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If you’re wondering if you have to do anything different to accept a virtual credit card, the short answer is no. However, it’s good to be aware of the factors involved in virtual cards and that’s what I’ll go over in this article. What are virtual credit cards? Virtual credit cards, as their name implies, …
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In fact, there are two areas where it can excel: debit routing and fraud prevention. In this article, we’ll look at the first one – how AI can help save your business money through debit card interchange optimization. Debit Routing Background In order to cover the possible benefits of AI for debit routing, it’s important …
AI for Debit Routing: Saving on Debit Transactions Read More »
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Tap on phone (or tap to phone as Visa calls it and tap to mobile for Amex and Discover) is a contactless payment method where customers tap a seller’s smartphone instead of a credit card machine to pay. In this article, we’ll go over contactless payments and specifically tap on phone. What are contactless payments? …
The Rise of Contactless Payments and Tap on Phone Read More »
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Note: CardFellow does not use ChatGPT or artificial intelligence to write blog posts. We are using ChatGPT for this article to go through the advice it may give when prompted to assist with comparing credit card processors. Before we dive in, let’s briefly go over what ChatGPT actually does and how we approached this article …
AI in Credit Card Processing: What does ChatGPT Say? Read More »
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At the time, experts were divided on whether businesses actually would implement credit card surcharges and whether such fees would alienate consumers. Let’s look at the current state of surcharging and the impact it has had on businesses and consumers. First, a quick refresher. What is Surcharging? Surcharging, defined as adding a fee to purchases …
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When credit card transactions “downgrade,” it means that they failed to meet criteria for the “target” interchange category. In practical terms, it means your business paid more to process that transaction than was necessary. Non-qualified is a “downgrade” category. Note: “Standard” as an interchange category still applies in limited circumstances; specifically, Visa uses it for …
Visa Corporate and Purchasing Non-Qualified Interchange Read More »
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You may have seen commercials on TV or heard people saying that a bill in Congress – the Credit Card Competition Act – will kill rewards credit cards.
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Note that this does not apply to debit and prepaid cards used at a supermarket. Those card types have their own interchange (CPS Supermarket), which we cover in this article: Visa CPS Supermarket. Let’s take a look at the eligibility requirements for the categories and what you can expect to pay if you’re running a …
