A recent online survey shows that people who pay for purchases with debit cards or prefer to would consider using point-of-sale credit to pay for even common household items, like groceries. This indicates that consumers are willing to embrace alternatives to credits, even if it means paying installments for everyday items. According to New York City-based Auriemma Research, about 40%...
Financial services companies will spend $11 billion on artificial intelligence in 2020, according to an analysis by IDC. It’s money well spent in the payments industry, which recognizes all of the possible opportunities, including fighting fraud, streamlining underwriting, and improving the user experience. But what does the future look like? In the near and distant future, consumers and merchants can...
For mobile wallet use to really take off, companies are going to need to bring a little something extra the table. People like getting rewards, discounts, and other perks from using credit cards. When mobile wallets get in on the action by offering incentives for usage, expect use to blossom. Some Background on Mobile Wallets Experts in the payment industry...
Though most payments fraud is due to identity theft and organized crime in North America, the continent also sees a standout number of incidents due to terrorism as compared to other developed regions. According to the information-security firm Terbium Labs’ report, “The Next Generation of Criminal Financing: How Payment Fraud Funds Transnational Crime,” 8% of the 154 criminal cases in...
Maintaining any business is a bit of juggling act. Online merchants often face even greater challenges because they face more incidents of true fraud and friendly fraud. It is critical that ecommerce merchants keep fraud in check and factor in expenses for money lost on shipping, lost products, chargeback fees, and probable losses of merchant accounts. To stay in business,...
A merchant’s ability to accept credit card transactions is not created equally. Therefore, there is no one-size-fits-all account for every business. This is why is imperative that businesses understand aggregate vs direct merchant accounts. What is an aggregate merchant account? The best way to describe an aggregate merchant account is to consider it a shared account in which acquirers place...
Merchant account load balancing gives merchants the ability to divide transactions across multiple accounts. It is an account management tool that helps merchants minimize risk and increase processing volumes. Preparing for Challenges Frozen or terminated merchant accounts can dramatically impact your bottom line. Load balancing helps. By juggling transactions across a few merchant accounts, you can still can continue to...
Despite the legal uncertainties surrounding cannabidiol (CBD), interest and business is booming. The U.S. Food and Drug Administration has issued warnings, noting there is little scientific evidence backing up the promoted benefits of CBD or whether its use can cause harm to people and animals. This warning comes despite mass roll outs of creams, lotions, drinks, food, supplements, and other...
Visa will buy the Los Angeles-based Verifi, which offers tools that help merchants, acquirers, and issuers to resolve chargebacks. This is especially impactful considering rising chargebacks in the industry. Though the terms of the acquisition were not announced, Visa said it will integrate Verifi’s technology with the risk-management offerings from CyberSource and Cardinal Commerce. Visa acquired CyberSource in 2010 and...
Independent sales organization, Electronic Merchant System (EMS), must pay more than $5.4 million in residuals to a sales agent due to breach of contract. This decision, which originated from a dispute over residuals and how contract conditions are interpreted, could lead to major complications for those, like ISO agents, in the merchant acquiring sector. Unless EMS appeals the ruling by...
