FT. LAUDERDALE, Fla.—Internet payment service provider SegPay has announced that it has attained full compliance with the MasterCard Registration Program and Payment Facilitator Model Regulations, and that SegPay clients can now rest easy that their future with one of the largest card brands in the world is secure.
Complying with the new MasterCard regulations was a priority for SegPay and its clients, the company said in an announcement issued Friday. MasterCard is the preferred Internet payment method for approximately 35 percent of customers, and represents a major source of income for SegPay clients.
The registration program was loosely enforced when it was first rolled out in 2010, but with the end of MasterCard’s amnesty period tomorrow , Sept. 15, MasterCard will begin requiring all Payment Facilitators and their merchants to meet the stricter 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. All existing SegPay clients have been registered, the company said, adding that its clients will not face the annual fee until August of 2013. The newly reinforced 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,” said Cathy Beardsley, president and CEO of SegPay. “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 what the new regulations mean for SegPay customers, feel free to visit the FAQ on the SegPay website.
