As the merchant payment acceptance landscape diversifies, to support an ever more increasing number of channels, the value chain becomes more complex with multiple intermediaries participating in the model, from first contact at onboarding to fund settlement in merchant accounts.
Acquirers play a pivotal role in enabling businesses to grow their customer base by facilitating access to global card payment networks. In turn acquirers must evidence compliance with VISA Global Acquirer Risk Standards (GARS): acquirers commit to applying appropriate due diligence and risk monitoring practices to ensure the suitability, integrity and legality of their merchant portfolios.
Under the umbrella of the VISA Integrity Risk Program (VIRP), VISA GARS provide stakeholders with a risk control framework to limit financial and reputational damage whilst protecting the integrity of the payment network. VISA acts as a regulatory body, providing oversight through its rules, regulations and suite of monitoring programmes. If a member is identified as non-compliant or fails to implement an approved remediation plan, VISA may impose penalties.
The GARS set requirements that acquirers must follow to minimise risk across the community of payment stakeholders. Two sections of the GARS provide detailed controls designed specifically to mitigate the risks of the third party agent acquiring model. Overall, the onus is on the acquirers to evidence their readiness to meet the challenges of this model and to apply appropriate and proportionate risk remediation controls if they wish to contract merchants through third party agents. The greater the perceived risk the more the card schemes will expect acquirers to demonstrate resilience and preparedness.
AJC operates globally from its UK headquarters, with a team of over 30 experienced consultants. Our experts cover regions including mainland Europe, Africa, the Middle East, Asia, the USA, and Australia and have the capability of engaging in various languages, such as French, German, and Russian, to best serve our clients.
Our ever growing list of clients demonstrates our commitment and ability to tailor compliance and remediation solutions, catering to the specific demands of the high risk merchant sector. We take pride in our ability to adapt to the unique requirements of each client.
Our services are tailored to each individual business, aimed at delivering outstanding value and the appropriate, proportionate solution.