Fighting Fraud with Machine Learning
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.
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.
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.
In the latest accusation against Wells Fargo, the company’s merchant services division is facing a lawsuit that alleges misleading sales tactics, expensive cancellation fees, and overbilling, including mislabeling some of its own fees as interchange.
With corporate dentistry becoming a threat to smaller dental practices, the need to optimize administration and effectively manage dental procedures has never been more important.