The world is full of subscription services – allowing users to see how much they want, read the contents of their hearts or listen to more music than their ears can handle. It has become very easy to enter a world of media for a fixed monthly fee. Most of these services even offer free free trials, allowing you to immerse your toes without any long-term financial commitment. Most free studies still require credit card details and tend to automatically initiate a recurring subscription after the end of the process.
If you have ever forgotten to cancel a trial, you will know that this may end with the banning of the money you have not paid to lose. Mastercard wants to stop this. Mastercard will now mandate that its customers be notified at the end of a free trial and that they must subscribe to a recurring subscription.
"Changing the rules will require merchants to obtain cardholder approval at the end of the process before they begin billing. To help cardholders with this decision, traders will be required to send the cardholder – either by e-mail or text – the amount the transaction, the date of payment, the name of the merchant, together with explicit instructions for the cancellation of a lawsuit. "
In addition, merchants will have to send an invoice by text or mail for each transaction for those subscriptions that you forgot to pay even. This invoice will also need to include very clear instructions on how to cancel the subscription. Also, card statements should include contact information for merchants, indicate the URL of a website or the phone number of the store or service.
"Free trial offers can be a legitimate and useful way to increase sales and improve consumer satisfaction." "The new rules will help increase transparency and provide a great deal of experience for cardholders." Besides these changes, Mastercard cardholders are also covered by our zero liability policy, which protects them against unauthorized purchases or fees. If a cardholder suspects that a transaction is fraudulent or unusual, we encourage them to contact the bank issuing the card for assistance and more information. "
It is a pleasant move for consumers, which should help eliminate some of the most abundant subscription services.
Last update: January 17, 2019