What is the difference between Assent and Mastercard?
Mastercard and Assent are not the same thing - Mastercard is a global payments and technology company, while Assent refers specifically to the process of obtaining Mastercard's approval to accept their payments.
Assent is not a separate payment network or card issuer - it is simply the term used to describe the authorization and verification procedures required for merchants to accept Mastercard transactions.
The Assent process involves merchants providing business information, undergoing credit checks, and demonstrating compliance with Mastercard's security standards like PCI DSS.
Once a merchant is approved through the Assent process, they receive a Merchant ID (MID) from Mastercard, which allows them to start accepting Mastercard payments.
Mastercard has stringent requirements for the Assent process to ensure the security and integrity of their payment network.
Merchants that do not go through the proper Assent process and obtain Mastercard's approval will not be able to accept Mastercard payments, even if they accept other payment methods.
The Assent process is not unique to Mastercard - other major payment networks like Visa and American Express have similar approval processes for merchants.
Mastercard's Assent process is designed to protect both consumers and merchants by setting standards for transaction security, fraud prevention, and compliance with relevant regulations.
Failing to comply with Mastercard's Assent requirements can result in penalties, fines, or even the termination of a merchant's ability to accept Mastercard payments.
The Assent process is an ongoing one, as merchants must regularly demonstrate their continued compliance with Mastercard's rules and regulations.
Mastercard's Assent requirements are constantly evolving to keep pace with changes in the payments landscape and emerging threats, such as cybercrime and data breaches.
While Mastercard is a global payments giant, the Assent process is a critical component that ensures the reliability and trustworthiness of the Mastercard network for both consumers and merchants.