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Tuesday, March 27, 2018

Clarification to the wording on your Schedule of Fees- 27 March 2018

What’s changing?

 

Your current Schedule of Fees states:

“Secure Transactions are Chip & Pin (EMV), contactless and V.me Transactions as well as Transactions using Verified by Visa, MasterCard SecureCode and those submitted to Elavon within 3 days."

With effect from and including 1 June 2018 we are amending this wording to:

“Secure Transactions are transactions processed by (EMV) Chip & Pin, contactless, Verified by Visa, MasterCard SecureCode or V.me. These must be processed within two (2) days”.

What this means for you?

 

This amendment reflects the Card Scheme rules in relation to processing of secure Visa domestic transactions which must be submitted to Elavon within two (2) days in order to be treated as “Secure Transactions”.

Please note this does not apply to customers on Interchange Plus Plus pricing.

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