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As of June 28, 2016, CurrentC, the mobile payment app created by the Merchant Customer Exchange, has officially shut down. The move follows an announcement in May that MCX was laying off 30 employees and refocusing its efforts on partnerships with financial partners like Chase.
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It’s a case of a home improvement retail giant versus two network payment processing behemoths. In mid-June 2016, Home Depot filed an antitrust lawsuit in federal district court in Atlanta against Visa and Mastercard, alleging credit card security is inadequate and exposes retailers and customers to hacking.
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No business is exempt from an attack on their sensitive credit card customer databases by hackers and other criminals. And small businesses who might not be able to afford the latest security measures have found themselves especially targeted.
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The US chip card rollout was confusing and sluggish. Additionally, in locations that have implemented chip card machines, customers were often frustrated or want to swipe their chip cards through the magstripe reader. The primary complaint was that chip card transactions were painfully slow.
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CardPointe is a processing solution available through CardConnect, designed to make transaction processing easier and safer.
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Payment processing company Square has built a reputation on offering simple, flat-rate credit card processing for small business. The well-publicized 2.75% rate was a good deal for businesses with small average transactions or low monthly credit card sales, but the company no longer offers that rate.
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A battle is brewing. Citing security issues, giant retailer Walmart has brought a lawsuit against Visa. At the end of June, 2016, Visa filed a countersuit. The news has spread like wildfire, and misconceptions are also spreading fast. Let’s take a look at what the lawsuit is actually about and address some of the incorrect info going around.
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Visa’s commercial card-not-present is an interchange category. It refers to payments made using a commercial purchasing card when the card is not swiped.
