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    Here we go… the October statement surprises

    Last updated 3 years ago

    Changes to interchange also means processor increases. On your August or September statement you probably had a notice stating that interchange rates (the true cost to process credit cards from the card issuing banks) were going to be updated in October (your October statement received in November). Generally the changes are minimal increases or changes to how certain cards settle at a designated card type. However, credit card processors use the opportunity to add fees and make increases while trying to mask them as interchange. Processors have even gone as far as to add the word "Interchange" to their surcharges to try to make it seem like a pass-through cost instead of an additional cost they are using to increase profits.

    Pay close attention to your October statements to see if there any new fees show up or increases to your processor's rates. Mastercard and Visa post their interchange rates on their websites in a downloadable pdf for merchants, so any actual interchange updates are verifiable.

    Fast food not fast enough? Order ahead at Taco Bell article @kate_h_taylor

    Last updated 3 years ago

    Taco Bell Now Lets You Order and Pay Ahead by Smartphone

    What is EMV and what am I supposed to do about it?

    Last updated 3 years ago

    Your business may have received notices about your equipment needing to be upgraded because it doesn’t meet EMV standards.... what does it mean? EMV is Europay-Mastercard-Visa standard... it requires chip cards and terminals that can communicate with those chip cards and if your equipment can't, you may be liable for breach after October 2015. More of an incentive to most small business owners than shifting liability, however, is the idea of losing a sale because your system can't read the chip.  Before you invest in an expensive new system, or worse, overpay by leasing for 10x the cost of a terminal, make sure you review all the facts regarding EMV-ready equipment.

    This Week In Credit Card News: Data Breach At Staples, Early Glitches With Apple Pay @forbes

    Last updated 3 years ago

    This Week In Credit Card News: Data Breach At Staples, Early Glitches With Apple Pay @forbes

    Apple Pay vs CurrentC ….

    Last updated 3 years ago

    Apple Pay reportedly had more than one million credit cards activated in the first three days, so why are some retailers like CVS not accepting it? CVS, along with Walmart, Rite Aid and many other retailers have been working on their own mobile wallet app under the company Merchant Customer Exchange (MCX) that would move money from customers’ bank accounts without passing the actual financial information with each transaction, side-stepping credit card processors and issuers completely. The system uses QR codes and offers tied-in loyalty programs and discounts. It’s a way for corporations to try to avoid paying fees to the credit card companies, but it also risks alienating iPhone users who may not want to use an alternate app or people who don’t have the cash in the bank to make purchases. 

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