Credit Card Processing

The Interchange Fee: What it is and Who Pays it

All payment card transactions include a charge called an interchange fee. Maybe you’ve heard the term but aren’t quite clear about what it is and why it is charged. Here is a basic explanation:

Q: What is interchange?
A: It is the process in which money involved in a credit or debit card transaction moves between the customer, the merchant, the financial institution that issued the card, and the card payment processor.

Top Ten Security Best Practices to Protect Your Information

Not only do businesses need to take precautions against fraud for themselves, it is also critical to protect your information and your client’s information. Don’t get in a summer slump and let your guard down when it comes to protecting your business and important information related to your business. To help you stay vigilant, we have compiled our top ten security best practices for you and your employees to follow every day of the year, even during the summer months!

The Race to EMV

The race towards implementation of EMV — the chip-based smartcard technology that’s replacing traditional magnetic-stripe cards — is quickly approaching.  We have compiled just a few of the many EMV facts to help you understand EMV and the impact if may have on your business.

5 Things to Know about EMV:

Phishing. Don’t Take the Bait!

Phishing is a criminal activity designed to obtain credit card numbers, passwords and other sensitive data from unsuspecting individuals.

Masquerading as a trustworthy business, phishers will send official-looking emails to a large number of email addresses with the expectation that some people will take the bait and follow the instructions. In a typical scam, recipients are told to click on a link and proceed to a website where they are asked to verify or update account information. The fraudulent site will often mimic or ‘spoof’ the look of a well-known company.

An Outdated Browser is a Potential Security Risk

Banking, payment card information and other data on your system warrant protection and a good place to start is with your web browser.

A browser is a software application, such as Internet Explorer, Firefox or Safari, that lets you view and interact with content on a web page. Browser plug-ins, also called add-ons, are applications that extend the functionality of browsers and are required to view certain content. These include Flash Player, Java, Acrobat Reader and others. Mobile devices also use browsers and plug-ins.

What is EMV and How Does it Affect Electronic Payments?

EMV, also referred to as “smart” or “chip” cards, is an important issue this year for any company or organization that accepts payment cards.

On October 1, 2015, liability will shift away from card issuers to any entity that accepts card payments and has not upgraded their equipment to accept the new smart cards. This means that if you do not have an upgraded card swipe device, your organization is responsible for fraudulent transactions.

Accepting Credit Cards – Back to Basics: Interchange

All payment card transactions involve an interchange fee. You may have heard the term, but it’s possible that you’re not clear about exactly what it is and why it's charged. The overall process is complex, but we can offer a simplified explanation.

Q: What exactly is interchange?
A: It is the process in which the money involved in a credit-card transaction moves between the customer, the merchant, the financial institution that issued the card, and the card payment processor.