Digital Transaction News
Feb. 14th, 2014

As Key Chip Deadline Looms, Doubts Emerge About Small Merchants’ Readiness

By John Stewart

With Visa Inc. and MasterCard Inc. digging in their heels on a key chip card deadline, payments executives are expressing doubts that all U.S. small businesses will be ready. “The short answer is no,” says Henry Helgeson, chief executive of Merchant Warehouse, a Boston-based merchant processor. “We still have a lot of work to do as an industry.”

In October 2015, the major card networks will shift liability for card fraud to the party that isn’t equipped to handle chip card transactions on the Europay-MasterCard-Visa (EMV) standard. While Visa and MasterCard appeared to some observers to be willing to back off somewhat on that deadline recently, both networks have confirmed the date in the wake of the massive data breach at Target Corp. and other retail chains.
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Feb, 12th 2014

First Data has learned of a widespread phishing attack telling recipients that their merchant ID has been locked.   Unsolicited email containing errors should always raise a red flag, especially if combined with a call to action, such as calling a toll-free number or clicking on a link. If you receive an email similar to the one below, immediately delete it from your inbox and deleted items folder.  Do not open any attachments. No further action is required on your part.
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A court case was recently settled between a group of merchants, on one hand, and Visa, MasterCard, and issuing banks, on the other hand, about unfair business practices related to interchange fees. If you accepted Visa or MasterCard between January 1, 2004, and November 28, 2012, you are part of a $7 billion dollar settlement. But, you have to register to be included. MerchantService.com and Brownstone Recovery Group are here to help.
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