Making sense of the credit card process: a simplified overview for B2B companies
B2B Insights: Understanding the Credit Card Process
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Card brand updates
PayTrace is actively monitoring card brand rules and regulation changes. We are continually making updates to our system to ensure compliance.
PayTrace is actively monitoring card brand rules and regulation changes. We are continually making updates to our system to ensure compliance.
The following changes to the PayTrace system will go into effect, October 31, 2016.
New Rules for Sales and Authorization Credit Card Transactions:
Per new regulations, sale transactions can no longer be adjusted.
All authorization transactions could incur additional fees if adjusted over the original authorized amount.
Products impacted: Virtual Terminal, API Integrations, and Shopping/Payment Cart transactions
Managing New Rules for Sales and Authorization Credit Card Transactions:
- Sales/Pending Settlement Status
Amount adjustments on any transaction processed as a “sale” or in a pending settlement status “authorized and captured” transaction, through Virtual Terminal, API Integrations, and Shopping/Payment Cart transactions will no longer be allowed.
Authorization Only Transactions
On transactions processed as an “authorization” through the Virtual Terminal, API Integrations, and Shopping/Payment Cart transactions, we will continue to allow amounts to be adjusted up or down, until the transactions are captured for settlement.
In the Virtual Terminal, if the merchant adjusts the transaction above the authorized amount we will present a warning and require confirmation they want to adjust the amount.
If merchants have questions regarding this new regulation they can contact their merchant service provider.
Resellers with merchants who utilize the transaction adjustment features will receive a separate email listing affected merchants on October 3, 2016.
MasterCard BIN updates:
MasterCard is adding a new BIN series. All previous issued MasterCards started with a “5”. In order to issue more cards, MasterCard is beginning issue cards beginning with a “2” in 2017.
PayTrace systems have been updated to support the 2 series MasterCard BIN.
This requires no further action from merchants, integrators, or resellers.
Status Page:
Our status page instantly advises you of any PayTrace system issues and maintenance windows. You can also subscribe to status page updates.
5-star Support:
For additional questions our 5-star support team is also available.
Support Email: support@paytrace.com
Support Phone #: 888-806-6545
This Bulletin is being sent to key Reseller contacts and key 3rd party integrated solution provider contacts. In addition to the status page, a summary of this update will be placed in the Message Center area on the PayTrace account home page, which is viewable by merchants.
Please feel free to share this Bulletin with any other Reseller Users, 3rd party integrated solution providers, and merchants that you believe will benefit from having the information.
