An article in ISO & Agent on Monday detailed Visa’s response to the Electronic Transaction Association’s letter to Visa’s chairman of last week, wherein the ETA requested a delay in implementing Visa’s new Fixed Acquirer Network Fee (FANF). Rates for the fee, which is effective April 1, were announced on February 12. Chairman of the card network, Joseph Saunders, contends in his response that the new fee structure had been discussed in Visa Business News (VBN) since July 28, 2011, when the acquiring community was made aware that Visa intended to implement new variable fees. Saunders also indicated that the September 1, 2011 VBN contained guidance on the new fee structure and reporting requirements.
“We have provided acquirers a nine-month window to test the Operating Certificate reporting process to ensure a seamless implementation well ahead of the April deadline,” the letter said. “In fact, the overwhelming majority of Visa acquirers provided data in January demonstrating readiness to implement the new structure.”
“We have engaged clients individually–many of them representing the ETA’s board member institutions–to discuss these important changes and provide assistance with process and implementation,” Saunders wrote.
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