American Express finally offers interchange-plus pricing through its OptBlue program
American Express has a well-deserved reputation among merchants as the more expensive alternative to Visa and MasterCard. This is because the company sets its own rates for credit card processing and has historically not allowed merchant account providers to alter or … Continued
What the upcoming EMV liability shift means for your business
Will you be ready next October? October 2015 is the deadline imposed by Visa and MasterCard for all U.S. merchants to be capable of accepting EMV cards, also known as “chip-and-PIN” cards. These cards, which have already been in use in … Continued
Square to offer mobile chip card reader for $29
Mobile payments giant Square announced today that it will offer two mobile chip card (EMV) readers to U.S. merchants in the spring of 2015. The headphone jack reader (compatible with iPhone and Android) will retail for $29, while a separate … Continued
Signature Debit vs. PIN Debit: Which is cheaper?
Debit cards aren’t going anywhere. Mobile payments, virtual currencies, and real-time transactions may be at the cutting edge of payment technology, but they still can’t hold a candle to the popularity of the classic debit card. According to a 2013 Federal … Continued
What’s the difference between a merchant application and a program guide?
You might not know this, but merchant account contracts often come in two parts. As part of our regular investigation of merchant complaints, we’ve seen a lot of business owners claiming that credit card processing sales agents “never provided them … Continued
How to prevent chargebacks
What is a chargeback? A chargeback is a customer-initiated reversal of a credit card payment—or, in other words, a forced refund. When any cardholder sees a charge on his or her statement that does not appear to be a legitimate transaction, … Continued
Should you be accepting alternative card brands?
Is it worth it to accept non-Visa/MasterCard credit cards? Visa and MasterCard are the two largest companies in the credit card processing industry, and it’s not even close. In 2013, Visa and MasterCard accounted for over 87% of all card … Continued
How to spot and report slamming scams
What is a merchant account slamming scam? The term “slamming” refers to a deceptive sales practice intended to switch a customer’s service provider without his or her knowledge or consent. This ripoff tactic first popped up in the telecommunications industry … Continued
Are gift and loyalty programs worth it?
Why should I offer a gift card or loyalty program to my customers? Customer reward programs can benefit your business by expanding your marketing reach and distinguishing your business from its competitors. Customers who sign up for a loyalty program … Continued
What is Level 1, Level 2, and Level 3 interchange?
Interchange rates can be complicated. In an industry as competitive as merchant services, the company that can quote the lowest transaction rate usually has an advantage over its competitors. You’ve probably seen some of these “teaser” rates before—advertisements that promote … Continued