This WordPress plugin extends the functionality of WordPress and WooCommerce to accept payments from credit/debit cards using Fast Charge payment gateway. This plugin enables you to use the Fast Charge gateway to accept credit cards directly on your website without redirecting customers, and use the latest profile tokenization features for maximum security.
Scattered reports of double payments and failed transactions have begun to bubble to the surface after what initially looked like a relatively smooth introduction of Apple Pay.
Some Bank of America customers reported Tuesday that they were charged twice for purchases made through Apple’s new payment system. One was a CNN Money reporter who described his experiences being double charged and the difficulties he had in getting the issue resolved.
Bank of America acknowledged the problem, but said it was limited.
“We apologize for the inconvenience and we’re correcting the issue. All duplicates will be refunded,” said Tara Burke, a spokesperson for the bank. She said that roughly 1,000 of the bank’s customers had been affected.
The issue was likely a coding problem on Bank of America’s end, according to Cornerstone, a Cambridge, Mass.-based consulting firm. Burke declined to comment.
Some of Cornerstone’s clients who were part of the first wave of financial institutions adopting Apple Pay experienced a different problem on Monday, the day the program debuted. They reported feedback from customers saying their phones rejected the Apple Pay transaction because their institution wasn’t supported.
“There are more problems than just this Bank of America issue,” said Bob Roth, Cornerstone’s payment practices manager. Roth said that Cornerstone had not canvassed its clients but he did not believe issues were widespread.
“New technology’s always going to have issues three days in,” Roth said, adding that he thought Apple Pay’s overall debut had been “pretty impressive.” A representative for Apple did not return a call by deadline.
Two of the vendors transitioning merchants and financial institutions onto Apple Pay agreed.
Pete Donat, head of new ventures for payment security and infrastructure provider First Data, said Tuesday that the company’s clients, including several of the first banks to adopt Apple’s new one-touch payment system, had seen few problems with the mobile payment rollout.
Like First Data, Chase’s mobile payment division also helps clients with the infrastructure necessary to use Apple Pay. Chase mobile’s general manager, Tom O’Brien, said that though the company “found a lot of things that we fixed along the way” to Apple Pay’s debut, so far it’s provided a, “really smooth, really secure customer experience.” According to O’Brien, Apple Pay signups by customers on Tuesday were seven times higher than traditional card enrollment—a one day snapshot but an indication of momentum and adoption of a new product on the consumer side.
That momentum seems to extend to the financial side as well. “The banks we’re talking to are generally excited about the opportunity to participate in Apple Pay,” Donat said, saying that he predicts thousands will soon follow the more than 500 that have already agreed to support Apple Pay.
Roth, of Cornerstone, said the big question surrounding Apple Pay will be how the experience goes for that first wave of adopters.
Chase and First Data both provide physical platforms that support near-field communication transactions, which mobile payment systems like Apple Pay and Google Wallet use, but both are also among the that provide application program interfaces (APIs), allowing developers to integrate Apple Pay as a payment option for their applications.
“We think in-app payments are going to be one of the higher growth areas,” Donat said. “Apple’s done a good job, as have the networks and others involved, of riding on an existing standard,” of protocols for tokenization.
One early complication that customers have seen is double payment. Tokenization, part of Apple Pay’s security, made troubleshooting the issue problematic: in the Apple Pay transaction personal customer information is not transmitted, which makes it hard for Apple to track the double payment issue until customers began calling.
With losses widening and cash shrinking, representatives of mobile-payments startup Square Inc. have discussed a possible sale to several deeper-pocketed rivals, according to people familiar with the matter.
Mobile payments startup Square Inc., which is known for its tools that helps small business owners handle credit card transactions, may be looking to be purchased by a rival with deeper pockets, The Wall Street Journal reported Monday. Square denied the acquisition rumors but the possibility draws attention to the fact that each cash-transferring service has its strengths and weaknesses. Square, for instance, has strong ties with brick-and-mortar shops, while Google has more virtual wallet customers, the Journal noted.
