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Merchant Statements
The four card brands—American Express, Discover, Mastercard and Visa—assess Interchange fees on card payments to compensate the card-issuing banks for processing transactions. Fees are typically reviewed and adjusted once or twice a year, in April and October. In 2020, due to the COVID-19 pandemic, the card brands suspended most practices so as not to further burden businesses hit with closures, labor, supply chain issues and other challenges.
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What Is a Virtual Terminal? A Merchant Services Virtual Terminal turns any browser-connected device – desktop, laptop, tablet or smartphone – into a cloud-based credit card terminal. Unlike a stand-alone credit card terminal and paper receipts, a Virtual Terminal allows you to accept payments from customers in person, over the phone, online and via mailed or electronic invoices. Transaction details are paired with customer information and stored digitally, giving you quick access to payment history. And you can access records and conduct business from anywhere: in the office, at home and on the go.
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Payments—whether by consumers or businesses—are increasingly being made through digital channels. After all, online acceptance streamlines processes, eases demands on staff, and improves the customer experience. While the shift to digital offers a fast and convenient way for customers to pay, it unfortunately increases opportunities for hackers to break into systems and steal valuable card data. That’s why it’s more important than ever for software providers and their end users to employ security technologies that protect systems and networks from handling or storing sensitive payment details captured in online forms. Implementing these solutions also reduces the scope of vulnerable data, which simplifies PCI DSS compliance validation.
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Ecommerce presents exciting opportunities for business owners: to better meet the needs of existing customers, to tap into new markets and to grow the value of individual transactions over brick-and-mortar purchases.
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Many large corporations and government agencies provide their employees with commercial credit cards to make purchases or pay invoices, which allows buyers to better track spending across their organization.
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Visa recently introduced new rules for e-commerce fraud prevention. This article explains how these rules impact your online business and steps you need to follow to avoid new fees.
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