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With so many credit card processing companies available to pick from, it can be a daunting task to find the one that is the perfect fit for your business. You want to make sure you find one that will have all the features and services you are looking for. Additionally, you want to make sure you pick a company that is solid and reputable
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The idea sounds like a win for merchants, customers, and credit card companies: one card that holds all of a customer’s credit cards and loyalty account information, lightening wallets and reducing the risk of card loss. But as Coin prepares to start fulfilling orders this winter, merchants should be ready to start seeing them at their registers. Like other all-in-one credit cards, Coin will likely start trickling onto the market gradually. This means merchants won’t see a sudden switch from single-use cards to all-in-ones. In fact, most retailers will see one or two cards gradually trickle in, with employees unsure how to handle them when they first arrive. To begin to prepare, merchants should first know a few things about Coin and its peers. Secure and Convenient For customers, Coin offers a convenience that is currently unmatched. Many consumers are waiting for the day when they can import their credit card information into their smartphones, which will allow them to leave home with nothing more than a phone and driver’s license. Coin is a compromise between carrying multiple cards and… Read more

For decades, rent was paid using a personal check, handed over to a landlord within the first five days of the month. Some landlords collected rent in cash to avoid issues with insufficient funds in bank accounts. In recent years, however, landlords have turned to more reliable payment methods such as bank drafts and recurring credit card charges. Finding a way to set up these payments has remained challenging, though. By simplifying the process of setting up rent payments, landlords can increase their chances at getting paid without delay. There are numerous tools now available for electronic rental payments. Here are a few tools that can help landlords get paid faster, with some that include help with managing day-to-day activities. Rent Payment Through the RentPayment app, iOS device owners simply download the app, snap a picture of a credit or debit card, and start paying rent. An Android app is on the way that will offer similar updated functionality. In the meantime, Android device owners can use the existing app, which requires renters manually enter the credit card number for… Read more

When a restaurant customer pays for a meal using a credit card, that customer expects that the tip amount left on the receipt will be the one entered into the system. The vast majority of the time, that’s exactly what happens. However, occasionally a customer compares his online statement to his receipt and finds a major discrepancy. When that happens, the restaurant finds out the hard way that one of its employees is committing tip fraud. With tip fraud, an unscrupulous employee alters the amount left on the tip line. In some cases, numbers can easily be changed and if the server doesn’t get greedy, many customers will never notice. All it takes, however, is one meticulous customer to bust the entire operation wide open. It’s usually on a matter of time before a customer calls a restaurant out for tip fraud and when it happens, it puts the entire restaurant’s reputation at risk. Here are a few things you should do to keep your customers safe. Choose Employees Carefully Internal theft prevention starts during the hiring process. When you… Read more

Discover recently launched its new Freeze It feature, which puts a card on hold temporarily at customer request. Through the use of an app or the Discover website, customers can freeze and unfreeze a card in mere seconds, preventing unauthorized purchases during a time a card can’t be located. Traditionally, credit cardholders have been required to call and cancel a card once it’s lost. This poses an inconvenience to customers, who must then wait for a new card to arrive and update account information with a variety of creditors. In those instances where a card has simply been temporarily misplaced, Discover’s Freeze It is a much more logical solution, but what does this mean for the future of credit cards. Here are some changes merchants, customers, and banks should expect. Mobile-Plastic Interaction Perhaps the most notable aspect of Discover’s new feature is that it utilizes a smartphone app. While consumers have increasingly been able to rely on mobile apps to take care o their finances, this is a level of control credit cardholders haven’t previously had. Discover’s on-off switch could… Read more

It can be a customer service killer. A customer goes on vacation, only to find his credit card has been put on hold due to its sudden use in an unfamiliar location. Because of the massive inconvenience this poses for customers, credit card companies have mostly refrained from this practice, despite the fact that a sudden change in location is a red flag for fraudulent activity. Visa is planning to refine the practice, though, hoping to provide a more accurate way of detecting problems. A new service, called Mobile Location Confirmation, will match the location of a cardholder’s registered mobile device with the location where that card is being scanned. When the system detects the user’s card is in a new location, geo-location technology can be used to confirm the card’s proximity to its owner for more accurate fraud protection. But does it really reduce the risk of fraud or will it only lead to new risks? How It Works To participate in the new service, a Visa cardholder will be required to download a mobile app from his bank… Read more