High Risk Merchant Accounts
In credit card processing, certain businesses are considered “high risk” and will need a processor that specifically supports those business types. But there’s some confusion about what exactly “high risk” means.
In credit card processing, certain businesses are considered “high risk” and will need a processor that specifically supports those business types. But there’s some confusion about what exactly “high risk” means.
Fraud remains a thorn in the side of businesses, credit card processors, and customers. In fact, credit card fraud created losses in the billions every year.
The way we pay for things is changing. The wide availability of credit cards, debit cards, contactless payments, and online shopping has transformed our payment options.
As a small business owner, you may wonder if you can accept only debit cards or only credit cards. The short answer is yes, but there are rules you’ll need to follow and considerations before making that decision.
Interchange optimization goes beyond the basics of credit card processing. It’s about making sure that your interchange charges (the fees going to the banks that issue credit cards) are optimal for your business and that you’re avoiding downgrades.
One of the main issues in the payments industry is how to combat fraud. Although fraud impacts less than 1% of all transactions by some estimates, it’s still a major concern for consumers, banks, card networks, and businesses.
In conjunction with Womply, credit card processor Vantiv (now Worldpay) has announced that it offers a tool called BizShield, designed to assist small- and medium-sized businesses. BizShield helps with social media oversight and reputation management, market trends, and competitor analysis.
The world of payments and processing does not evolve quickly. While we’ve seen recent technological improvements through EMV chip cards and NFC/contactless payment methods, other parts of the payment processing ecosystem are slower to change.