In-store and Online POS Solutions
A point of sale, also known as “POS,” is the place where your customer pays for the goods or the services he purchased from your company. A POS system is what is used so that the customer can make a payment. Basically, a point of sale system will use both POS hardware, and possibly POS…
Read MoreWhat is Credit Card Tokenization?
Briefly, credit card tokenization involves replacing customers’ Primary Account Number (PAN) with a series of randomly generated sequences that can pass through payment networks without exposing sensitive data. It is a highly effective data security system designed to prevent fraud and frees merchants from the responsibility of maintaining card data on their payment systems. How…
Read MoreHow Secure is Payment Processing?
You don’t have to go far to look for recent data breaches or cyber-attacks. Research shows that in the first six months of 2017 there were 918 data breaches that compromised 1.9 billion data records. That was a 164% increase over the same period in 2016. Scary! But there are often warning signs of potentially…
Read MoreCommon Reasons for Chargebacks
When a customer makes a purchase from you, they can pay using a credit card or debit card. If it’s a one-off purchase, the cash transfer takes place immediately, and the money arrives in your bank account within a day or three. If it’s a repeated expense (like a subscription), it might not be posted…
Read MoreCardrates.com Declares Charge.com Secure and Affordable
GAINESVILLE, FLORIDA – CardRates.com, which is known as “The Ultimate Guide to Credit Cards,” and which features “the latest news, studies, current events, and other interesting tidbits from inside the credit card industry” from “finance experts and industry insiders” has determined that Charge.com’s processing fees are among “the lowest in the industry.” The Cardrates.com article…
Read MoreThe History of Payment Processing
We can go back 5000 years to the ancient Mesopotamians who used clay tablets to conduct their trade, but let’s rather start in 1946 when a Brooklyn banker named John Biggins launched the first bank issued charge cards. The card was called Charg-It. There were three parties involved in each transaction: Biggins’s banking customers, Biggins’s…
Read MorePayment Gateways 101 – a Brief Guide
A payment gateway enables online card payment transactions by connecting an Internet webpage to the traditional banking network. Payment gateways communicate the authorization of funds being transferred to the merchant securely and conveniently for the cardholder, but don’t transmit payments; that’s the role of payment processors. The role of payment gateways is not limited to…
Read MoreHow PCI Security Requirements Protect You
The Payment Card Industry (PCI) Council is a regulatory body that recommends security measures for card transactions. It’s not a legal requirement, but many card networks trust it. Visa refuses to transact with anyone that isn’t PCI compliant, and since it’s the most popular card network, that doesn’t leave most merchants much choice. The PCI…
Read MoreThe Difference between a Chargeback and a Refund
Sometimes, a customer decides they want their money back. It might be because the product they purchased was faulty, or they might be experiencing buyers’ remorse. Maybe they ordered a delivery and it hasn’t arrived yet, or they can’t remember making the purchase. They might have reviewed their card statement and seen items or names…
Read MoreHow to Protect Your Business from Credit Card Fraud
The idea of card fraud is frightening, both for businesses and customers. But with swiping becoming a standard part of life, there are more mechanisms in place to protect us. Let’s look at some tactics we can use to keep our cards and our money safe. Double-check encryption levels The form of credit card fraud…
Read More