Credit Card Processing

What Does Interchange Optimization Really Mean?

We are often asked what Interchange Optimization really means and the impact it has on a company’s bottom line. The answer is complex, but at its core, Interchange Optimization is based on industry-specific program requirements that were created by the card brands (Visa, MasterCard, Discover, AMEX). 

Federal Reserve Secure Payments Task Force Focuses on Reducing Payment Fraud

Fighting payment fraud and cyber threats has become quite the daunting burden over the years. In 2015, the Federal Reserve formed a division called the Secure Payments Task Force and this year the group is looking for some collaboration because for this industry, it’s all hands on deck for protecting payments.

Since its birth, the Secure Payments Task Force has been “advancing efforts to support the strategy of reducing payment fraud and the safety, security and resiliency of the payments system.” They’ve largely focused these efforts on:

Protect Your Customers from Credit Card Data Hackers

Hand swiping credit card

Do you think twice about your credit card data not being secured when you’re out to eat? 

Noodles and Company diners are now suffering the effects caused by a breach between January 31st and June 2nd of this year.  Diners’ data at 400 locations have ended up in the hands of hackers causing what could be a headache for anyone who visited one of those locations.  Hackers used malware to gain access to credit card data during the four-month timeframe. 

Using Technology for Instant Customer Service

As the Fintech (Financial Technology) industry grows, it has become apparent that it is no longer just a financial transaction, but a lifestyle that they must support.

Consumers and businesses expect instant results when it comes to transactions. Businesses no longer have to be tied to a computer and receipt printer at a counter, but rather can assist customers wherever they are using a mobile phone and an app to process transactions and send an instant receipt via email.

Avoid Scammers and Prevent Data Breaches

With the nearby deadline of April 15th to file taxes, there is also the looming tax scams that affect millions of Americans.  IRS Commissioner, John Koskinen warns, “Don’t be fooled. The IRS won’t be calling you out of the blue asking you to verify your personal tax information or aggressively threatening you to make an immediate payment.” (IRS.gov, Consumer Alert: Scammers Change Tactics, Once Again).

The IRS warns individuals they will never:

Study Finds Businesses Aren’t Encrypting Credit Cards

A study by SecurityMetrics finds that over 63% of businesses aren’t encrypting the credit cards they process.

Additionally, 7% of those businesses store that unencrypted magnetic stripe data leaving that information vulnerable to hackers. Unfortunately, magnetic stripe cards are incredibly easy to replicate and are always in demand on the black market.  Less than a week after the Target breach, “card shops” were completely overloaded with credit card dupes.

How Tokenization Helps Protect Against Credit Card Breaches

CardConnect’s chief technology officer, Rush Taggart, sat down with Bankrate’s Rachel Hartman to discuss how tokenization works and the purpose it serves in payments. Since data breaches have continued to rise and impacted everywhere from Neiman Marcus to Target, more and more consumers are worried that their data will be stolen. Tokenization aims to make that fear a thing of the past, as Rush explained to Bankrate.

“The goal of tokenization is to make it so there’s no data to breach,” said Taggart