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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.
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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--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.