Payment Network Requirements Sample Clauses

Payment Network Requirements. The following procedures are required by the Payment Networks and Xxxxxxxx agrees to follow these procedures and comply with these requirements. The following may also be useful in reducing chargebacks in a Card-Not-Present processing environment:  Obtain Authorization. All Card-Not-Present Transactions must be electronically authorized. An authorization should be seen as an indication that account funds are available and Card has not been reported lost or stolen. It is not proof that the true Cardholder engaged in the Transaction.  On the sales draft, clearly print the Cardholder’s account number; effective and expiration dates; date of Transaction; description of the goods and services; amount of the Transaction (including shipping, handling, insurance, etc.); Cardholder’s name, billing address and shipping address; authorization code; Merchant’s name and address (city and state required) and in lieu of Cardholder’s signature, a notation of (i) mail order (MO), (ii) telephone order (TO), (iii) e-commerce order (EO), or (iv) pre-authorized order (PO) on the signature line. Xxxxxxxx understands and agrees that if the receipt is electronically printed, the Cardholder copy of the receipt may not reflect the effective and expiration dates and must reflect only the last four digits of the Cardholder account number and preceding digits must be pre-filled by an “X”, “*”or “#”. Example: Cardholder Account Number: ************1234. The Merchant copy of the receipt may be required to reflect no more than the last four or five digits of the Cardholder account number depending upon state or local legislation enacted in the jurisdiction of Merchant’s location. It is Xxxxxxxx’s responsibility to determine requirements of and comply with local and/or state legislation as applicable.  Utilize Visa Cardholder Verification Value 2 (CVV2), MasterCard Card Validation Code 2 (CVC2), or Discover Card Identification (CID). CVV2/CVC2/CID is a three-digit number imprinted on the signature panel of Visa, MasterCard, or Discover Network Cards, respectively, to help Card-Not-Present Merchants verify that the customer has a legitimate Card in hand at the time of the order. Discover Network Rules specifically require that Merchants submit the CID with the Authorization request for all Card-Not-Present Transactions. The Merchant asks the customer for the CVV2, CVC2 or CID code and then sends it to the Card Issuer as part of the authorization request. The Card Issuer checks the CVV2, ...
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