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Three Types of EMV Non-Compliance Fees to Avoid
EMV or “chip” cards have become the US industry standard for credit and debit transactions made in-person at a business. There are now more than 1 billion EMV cards in circulation in the US, and in 2020, 73% of card-present transactions involved an EMV card being read by an EMV-capable terminal, up from just over half two years earlier. As a result, in-person fraud rates for counterfeit cards have plunged. According to a May 2019 report from Visa, merchants that accepted EMV chip-enabled cards saw a 76% drop in card-present fraudulent fraud.
Ursula Librizzi
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Interchange Downgrades: What They Are and How to Avoid Them
Many Merchant Account Providers charge unnecessary fees or have unfair contract terms and conditions, as reported in our unethical practices blog series. Some providers take it a step further by failing to educate business owners about how to qualify for the best transaction rates, which unfortunately results in “Interchange downgrades” that can really add up. Worse yet, some providers make so much money from these downgrades that they hide them in confusing line-item details on statements.
Ursula Librizzi
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Spotting Padded Interchange in Your Merchant Statements
Unfortunately, many Merchant Account Providers practice unethical billing and lie about the fees they charge you. Billing statements are intentionally complex to keep customers from finding hidden fees.
Ursula Librizzi
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How to Comply with Visa’s New Fraud-Fighting Rules
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.
PayJunction Team
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5 Safe Payment Practices For Fear Free® Veterinary Professionals
Pet ownership boomed 4% in 2020 as people who shifted to remote work welcomed “pandemic puppies” and “covid kitties” into their homes. According to research from PetAge, the total number of pet-owning households in the U.S. has reached nearly 71 million, or 56 percent of households overall. The result is more pets that need to visit vets.
PayJunction Team
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How A Digital Chargeback Management System Can Streamline the Dispute Process
A Surge in Chargebacks The COVID-19 pandemic accelerated the shift to e-commerce as businesses enacted safe, remote interaction models including curbside servicing, order ahead, and buy online pickup in store. The inability for a business to see a customer in person and run a card-present transaction on an EMV device also means that there is a higher risk for fraud and resulting chargebacks. Some chargebacks—such as duplicate transactions and processing errors—are legitimate, while others are a result of fraud or a customer dispute.
PayJunction Team
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