New Rules Affect Visa Cards and Debt Collection


New rules that affect Visa cards and debt collection went into effect for collection agencies on April 15, 2023. In this article, we will take a closer look at what these new rules are and what they mean for consumers.

The New Visa Rule

In late 2022, Visa announced to its business network a series of changes affecting the debt collection industry. In short, debt collections agencies will no longer be permitted to accept Visa cards as a form of payment for overdue receivables, meaning money that is owed but has yet to be signed off to a third-party agency or in bankruptcy.

Merchant Category Code

Back in October 2022, Visa unveiled the Merchant Category Code (MCC), which is now mandatory for collection agencies. The code, MCC 7322, must be used to disclose their business type. But that’s not all.

Additional Required Disclosures

The new rules for Visa cards and debt collection also require the disclosure of the name of the creditor, the account number or reference number for which the collection is taking place, a description of the debt, the date of the repayment information, and instructions on obtaining more information about the transaction.

Next Steps

Simply put, the debt collection industry can no longer accept Visa cards for payment. Training staff, updating systems, and providing updates to all parties involved, including lenders and creditors, so that everyone understands the impact of this new rule.

These new rules from Visa benefit the consumer by requiring full transparency to ensure that the debt is legitimate, a growing concern as more hackers and bad actors attempt to fraudulently steal money through telephone, email, and other digital methods. If policy changes in the industry have your organization scrambling for compliance, TEC Services Group can assist with our unrivaled knowledge of all systems and impartial, independent advice. Connect with us to learn more.


Sedric is an innovative technology that is being deployed at the highest levels of our industry. When combined with leading omnichannel systems, Sedric can deliver real-time compliance management, voice analytics, and reporting on all forms of communication to guarantee your agency is doing everything possible to deliver amazing customer experiences.


Intelligent Contacts is one of the leading omnichannel solutions in the market today. By combining customer payment opportunities in line with your dialer and telephony platforms, they are changing the game when it comes to effective and efficient consumer engagement.


As a premier solution for enterprise organizations, C&R’s Debt Manager platform is designed to provide the most flexible and compliant solution on the market. Debt Manager is used by the world’s largest banks and governments, along with some of the ARM industry’s largest collection companies.


Latitude by Genesys is one of the leading technologies for mid-market and enterprise companies. With a long history in both first-party agency management and third-party collections, Latitude’s functionality is built for the end user. Administrative tasks become easy while remaining flexible for your changing business operations.

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