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Financial Processing Services (FPS) Regulations

Elexio’s FPS clients need to abide by bank regulations they agreed to in the PSA such as the requirements in the document at this link: https://www.litle.com/images/uploads/Bank_Rules_and_Regs_-_1_2012_%282%29.pdf

Below is a summary of important items to note 

  • Settle disputes before they reach “chargeback” status. A chargeback is like a returned check, it is expensive and time consuming.
  • You are liable for all chargebacks.
  • Surcharges - You will not add any amount to the posted price of goods or services you offer as a condition of paying with a Card. You may offer a discount to induce a person to pay by cash or by check.
  • You may ask or incent your customers / donors to use alternative forms of payment other than a Visa or MasterCard.
  • No post cards where data is in plain view when mailed.
  • You are responsible for ensuring that your Merchant Identification Number (“MID”) is kept confidential.
  • You are responsible to balance your Merchant Account, processing statements from Processor against ACH deposits to assure that you are receiving anticipated funds.
  • You are responsible for your employees’ actions while in your employ.
  • You must gain consent to charge or setup recurring charges. You must display the words “Recurring Transaction” for recurring transactions.
  • You are not allowed to convert credit to cash or cash to credit for a customer / donor.
  • If you accept credit cards on your website, it must have your physical address including country.
  • All transactions submitted must be in US dollars. They can use a foreign card, but the amount submitted must be in US dollars.
  • If a person pays by credit card and they need a refund, you must refund the money to the same credit card and not provide a cash refund.
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