Every year just with the Day Light Savings time Visa, MasterCard, Discover and American Express will make adjustment to the interchange reimbursement tables. Last year these major card networks decided, amid the pandemic, to hold off on adjusting interchange fees until April of 2021. What make this year stand out is the amount of the increase. Some estimates are a 20% increase for some business types.
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We are seeing disputes on the increase recently, which is why we want to bring up this subject and provide info to help protect your business. Although chargebacks and disputes are an unwelcome part of business operations, you can minimize the chances that you’ll be impacted by this growing hazard. Using a “broad brush”, there are four basic reasons why a business might see a dispute/chargeback.1. Services not provided or merchandise not received
2. Services or product not as described or defective 3. Credit Not Processed 4. Cardholder Reports Fraud Regardless of the reason, it is very important you have taken steps to protect your business before there is a dispute/chargeback. In the news, we hear of security breaches from large retailers that credit card data is exposed and thus stolen. This data is then posted on the dark web to be sold to others that will try and use these credit card numbers for fraudulent purchases. Not all of the credit card numbers are still valid and usable. The fraudsters will go or call an unsuspecting business looking to purchase expensive items that can later be fenced and converted to cash.
Most people know that money isn’t clean but they also forget that their credit cards pass through just as many hands as the dollars and coins in their wallet. Likewise, the many touchpoints on a terminal—such as inserting a card, entering a PIN, and signing—heighten the need for a cleaner payment experience. Luckily, with contactless payments, proper sanitization, and other helpful tips, a cleaner way to pay is possible.
Upgrade time has come for any merchants, (or anyone), still using Windows 7. As of today, January 14th, 2020, Windows 7 will no longer receive security updates.
What this means for you is a far less secure system then Windows 10. I encourage you to research upgrading your systems to Windows 10. The good news here is that Microsoft is still giving out free upgrades to Windows 10, you will just need to have a valid Windows 7 license to upgrade. Information for the upgrade can be found in the link below. Windows 10 Upgrade Call us to find out how we can help your business make and keep more money with First Coast Payments. Call 904-567-8612 or email info@firstcoastpayments.com. #creditcardprocessing #fernandinabeach #jacksonvillefl #nassaucountyflorida #pointofsale Cash Discount Point of Sale System Why use a local service rep for your credit card processing? Because when you go elsewhere they don’t look out for you. Here is another example. Worldpay charges, disclosed in fine print, anger small U.S. merchants. Read more at Worldpay charges, disclosed in fine print, anger small U.S. merchants
Free trials which roll into a permanent billing are being regulated HEAVILY by MasterCard
“For each payment thereafter, the merchant will have to send a receipt to the cardholder for each transaction by email or text message with clear instructions on how to cancel the service if the consumer so desires.” This is really great for cardholders who get into these free trials that never end. Read more at: MasterCard Leads The Way Let us know how we can help you with better service or with Point of Sales Systems or credit card processing, contact us anytime via email info@firstcoastpayments.com or call us at 904-567-8612 Based on where we are now, it is not hard to see we are almost there. Not so fast! This month (Feb 2019) New Jersey’s legislature passed a bill requiring merchants to accept cash at the point of sale. Several big cities, including New York, are considering similar measures. The Philadelphia City Council on Thursday (2/14/19) passed an ordinance that would prohibit most stores from refusing to accept cash or charging cash-paying customers a higher price, according to Philly.com, a news site affiliated with The Philadelphia Inquirer.
When you need help and you call a service provider, only to get an automated system. Don’t you hate that! The machine is asking you what are you calling about and doing its doing its best to “pigeon hole” the reason for your call? If you by chance choose the wrong option, you will not get a real live person. It will spit out some general info. Do you get the feeling don’t want to talk to you?
Are you looking for a way to still accept credit cards, but not having to deal with the large monthly expense? Now you can thru a legally vetted cash discount program. Unlike surcharging, cash discounted program is allowed in all 50 states and is compliant with all federal laws and card processing regulations. It can be applies to all card types, debit and credit cards.
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