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This is an informative blog dedicated to covering merchant services - credit card processing, Pin Based Debit, ACH processing, Remote Deposit Capture, Virtual Check, API integration and Payment Gateways.
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This is another example of a hacked credit card terminal. Companies can avoid security compromises with First Data's transarmor product. Transarmor uses tokenization to encrypt card data, this encryption guarantees the safety of the card users data.
Solitude Mountain Resort’s credit card system was hacked into during the past couple of weeks and customers’ information was stolen.
The resort said it has heard from several patrons whose information had been lifted, although Solitude officials believe the breach affected only a handful of people over perhaps a two-week period.
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In some circles, the notion of a smartphone acting like a credit or debit card is fascinating, and you see story upon story about mobile payment-enabled smartphones and the potential rise of PayPal, the telcos, and such as the new payment processors. Who cares? Even if Visa and MasterCard were somehow to let go of that billion-dollar processing business, you're merely replacing one financial processor with another.
The fact that a smartphone could act as a card is an inconsequential change. You still have to carry a wallet, and as long as that's the case, a simple plastic card remains easier to use, given that the technology for reading them is universal and all the proposed mobile alternatives require new, often separate, readers and work only with certain vendors -- you'll still be carrying plastic for the other banks' and merchants' systems. As a friend recently said, payments can't get more mobile than they already are.
[ Learn about consumerization of IT in person March 4-6, 2012, at IDG's CITE conference in San Francisco. | Windows 8 is coming, and InfoWorld can help you get ready with the Windows 8 Deep Dive PDF special report, which explains Microsoft's bold new direction for Windows, the new Metro interface for tablet and desktop apps, the transition from Windows 7, and more. | Keep up on key mobile developments and insights with the Mobilize newsletter. ]
ATLANTA, Dec 21, 2011 (BUSINESS WIRE) -- First Data Corporation, a global leader in electronic commerce and payment processing, today released its First Data SpendTrend(R) Mid-Month Flash analysis for the first half of December 2011 compared to the same period in December 2010. SpendTrend tracks same-store consumer spending by credit, signature debit, PIN debit, EBT cards and checks at U.S. merchant locations.
For the first two weeks of December 2011, overall dollar volume growth was steady compared to November levels. Card spending growth was stronger than this period last year. Retail dollar volume and transaction growth were both up from November. Among retail categories, clothing/accessory and general merchandise stores posted healthy dollar volume growth in early December and were up significantly from November.
The Durbin Amendment, a last-minute addition to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, has sparked fierce debate. It just went into effect on October 1st, and already we’re seeing its ramifications. Banks have priced Durbin into their checking offerings – that means we’re seeing less and less free or rewards checking. On the other hand, retailers have yet to lower their prices as promised, perhaps because Visa and MasterCard jacked up their rates on small merchants. One thing is certain, however: Bank of America customers are not happy.
For the BofA Customers: Bank of America has announced that they will start charging $5 per month for those who use their debit cards for purchases, blaming it on Durbin. We don’t think that quite adds up. Take a look at our list of still-decent checking accounts, orPerkStreet Financial, which gives 2% debit rewards and has no monthly fees.
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More people are using credit cards over debit cards, and that's pushing growth at MasterCard and Visa, Sterne Agee analyst Greg Smith told CNBC Wednesday.
According to First Data, which processes information for the credit-card companies, credit-card use is up more than 10 percent in the third quarter, compared with 6 percent for debit cards, which takes payments directly from a checking or savings account.
"They've had a pretty good run," Smith said of credit cards. "Credit cards are a very good business. As you look ahead, debit cards are a little less profitable, so expect banks to push people to credit."
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Contactless payments have been something of a curiosity in the credit card industry. MasterCard's PayPass has been around for the better part of a decade, but merchants and banks alike seem hesitant to adopt the technology required to make the system work, and inconsistent implementation adds to the confusion -- particularly for customers. Google's new mobile phone-based Wallet service has the potential to transform the technology from its current status as a transaction turkey, to a future as a checkout champion. But will it work? We spent a week with a Wallet-enabled Nexus S 4G, using the device to pay whenever we encountered a MasterCard PayPass terminal. Unfortunately, that wasn't often enough, limiting us to just a handful of transactions in the first week. Still, with Google just beginning to roll out the service and only a limited selection of launch partners ready to go, it's impossible to deliver a complete verdict just yet. Jump past the break for an inside look at Google Wallet, including a video of the service in action, and a brief look at what the world of contactless payments may look like in the future.
