nexpay's Visa Global Registration Details

Topic: Visa & Mastercard (Wed 3rd Jul 2019)
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What Is The Visa Global Registry of Service Providers?

The Registry allows service providers to broadcast their compliance with Visa Inc. rules, industry security standards and to promote their services to potential clients worldwide. Merchants should reference the site regularly as part of their due diligence process, and should only use service providers that are listed on the Registry for outsourcing their payment-related services.

Is registration required for Independent Service Organisations?

Yes. If a Visa member Bank has a relationship with a payment provider, directly or indirectly, they must register the company with Visa per the
Visa Rules. The fine for using an unregistered third party agent starts at $10,000 per agent/ company.

The registry only contains service provider adhering to common industry practices from member Bank's and card scheme rules in which the registered service providers adhere to.

You will see our registration link at the bottom of this page.

How is nexpay listed on the Visa registry?

To be listed on the Visa Global Registry of Service Providers, the Acquiring Bank's must register our company with the card scheme i.e. Visa Global and we must pass stringent PCI DSS and business operation measures to gain a registration.

The Visa Global Registry of Service Providers is the payment industry's designated source for information on registered and compliant agents that provide payment-related services to Visa clients and merchants. When you are listed, you help secure the promise of a trusted payment system by highlighting your investment in data security and the protection of cardholder data.

What is our role?

Operating as an Independent Organisation nexpay provides services to Member clearing bank's (Acquirers) in connection with the Member’s merchant program.

Our role is to verify the legitimacy of the client through a variety of sources and to assess the merchants’ ability to meet current and future obligations.

Services could include but are not limited to merchant boarding, credit review, premises inspection, risk management, customer service and the placing of terminals for merchant contracts.

Company and staff engagements with clients

• Ensure all employees, or as a minimum all front-line staff (Sales Agents and Support staff that handle applications) are adequately and appropriately screened including criminal and
background checks
o Have suitable qualifications, education, experience and skills and integrity to perform such obligations;
o Are adequately trained (prior to any involvement in the relationship and on an ongoing basis); and
o Are supervised in a competent and professional manner in accordance with current industry practices and standards used
• Not to use of any misleading or deceptive business practices.

Merchant Solicitation

nexpay should conduct all merchant solicitation under its name as registered with the Card Associations for all businesses directed through the Relationship. Nexpay may not solicit merchants under any trade name or any other name that is not registered with the Card Associations and applicable governmental/regulatory body.

Unacceptable statements & actions

• Advising “100% Approval Rate” and “All business types are accepted”
• Advising “All business types are considered” or “Most businesses approved”
• Advertising or guaranteeing “lowest rates” or “best rates”;
• Phrases such as “may cut processing costs” or “may increase sales” are acceptable;
• Soliciting “unacceptable merchants” such as merchants known on VMASS or fraudulent
• Using the following statements or variations of the following statements: “instant merchant
approval(s)”, “easy approvals”, “liberal underwriting/liberal merchant acceptance”, “faxed
applications”, “aggressive underwriting”, “no site inspections”, “no credit” or “questionable credit”

Compliance with Law

nexpay's policies must comply with all applicable laws, as amended, supplemented or superseded from time to time. Responsibilities for the collection of Anti-Money Laundering (“AML”)/Know Your Client (“KYC”) documentation for all merchants may be performed by the member Bank and or nexpay.

The member Bank's will verify that appropriate AML/KYC documentation has been obtained and will perform Politically Exposed Persons screening for all merchants. Member Bank's will also perform screening and monitoring required for compliance with Office of Foreign Assets regulations and United Nations Sanctions, European Union Sanctions Lists and applicable Country Sanctions Lists.

Payment Card Industry Data Security Standards (“PCI DSS”) Compliance:

nexpay is to document and maintain policies and procedures that demonstrates our company and its agents achieve and maintain compliance with applicable Payment Card Industry Data Security Standards (“PCI DSS”) managed by the Payment Card Industry Security Standards Council (“PCI SSC”) and respective Card Association programs.

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