Question 1

Does the new settlement allow me to surcharge cards?

Accepted Answer

Yes, the recent settlement provides merchants with new rights to add surcharges and offer discounts to steer customers toward lower-cost payment methods.

Question 2

When is the next status update on the settlement?

Accepted Answer

The next quarterly status report regarding the distribution of settlement funds is scheduled for October 9, 2026.

Question 3

Who is eligible for the 2004-2019 settlement funds?

Accepted Answer

Merchants who accepted Visa or Mastercard payments between 2004 and 2019 may be eligible for funds from the $5.5 billion settlement approved in 2019.

Question 4

Where can I find official compliance updates?

Accepted Answer

Merchants should monitor official bulletins from card networks and consult with their payment provider to understand how specific mandates translate to their operational requirements.

Question 5

How do these changes affect my processing rates?

Accepted Answer

Card-brand updates often impact the underlying cost of processing. While rates depend on your unique business profile and transaction mix, compliance ensures you avoid non-compliance penalties that can inflate your monthly costs.

Question 6

Do I need to upgrade my hardware immediately?

Accepted Answer

Not necessarily, but you should review your terminal's capabilities against upcoming mandates. If your current equipment is nearing its end-of-life, planning a transition now is a proactive strategy.

Question 7

Can banks charge fees for data access under the new rule?

Accepted Answer

This is currently under reconsideration. The original rule prohibited fees, but the CFPB is now seeking input on potential cost-sharing mechanisms.

Question 8

What is the primary technical standard for Section 1033?

Accepted Answer

The Financial Data Exchange (FDX) is the leading industry standard-setting body recognized for developing the API specifications that underpin US open banking.

Question 9

Is the CFPB Section 1033 rule currently in effect?

Accepted Answer

No. While finalized in October 2024, a federal court has enjoined the CFPB from enforcing it, and the Bureau is currently rewriting the rule as of mid-2026.

Question 10

Does EMV technology support contactless payments?

Accepted Answer

Yes. EMV specifications provide the security foundation for contactless cards and mobile wallets like Apple Pay, which use tokenization to further protect cardholder data.

Question 11

What is the difference between a swipe and a chip transaction?

Accepted Answer

Swiping uses static data from a magnetic stripe that can be easily copied. Chip transactions (EMV) use dynamic authentication, creating a unique code for every transaction that makes counterfeiting nearly impossible.

Question 12

What does the 97% EMV milestone mean for my business?

Accepted Answer

It means that the vast majority of the global payment ecosystem has moved to chip security. If you are not using EMV-compliant terminals, you are in the minority and carry the full financial liability for counterfeit fraud.

Question 13

What is the risk of non-compliance?

Accepted Answer

Non-compliance can lead to card-brand fines, which often start at $1,000 with no prior warning, as well as increased interchange costs and potential loss of processing privileges.

Question 14

Can I apply a surcharge to debit cards?

Accepted Answer

No. Card-brand rules generally prohibit surcharging on debit and prepaid cards. Surcharges are typically restricted to credit card transactions only.

Question 15

Why do card-brand rules change so frequently?

Accepted Answer

Card brands update their rules to adapt to evolving security standards, regulatory requirements like the Durbin Amendment, and shifts in the payments landscape to ensure a consistent experience across the network.

Question 16

How has the definition of 'discouragement' changed?

Accepted Answer

The prohibition on discouragement is now focused on statements that show an intent to discriminate, rather than statements that might simply create a negative impression.

Question 17

Does the new rule still allow for disparate-impact liability?

Accepted Answer

No. The CFPB has explicitly removed the 'effects test' and stated that the ECOA does not recognize disparate-impact liability.

Question 18

When do the new Regulation B changes take effect?

Accepted Answer

The final rule becomes effective on July 21, 2026.

Question 19

What is the specific Application ID (AID) for the new EBT cards?

Accepted Answer

The new SNAP EBT chip cards use the Application ID (AID) A0000000044542. Your POS provider needs to ensure your system recognizes this ID.

Question 20

Do chip and tap EBT transactions still require a PIN?

Accepted Answer

Yes, both chip (insert) and tap transactions for SNAP EBT still require the cardholder to enter their secret four-digit PIN at the point-of-sale.

Question 21

What should I do if a new EBT chip card fails at my register?

Accepted Answer

Ensure your POS system allows for 'fallback' to the magnetic stripe. If the chip fails or is unsupported, the terminal should prompt the user to swipe. If it still fails, record the error code and contact your POS provider.

Question 22

Is tap-to-pay mandatory for SNAP EBT transactions?

Accepted Answer

No, while the Food and Nutrition Administration (FNA) strongly encourages retailers to accept EBT tap payments, it is not currently a requirement. However, chip (insert) support is becoming the standard.

Question 23

Is the chip card transition mandatory for all states?

