CardFellow Credit Card Processing Blog

Credit Card Processing

The CurrentC Shutdown and What It Means For You

by Brian Penny

CurrentC was initially rolled out in a beta pilot program in Columbus, Ohio on September 15, 2015. A nationwide rollout was planned for 2016 but was canceled as the organization looks at other growth methods. Merchants who accepted CurrentC should inform customers that it’s no longer available. However, other forms of mobile payments are still…

As of June 28, 2016, CurrentC, the mobile payment app created by the Merchant Customer Exchange, has officially shut down. The move follows an announcement in May that MCX was laying off 30 employees and refocusing its efforts on partnerships with financial partners like Chase.

Read the full article

Credit Card Processing, Legal

Home Depot Lawsuit Against Visa and MasterCard

by Jane Meggitt

Wal-Mart filed a similar suit against Visa in May. The Security Problem According to Home Depot Credit Card Companies’ Reactions The Monetary Problem According to Home Depot No Option Are PINs the answer? Prayer for Relief Visa and MasterCard Respond The Security Problem According to Home Depot Home Depot accuses Visa and MasterCard of being…

It’s a case of a home improvement retail giant versus two network payment processing behemoths. In mid-June 2016, Home Depot filed an antitrust lawsuit in federal district court in Atlanta against Visa and MasterCard, alleging credit card security is inadequate and exposes retailers and customers to hacking.

Read the full article

Credit Card Processing, Security and PCI Compliance

TSYS Card Compromise Assistance Plan

by Gary Bowen

In response to this threat that can cripple or virtually destroy any retail business, Total System Services, Inc. (also known as TSYS) offers a Credit Card Compromise Assistance Plan (C-CAP). This service can ease the financial risk and reassure business owners who accept credit cards at their retail locations and online. C-CAP protects them from…

No business is exempt from an attack on their sensitive credit card customer databases by hackers and other criminals. And small businesses who might not be able to afford the latest security measures have found themselves especially targeted.

Read the full article

Credit Card Processing

Quick Chip to Help Speed Up EMV Transactions

by Brian Penny

Unlike magnetic stripe cards, chip cards inserted into the reader must stay there until the transaction is complete. In some cases, customers wait 15 seconds or longer for the authorization to go through once the cashier has hit the appropriate payment button. This creates a lot of friction, slowing the checkout process, increasing wait time…

The US chip card rollout has been confusing and sluggish. Additionally, in locations that have implemented chip card machines, customers are often frustrated or want to swipe their chip cards through the magstripe reader. The primary complaint is that chip card transactions are painfully slow.

Quick Chip to Help Speed Up EMV Transactions

Read the full article

B2B, Credit Card Processing

CardPointe by CardConnect

by Paul Maplesden

What is it, does it affect you, and what are your options? Let’s take a look. What is the CardPointe fee? Does the CardPointe fee apply to me? What does CardPointe do? Real Time Transaction Management Virtual Terminal Mobile App and Payments Point to Point Encrypted Terminals Hosted Payment Page Recurring Billing with Account Updater…

CardPointe is a processing solution available through CardConnect and its resellers. A new fee may be showing up on your processing statement starting in July of 2016: The CardPointe fee. Charged by CardConnect, the CardPointe fee is a monthly charge that may be added to your existing processing fees.

Read the full article

Credit Card Processing

Square’s Transaction Fees and Equipment Leasing

by Ellen Cunningham

You’ll want to avoid that rate if low cost is your priority. The per-transaction fee is imposed for businesses with an average sale under $10 when using the quote request (called custom pricing) sign up option on Square’s website. Additionally, the company is now offering equipment leases, a practice that we generally advise against here…

Payment processing company Square has built a reputation on offering simple, flat-rate credit card processing for small business. The well-publicized 2.75% rate was a good deal for businesses with small average transactions or low monthly credit card sales. While that pricing is still an option, businesses should be aware that the company can also charge a second rate with a per transaction fee.

Read the full article

Credit Card Processing, Legal

Walmart Sues Visa: Who’s Right?

by Ellen Cunningham

Update – in November 2017, Walmart and Visa announced that they are settling the lawsuits. Details of the settlement have not been made public, though Visa made a public announcement that they’re pleased with the settlement decision. We’re leaving the rest of this article for historical purposes. Setting the Stage: PIN vs. Signature Chip Cards…

A battle is brewing. Citing security issues, giant retailer Walmart has brought a lawsuit against Visa. At the end of June, 2016, Visa filed a countersuit. The news has spread like wildfire, and misconceptions are also spreading fast. Let’s take a look at what the lawsuit is actually about and address some of the incorrect info going around.

Read the full article

Credit Card Processing

Visa Purchasing Card Not Present

by Ben Dwyer

The Commercial Purchasing Card – Card Not Present (or COMM CNP P) is an interchange category that is used to calculate the interchange fee for card-not-present transactions involving a payment made with a commercial purchasing card instead of a consumer credit card.

Visa’s Purchasing Card-Not-Present is an interchange category. It refers to payments made using a commercial purchasing card when the card is not swiped.

Read the full article

Credit Card Processing exposed