Credit Card Processing Blog

Last year marked the first time there was more digital data theft than stealing of physical assets across businesses. Because online fraud is a very real problem for businesses of all sizes, it's important to take as many precautions as possible to prevent it. The good news is there are a lot of tools available to fight fraud, often provided by credit card processing companies. Others come directly from credit card providers. For instance, if your business processes a significant amount of American Express transactions, you should learn how SafeKey can provide an additional layer of protection for these transactions. The Basics of American Express SafeKey MasterCard SecureCode and Verified by Visa covered how MasterCard and Visa are using 3D Secure technology to make transactions more secure. SafeKey is the American Express version of 3D Secure. Amex cardholders are automatically enrolled and when they make an online purchase with a participating business, they may be asked to provide a one-time use code that they will receive by email or on their phone. This is like two-factor authentication (2FA) technology, which has done a… Read more

Amazon recently announced that their fourth quarter revenue for 2017 was $60.5 billion. While the company has diversified into areas like their AWS cloud platform, commerce remains at the core of their business. Since Amazon's retail growth shows no signs of slowing down, businesses of all sizes can benefit from taking a page from their playbook. One way Amazon has blown the competition out of the water? They've always been a leader in gathering and publishing user reviews for their products, which has allowed the company to build a tremendous amount of trust with their customers. As an individual business that sells a variety of products or services through your website, here are the best tips for using reviews to increase your online conversion rate. 1. Use a Tool Collecting and managing reviews can take a lot of work. The good news is there are some great tools that can take care of everything for you. Yotpo is one of the most popular. It works with all major ecommerce platforms, along with many other software tools. Once you start using Yotpo,… Read more

The U.S. House of Representatives recently passed a bill to protect seniors from financial abuse. While that may not directly affect your business, seniors are an untapped market across a number of sectors. The total number of adults over the age of 65 clocks in at more than 630 million around the globe. If your business sells a product or service that could benefit seniors, but you haven't marketed directly to this segment, the good news is you can start expanding your marketing efforts this year. Take advantage of the spending power of seniors with these seven tips to help you get started. 1. Focus on Value Seniors are the most affluent segment of our society. Seventy-seven percent of all assets in the United States are owned by individuals over the age of 55. Seniors have five times the net worth of the average American. Since this group is less price sensitive, focusing on the value of your product will resonate more than only trying to sell or compete based on price. 2. Use Real Examples Seniors have been around long enough that they're not generally… Read more

In 2009, the Consumer Financial Protection Bureau took significant action to help protect consumers following the recession, enacting the CARD Act, which helps limit the size of fees issuers can charge cardholders. This has dramatically scaled back common fees, like late payment fees. The act also helped make it easier to pay on time by eliminating common requirements, like 5 p.m. cutoffs on due dates. Based on a study conducted at the end of 2015, this act had already saved consumers an incredible $16 billion in credit card fees. In a recent post on credit card trends for 2018, we talked about increased benefits for premium cards. These benefits include airport lounge access, high rewards rates, ride-sharing credits and travel credits. While card providers are willing to invest a lot into acquiring premium cardholders, it appears some financial institutions have grown tired of the impact of the CARD Act and are making very big changes to their offerings. Bank of America Completely Eliminates Free Checking Accounts with No Minimum Balance Bank of America recently made the decision to eliminate free checking accounts… Read more

Although we're past the holiday season and New Year's celebration, 2018 is just getting underway. That means there's still a lot of time to make significant decisions for your business in the coming year - especially when it comes to technology. Most businesses view technology as a double-edged sword. Making the right investments can reduce long-term costs and greatly increase productivity. On the other hand, getting locked into the wrong technology can create an ongoing burden for your business. If you want to accomplish the former and avoid the latter, take note of the following two technology upgrades to avoid, along with three you should strongly consider. 2 Examples of Tech Upgrades to Avoid (for Now) There's a lot of talk around new and emerging technology trends. From AI and virtual reality to advances in payment processing, how do you know which to make a true investment in and which to ignore altogether? These two examples are probably a safe bet to ignore - but keep an eye on them! Though the technology that drives these trends isn't profitable now, future… Read more