations.

Starting May 11, 2018, upon submission of any merchant application, FinCEN requires formal identification and collection of information of all beneficial owners and/or those with a controlling position. Beneficial ownership is defined as an individual that directly or indirectly owns 25% or more of the equity interests in a company. A controlling position is a single individual with significant responsibility to control, manage, or direct a company. Please note that under beneficial ownership, if no individual owns 25% or more of the equity interests, the covered financial institution would identify a beneficial owner under the control position only. If the beneficial owner is an excluded legal entity, no beneficial owner needs be identified with respect to that excluded entity.

In response to these new regulations, we have revised our Merchant Applications for both Merrick and West America Banks. The FinCEN requires the validation and verification of beneficial ownership and controlling position information, as well as the social security number for each beneficial owner. By March 31, 2018, you will need to use the new applications, which includes the addition of beneficial ownership and controlling position fields. Please note that each beneficial owner does not need to sign the Merchant Application and Agreement.

Please call Agent Support at 888.334.2284 with any questions regarding this change.

 

 

TSYS Bi-Annual Compliance Update

As a reminder, in April TSYS will be performing their bi-annual compliance update required by the card brands, which may or may not affect our normal operational flow. Although we do not anticipate any issues, as always, we suggest that you contact our Customer Service Department at 800.631.3072 if and when you experience any troubles with TSYS during the month of April.

 

 

Merchant Category Updates from AMEX

Starting April 13, 2018, TSYS will implement changes to accommodate the enhancements made to American Express OptBlue. AMEX has made the following changes to Merchant Category Codes:

  • MCC 5818 (Digital Goods) will be removed from the prohibited list and added it to the Mail Order & Internet Industry;
  • MCC 5172 (Wholesale Distributors) will be removed from the prohibited list and added to the B2B Wholesale Industry;
  • MCC 6540 (Non-Financial Institutions Stored Value Card) has now been added to a prohibited Merchant category.

Please do not hesitate to contat Underwriting at 888.334.2285 ext. 604 or support@signaturecard.com if you have any questions.

 

 

The uAccept Point of Sale Solution is Now Available For Your Merchants!

We are excited to offer your merchants the uAccept all-in-one POS station to better support their credit card processing needs. The system runs on their very own cloud-based software that allows merchants to access real-time business data from any internet connected device. They can easily view sales, track loyalty member points, organize inventory, send receipts via text messages, and much more. uAccept's hardware includes a built-in touchscreen, cash drawer, magstripe card reader, and receipt printer.

We are more than happy to answer any questions you may have regarding the uAccept POS Solution. Please feel free to contact Agent Support at agents@signaturecard.com or 323.966.0050 ext. 603.