Credit Card Processing, Security and PCI Compliance

Data Breach Prevention and Insurance

You might be considering breach insurance, assuming that will protect you in the event of a data breach. Many credit card processing companies even offer data breach insurance as an add-on, making it an easy decision for some businesses. Just know that there may be limitations to what types of breaches are covered, or how…

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In the wake of expensive, well-publicized data breaches like those experienced by Home Depot and Target, you may be nervous about your own business experiencing a breach. Unlike Target and Home Depot, small businesses don’t always have the money to cover the expenses of a data breach, and may take a bigger reputation hit if customers perceive your business as not secure.

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Credit Card Processing

Best Credit Card Processing Define, Learn, Search

Define Best: What’s Really Important Best Rates — A Big Mistake Learn the Fundamentals of Processing Focus on Markup Pricing Model Terms Search Define Best: What’s Really Important The problem with the word “best” is that it’s subjective. Its meaning is unique to the person using it, and when it comes to credit card processing,…

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You won’t find the best credit card processing unless you define what “best” means for your business, and then learn the fundamentals of processing before setting out in search of a processor.

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Credit Card Processing

Free Credit Card Machine = An Expensive Proposition

You are virtually guaranteeing that you will overpay for credit card processing if you’re comparing processors based on which ones are willing to provide a free terminal. With the 2015 EMV chip card switchover, the “free” machine offers are becoming even more common. The Economics of “Free” There’s an Exception to Every Rule One-Two Punch:…

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Like the saying goes, “there’s no such thing as a free lunch.” Credit card processors recoup the cost of a free credit card machine through expensive tiered pricing and various other fees.

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Credit Card Processing

Flat Rate Credit Card Processing – Fool’s Gold

If you’re considering a flat rate credit card processing company, here’s what you need to know. What is flat rate pricing? Flat Rate Pricing is An Illusion Truly Competitive Pricing vs. Flat Rate Pricing Interchange Plus Pricing Arguments for Flat Rate Pricing Known Costs Small Tickets What is flat rate pricing? Flat rate is an…

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Flat rate credit card processing is an expensive illusion based more on clever marketing than reality. What some companies advertise as a competitive flat rate is actually oversimplified and expensive pricing that conceals the true costs to process.

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Credit Card Processing

Surcharging Basics: Passing Credit Card Fees to Customers

The settlement will allow businesses to reduce the impact of credit card processing fees. However, there are many rules businesses must follow in order to charge checkout fees, as well as pros and cons that should be considered before deciding if surcharging your customers when they use credit cards is the right move for your business….

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A recent class action lawsuit against Visa and MasterCard resulted in a settlement that allows merchants to start charging their customers a fee for using credit cards — commonly referred to as “merchant surcharges” or “checkout fees.”

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Credit Card Processing

Chargebacks: A Survival Guide

The burden of proof to show that a customer has been rightfully charged falls on you, and when consumers successfully dispute charges, you lose both the product sold and the revenue from that sale. Even when a dispute is unsuccessful, the acquiring bank will withhold payment for any chargebacks until the matter is resolved. Add in the…

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The chargeback process is designed to increase consumer confidence — it’s very easy for credit card users to dispute charges, while businesses and banks have to do all of the legwork to figure out whether or not a transaction is legitimate. From a business’ perspective, however, chargebacks can often be a costly hassle.

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Credit Card Processing

Credit Card Processing Companies: A Who’s Who

This article aims to give a sense of the players involved in keeping this system running smoothly, and to shed some light on what credit card processing fees actually pay for. Card Brands (Visa/MasterCard) Issuing and Acquiring Banks Credit Card Processors/Merchant Acquirers Independent Sales Organizations (ISOs) & Member Service Providers (MSPs) Aggregators Integrated Software Vendors…

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From a business’s point of view, credit card processing is an amazingly straightforward system — swipe, sign, and the customer leaves with her purchase. However, making a customer’s experience so hassle-free requires a complex array of companies working behind the scenes to ensure that credit card payments are processed securely and efficiently.

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Credit Card Processing

Qualified, Mid Qualified & Non Qualified Credit Card Processing Rates

The key to lowering your business’s credit card processing expense is not avoiding non-qualified fees. The key is completely eliminating a processor’s qualification altogether. Who Determines Rate Qualification Non-Qualified Interchange Non-Qualified Credit Cards Over-Simplifying Qualification Qualified Rate Mid-Qualified Rate Non-Qualified Rate Eliminating Non-Qualified Fees Who Determines Rate Qualification Qualified, mid-qualified and non-qualified rates are set…

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If your business is paying qualified, mid-qualified and non-qualified charges to process credit cards, it’s paying too much. In fact, businesses that find a processor through CardFellow typically lower fees by as much as 40% by eliminating non-qualified rates.

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