We’re always on the lookout for changes that will impact our merchants. Visa recently announced it’s updating the guidelines for its High Brand Risk (HBR) program. The program sets the global acquiring standards for reducing exposure associated with high-risk transactions. These changes will be implemented by early next year and here are a few things you should expect:
- Visa will require high-risk merchants processing card not present transactions to be registered.
- There will be a $500 registration fee charged once the program begins along with an annual $500 renewal fee.
- Registrations will be completed by April 17, 2021 and you’ll be charged on this date even if your actual registration was earlier.
- The annual renewal feel will be charged in September of each year starting September 2022.
These changes will be for specific high-risk merchants. We’ve listed what areas will fall into this registration category below.
- Computer network and information services with a focus on cyberlockers and remote digital file-sharing services
- Drugs, drug proprietaries, and druggist sundries
- Digital goods and games with a focus on games of skill when the consumer pays to enter
- Drug stores and pharmacies
- Direct marketing with a focus on travel related arrangement services and outbound and inbound telemarketing merchants
- Cigar stores and stands
- Non-financial institutions dealing with Cryptocurrency
- Dating Services
- Betting that includes lottery tickets, casino gaming chips, off-track betting and wagers at racetracks
If you don’t see your specific high-risk area listed, you might not be impacted. We’re here to help you plan and prepare for what’s ahead. If you have questions on this or more, please reach out. Contact your sales representative or email us at Sales@Segpay.com.