MasterCard has introduced new payment standards to enable smaller merchants to accept electronic payments with greater transparency.
The initiative includes changes to the company’s US region rules and was developed in consultation with its customers and partners, as well as community organisations through its public education programs.
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The initiative requires payment service providers and acquirers to provide their customers with a detailed disclosure of the fees they are charged.
The standards also require that a minimum of 30 days notice is given to merchants before modifications related to fees from MasterCard transactions are made.
Craig Vosburg, group executive of US market development at MasterCard, said: "For nearly half a century, electronic payments have helped businesses of all sizes increase sales and deliver additional convenience for their customers.
"Through these new standards and best practices, we’re bringing years of experience and proven results to help merchants evaluate and choose the best partner to help control costs and maximise the opportunities to grow their businesses," he added.
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By GlobalDataMasterCard have also launched two interactive education modules, "Merchant’s Guide to Chargebacks" and "Partnering with a Merchant Service Provider", designed to provide merchants with resources for their business operations.
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