In Press Releases on March 31, 2015 at 9:42 am
ALERT: MasterCard Convenience Fee Program Change
March 31, 2015
On April 1, 2015, MasterCard will implement a change to the current MasterCard Convenience Fee Program that enables merchants to participate in the program without registering.
In 2007, MasterCard created the Convenience Fee Program for government agencies and educational institutions to help introduce the acceptance of credit cards into those organizations and help alleviate the associated costs. Convenience fees, not to be confused with surcharges, are fees a merchant may assess on a transaction for the privilege of paying for a product or service using a different payment method or channel. Merchants are required to clearly communicate this fee to the cardholder prior to the transaction, as well as provide an opportunity to produce another means of payment or cancel the transaction. The MasterCard Convenience Fee is only applicable to MasterCard cardholders.
Beginning April 1, eligible merchants no longer need to register with MasterCard to participate in the MasterCard Convenience Fee Program. Please, refer to the list below of eligible card acceptor business codes. Merchants operating under one of these MCCs may be eligible for the MasterCard Convenience Fee Program.
- MCC8211 (Schools, elementary and secondary)
- MCC8220 (Colleges, universities, professional schools, and junior colleges)
- MCC8299 (Schools and education services – not elsewhere classified)
- MCC9211 (Court costs including alimony and child support)
- MCC9222 (Fines)
- MCC9223 (Bail and bond payments)
- MCC9311 (Tax payments)
- MCC9399 (Government services – not elsewhere classified)
- MCC9402 (Postal service – government only)
*Education merchants may apply a convenience fee only to tuition and related fees, and school-maintained room-and-board. Government merchants may apply a convenience fee to any transaction.
To learn how your business can take advantage of this program, contact firstname.lastname@example.org.
In Press Releases on March 24, 2015 at 2:57 pm
TransNational Brings International Solutions to Growing Portfolio
TransNational Bankcard and Credorax are excited to announce today a new partnership that will enable TransNational to provide its best-in-class merchant services solutions to the entire European Union, plus five additional countries.
After experiencing market and portfolio growth, TransNational leadership decided it was time to begin investing in international platforms. “We’ve been working hard on this for the last year,” says Aaron Subich, product manager at TransNational. “As our small and mid-sized merchant partners and ISVs have expanded, we realized that we needed to be able to provide solid and dependable processing options for them abroad.
“Credorax has enabled us to do that, and do that well,” continues Subich. As a Principal Member of Visa Europe and MasterCard and licensed under the Payment Services Directives (PSD), Credorax specializes in full-service e-commerce solutions. “By leveraging their platform and impressive team of experts, we’ve been able to seamlessly integrate international payment options and alleviate a historical pain point in our industry.”
For businesses that have foreign entities established or are looking to expand into new markets, TransNational and Credorax’s partnership could pay significant dividends in both cost savings and capital management efficiencies. Since interchange rates in the EU are significantly less than those in the U.S., businesses could benefit from processing transactions abroad. Additionally, businesses that are able to process abroad also avoid additional “cross-border” downgrade fees and currency conversion fees.
Those interested in additional information are encouraged to call TransNational at (888) 998-6224.
In Uncategorized on January 16, 2015 at 10:48 am
Daily Herald Honors TransNational’s Tatooles as Suburban Young Professional
ROSEMONT, IL – (Jan. 16, 2015) The Daily Herald Business Ledger recognized Perry Tatooles, TransNational’s vice president of strategic partnerships, on Thursday as one of twenty suburban business people under 40 who are influential in the Chicago business community.
This announcement comes months after TransNational promoted Tatooles to V.P. of Strategic Partnerships and experienced subsequent growth in its strategic sales program. As an expert in payments, Tatooles continues to entertain speaker requests and presents publically on card data security, PCI compliance, processing rates and fees, and SMB payments best practices. He has contributed as an expert panelist for the SBAC (Small Business Advocacy Council) and appeared on the Tomorrow’s Business Today radio show with Kristen Tews.
“Perry being recognized as a Suburban Young Professional by the Daily Herald just seems so obvious to me,” says Jae Haas, president of TransNational. “He exemplifies TransNational’s passion for clients and community, while maintaining a “family-first” perspective. We continue to remain extremely proud of Perry’s accomplishments at our firm and, most importantly, within his community and family.”
For more information, and to see the full list of 2015 honorees, visit dailyherald.com.