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Trump Repealing the Durbin Amendment Will Hit Payment Facilitators Hardest
Sen. Richard J. Durbin’s (D-Ill.) introduction of Regulation II as a last-minute addition to the Dodd-Frank Wall Street Reform and Consumer Protection Act was well-intentioned and logical from a payments perspective. Interchange — the wholesale cost to run a credit or debit card transaction — is set by the card brands (Visa, MasterCard, Discover and Amex). Interchange should be proportional to the risk of a given transaction, however, businesses were paying upwards of a 1% to 3% Interchange for swiped debit card transactions — one of the least risky transaction types — before the Durbin Amendment was passed. With a card-present debit transaction, the cardholder can be verified and sufficient funds confirmed before the transaction is processed. Credit isn’t even involved.
Christina Lavingia
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Why You Need to Upgrade Your Business Reporting
Using old-school terminals forces you to manually tally profits, sales and transaction totals month over month and year over year. If you need quarterly reports, you must compile totals per terminal and per department for three consecutive months. Bottom line: Old-school terminals don’t produce sufficient data for your business reporting.
Ursula Librizzi
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Unethical Providers Charge Non-Qualified Interchange
Editor's Note: In 2021, Visa introduced a legitimate classifications of 'Non-Qualified Consumer Credit' and 'Non-Qualified Commercial Credit.' However, if you see Non-Qualified for other card types (Mastercard, Discover, Amex) it is still considered a hidden mark up fee.
Ursula Librizzi
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The Benefits of Custom Business Receipts
We’ve all been there. You’re sorting through receipts and one catches your eye. You think ‘What is this for? What did I even buy?’ You search the receipt for any minuscule clue to jog your memory. Nothing. Now you’re panicking over an unrecognizable $150 charge.
Ursula Librizzi
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What Is PCI Compliance? PayJunction Security Explained
PayJunction provides business owners with helpful features like cards on file and electronic signature capture. These features go above and beyond the old-school technology many businesses still use, but they naturally lead business owners to ask, “How is this secure?” They may also ask themselves, "What is PCI compliance?"
Christina Lavingia
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6 Experts Share Tips for E-Commerce Success
Retailers saw their biggest Cyber Monday ever in 2016, according to Forbes. Your rebuttal might be, “But that’s an online shopping holiday! How large is electronic commerce (e-commerce in shorthand) overall?”
Christina Lavingia
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