Credit Card Processing

High Risk Merchant Accounts

Ben Dwyer
by Ben Dwyer

In this article, we’ll talk about industries that are considered high risk and how you can find the best high risk merchant account. What is a “high-risk” merchant account? Offshore Merchant Accounts High Risk Definition Other High Risk Designations Terminated Merchant File High-Risk MCCs Visa Mastercard American Express and Discover Costs for High Risk Merchant…

TwitterFacebookLinkedIn

In credit card processing, certain businesses are considered “high risk” and will need a processor that specifically supports those business types. But there’s some confusion about what exactly “high risk” means.

high risk merchant account

Read the full article

Credit Card Processing, Security and PCI Compliance

Fighting Fraud with Machine Learning

Ben Dwyer
by Ben Dwyer

There are several good techniques for fighting fraud, including biometrics and multi-factor authentication, but alone, they aren’t enough. Instead, payment providers and the card networks need to dig into the vast amount of payment information that’s produced every day to find patterns that indicate likely fraudulent activities. They can then use this data to find…

TwitterFacebookLinkedIn

Fraud remains a thorn in the side of businesses, credit card processors, and customers. In fact, credit card fraud created losses of nearly $22 billion in 2015 alone.

Read the full article

Credit Card Processing, News

Should Your Business Go Cashless?

Ben Dwyer
by Ben Dwyer

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…

TwitterFacebookLinkedIn

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.

Read the full article

Credit Card Processing

Mastercard and Visa Limited Acceptance Programs

Ben Dwyer
by Ben Dwyer

Let’s take a look at what you’ll need to do. What is Visa Limited Acceptance? Mastercard Acceptance Factors to Consider Cost Savings Customers’ Payment Preferences Competitors’ Card Acceptance Surcharging Rules Accepting Debit Cards Only Accepting Credit Cards Only Possible Drawbacks For Debit Only For Credit Only Visa’s Rules Mastercard’s Rules Finding a Credit Card Processor…

TwitterFacebookLinkedIn

As a small business owner, you may wonder if you can accept only debit cards or only credit cards. The short answer is yes, but there are rules you’ll need to follow and considerations before making that decision.

Read the full article

Credit Card Processing

Saving Money with Interchange Optimization

Ben Dwyer
by Ben Dwyer

For most businesses, the problem with ensuring optimal interchange is that it’s confusing, and your processor has no incentive to assist you. However, if you’re a CardFellow client, we include interchange optimization as part of your statement audits. Not a CardFellow client yet? Fill out a business profile to get started. Who Needs Interchange Optimization?…

TwitterFacebookLinkedIn

Interchange optimization goes beyond the basics of credit card processing. It’s about making sure that your interchange charges (the fees going to the banks that issue credit cards) are optimal for your business and that you’re avoiding downgrades.

Read the full article

Credit Card Processing, Security and PCI Compliance

Biometrics for Payment Security

Ben Dwyer
by Ben Dwyer

In 2015, credit and debit card fraud caused losses of nearly $22 billion. Anything that can reduce the impact of fraud will significantly improve confidence throughout the payments marketplace and save businesses money. One potential way to fight fraud is through the use of biometrics — your uniquely identifying personal features like fingerprints, voice, face,…

TwitterFacebookLinkedIn

One of the main issues in the payments industry is how to combat fraud. Although fraud impacts less than 1% of all transactions by some estimates, it’s still a major concern for consumers, banks, card networks, and businesses.

Read the full article

Business

Vantiv BizShield Powered by Womply

Ben Dwyer
by Ben Dwyer

In the digital age, small businesses can’t afford to ignore reviews, but it can be time-consuming to scour different sites for mentions of your company. BizShield provides 24/7 monitoring with an email alert system that will let you know when something needs your attention. Read on for more details to see if it’s a good…

TwitterFacebookLinkedIn

In conjunction with Womply, credit card processor Vantiv has announced that it offers a tool called BizShield, designed to assist small- and medium-sized businesses. BizShield helps with social media oversight and reputation management, market trends, and competitor analysis.

Read the full article

Credit Card Processing

Instant Payments – Changes are Coming

Ben Dwyer
by Ben Dwyer

We expect money transfers between buyers and sellers to take days, not minutes. But is that reasonable in a world where so much of what we do is instant? When we can get customer support, social media updates, responses, or communications within moments of our requests, why do payments take so long? Fortunately, this could…

TwitterFacebookLinkedIn

The world of payments and processing does not evolve quickly. While we’ve seen recent technological improvements through EMV chip cards and NFC/contactless payment methods, other parts of the payment processing ecosystem are slower to change.

Read the full article