Credit Card Processing, News

All Four Major Credit Cards to Go Signature-Free

What does it mean that all four major credit card companies are set to go signature free? The paradigm shift has been prompted by recent 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 rapidly becoming ubiquitous…

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By April 2018, purchasing by signature will be a thing of the past. Like dominoes falling one after another, the four major credit cards are letting go of the requirement for cardholders to provide a signature for purchases when using a chip-enabled card.

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Credit Card Processing, News

Should Your Business Go Cashless?

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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The way we pay for things is changing. The wide availability of credit cards, debit cards, contactless payments, and online shopping has transformed our payment options.

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Credit Card Processing, News

New Mastercard Bins – 2 Series

What is a BIN? Mastercard’s New BINs BINs by Card Brand What do I need to do to accept the new Mastercards? Ecommerce Businesses Notification of Affected Businesses 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…

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In summer 2017, Mastercard will begin issuing cards with a new bank identification number (BIN.) Where previously Mastercards started with the number 5, some cards will now begin with the number 2. Find out what this means and get details on how to make sure your business is ready to accept these new 2 series cards.

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Credit Card Processing, News

Is Visa Buying Square? The Truth About Visa’s Stake

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…

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A flurry of reports in early February 2016 claimed that credit card company Visa owns nearly 10% of payment processing company Square. Updates to those stories were posted soon after, as the 10% figure was based on a misreading of a Visa filing with the Securities and Exchange Commission.

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Credit Card Processing, News

Global Payments’ Diabolical Plan: Silence Heartland, Bail Out Mercury, Grow Portfolio

Global Payments is positioning itself to win a lawsuit filed against its prized ISO, Mercury Payments Systems, by buying the plaintiff, Heartland Payment Systems. Allow me to provide an overview of the lay of the land for those not too familiar with the relationships between these companies. Global Payments is a credit card processor with…

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You may have read about a deal Global Payments struck to purchase competitor Heartland Payment Systems, but there’s more than meets the eye. Read between the lines of Global Payments’ motives to acquire Heartland and you’ll see something more scandalous than a simple desire to grow its portfolio.

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Credit Card Processing, Legal, News

Visa, MasterCard Settlement & Your Business

Many large plaintiffs oppose the current Visa and MasterCard settlement, and the fight looks far from over. Update: December 13, 2013 — According to the Wall Street Journal, a judge cleared the swipe-fee settlement. Earlier this month, Visa, MasterCard and several of the nation’s largest banks settled an antitrust suit with a group of seven…

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Visa, MasterCard and several of the nation’s largest banks settled an antitrust suit with a group of seven million retailers. 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.

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Credit Card Processing, News

The Dodd Frank Wall Street Reform and Consumer Protection Act Financial Reform and Your Business

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 are meant to lower the financial burden on businesses and are already affecting businesses across the United States. What is Interchange? Changes in the Durbin Amendment…

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The Dodd-Frank Wall Street Reform and Consumer Protection Act, enacted in response to the late-2000s recession, contains the most comprehensive set of changes to financial regulation in the United States since the Great Depression.

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