Area

Requirements:

Policies

· Implement policies that include the minimum standards established by Visa to mitigate risk to the Visa payment system.

· The policies must be approved by the acquirers Board of Directors or an appropriate senior executive committee.

· Policies must be made available to Visa upon request.

Merchant Agreements

· Utilize merchant agreements that meet Visa minimum requirements for disclosure and clearly define both acquirer and merchant obligations.

· Ensure merchant agreements in use by the acquirer and third party agents, including subsequent updates, are reviewed and approved prior to their use.

· Have a merchant agreement in place with each merchant before transaction services are provided.

Merchant Underwriting

· Control merchant approvals per pre-determined policies and procedures.

· Provide Visa acceptance privileges in accordance with the Visa Rules.

Reserves and Funding

· Hold and control all funds related to Visa merchant acceptance, including settlement funds, reserves, suspended settlement and other funds.

· Third party agents are prohibited from direct control over merchants funds and reserves (with the exception of payment facilitators).

Merchant Risk Monitoring

· Maintain adequate risk controls to monitor merchant activity to ensure compliance with
the Visa Rules and prevent undue harm to the acquirer and Visa payment system.

Third Party
Agent Risk

· Conduct due diligence on all third party agents prior to registration, in accordance with the Visa Third Party Agent Due Diligence Risk Standards.

· Perform ongoing monitoring and oversight of third party agents to control the agent relationship and its activities.

· Ensure third party agents are aware of the acquirers polities and requirements to remain in compliance with Visa Rules.