As a follow-on to my blog about alternative payments, it looks like one big player is either afraid of the competition – or maybe it is simply making smart business decisions. Announced yesterday was American Express’ deal to purchase Revolution Money, launched by AOL Co-founder Steve Case’s Revolution LLC in 2007. The acquisition, estimated at […]
Visa has always been on the cusp of technology and is always looking for new and innovative ways to expand their sphere of influence. Visa is launching four new programs that allow payments and services via mobile devices which will introduce the start of mobile technology in the payment processing industry. Two such programs are […]
Although Red Flag Rules were created to protect against identity theft, are some types of businesses more affected then others? In previous blogs I wrote about how merchants are not getting a fair shake when it comes to these rules, and many law suits have been filed against merchants. Different industries face government fines because they […]
FACTA (Fair and Accurate Credit Transactions Act of 2003) allows consumers to be able to obtain a free credit report once every twelve months from each credit reporting agency. More importantly, the act was created to help reduce identity theft. With the state of our current economy, credit card and identity theft is on the […]
In previous posts I’ve talked about identity theft and ways to prevent fraud, but are our banks doing enough to protect its customers from identity theft? Recently thousands of consumers’ personal information was stolen from Wells Fargo. MicroBilt which is the self-proclaimed “single source industry leader in risk management information” notified Wells Fargo of the breach caused by […]
Housing Rescue Bill Today’s economy gives new meaning to the phrase what goes around comes around. The new Housing Rescue Bill has turned into the Salem Witch trials for merchants and the payment processing industry. The Housing and Economic Recovery Act of 2008 was intended to help homeowners on the verge of bankruptcy and foreclosure and […]
In 1730, the first advertisement for credit was placed allowing furniture to be purchased over time. Almost 200 years later, Western Union issued a metal plate to their employees instead of a paycheck. Of course this card was only good in company owned stores. It was not until the 1950s that Bank of America issued the first […]
In today’s economy, more and more people are turning to using credit cards. With this new onslaught of credit card users there comes a greater possibility of fraud. The payment card industry had made great progress in compliance and security. Visa and MasterCard are actively creating technology and guidelines to protect consumers and merchants alike […]
With technology on the rise and our economy weakening more and more, scams are evolving within various industries. The merchant services industry is vulnerable to a variety of different merchant account scams. About a month ago, a merchant contacted our company to set up a merchant account and began running thousands of dollars in transactions. […]
In recent news, Discover Financial Services has been going round and round in a lawsuit with Visa Inc. and MasterCard Inc. Discover claims restrictions were placed by Visa and MasterCard – the world’s two largest card companies – on banks to stifle competition and violate antitrust laws. Visa and MasterCard argue that Discover simply has […]
