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I have a recurring portion of my Internet sales; are these covered under the VbV and SecureCode rules?

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I have a recurring portion of my Internet sales; are these covered under the VbV and SecureCode rules?

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The first payment in a recurring payment transaction is protected. Subsequent payments with the recurring payment indicator are not protected under the Visa or MasterCard rules at this time. The Visa E-Commerce Preferred Interchange also only applies to the first payment.

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