Visa has announced a major overhaul of its commercial credit card data standards through its new Commercial Enhanced Data Program (CEDP), and businesses should take notice in order to avoid paying significantly higher rates. Eric Cohen, CEO at Merchant Advocate, explains what this means for businesses and why CPAs need to be paying attention.
Topics discussed:
- What CEDP is and why Visa is moving away from the old system
- Impacts that controllers, CFOs and public accountants should be preparing for
- Common system and data problems that could cause business to fall out of compliance
- What CPAs should be asking their payment processors now
- Preview of another big pending issue in the credit card processing world
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