(866) 509-7199
(866) 509-7199

Card Brand Changes are Coming. LOLA POS Can Help!

Card brand changes are coming. Throughout the course of the past year, the payments industry, as a whole, has been on edge – awaiting the storm caused by the new/revised card brand rules and recent crackdowns from a few prominent regulatory bodies.

Well, the storm has finally arrived. But thankfully, LOLA POS has great news…

WE’VE GOT A PLAN!

Since word began to spread about the potential onslaught of card brand changes, LOLA POS’s executive team took a proactive approach to devising strategic solutions that will address changes and keep your businesses booming. Our team has worked with a number of key industry players across multiple verticals to develop relationships and special offerings that will allow you to remain in this industry for the long haul.

That’s the nature of being a company that is a) Established, and b) Advancing. We’ve navigated these murky waters before. We know what works and what doesn’t. We are the life raft and we have the expertise to sail to shore again this time. We’ve been at this for more than 15 years.

Over the next few months, we’ll release information about each phase of our plan. We will aggressively tackle each and every component of the most recent card brand updates, and will guide you along the way. After all, we’re all in this together. When you win, we win. And we want to see you win! In the meantime, however, we want to address a few questions that you may have:

  • When are things set to change?

    • New card brand rules go into effect on April 12, 2019. However, LOLA POS intends to be fully compliant prior to the implementation of these new rules. We will release new information and resources on a regular basis in the coming months.
  • Are there key changes we should be worried about?

    • There are a number of significant changes, including:
      • Trial Start Date: Effective April 2019, all trials will begin after the product has been delivered to the customer.
      • Explicit Consent: Businesses must secure purchase affirmation at first rebill.
      • Monthly Invoice Cancellation Option: Merchants must now include cancellation instructions on monthly invoices.
      • Card Brand Registration: All merchants operating in the Negative Option space must maintain up-to-date card brand registration.
      • Third-party Vendor Disclosure: Moving forward, merchants must disclose all third-party vendors to the card brands.
  • How can we manage these changes?

    • Simply put, you can try navigating these waters on your own, or you can partner with LOLA POS. We’ve got a plan and we’re currently working on solutions for all of the recent changes, including:
      • Explicit Consent: We’ve partnered with Fraud Wrangler™ to provide an automated solution that will enable you to secure consent with the push of a button.
      • Trial Start Date: With our strategic partners, we have developed a solution that will automate and expedite this process for you.
      • Vendor Disclosure: Through the LOLA POS. Preferred Vendor Program, we can vet, approve, and advocate for our partners’ vendors.

This may sound a bit overwhelming, but trust us, we’ll get through this. You’ve got the best team in the business on your side and we’re determined to make this as pain-free and seamless as possible. We’ve done this before, and we’re fully prepared to do it again.

Stay tuned by visiting our website for periodic updates! Soon, we’ll begin rolling out our phased approach to tackling all new card brand changes. As always, there’s more to come, and we can’t wait to show you what we’ve got.

If you have any questions, please contact us at businessdev@nationalmerchants.com or 866-509-7199.

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