Whether you're a small business owner or a world-renowned corporation, there's no doubt that you need to have a plan in place for receiving payments electronically. But with so many options on the market, it can be tough to choose the right one for your needs. In this blog post, we'll run through some of ... 6 Most Common Modes of Electronic Payment
In July, Senators Dick Durbin and Roger Marshall proposed the Credit Card Competition Act of 2022 (“CCCA”). The CCCA would require Visa and Mastercard, currently the two largest credit card companies, to accept at least two unaffiliated payment networks for processing interchange fees. An interchange fee is the fee charged by banks to merchants who process credit or debit card payments. The fee covers the costs of accepting, processing, and authorizing card transactions. Senator Durbin used a similar strategy in the Durbin Amendment to the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, which eventually got rid of debit card rewards. Many are concerned that if the CCCA be passes it will have a devastating effect on the credit industry.
As a business, when it comes to maintaining a merchant account, it can feel like you’re navigating uncharted waters. Understanding how credit card processing works is already confusing enough. And it gets even more complicated when you get into what determines if your business is considered high risk or not. It is not uncommon for ... High Risk Payment Processing — A Complete Guide
In 2019 Mastercard addressed the issue of excessive chargebacks with the Excessive Chargeback Program (ECP), which monitors chargeback activity and penalizes merchants that have a high rate of chargebacks. What is the Mastercard Excessive Chargeback Program? The goal of the ECP is to reduce fraud and chargebacks while enhancing payment experiences by keeping a watchful ... How To Prevent Excessive Chargebacks
Banks need to be held accountable Sen. Warren questions bank CEOs about Zelle during a Senate Banking Committee hearing on Sept. 22, accusing them of failing to protect their customers from fraud despite claims that the platform is safe. Her office released a report stating: “Big banks own and profit from Zelle but are failing ... Sen. Warren reports millions defrauded on Zelle
In keeping with October’s National Cyber Awareness Month, we take a look at 5 measures the payment industries are doing to combat fraud. Each year, billions of dollars are lost to fraudulent activity, and this number is only expected to grow as criminals become more sophisticated. The payments industry has poured significant resources into various ... 5 Ways the Payments Industry Combats Fraud
Simply fill out the form below and we'll be in touch shortly.