Electronic payment processing is a highly-regulated industry, which is to be expected since it deals in sensitive and private personal financial information. The goal of these regulations is to protect all parties involved in electronic transactions — cardholders, merchants, processors and the issuing banks — from identity theft and fraud.
TransFirst® stays current and compliant with all regulations, and we believe our merchants should, too. To that end, we provide information on this website for easy access by merchants.
Recent regulations that directly affect our merchants include:
IRS Mandate (Section 6050W)
Merchants are required to report their annual gross payment card transactions processed by credit, debit or co-branded cards and third-party network transactions to their merchant services providers, who pass the information along to the IRS.
New rules have been implemented that lower the debit card interchange fees the Visa® and MasterCard® networks charge merchants. The changes would appear to be a plus for merchants — but are they?
The Payment Card Industry Data Security Standard (PCI DSS) encompasses a set of requirements established to ensure that all merchants who process, store or transmit credit card information maintain a secure transaction environment.