From time to time, the government or the Card Associations issue regulations or mandates that impact our businesses. SignaPay is committed to sharing that information with you in a timely and transparent manner, and to creating programs and processes that make it simple for you to remain compliant. These regulations and programs include:
The Durbin Amendment
required the Federal Reserve Board (FRB) to implement regulations relating to debit interchange, debit networks, and merchant routing and acceptance of debit transactions. As a result, the FRB capped network debit transactions charges at 21 cents per swipe
, plus 0.05 percent of the transaction, effective October 1, 2011. After that date, card networks must honor the 21-cent cap and allow debit cards to be processed on at least two independent networks. Learn more.
IRS Regulation 6050W
was enacted In January 2011 as an amendment to the Federal Housing Assistance Tax Act of 2008. This IRS mandate requires all payment acquirers to validate the legal name and Tax Identification Number (TIN) for every merchant in their portfolio, and report to the IRS all revenues associated with these accounts on an annual basis. To comply with this government mandate, SignaPay merchants benefit from a clear and simple Government Regulatory Program designed to keep them in compliance, and free from income withholding. Learn more.
PCI DSS Compliance
is mandated by the Card Associations to protect cardholder security. SignaPay’s compliance program allows merchants to validate their compliance via a simple online questionnaire. Learn more.