Visa is requiring new business identifiers for payment facilitators, sponsored merchants and marketplaces to be present in transaction records.
What does the change mean?
The business identifier for a PF or marketplace will be assigned by Visa to the acquirer upon registration of the entity as a third-party agent, as required with Visa.
The identifiers for the sponsored sub-merchants must be assigned by the payment facilitator.
How will this affect you?
The unique naming convention for PFs and sponsored merchants (e.g. ABC*SponsMerch), as originally specified by Visa, will no longer be required. Because the unique identifier will be included automatically (by the acquirer) in the transaction records, the PF or marketplace has the option to populate less information under the merchant name field.
Details will be shared in future communication and technical specs will be updated once those details are finalized.
13 April 2019