A large number of problems, issues, and conspiracies revolving around credit card processing led to standardizing all credit card transactions according to a new format, EMV.
Named after its introducers, EuroPay, MasterCard, and Visa, the credit card processing technologies around the world will be taken over by EMV latest by October 2015. All merchants, merchant account holders, and merchant account services will be subjected to new EMV standards and most importantly, it will indicate a shift from magnetic stripe cards to chip based cards.
Continue reading Credit Card Processing: From Magnetic Stripes to EMV
Many small businesses today need a solid amount of capital to expand and it is here that many businesses fail to achieve the desired results because they are unable to come up with the required amount of capital.
However, with so many options available for merchant services today, it is not difficult to borrow a lump sum of money and pay it back later. In fact, the industry of lending money is gradually saturating to an extent where competition has led to the generation of new, cheaper alternatives. Additionally, now there are tons of payment options to choose from.
Continue reading Small Business Loans Vs. Merchant Cash Advance
In a recent court case, a group of merchants objected to the processing rates set by Visa and MasterCard, and issuing banks.
In the lawsuit, it was claimed that merchant services end up paying a lot more fee for processing Visa and MasterCard payments because of an alleged conspiracy. However, in a 55 page long ruling, US District Judge John Gleeson stated that the new settlement will encourage competition and promote the idea of transparency in payments, helping to avoid some misleading tactics used by a few providers. Continue reading How To Enroll Visa/MasterCard Settlement Claim