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Google today announced an agreement to use current Visa technology to enable mobile payments at retail locations, boosting its e-wallet initiative as the market becomes increasingly competitive.
The Mountain View, Calif.-based company announced it is licensing Visa's PayWave technology, an innovative NFC-based payment technology which enables consumers to make payments at retail locations by waving mobile phones in front of a payment terminal.
PayWave is currently accepted at hundreds of thousands of retail locations worldwide.
Visa account holders will therefore be able to add credit, debit and prepaid accounts to Google Wallet. Google Wallet allows customers to purchase items by tapping or swiping their Android smartphones in front of a merchant's payment reader, enabled by near-field communications, or NFC.
ATLANTA, Sept. 1, 2011 /PRNewswire via COMTEX/ -- In preparation for the January 1, 2012 deadline, SecurityMetrics' new TIN Matching Service helps payment processing entities recover and match merchant tax identification numbers (TIN) and legal business names to streamline the matching process for a subset of SunTrust Merchant Service merchant clients that have not yet validated with Internal Revenue Service (IRS) records. SunTrust Merchant Services today announced it has selected SecurityMetrics' new TIN Matching Service to streamline the matching process for a majority of its merchants.
In accordance with new U.S. Government regulations originating from the Housing and Economic Recovery Act of 2008, payment settlement entities will be required to withhold 28 percent of daily gross merchant payment card transactions if a merchant fails to validate their TIN with their reporting entity. At present, many merchant TIN numbers remain unvalidated with banks, and unreported to the IRS.
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Washington Post Staff Writer
Tuesday, August 18, 2009
A federal grand jury has indicted three people on charges of hacking into the files of the credit and debit card processing giant Heartland Payment Systems last year in what the Justice Department is calling the largest identity-theft case ever prosecuted.
According to indictments returned Monday in a New Jersey federal court, the government says the same three people were involved in a string of high-profile data breaches from October 2006 to May 2008, including intrusions at grocery chain Hannaford Brothers and 7-Eleven.
In total, the government alleges that the suspects stole data on more than 130 million credit and debit cards from Heartland alone.
One of the accused, a 28-year-old former Secret Service informant named Albert Gonzalez of Miami, was indicted last year for his alleged role in several other major data breaches, including ones at T.J. Maxx, Barnes & Noble, BJ's Wholesale Club, Boston Market, DSW, Forever 21, Office Max and Sports Authority.
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--MasterCard expects to win debit card share from Visa under new fee regulations
--Processed U.S. credit card transactions were up 6.5% in July and August, while U.S. debit card transactions were up 20.1%
--President of U.S. markets for MasterCard: Consumers are spending
(Updates with information about restrictions on debit card fees and processing volumes paragraphs 6 through 11)
By Andrew R. Johnson Of DOW JONES NEWSWIRES
NEW YORK (Dow Jones)--MasterCard Inc. (MA) is emphasizing products aimed at affluent consumers as well as emerging categories like prepaid cards and mobile payments to drive growth, executives said Thursday.
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Google is looking to beef up its NFC team as the search giant plans to put a major focus on this technology with its mobile products.
According to Phone Arena, Google is looking for a Technical Account Manager who is familiar with NFC.
This individual must have:
At least 5 years of hands-on experience in Internet products and technologies, and knowledge of one or more of the following: NFC/RFID technologies, different chipset ISO specifications, integration with POS readers & systems and payment processing, technical implementation of merchant loyalty, coupon or incentive programs.
The move comes as Google is making a major move with NFC technologies and Android. The latest version of the software, Gingerbread, has read support and it will be getting full NFC support in the future.
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BS&T's editors predict the hot technologies that will be banking game-changers in the year ahead.
By BS&T Staff January 03, 2011
Along with revitalized spending power, bank IT executives will have to deliver on technology initiatives with measurable improvements in revenue growth, customer retention and compliance. So placing the right bets on key technologies that truly can transform the business will be more important than ever. Here are BS&T's predictions of the hot technologies that will be banking game-changers in the year ahead.
1. The Mobile Banking Revolution Has Begun
Smartphone adoption in the United States has gone mainstream. According to a fall forecast from IDC, 269.6 million mobile devices shipped in 2010 -- a 55 percent increase over 2009. What does this mean for banks? Easy: More opportunity to put sophisticated banking services in the palms of customers' hands, 24 hours a day, 365 days a year.
