Congress Approves Credit Card Processing Regulation Amendment
How the “Act” will affect your Credit Card Processing On June 21, 2010 Congress approved new regulations that will change credit card processing in America as we have known it since its inception in the 1960’s. Included in the Restoring American Financial Stability Act of 2010 (the “Act”), the regulations allow the Federal Reserve to…
An Interchange Plus Pricing Structure Can Greatly Reduce Your Credit Card Processing Fees
iSnare By: Gerald Kadish Traditionally small to mid sized businesses have been set up with what is called multi-tier pricing for their credit card processing. This system is usually set up with three tiers (qualified, mid-qualified, and non-qualifed.) Occassionally, if the business owner has negotiated well, there will be a fourth tier for qualified offline…
Merchants should accept Electronic Checks
SARASOTA FL – Many merchants won’t accept checks. Most merchants should. So says Gino Kauzlarich, President & CEO of MerchantService.com, a pioneering provider of electronic commerence and trasaction processing related services. “The new Check 21 technology is here now where we can quickly scan a check at both the back office or point of sale…
More than Half of QSR Gift Card Users Visit QSRs More Often Because of a Gift Card
First Data Corporation First Data Competitive Intelligence, in conjunction with Market Strategies International, conducted the QSR Prepaid/Gift Card Study with over 4,000 U.S. consumers in August 2008. Brief Findings: 51% of QSR gift card self-purchasers and receivers indicate they visit QSRs more often when they have a gift card. Self purchasers visit a QSR an…
PIN Debit Transactions on the Rise
First Data Corporation “First Data Study Re-Confirms Debit as the Fastest Growing Payment Method; Transaction Volume Increases When Choice is Offered” DENVER, Aug 01, 2006 (BUSINESS WIRE) — Having the option to make payments via PIN or signature debit increases the number of transactions consumers make monthly, according to a recent survey released by First…
Fed won’t set Interchange Fees
ATM Marketplace.com WASHINGTON — The Federal Reserve said last week it won’t intervene in the growing market of card interchange fees, now as much as $30 billion a year. A Fed official said the United States’ central bank should not get involved in the conflict going on between the two major card companies, Visa USA…
7-Eleven intros second wave of Vcom ATM hybrids
ATM Marketplace.com The New York Times: ATMs have long been a staple in convenience stores, but now several major chains, including 7-Eleven, are installing transactional kiosks able to do a lot more. 7-Eleven is introducing its second wave of custom-made terminals called Vcoms this year. The chain’s more than 1,000 Vcoms dispense cash, sell Verizon…
MBNA America Bank launches contactless credit cards in Atlanta
Contactless News WILMINGTON, Del.– MBNA has begun issuing credit cards that feature MasterCard PayPass contactless payment technology to its new and existing customers in Atlanta, with customers in additional markets to follow in the coming months. PayPass integrates a radio frequency chip and antennae in the card plastic. Cardholders simply “tap” their cards…
Signature Debit Fraud Runs 15 Times Higher Than on PIN Debit
Digital Transactions News Oct. 12, 2005 “Financial institutions lost an estimated $546 million to debit card fraud in 2004, with fraud rates running much higher on signature-based cards than on cards secured with PINs, according to study released this week. Banks lost $345 million in fraud committed on ATMs, while fraud on signature-debit cards cost…
Why More Merchants Are Adopting PIN Debit
Digital Transaction News April 4, 2004 “Debit cards linked to personal identification numbers are slowly but surely penetrating more and more merchant locations, and as a result PIN debit transactions will begin to overtake transactions on signature-based debit cards within five years, says an analyst at Speer & Associates Inc., Atlanta, who has studied the…
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