To continue the fight against fraud, prevent chargebacks and improve consumer protection, Visa has updated its rules regarding business location and how it is disclosed to consumers. Bottom line: the physical location where you do business must be in the same region of the world as your acquiring bank, and that location should be clearly identified on your website(s). The updates, which went into effect February 1st, include the following requirements:
- Your business has physical offices in your country of incorporation.
- You have a business license in that country.
- A majority of your directors are located in that country.
- You pay taxes in that country.
- Your company’s terms and conditions are governed by the law of that country.
- Your physical address, as well as an email and phone number where consumers can reach you, is displayed on your website.
Non-compliance with Visa’s rules can result in steep fines. The good news: SegPay will work with you to make sure you are meeting these requirements. Please review your sites according to the updates listed above, and don’t hesitate to contact us if you have any questions.