FT. LAUDERDALE, Fla. — Payment processor SegPay announced today that it has attained full compliance with the MasterCard Registration Program and Payment Facilitator Model Regulations.
The company said that compliance was a priority since MasterCard is the preferred Internet payment method for approximately 35 percent of customers and represents a major source of income for SegPay clients.
SegPay noted that the registration program was loosely enforced when it was first rolled out in 2010, but the amnesty period ends Sept. 15, requiring all payment facilitators and their merchants to meet the stricter MasterCard guidelines or face stiff penalties.
The new regulations require the registration of all sub-merchants with MasterCard and the payment of an annual registration fee of $500.
SegPay noted that all of its exiting clients have been registered and will not face the annual fee until August of 2013. These new requirements impact all payment facilitators, IPSPs and aggregators.
“SegPay is excited to be one of the first payment facilitators to attain full compliance with the MasterCard Payment Facilitator Model and Merchant Registration Program,” Cathy Beardsley, President and CEO of SegPay said. “Attaining compliance was a rigorous process, but now we can put extra emphasis on providing excellent customer service and expanding our payment system to further support mobile programs technology.”
For more information on the new regulations visit SegPay.com.