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First of all, I’m referring to the lawsuit formally named In Re Payment Card Interchange Fee and Merchant Discount Antitrust Litigation. You may also see it called the Payment Card Interchange Fee Settlement, which should be the return address. It’s a good idea to verify that any paperwork you’ve received matches this information. Unfortunately, there …
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The paradigm shift was been prompted by leaps in credit card security and fraud protection, along with consumer trends such as the rise of mobile payments technology (e.g., Apple Pay), and of course the now-ubiquitous chip card. What changed, and does it affect your business? Let’s take a look. What Changed Under the prior signature …
All Four Major Credit Cards to Go Signature-Free Read More »
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The use of cash as the de facto payment option is shrinking, and nearly 40% of Americans favor going completely cash-free. Then, in the summer of 2017, Visa stepped up a “war on cash” by offering businesses money to go cashless. If you run a business, it’s almost inevitable that much of your sales are …
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What is a BIN? A Bank Identification Number (or BIN) is the first 6 digits of a credit card number. BINs identify the bank that issued the card and help ensure that transactions are routed correctly. Though you might not give them much thought, BINs are an important part of the transaction process. Mastercard offers …
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But some of those clarifications have gotten lost in the noise as investors have rushed to Square (its stock jumped in the days following the first reports) and some began to predict that Visa will purchase Square. Before we jump to conclusions, let’s slow down and take a look at the facts. What Visa Really …
Is Visa Buying Square? The Truth About Visa’s Stake Read More »
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The suit, which dates back to 2005, accuses the card networks and banks of conspiring to fix interchange fees that businesses pay to process credit and debit cards. The settlement is seen as a victory by many fighting for interchange reform, but at least three plaintiffs in the case feel it doesn’t go far enough. …
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Within that, a relatively small portion of the act – the “Durbin Amendment” – has made decisive and controversial changes in the way debit cards are processed. These changes were meant to lower the financial burden on businesses, though that has not always been the case. What is Interchange? “Interchange” is at the backbone of …
