Pink Sheet is part of the Business Intelligence Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC’s registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

This copy is for your personal, non-commercial use. For high-quality copies or electronic reprints for distribution to colleagues or customers, please call +44 (0) 20 3377 3183

Printed By

UsernamePublicRestriction
UsernamePublicRestriction

MasterCard and FSAs

This article was originally published in The Tan Sheet

Executive Summary

MasterCard Worldwide's new patent-pending service allowing item-level authorization for healthcare transactions should increase the use of Flexible Spending Accounts and other medical reimbursement plans, the credit card company announces Aug. 9. "This feature will dramatically improve the substantiation process for pre-tax benefit cards and spur growth in the market," Senior VP-Global Prepaid Product Development Scott Galit asserts. A transaction authorization message will be transferred with SKU/UPC/NDC data, which merchants will need to submit to MasterCard. "Having item-level data will allow third party administrators and issuers to substantiate over-the-counter medications, greatly increasing the number of successful transactions," the company states, and "customers should experience fewer declines at the point of sale and may no longer be required to submit cumbersome paperwork, making card usage much more attractive"...
Advertisement

Topics

Advertisement
UsernamePublicRestriction

Register

PS099655

Ask The Analyst

Please Note: You can also Click below Link for Ask the Analyst
Ask The Analyst

Your question has been successfully sent to the email address below and we will get back as soon as possible. my@email.address.

All fields are required.

Please make sure all fields are completed.

Please make sure you have filled out all fields

Please make sure you have filled out all fields

Please enter a valid e-mail address

Please enter a valid Phone Number

Ask your question to our analysts

Cancel