Accepted Answer

While the USDA is overseeing the modernization, states are implementing it on their own timelines. However, all SNAP-authorized retailers nationwide must be able to accept these cards due to federal interoperability requirements.

Question 24

What happens if a customer's EBT chip fails to read?

Accepted Answer

Retailer instructions suggest that customers should always attempt to insert or tap first. If the chip fails, the terminal may allow a magnetic stripe swipe as a fallback, depending on your specific POS configuration.

Question 25

Do I need to buy new POS hardware for SNAP chip cards?

Accepted Answer

Not necessarily. Most modern POS terminals that accept credit/debit chip cards are hardware-compatible, but they may require software updates or configuration changes from your provider to recognize EBT chip cards specifically.

Question 26

Do all businesses need the same payment processing setup?

Accepted Answer

No. Different businesses may require different hardware, software, integrations, transaction capabilities, and operational workflows.

Question 27

Is a payment gateway the same as a payment processor?

Accepted Answer

No. A gateway generally provides technology for securely transmitting payment information, especially for ecommerce, while the processor performs transaction-routing and processing functions. Some providers combine both capabilities.

Question 28

Does the merchant receive money immediately after approval?

Accepted Answer

Usually not. Approval is the authorization stage. The transaction still needs to proceed through capture, clearing, settlement, and the merchant’s funding process.

Question 29

What happens when I tap a credit card?

Accepted Answer

The payment terminal reads the card or digital-wallet credentials and sends an authorization request through the payment infrastructure. The issuing bank evaluates the request and returns an approval or decline through the network to the merchant.

Question 30

Are RTP transactions reversible once completed?

Accepted Answer

No. RTP payments provide immediate clearing and final, irrevocable settlement. Because transactions settle in seconds, corporate users must implement strict internal controls and approval workflows prior to initiation.

Question 31

Are all banks immediately enabling customers to send $10 million RTP transfers?

Accepted Answer

Not necessarily. While the network supports up to $10 million, participating financial institutions determine their own implementation timelines, credit parameters, and customer-level transaction limits based on individual risk management policies.

Question 32

When does the $10 million RTP network limit take effect?

Accepted Answer

The $10 million transaction limit became effective on February 9, 2025.

Question 33

What is the new transaction limit for the RTP network?

Accepted Answer

The Clearing House has increased the individual transaction limit on the RTP network from $1 million to $10 million.

Question 34

Does this update change the March 31, 2025, deadline?

Accepted Answer

No. The effective date for the future-dated requirements introduced in PCI DSS v4.0 remains March 31, 2025.

Question 35

When does PCI DSS v4.0.1 become the only supported version?

Accepted Answer

PCI DSS v4.0 will be retired on December 31, 2024. After that date, v4.0.1 will be the only active version supported by the PCI SSC.

Question 36

Does PCI DSS v4.0.1 add new requirements?

Accepted Answer

No. PCI DSS v4.0.1 is a limited revision that includes only corrections, clarifications, and formatting updates. No requirements were added or deleted.

Question 37

Are foreign companies still required to report BOI?

Accepted Answer

Certain foreign companies registered to do business in the U.S. may still be required to report, but they do not need to report BOI for U.S. person beneficial owners or U.S. person company applicants.

Question 38

Do I need to update my previously submitted FinCEN ID information?

Accepted Answer

No. U.S. persons with a FinCEN ID are not required to update or correct the information they previously submitted to FinCEN.

Question 39

Are U.S. companies still required to file BOI reports?

Accepted Answer

No. Under the final rule issued on August 11, 2026, all U.S. companies are exempt from BOI reporting requirements and are no longer required to file.

Question 40

What happened to the script management requirements in SAQ A?

Accepted Answer

In the updated SAQ A for v4.0.1, the Council removed requirements 6.4.3 and 11.6.1 (related to payment page script management) to better align the questionnaire with the risk profile of merchants using iFrames or redirects.

Question 41

Does v4.0.1 change the March 31, 2025 deadline?

Accepted Answer

No. The effective date for the new, future-dated requirements introduced in the v4.x series remains March 31, 2025.

Question 42

When does PCI DSS v4.0 expire?

Accepted Answer

PCI DSS v4.0 will be retired on December 31, 2024. After this date, v4.0.1 will be the only active version of the standard supported by the PCI SSC.

Question 43

Are there any new requirements in PCI DSS v4.0.1?

Accepted Answer

No. PCI DSS v4.0.1 is a limited revision that includes corrections to formatting and typographical errors and clarifies the intent of existing requirements. No new requirements were added, and none were deleted from the core standard.

Question 44

How can I find out how these changes affect my business?

Accepted Answer

You should contact your financial institution or payment processor, as they are responsible for setting your merchant discount rate and can explain the specific impact on your account.

Question 45

When did the new Visa interchange rates take effect?

Accepted Answer

The updated Visa USA interchange reimbursement fees became effective on April 18, 2026.

