Having a merchant account comes with responsibility. While a merchant may be concerned with revenue and how to grow its business, payment card industry (PCI) compliance should be at the top of the list as well. The main purpose of PCI compliance is data security, which applies to any party involved in processing credit card […]
Mobile Phones with Your Money Recent reports about the security of mobile phone payments has raised red flags on the next hot payment channel. Encryption on GSM calls has already been hacked and various researchers have released findings and tools that might encourage cybercrime. Well, maybe not exactly the motive, but a GSM encryption codebook […]
It is projected by many economists that the downturn in our nation’s financial status is only going to get worse in 2009. A few business owners and entrepreneurs have been turning the financial crisis into big profits and some say they are preying on instability. Mortgage company owners have opened mortgage restructuring companies, and debt […]
This spring, U.S. Representatives Peter Welch (D-VT) and Bill Shuster (R-PA), introduced HR 2382, the Credit Card Interchange Fees Act of 2009. Welch, the bill’s author, states that “credit card fees are killing small businesses.” The act, targeted to help small retailers, would limit the fees charged to merchants. It would also prohibit charging higher […]
According to MasterCard’s presentation at the Goldman Sachs US Financial Services Conference on Dec 8, retail sales are showing positive signs – relative to card payment usage. They cited November as the third consecutive month of growth since July, 2008. They attributed the growth to changes in consumer attitudes. Consumers are focusing more on quality […]
E-Commerce Offers New Avenues for Payment Acceptance 1-800-Flowers is paving the way, yet again, for retailers to reach consumers via E-Commerce. The company has jumped on the Facebook bandwagon and is taking advantage of the viral social networking phenomenon. In late July, they became the first store to sell their products directly through Facebook, via […]
If you have seen a sign like this at a retail store, you are not alone. No matter what the sign says, if a merchant accepts credit or debit cards, you are allowed to use any card they accept for a purchase of any amount. Merchants cannot, in any case, impose minimum or maximum purchase […]
The latest news about Heartland Payment Systems’ 2008 security breach revealed some alarming, yet important, issues about the reporting of breaches and responsibility of the players involved in data security. Heartland’s 2008 data breach is supposedly the largest breach of that year, but not the only one hit by the same hacker. According to Bob Carr, CEO […]
As a merchant, you accept Visa, MasterCard, American Express and Discover. You have learned that each card brand has its own set of data security standards guidelines. So, which one do you follow? Good news! The card industry has made that decision for you. A Little History The PCI Security Standards Council (PCI SSC) was […]
Online business attracts more buyers each year. The internet has become a way to eliminate the costly overhead associated with retail store fronts. Internet sales are expected to rise by as much as 11 percent in 2009. With a greater number of merchandise being sold on the internet, businesses are more susceptible to fraud and […]
