NEW Verotel Visa and MC regulations
Hello,
I just got an e-mail from Verotel: Dear merchant, You have been a beloved TicketsClub merchant for the last couple of years and we thank you for that! During the last couple of months, the credit card companies have imposed new rules and regulations regarding transparancy. That is why Verotel needs to register every single URL and every single merchant with the credit card companies and affiliated Web Crawling Agents. The credit card companies are now charging us registration fees for these registrations. Because of our location in Europe we are one of the first internet payment service providers in the industry imposing these new changes. Others will follow. Shortly after summer (September 15th) the new registration requirements will go into effect globally – including with our US competitors. Starting May 1st your TicketsClub account will be automatically converted into a Verotel Basic account. More information about the Account Type changes can be found on our website at http://www.verotel.com/accounttypes These changes have the following implications: * we need to register you, as a company and individual, with the credit card companies. * we board your account under a new service name: Verotel Basic. This is the new name for your type of accounts from May 1st onwards. --------------------------------------------------- All our accounts are subject to registration fees with credit card companies and Web Crawling Agents. We have decided to pay these fees for you, since you have been a long-time customer with us. However, on June 1st we will introduce a minimum weekly volume. This is set to EUR 100.00 (approximately US$ 130) per week. If you have on June 1st, or thereafter, less revenue per week than EUR 100.00 - you have the option to pay an annual registration fee of EUR 500.00 or to cancel your account. Please note that the registration fees are calculated per merchant; not per website. So if you have websites with other billing providers, they will soon ask you for similar registration fees. This is for you an opportunity to consider the possibility to add these website(s) to your new Verotel Basic portfolio - ensuring you that you will have more than EUR 100.00 in Weekly Volume. In short: as long as you keep your Weekly Volume over EUR 100.00 the only thing that's changing is the name of your account: from May 1st onwards you will have a Verotel Basic account. We hope to continue to do business with you Kind regards, Verotel Merchant Services BV http://www.verotel.com/accounttypes |
Although we are 100% CCBill I don't like the sound of this. I don't think it is aimed at the adult industry but more targeting money laundering/tax avoidance. However anything that makes life more difficult for us is bad news.
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Sounds like VISA EU is implementing the requirements that VISA USA has had in place for quite some time. Essentially making it more difficult to move money anonymously.
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Not sure what is new about this. I spend a few grand a year on "high risk" fees to m/c and Visa and have done for years and years.
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For us in Europe this could be a tough change. Higher transaction costs, and still the same piece of shit tax regulations.
In short...just more problems, especially for small websites or sites that are just starting up. Anyway...let's see when CCBill and Epoch will go into this direction...still no sign from them |
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As for the cost of getting into or doing business, it is not all that bad for existing web sites but will stop the fly by nighters etc. who chip away at business at the moment. Not necessarily a bad thing, actually. |
Well of course you are correct, higher initial costs could send away those that don't have a clue of what they are doing...but well i'm just thinking back of when we started with PiediCash...it took us a long time to just cover expenses...and it would have been even harder if rules like this would be in place...that's all :)
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Exactly what i was trying to say cots... i started like that a few years ago and i'm still learning...but at least changes like this one won't affect us that much... but a new one trying to start now...well...that would be different
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