Dear Merchants and Friends of EMB: The COVID-19 pandemic has certainly turned our worlds upside down as we have faced disruptions in our work and our everyday life. Unfortunately, there is no foreseeable end to this human and economic tragedy as we grapple with enforced social distancing, loss of jobs, and of course, fear of contracting the virus itself. As...
The Financial Crimes Enforcement Network or (FinCEN) has released an important advisory to warn all financial institutions of the surge in medical scams that have cropped up since the COVID-19 pandemic. The advisory gives specific details related to case studies, medical scams, red flags, as well as instructions on how to report this criminal activity. This is the first installment...
The COVID-19 pandemic has left an indelible mark on the health and financial well being of millions around the world. In the payments industry, merchant acquirers have certainly not been spared. The current crisis has brought an unprecedented amount of chargebacks. With the disastrous restrictions and regulations against all air travel and hotel accommodations, the end result will be endless...
High risk merchant accounts will be directly impacted by upcoming fees. Visa and Mastercard have decided to postpone interchange fees until July as it comes to grips with the rampant economic crisis fueled by the coronavirus pandemic. As governments struggled to lessen the impact and spread of the virus, their decisions have led to many retailers, hotels, and restaurants having...
High risk credit card processing will be facilitated by new regulations in Singapore. The Monetary Authority of Singapore (MAS), a supervisor and regulator of all financial institutions in Singapore, has launched a new iteration of the Payment Services Act (PSA). Initially passed by the Singaporean Parliament on January 14, 2019, PSA provides the framework for regulation within the payment systems...
In January, 2020, the City Council in New York passed legislation that forbids restaurants, stores, and other retail establishments from rejecting hard currency as payment. This decision has placed New York City on the map as one of the most vocal opponents against cashless businesses. San Francisco, Philadelphia, and New Jersey approved these bans last year and more cities seem...
This the Season According to Mastercard’s SpendingPulse “Holiday E-Commerce Report.” Holiday retail sales increased by 3.4%, excluding the auto market. E-commerce sales went up 18.8% during the 2019 holiday season. Going up from the 18.4% growth rate of 2018. Mastercard’s research emphasizes how important retailer’s omnichannel strategies are. Cyber Monday was very profitable for Amazon, although they didn’t release exact...
In January 2020, the U.S. Food and Drug Administration released a policy which focused enforcement against unauthorized flavored e-cigarette products that appeal to minors, including mint and fruit flavors. Under this new policy, any company that does not halt the manufacture, distribution, sale of this unauthorized flavored cartridge-based e-cigarettes within 30 days, will face FDA enforcement actions. HHS Secretary Alex...
The definition of a chargeback is the act of reversing a payment and returning funds to a customer. At first, it may seem as if a credit card chargeback is a traditional refund, but there is a big difference. Instead of going to the business to process a refund, the customer goes to the issuing bank which then directly takes...
January 31, 2020, 23:00 GMT, the world was still welcoming the new year, and everyone was busy working on their resolutions, while the U.K., on the other hand, had other plans to accomplish— to finally cut ties with the E.U. Brexit was born back in 2016 by the Government of the U.K. Article 50 of the law that binds...
