Page 53 - GS140201
P. 53
ChapterTitleEducation
to a flurry of marketing efforts to
move merchants from one provider
to another. It may surprise you to learn that the
The MFA will be bigger than PCI or MFA enjoys considerable bipartisan
TIN matching combined, because
the penalty for noncompliance is support. This is because it is not a
possible jail time for the merchant.
Honest processors and ISOs will be new tax bill; it would result in the
sure to be engaged with a competent
CSP and lead their merchants into collection of taxes already owed.
compliance now rather than play
catch-up after the fact.
What should ISOs, MLSs do now?
Ask your processor for written
confirmation of its MFA compliance
plan. The confirmation should come
with marketing material you can
share with merchants and use as a
promotional tool. Processors that
have no plan should be encouraged
to make one. If your processor has
no plan and does not appear to be
putting one together, and it would not
breach your ISO agreement, consider
looking for another processor that
has a plan for those merchants that
will inevitably want to be out in front
of this issue.
What if I do nothing?
If you do nothing, you are going to
face questions from all your online
merchants that you might not be able
to answer. As media coverage of the
MFA heats up close to its adoption,
perhaps a few months from now,
merchants will be calling their ISO
sales reps to prepare for compliance.
Other ISOs and MLSs will also be
calling your merchants to offer their
services, including full online tax
compliance integration.
The sky is not falling. That said, I
believe the MFA will make PCI look
like a walk in the park. So prepare
well in advance.
In publishing The Green Sheet, neither the
author nor the publisher is engaged in render-
ing legal, accounting or other professional
services. If you require legal advice or other
expert assistance, seek the services of a com-
petent professional. For further information
on this article, email Adam Atlas, Attorney at
Law, at atlas@adamatlas.com or call him at
514-842-0886.
53
53
53
53
to a flurry of marketing efforts to
move merchants from one provider
to another. It may surprise you to learn that the
The MFA will be bigger than PCI or MFA enjoys considerable bipartisan
TIN matching combined, because
the penalty for noncompliance is support. This is because it is not a
possible jail time for the merchant.
Honest processors and ISOs will be new tax bill; it would result in the
sure to be engaged with a competent
CSP and lead their merchants into collection of taxes already owed.
compliance now rather than play
catch-up after the fact.
What should ISOs, MLSs do now?
Ask your processor for written
confirmation of its MFA compliance
plan. The confirmation should come
with marketing material you can
share with merchants and use as a
promotional tool. Processors that
have no plan should be encouraged
to make one. If your processor has
no plan and does not appear to be
putting one together, and it would not
breach your ISO agreement, consider
looking for another processor that
has a plan for those merchants that
will inevitably want to be out in front
of this issue.
What if I do nothing?
If you do nothing, you are going to
face questions from all your online
merchants that you might not be able
to answer. As media coverage of the
MFA heats up close to its adoption,
perhaps a few months from now,
merchants will be calling their ISO
sales reps to prepare for compliance.
Other ISOs and MLSs will also be
calling your merchants to offer their
services, including full online tax
compliance integration.
The sky is not falling. That said, I
believe the MFA will make PCI look
like a walk in the park. So prepare
well in advance.
In publishing The Green Sheet, neither the
author nor the publisher is engaged in render-
ing legal, accounting or other professional
services. If you require legal advice or other
expert assistance, seek the services of a com-
petent professional. For further information
on this article, email Adam Atlas, Attorney at
Law, at atlas@adamatlas.com or call him at
514-842-0886.
53
53
53
53