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The Benefits Of Accepting American Express® Cards
By accepting American Express® Cards, you can bring new, higher spending customers to your business. And, with one statement and one point of contact, it has never been this easy or this profitable
Expect Your Sales To Increase
American Express Cardmembers have an average household income 40% higher than Non-Cardmembers.1 In addition:
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Products and Services
ePayment Solutiosn brings you a vast array of innovative products and services that make us your single source for payment solutions.
ePayment Solutions is a leader in electronic payment processing, with an unparalleled set of products and services that enable merchants, financial institutions, businesses and government agencies to optimize payment processing efficiency.
Merchant Cash Advance Referral Program
FDIS, through a referral relationship, is pleased to introduce you to a premier provider’s working capital program that provides alternative funding for small to mid-sized businesses. Turn future credit card sales into working capital and access up to $150,000 per location, in as little as 5 days. Merchants can buy new equipment, renovate their store, expand their business, pay bills, stock shelves, purchase inventory and eliminate payroll concerns. Merchant Cash Advance referral program is a leading provider of alternative funding for small to mid-sized businesses.
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Contactless Payments Solution
The Challenge
Merchants traditionally earned their customers’ loyalty by offering the right products at a good price from a convenient location. But now that’s not enough. How much time consumers spend in completing a transaction is factoring even more into their decision-making, and the retailers who make it easier for them are the ones they’re choosing for routine purchases.
The Solution
More and more, consumers are trading traditional magnetic stripe cards for Contactless Payments. Often faster than cash or traditional magnetic stripe credit cards, these transactions eliminate the need to swipe the card, and in many instances also eliminate the need to sign a receipt. Contactless Payments are designed to ensure safe transactions for both the merchant and consumer, and are ideal for retailers who attract and retain customers by how quickly they process transactions. Contactless Payments are well-suited to businesses that have a high volume of low-dollar transactions, such as gas stations, coffee shops, convenience stores, movie theaters, movie and video game rental stores, quick-service restaurants, and car washes.
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ePayment Solutions, the leader in on demand payment processing that consolidates all forms of payments, announces a large medical management company’s results from converting over electronic payments.
Medical Management: How an Integrated Payment Process Helped Increase Customer Satisfaction
The medical management company has increased online patient payments to 45% of total payments and has virtually eliminated declined credit card transactions while saving thousands of dollars a year by using the TotalTransact Payment Suite from ePayment Solutions. Manually processing hundreds of thousands of patient check and credit card payments annually on behalf of providers was negatively impacting cash flow and an efficient revenue cycle management process at the company. By utilizing the Lean Process of continuous improvement, the leadership team defined process improvement opportunities to increase the speed of collecting patient payments, and identified ePayment Solutions to help implement the solution. An integrated patient payment process is now being utilized – enhancing customer satisfaction, enhancing staff efficiency, and increasing the speed of collections. The company is a full-service medical billing company based in Salt Lake City, UT - focused on helping physicians collect more money, more quickly with higher patient satisfaction. To accomplish this they utilize people, process and technology to deliver high patient satisfaction, increased profitability, and business process improvement. Established in 2006 with a staff of 2, it has since grown to 35 employees processing in excess of 700,000 claims annually.
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Payment Card Industry (PCI) Data Security Standard (DSS) is a set of requirements designed to ensure that ALL companies that process, store or transmit credit card information maintain a secure environment. PCI DSS requirements are set forth and managed by the PCI Standards Security Council, an independent body created by the major payment card brands (Visa, MasterCard, American Express, Discover, and JCB). The PCI DSS requirements are available at: https://www.pcisecuritystandards.org/security_standards/pci_dss.shtml.
Do you need to be PCI compliant?
PCI applies to ALL organizations (merchants, service providers, and payment gateways) regardless of size or number of transactions processed that accept, transmit, or store any cardholder data. Depending on number of transactions processed annually and how the transactions are accepted, merchant may be required to commit to greater levels of compliance assessment and scrutiny.
Example: Under the Visa Cardholder Information Security Program, merchants processing, storing, or transmitting under 20,000 Visa e-commerce transactions annually would be recommended to complete an annual Self-Assessment Questionnaire and perform quarterly network scans. Merchants who process over 20,000 to 1 million Visa e-commerce transactions annually are required to complete an annual SAQ, perform quarterly network scans, and complete an Attestation of Compliance Form which is submitted to their acquirers.