What is the Fair Swipe Act? The Fair Swipe Act, introduced by DC council member Charles Allen, would change the calculation of credit card processing fees. Currently those fees are calculated on the total bill or purchase. Instead, under the Fair Swipe Act, the fees would be calculated only on the subtotal. That is, on the amount prior to taxes an...

As a business owner, you probably know that PCI compliance is required for all businesses that accept credit cards. But if your credit card processor is PCI compliant, does that mean they handle it for you? In short, no, though it is still beneficial for you. What does it mean if a credit card processor is PCI Level 1 compliant? Firstly, let’s ta...

But many business owners find PCI compliance and SAQs confusing or overwhelming. There are even multiple different versions of the SAQ! In this article, I’ll go over the basics to help you understand your responsibilities with the SAQ. What is the SAQ? The Self-Assessment Questionnaire (SAQ) is a series of yes or no questions about your security ...

Here is a link to the PCI official “Quick Reference” though be warned it’s still 38 pages long. The end of the guide includes QR codes for specific topics to provide additional information and resources. Many businesses find PCI compliance confusing and frustrating, and there are times when it feels like you need a degree in cybersecurity just t...

Before we dive into the Visa and Analytics Partners strategic partnership, let’s take a look at AI for marketing in general. What does AI do for marketing and business? You’ve probably already come across AI, either as a consumer or with tools you use at your business. Chatbots are one popular example. But when it comes to marketing, the primary ...

But what does that mean for your business? Will customers still have and use Discover cards? Are your credit card processing fees going to change? At this point, we don’t know all the details, but here’s what you can expect with the current information. The Discover Acquisition CapitalOne announced its intention to acquire Discover in 2024, but d...

A class action lawsuit was also filed, allowing business owners a path to attempt to recoup money they were overcharged. This article includes the official class action website for those who would like to stay on top of deadlines. But first, let’s take a look at what actually happened. What did Discover do? According to the FDIC and Federal Re...

Mastercard uses many different interchange categories to determine the rates and fees your business pays for accepting credit cards. There isn’t just a single “Mastercard business” interchange rate. There are 5 different business card rates, depending on the “program level.” From there, most businesses will see rates further broken into one of two ...

With its minimal underwriting and fast setup, it lowered the barriers to entry for small businesses seeking credit card processing. Suddenly, business owners could download an app, sign up for an account, and accept credit cards within days or even hours. There was no lengthy application before you could start accepting cards, and Square’s simple f...

In this article, we’re going to focus on Visa and Mastercard interchange categories and their effect on your processing fees. In order to do that, we first need to have a common understanding of the basics. Interchange Basics Refresher In my article on interchange rates and fees, I mention several times that there are many different interchan...