Credit Card Processing, Legal, News

Is the Payment Card Settlement Legit?

First of all, I’m referring to the lawsuit formally named In Re Payment Card Interchange Fee and Merchant Discount Antitrust Litigation. You may also see it called the Payment Card Interchange Fee Settlement, which should be the return address. It’s a good idea to verify that any paperwork you’ve received matches this information. Unfortunately, there […]

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If you received a notice of a class action lawsuit claiming you may be affected by a payment card settlement, you’re probably wondering if it’s legitimate. It is, but there are some important things to know.

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Credit Card Processing, News

All Four Major Credit Cards to Go Signature-Free

The paradigm shift was been prompted by leaps in credit card security and fraud protection, along with consumer trends such as the rise of mobile payments technology (e.g., Apple Pay), and of course the now-ubiquitous chip card. What changed, and does it affect your business? Let’s take a look. What Changed Announcing the Changes Mastercard […]

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As of 2018, signatures are no longer required for credit card purchases. The four major credit cards let go of the requirement for cardholders to provide a signature for purchases when using a chip-enabled card.

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Credit Card Processing, News

Should Your Business Go Cashless?

The use of cash as the de facto payment option is shrinking, and nearly 40% of Americans favor going completely cash-free. Then, in the summer of 2017, Visa stepped up a “war on cash” by offering businesses money to go cashless. If you run a business, it’s almost inevitable that much of your sales are […]

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The way we pay for things is changing. The wide availability of credit cards, debit cards, contactless payments, and online shopping has transformed our payment options.

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Credit Card Processing, News

New Mastercard Bins – 2 Series

What is a BIN? Mastercard’s New BINs BINs by Card Brand What do I need to do to accept the new Mastercards? Ecommerce Businesses What is a BIN? A Bank Identification Number (or BIN) is the first 6 digits of a credit card number. BINs identify the bank that issued the card and help ensure […]

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In summer 2017, Mastercard began issuing cards with a new bank identification number (BIN.) Where previously Mastercards started with the number 5, some cards now begin with the number 2. Find out what this means and get details on how to make sure your business is ready to accept these new 2 series cards.

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Credit Card Processing, News

Is Visa Buying Square? The Truth About Visa’s Stake

But some of those clarifications have gotten lost in the noise as investors have rushed to Square (its stock jumped in the days following the first reports) and some began to predict that Visa will purchase Square. Before we jump to conclusions, let’s slow down and take a look at the facts. What Visa Really […]

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A flurry of reports in early February 2016 claimed that credit card company Visa owns nearly 10% of payment processing company Square. Updates to those stories were posted soon after, as the 10% figure was based on a misreading of a Visa filing with the Securities and Exchange Commission.

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Credit Card Processing, Legal, News

Visa, Mastercard Settlement & Your Business

The suit, which dates back to 2005, accuses the card networks and banks of conspiring to fix interchange fees that businesses pay to process credit and debit cards. The settlement is seen as a victory by many fighting for interchange reform, but at least three plaintiffs in the case feel it doesn’t go far enough. […]

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Visa, Mastercard and several of the nation’s largest banks settled an antitrust suit with a group of seven million retailers.

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Credit Card Processing, News

The Dodd Frank Wall Street Reform and Consumer Protection Act Financial Reform and Your Business

Within that, a relatively small portion of the act – the “Durbin Amendment” – has made decisive and controversial changes in the way debit cards are processed. These changes were meant to lower the financial burden on businesses, though that has not always been the case. What is Interchange? Changes in the Durbin Amendment Passing […]

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The Dodd-Frank Wall Street Reform and Consumer Protection Act, enacted in response to the late-2000s recession, contains the most comprehensive set of changes to financial regulation in the United States since the Great Depression.

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