MasterCard announced an initiative on Wednesday aimed at helping smaller merchants streamline their electronic payments operations.
In consultation with customers and partners, as well as community organizations, MasterCard developed new standards that provide greater transparency for small business owners.
Acquirers and payment service providers will be required to provide customers with an easy-to-understand and detailed disclosure of fees, as well as provide a minimum of 30 days’ notice before the modification of fees related to MasterCard transactions.
“For nearly half a century, electronic payments have helped businesses of all sizes increase sales and deliver additional convenience for their customers,” Craig Vosburg, the group executive of U.S. market development at MasterCard, said. “Through these new standards and best practices, we’re bringing years of experience and proven results to help merchants evaluate and choose the best partner to help control costs and maximize the opportunities to grow their business.”
Additionally, MasterCard formally launched two education modules—the “Merchant’s Guide to Chargebacks” and “Partnering with a Merchant Service Provider”—to help business owners optimize their operations. Both modules are available at MasterCard’s merchant website.
“Small merchants are the engines that drive the economy forward,” Hector Barreto, the chairman of The Latino Coalition, a partner of MasterCard’s Master Your Card Oportunidad public education program, said. “I praise MasterCard’s new standards because they clear the path for Latino small business owners to move forward with the sales growth potential achievable through card accepta