According to the Paychex Inc. Small Business Survey, restaurants and retailers have the highest level of awareness of EMV and its liability shift among other merchants. Paychex Inc. is a New York-based payroll and tax-service provider. More than 760 small-business owners participated in the mentioned survey between Oct. 14 and Oct. 27. Retailers and restaurants together made up 69% among other participants and were well aware of the EMV liability shift. Merchants who were well equipped to accept EMV transactions counted for 29 percent as compared with 49 percent of merchants involved in the restaurant and retail industries. Merchants representing […]

According to a report by Alliance for a Just Society, Connecticut residents expressed their complaints concerning debt buyers such as Encore Capitol Group and PRA Group, Synchrony Financial, Bank of America and Citibank. Recently, a press conference has been held where State Representative Matthew Lesser, US Senator Richard Blumenthal, state Department of Banking Commissioner Jorge Perez, Tom Swan from the Connecticut Citizen Action Group and consumer advocates talked about the importance of regulations against abusive debt collection practices in Connecticut. Over 26% of Connecticut adults with a credit file have a report of debt in collections. Senator Blumenthal mentioned that […]

Merchants involved in the high-risk industry know traditional banks and the majority of processors stay away from their high-risk business because of higher chargeback rates and risks. As a rule, they turn to alternative providers to get approved for payment processing solutions without major challenges. Payment Processing For High Risk Merchants The High Risk Guys offer high risk merchants both traditional credit card processing and next-day check payments, POS systems and terminals. HRG provides deployment services based on the size and specific needs of your business, regardless of your credit. HRG specializes in the high-risk sector and knows your business […]

It is interesting to know what happens when data breaches occur. Particularly, see where the stolen data goes after the breach. After Data Breaches According to the Identity Theft Resource Center, data breaches have covered over 675 million data records in the US, since 2005. Massive network security breaches have happened both to the US government and universities, retailers, and healthcare providers. Breached data include addresses, names, credit card numbers, names of local bank branches, social security numbers, phone numbers, and more. Fraudsters sell these records to aggregators, who create cross-references and combine full identities known as “fullz.” This information […]

Credit-card declines are very often conditioned by the so-called TC-40 reports. Let’s see what they are, how they cause card declines, and how merchants can benefit from these reports. What Is A TC-40 Report? When a cardholder claims fraud, credit card issuers file a TC-40 claim for the given payment transaction. Then, the card brands, issuers and the merchant’s acquirer receive these claims in a report called the Risk Identification Service/RIS Report for Visa transactions and System to Avoid Fraud Effectively/SAFE report for MasterCard transactions. The latter includes each transaction’s raw data, such as currency code, fraud postdate, issuers BIN, […]

The supplements industry is on the rise. Today, many merchants start their Garcinia Cambogia business to grow revenue thanks to this popular weight-loss supplement, which is also called Kudam Puli, Brindleberry, or Malabar Tamarind. Natural Supplements Industry Natural supplements and prescription and over-the-counter or OTC drugs aren’t subject to the same regulations established by The Food and Drug Administration (FDA). Natural supplements differ in their process of creation. Merchants can choose a specific type of supplements maker or the most affordable options available in the industry. In all cases, merchants should know where their goods come from. It is important […]

In an era where consumer financial data is constantly in jeopardy, the financial services industry must create technologies that protect data, while being consumer friendly. The “Internet of Things,” has drastically expanded the technological possibilities, but has also created some serious ethical issues about how to secure financial data. According to the International Telecommunication Union, IoT is the network of physical objects that are embedded in sensors, software, electronics, and network connectivity. These physical objects are then able to collect and exchange data. Financial services can use IoT to protect consumer data as fewer and fewer devices depend on traditional […]

A vast amount of cardholder fraud claims can cause a higher number of declines. On the other hand, there exist other actions that can result in authorization declines by card issuers. Blow you can find other actions that may knowingly be applied by merchants, thus leading to credit card declines. Not Applying CVV Capture For Checkout CVV, CVV2, and CID are the last 3 digits on the back of credit cards or the last 4 digits on the front of American Express cards. These are added to provide extra security and confirm that the person entering a card number in […]

Mobile applications have changed with way consumers work and play for years. 2016 is set to be the year of payment processing for the mobile stage. There have been many predictions about the effects that mobile payment processing will have on consumer payments. But there are four major trends that payment processors and mobile app investors should be paying close attention to. Mobile Checkout Will Destroy Countertop Checkout: Mobile app users are expected to use cloud-based apps to checkout instead of the POS, and will migrate towards retailers that enable this experience. In addition to cloud-based checkout technologies, there is […]

Cardless ATMs are set to push along the adoption of mobile wallets. Cardless ATM transactions are much faster than card-based transactions, and will make withdrawing money safer and more convenient for customers. It takes almost 15 seconds to do a cardless ATM withdrawal, as opposed to 60 or 90 seconds for a debit or credit card-based one. Bank officials believe that it will take 5 to 10 years for mobile wallets to be fully integrated into consumer lives. Still early signs indicate that cardless ATMs could be a payment processing success in the US. Although BMO Harris Bank, an American […]