How Are Your Card Processing Fees Assessed?

Interchange fee” is a term used in the payment card industry to describe a fee that a merchant’s bank (the “acquiring bank”) pays a customer’s bank (the “issuing bank”) when merchants accept cards using card networks, such as Visa and MasterCard, for purchases. Although Visa and MasterCard determine Interchange rates, the fees are not retained […]

Terms to Know When Shopping for a Merchant Account

Over the past couple of weeks I have run into many merchants that feel ripped off by their merchant sales representative. Time and time again I hear “I just didn’t know what to ask for.” Like with any other purchase for your business, it is important to learn about your product. Here is a list […]

What are Non-Qualified Transactions and How Can Merchants Avoid Them

Non-Qualified:  I frequently get calls from merchants who say they were quoted one rate, but claim different rates are showing up on their statements. Unfortunately, merchants can experience a rate increase or surcharge because of the type of card your customers are using, such as sky miles cards and rewards cards. Another cause of increased […]

POS Security Poodle Warning!

PCI Compliance is Coming Soon June 2018 SSL encryption is a standard encryption method used for decades.  A vulnerability named POODLE has been detected within SSL and is no longer PCI compliant.  POODLE (Padding Oracle On Downgraded Legacy Encryption) is a vulnerability in SSL that could allow a hacker to extract data from secure online […]

Understanding Merchant Account Fees and Their Terminology

Over the past couple of weeks I have run into many merchants that feel ripped off by their merchant sales representative with regards to their merchant account fees. Time and time again I hear “I just didn’t know what to ask for.” Like with any other purchase for your business, it is important to learn […]

Visa and MasterCard Make Their Money on PIN-based Debit Transactions

In previous posts I have talked about Visa and MasterCard turning to Debit and prepaid cards to re-coop money lost on defaulted credit cards. PIN-based debit transactions type of cards used to be the cheapest form of electronic payment a merchant could accept – that seems to be changing these days. It is estimated that PIN-based debit […]

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