Because there are so many constantly changing financial and security factors in the credit card processing world, it’s important to know how just how often providers change FANF
amounts. Although on their own, these changes are incremental, it’s important to understand how they could affect your margins, the way you do business, or even your legal responsibilities.
FANF Changes: As Fast as the Seasons
Looking at patterns over the last few years, every major Credit Card Provider made at least a few updates per year, or about one per quarter. Thus, it’s important to pay attention and always read the fine print on your processing agreements.
FANF Changes coming in 2017
Effective January 1, 2017, Visa has announced an increase to the misuse of authorization and the zero floor limit fees. As a result, some merchants will see rate increases. These fees may appear as separate line items on your merchant statement.
October 2016 MasterCard FANF Changes
Effective October 2016, MasterCard introduced new rule changes for Revised Standards for Processing Pre-authorizations and Authorizations. MasterCard will implement improvements to their current rules that are designed to address limitations that are directly related to the processing of pre-authorizations and authorizations. Authorizations will be required to be clearly coded as a pre-authorization, undefined authorization, or final authorization. Additionally, effective October 2016 certain merchants may see the addition of or increases to fees as a result of this mandate. These fees will reflect as a separate line item on the merchant statement.
Upcoming FANF Changes
Although, FANF fees are always changing due to the complex nature of the financial market, US Merchant services is here to help our clients understand these changes and help you find the best payment processing solutions to meet your situation. Contact us today
and get an absolutely free consultation.