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"...
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