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10 E-Payment Issues: A dive in to changes payment processors face

No doubt that many of you have heard e-payment terms like e-wallet, mobile wallets, EMV, etc., tossed around lately. All the terms can be hard to keep straight, let a lone know the definition of. So, we thought we would give you a peek in to one of the payment processing industry’s good magazine resources – Digital Transactions. DT recently published an article on the 10 Most Pressing E-Payment Issues, including…
1. Tokenization
When applied to data security, Tokenization is the process of substituting sensitive data with a non-sensitive equivalent, called a token.

2. Mobile Wallets

A form of payment, that replaces phsycial cash, check or […]

Monday, November 3, 2014|Credit Card Processing|1 Comment

EMV Cards: Why They’re Coming to the U.S.

With the recent breaches of customer data at stores like Target and Neiman Marcus, the topic of EMV cards is becoming more prominent.  But what are EMV cards and why are they making a buzz?

EMV cards, which stands for EuroPay-Mastercard Visa, have long been in-use in Europe and Canada. Instead of a magnetic stripe on the back of the card, EMV cards contain a microprocessor chip that stores cardholder data. This chip holds information in dynamic ways, making it hard for someone to obtain the cardholder information; unlike magnetic stripe card information which can easily be gathered with a simple […]

Tuesday, February 11, 2014|Credit Card Processing, Uncategorized|0 Comments

Data Breach – How to Protect & Regain Cardholder Trust

In our increasingly cashless economy, it is no surprise that businesses & customers were thrown into a panic when Target announced the breach of possibly over 70 million customers’ debit and credit card information.

Because the immediate threat to customers is easily seen, the threat this poses to payment processors is often overshadowed.

Security is undoubtedly a priority in the payment industry. That’s why, in 2004, the Payment Card Industry Security Standards Council created PCI Data Security Standards — a set of security requirements which states that all businesses that store, process or transmit credit or debit card information must be PCI […]

Thursday, January 30, 2014|Credit Card Processing|0 Comments

Credit Card Processing Change Approaching!

What’s changing?
Soon you will see an influx of cards with a smart chip instead of, or along with, a traditional magnetic strip. The smart chip cards are more secure than traditional magnetic strips and they will protect customer card information with improved data encryption. In order to accept cards with smart chips, you will need to upgrade your credit card terminal to one that has smart chip reading capabilities.
Here’s what you NEED to know: 

Changes are only relevant to retailers (businesses that accept cards face-to-face).
Retailers will soon be able to accept Smart Cards with EMV chips (like the card pictured above).
Technology […]

Thursday, January 31, 2013|Credit Card Processing|0 Comments

…And Finally, Number 1

Top Ten Indicators that It’s Time to Shop for a New Credit Card Processing Company

Number 1: Your processor has poor customer or association reviews.

The best way to tell if your processor is fair is to ask their customers. Read online; talk to friends; refer to authorities on the subject. If you are part of an association, check with administration or prominent members. Reach out to your community members. Check their social media pages. Lack of traffic is not necessarily an indicator, but consistent poor reviews are a red flag.

The bottom line is that business owners must always ensure that processors […]

Tuesday, September 4, 2012|Credit Card Processing|0 Comments

Number 2

Top Ten Indicators that it’s Time to Shop for a New Credit Card Processing Company

Number 2: Your equipment or solution only works with once provider.

It’s a trap! This one is worse than Number 3 because you cannot escape without buying new equipment, or paying a contract termination fee. Read your agreements before you sign up. Your customer service representative should be able to clearly explain every item of your contract. Furthermore, the more complicated your contract seems, the more you need to have it reviewed. Credit card processing is only a little confusing by nature.

Extreme confusion is a sign […]

Thursday, August 30, 2012|Credit Card Processing|0 Comments

Number 3

Top Ten Indicators that it’s Time to Shop for a New Credit Card Processing Company
Number 3: Your processor offers “free” equipment.

It’s a trap! They lure you in with free equipment only to charge high rates and hidden fees. It always sounds like you will spend less because you will have low start up costs, but in the end you will pay for that terminal one way or another. Whip out your calculator and do the math, then start shopping.

Monday, August 27, 2012|Credit Card Processing|0 Comments

Number 4

Top Ten Indicators that it’s Time to Shop for a New Credit Card Processing Company

Number 4: You experience consistently poor customer service.
This one seems obvious, but it must be included. Poor customer service means your processor values profit more than clients. Next!

Friday, August 24, 2012|Credit Card Processing|0 Comments

Number 6

Top Ten Signs that It’s Time to Shop for a New Credit Card Processing Company

Number 6: Your statement is confusing.

This one can be tricky. If you are adept at reading financial documents, but you have trouble with your credit card statement, demand some answers. On the other hand, if reading financial documents is not your strong suit, you may really have to concentrate and take your time, and that is okay. If your statement is impossible to read your processor is hiding something, and it is probably an enormous bundle of fees you do not know you are paying. Once […]

Friday, August 17, 2012|Credit Card Processing|0 Comments

Number 7

Top Ten Indicators that It’s Time to Shop for a New Credit Card Processing Company

Number 7: Your processor is reluctant to educate clients about fees and options.

If your processing representative offers only one option without first asking about your business, they probably only have one option. If they have multiple options and they only offer one, you may be dealing with a salesperson that is paid on a commission basis. Either way, steer clear of this processor. If your representative doesn’t know the answer to your question, they should be scrambling to find it. If they aren’t, their hiding something.

If […]

Monday, August 13, 2012|Credit Card Processing|0 Comments