Quote:
Originally Posted by Rand
To clarify some misinformation on this thread. As we wrote in our announcement, Sponsored Merchants that process in excess of $100,000 per year in Master Card sales will need to sign a simple agreement to acknowledge the terms and conditions of Epoch's banks. This satisfies the MasterCard requirements and their processing will continue without change. There is absolutely no requirement that any Sponsored Merchants open a merchant account.
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Actually Rand with all due respect you are it correct. Based in our conversatns directly with MasterCard the rules are set forth here:
http://www.mastercard.com/us/merchant/pdf/BM-Entire_Manual_public.pdf
This section. States the rule:
5.4 Use of a Payment Facilitator
From Mastercard's bulletin originally released to the acquiring banks Feb 10, 2012 which was amended to the rules in the manual and was revised in September.
5.4 Use of a Payment Facilitator
The Acquirer is liable for all acts and omissions by a Payment Facilitator and any Sub-merchant.
A Payment Facilitator may not be a Sub-merchant of any other Payment Facilitator, nor may a Payment Facilitator be a Payment Facilitator for another Payment Facilitator.
Unless otherwise approved by the Corporation, any Sub-merchant that exceeds USD 100,000 in MasterCard and Maestro combined annual sales may not be or continue to be a Sub-merchant and must enter into a Merchant Agreement directly with a Customer.
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The "Corporation" is MasterCard, not a bank. They are they only ones hat can approve a high volume merchant to remain under the facilitator model and it is on a case by case basis.
Mitch