FNB has advised its clients
of a number of updates to
merchant services terms
and conditions, including that
merchants accept full risk
and liability for chargebacks
for manual entry transactions
processed on a MasterCard.
In October, Standard Bank
announced that the manual
key function would be
withdrawn from its speedpoint
machines (TNW November 8).
FNB also advised merchants
that they would not be able
to dispute any chargebacks
arising from manual entry
facility transactions.
Other amendments to
the FNB merchant terms
related to pre-authorisation of
transactions. Here the bank
stated that the final invoice
issued by a merchant to a
customer must be equal to the
initial authorisation amount
and, should the invoice exceed
the authorisation amount, an
additional transaction would
need to be completed for
the remaining amount. Preauthorisation
transactions
would also need to be
processed by the merchant
within 30 calendar days
from the date of the preauthorisation.
Another bank clamps down on manual CC transactions
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