Visa & MasterCard Fines

Previously we've noted that Visa and MasterCard have announced that fines could be imposed on banks, which in turn may be passed on to ISOs, for failing to be Year 2000 complaint in 1998. (The need to have your terminals ready to process credit cards with Year 2000, or beyond, expiration dates.)

Visa is now ready to begin assessing fines and they are substantial. (Visa is threatening $1,000 per failed transaction.) But, these fines can be avoided by simply being certain that your merchant's terminals have up-to-date applications that are able to recognize and process these cards.

 

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