MasterCard Supports Smaller Businesses with Greater Transparency in Payments
Combination of New Rules and Best Practices Continues Broader Efforts to
Simplify Acceptance of Electronic Payments
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PURCHASE, N.Y. -- March 19, 2014
MasterCard (NYSE:MA) today announced a new initiative to help smaller
merchants create efficiencies in their operations by accepting electronic
payments. The effort combines changes to the company’s U.S. region rules with
best practices and insights developed from conversations with smaller
The new standards deliver greater transparency and value to smaller business
owners. In the standard, acquirers and payment service providers are required
to provide their customers with a clear and detailed disclosure of the fees
they are charged, while also ensuring a minimum of 30 days’ notice before they
modify any fees related to MasterCard transactions.
“For nearly half a century, electronic payments have helped businesses of all
sizes increase sales and deliver additional convenience for their customers,”
said Craig Vosburg, group executive of U.S. Market Development, MasterCard.
“Through these new standards and best practices, we’re bringing years of
experience and proven results to help merchants evaluate and choose the best
partner to help control costs and maximize the opportunities to grow their
MasterCard developed the new standards in consultation with its customers and
partners, as well as community organizations through its Master Your Card and
Master Your Card Oportunidad public education programs.
“Small merchants are the engines that drive the economy forward,” said Hector
Barreto, chairman, The Latino Coalition. “I praise MasterCard’s new standards
because theyclear the path for Latino small business owners to move forward
with the sales growth potential achievable through card acceptance.”
In addition to the new standards, MasterCard also formally launched two
interactive education modules designed to provide merchants with resources to
optimize their business operations.
The “Merchant’s Guide to Chargebacks” outlines ten helpful ways merchants can
minimize the risk of chargebacks, while providing tips on navigating the
process, should an issuer request compensation for a disputed transaction on
behalf of a cardholder. The “Partnering with a Merchant Service Provider”
presentation provides merchants with key themes they might consider when
selecting or evaluating a payment service provider.
Both modules are available in the “Tips for Merchants” tab at
MasterCard (NYSE: MA), www.mastercard.com, is a technology company in the
global payments industry. We operate the world’s fastest payments processing
network, connecting consumers, financial institutions, merchants, governments
and businesses in more than 210 countries and territories. MasterCard’s
products and solutions make everyday commerce activities – such as shopping,
traveling, running a business and managing finances – easier, more secure and
more efficient for everyone. Follow us on Twitter @MasterCardNews, join the
discussion on the Cashless Pioneers Blog and subscribe for the latest news on
the Engagement Bureau.
Seth Eisen, 914-249-3153
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