The National Retail Federation and security analysts are urging merchants and consumers to remain vigilant during the high-peak shopping season, noting that high-volume sales may provide additional opportunities for cybercriminals to attack vulnerable POS infrastructures. Among the chief concerns is the notion that retailers that have upgraded Europay, MasterCard and Visa (EMV) payment systems have [...]
Target Corp. reached an agreement with MasterCard Worldwide issuers on Dec. 2, 2015. The Minneapolis-based retailer will award as much as $39 million to U.S. MasterCard issuing banks adversely affected by the massive data breach Target experienced in December 2013. This offer exceeds a previous offer of $19 million to MasterCard issuers disclosed in April [...]
When a merchant processes sales through his or her merchant account on behalf of another merchant. Laundering violates the terms of merchant agreements. Also called draft laundering and factoring.
Aspate of litigious activities against payment card pricing models underscores deepening hostilities among regulatory agencies, retailers and payment card brands. In 2014, the United States Department of Justice and 17 state attorneys general successfully challenged American Express Co.'s pricing and acceptance policies. The lawsuit accused AmEx of setting prices too high and prohibiting enrolled merchants [...]
Positive economic indicators and general consumer optimism have created a festive mood among retailers and payment professionals in anticipation of the upcoming holiday season. Retailers have launched early, omnichannel Black Friday promotions. Bellwether reports from the National Retail Federation and First Data Corp. indicate consumer spending in 2015 may be nearing prerecession levels.
Gift cards gain traction
The First Data 2015 Prepaid Consumer Insights Report, due out in mid-November, noted an uptick in consumer spending on physical and electronic closed-loop gift cards over the past 12 months. The company reported that
An identification number issued to business entities and individual taxpayers by the Internal Revenue Service or the Social Security Administration. Social Security numbers are issued by the SSA; all other TINs are issued by the IRS.
The United States is now a few steps closer to hosting 21st century payment systems. The Clearing House, a payment company that operates the nation’s only private sector automated clearing house (ACH) network, just named two partners in an ambitious plan to create a real-time system that accommodates both consumer and business payments. VodaLink Ltd. [...]
Should Merchants Become EMV Compliant? Absolutely!! The issuing bank, your acquirer and your payment processor have all migrated to EMV. Here’s what happens when you don’t have an EMV-capable terminal or POS Systems in the post-EMV era: A patron uses a magnetic-stripe card at your business to buy $200 worth of goods. Upon reconciling your [...]
A federal court has ruled that American Express violated the law by prohibiting merchants from influencing the payment form that their customers use. As a result of that ruling, you may now favor any credit card brand that you wish, by, for example, communicating to customers which credit card brand you would prefer that they [...]
The Better Business Bureau serving Central, Coastal, Southwest Texas and the Premian Basin advise all retail businesses to get new EMV chip card readers installed by the end of October 2015. By the end of 2015, 70 percent of credit cards and 40 percent of debit cards in the U.S. will have embedded security chips called [...]
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