Question 46

Do merchants pay interchange fees directly to Visa?

Accepted Answer

No. Merchants pay a 'merchant discount' to their financial institution or processor, which includes interchange fees along with other service costs.

Question 47

What are interchange reimbursement fees?

Accepted Answer

These are transfer fees paid between acquiring banks and issuing banks for each Visa card transaction to balance the payment system.

Question 48

When do the new Visa interchange rates take effect?

Accepted Answer

The updated Visa USA Interchange Reimbursement Fees schedule became effective on April 18, 2026.

Question 49

How does the Visa/Mastercard settlement affect my fees?

Accepted Answer

The settlement reduces credit interchange rates by at least 0.04 percentage points and caps those rates for five years, providing significant potential savings for US merchants.

Question 50

What is the Commercial Enhanced Data Program (CEDP)?

Accepted Answer

CEDP is Visa's new framework for commercial transactions that replaces traditional Level 2 incentives. It requires merchants to provide a 14-point data set (Product 3) to qualify for lower interchange rates.

Question 51

Do I need to replace my POS hardware?

Accepted Answer

Most modern EMV-enabled terminals can support the new standard with a software update. You should contact your POS provider to confirm if your specific hardware is compatible.

Question 52

Why is the USDA moving to EBT chip cards?

Accepted Answer

The move is primarily to combat benefit theft. Skimming fraud accounts for over $95 million in stolen SNAP benefits annually, and EMV chips are much harder to clone than magnetic stripes.

Question 53

What happens if my POS system isn't updated yet?

Accepted Answer

If your system is not updated, it will likely produce an Empty Candidate List (ECL) error when a chip card is inserted. Your system should then allow the customer to 'fallback' and swipe the magnetic stripe to complete the transaction.

Question 54

What is the new EBT Application Identifier (AID)?

Accepted Answer

The new EBT AID is A0000000044542. Retailers must ensure their POS systems are updated to recognize this identifier to process EBT chip cards.

Question 55

Why might a merchant application request an SSN or ITIN?

Accepted Answer

Merchant accounts are financial service relationships. The reviewing financial institution may request an SSN or ITIN to verify the identity of an individual authorized to act for the organization and to complete underwriting. Requirements vary by institution, so not every applicant is asked for the same information.

Question 56

Why would a nonprofit need a responsible individual?

Accepted Answer

Nonprofits generally do not have owners, so a financial institution may request identification for an authorized individual—such as an executive director, president, treasurer, or principal officer—to verify who controls or manages the organization. The nonprofit's EIN identifies the organization itself.

Question 57

Can additional information be requested after I apply?

Accepted Answer

Yes. Depending on underwriting requirements, a reviewing institution may request additional identifying information for an authorized individual before the merchant account is established.

Question 58

Is my EIN enough?

Accepted Answer

An EIN identifies your organization for tax purposes, but a financial institution may also need to verify the identity of an authorized individual. Because an EIN and an SSN or ITIN identify different parties, both may be requested.

Question 59

Why do underwriting requirements differ?

Accepted Answer

Requirements vary based on the reviewing financial institution, its underwriting policies, your business structure, and the products or services you plan to offer.

Question 60

Does providing an SSN create a personal guarantee?

Accepted Answer

No. Providing personal identification alone does not create a personal guarantee. Identity verification and personal guarantees are separate matters. If a personal guarantee is required, it will be disclosed separately in the merchant agreement or underwriting documents.

Question 61

What is the difference between an EIN and an SSN?

Accepted Answer

An EIN is a federal tax ID that identifies a business or nonprofit organization. An SSN or ITIN identifies an individual. They serve different purposes, and one does not automatically replace the other during underwriting.

Question 62

Who is considered an authorized representative?

Accepted Answer

An authorized representative is an individual permitted to act on behalf of the organization—such as an owner, managing member, corporate officer, control person, principal officer, executive director, treasurer, or trustee. The appropriate individual depends on the organization and underwriting requirements.

Question 63

What is interchange-plus pricing?

Accepted Answer

Interchange-plus pricing shows you the exact cost of each transaction — the interchange fee set by the card networks (Visa, Mastercard, etc.) plus a small, transparent markup from ONKORE. Unlike flat-rate or bundled pricing, you always know exactly what you're paying and can see when rates change. Actual savings vary by business — request a statement review to see how your current pricing compares.

Question 64

Are there any hidden fees?

Accepted Answer

ONKORE emphasizes transparent pricing and provides the applicable fee schedule before activation. Fees vary by processor, pricing program, equipment, services, card mix, and merchant configuration, so review your merchant-specific quote and agreement for the complete cost structure.

Frequently asked questions

Applications & Underwriting(5)

Card Brand(6)

General(12)

Government Regulation(20)

Interchange(7)

Market Trend(4)

Merchant Applications(8)

Payment Processing(4)

PCI DSS(7)

Security Alert(6)

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