Google Inc. GOOG -1.45% discussed a possible acquisition of Square earlier this year, according to three people familiar with the matter. Those talks followed a meeting in 2012 between top Google and Square executives to discuss a possible takeover, according to two people familiar with the matter. It isn’t clear whether the talks are continuing.
Square also had informal discussions about a deal with Apple Inc. AAPL +0.92% and eBay Inc.’s EBAY -0.11% PayPal in the past, according to people familiar with those situations. Those conversations never developed into serious talks.
Square recorded a loss of roughly $100 million in 2013, broader than its loss in 2012, according to two people familiar with the matter.
The five-year-old company paid out roughly $110 million more in cash last year than it took in, according to two people familiar with the matter. Over the past three years, the startup has consumed more than half of the roughly $340 million it has raised from at least four rounds of equity financing since 2009, two people familiar with the company’s performance said.
The Department of Homeland Security is buying more bullets with a solicitation for over 141,00 rounds of sniper ammunition.
According to a solicitation posted on FedBizOpps, the federal agency is looking to procure 141,160 rounds of Hornady .308 Winchester 168gr A-MAX TAP ammunition.
Such ammunition is sometimes retailed as “Zombie Max,” a marketing gimmick alluding to its power.
“What makes the .308 ammunition so deadly is the long range capability of the round,” notes James Smith. “The ability is called ballistic coefficient, or the efficiency of a projectile in overcoming air resistance as it travels to its target. According to Speer Reloading Manual Number 13, the .308 165 grain has the highest coefficient of any hunting rifle.”
The latest purchase further illustrates the fallacy of the DHS’ excuse that it is buying bullets in bulk in order to save money.
There is some coverage of this number, which varies quite a bit from year to year. The number being shown is 33, but that appears to include one accident. The trend is down, though not as much as the homicide rate in general. It is clear that the number of citizen owned guns is not linked to the number of police killed with guns. While the number of guns in the hands of the public has soared, and the number of people legally carrying firearms has skyrocketed, crime is down, homicides are down, and then number of police murdered with guns is down.
The public has been on a buying binge for semi-automatic rifles, such as the AR-15, which has become the most popular rifle in America after the “assault weapon ban” lapsed in 2004, and especially since 2008. From 1995 to 2004, during the “ban”, the number of police murdered with guns averaged 58.1 officers per year, from 2005 to 2013, after the “ban” lapsed, the number averaged 51.6 per year.
Hornady, a major U.S. ammunition manufacturer, is doing everything it can to meet the high demand for bullets that it says has been “all fueled by rumors and conjecture” and has put pressure on gun stores across the country.
“The current political climate has caused extremely high demand on all shooting industry products, including ours,” according to Hornady. “Empty retail shelves, long backorders, and exaggerated price increases on online auction sites – all fueled by rumors and conjecture – have amplified concerns about the availability of ammunition and firearms-related items.”
Ammunition manufacturers are struggling to keep up with the run on ammunition that began in the wake of President Barack Obama’s re-election and the deadly shooting at a school in Newtown, Connecticut that left 20 children and six adults dead.
“Every time there’s a comment about some sort of gun control… that triggers a negative response among firearms owners, because they see it as a limiting factor,” Paul Erhardt, an editor for the Shooting Wire, told The Daily Caller News Foundation.
“The demand breeds demand in a lot of ways,” Erhardt said, adding that the uncertainty over supply caused by the media and political conditions has firearms owners rushing to purchase what ammo is available.
“Remington is in a large backorder position at this time,” said Remington spokeswoman Jessica Kallam. “We are at full capacity with a majority of categories of ammunition. We are continuing to look at how to increase capacity and supplying ammo products to the various channels of distribution/sales that we support.”
The ammunition shortage has gun store owners shocked at the persistent lack of bullets in their stores.
“We absolutely are in uncharted territory,” said Larry Hyatt, whose family owns Hyatt Gun Shop in Charlotte, N.C.. “Our store is 53 years old, and we have never seen anything like this. We have had some spot shortages and busy gun times in the past. This is a level (of demand) never before seen.”
There are quite a few credit card processing companies now pushing Interchange Plus Pricing to merchants. We’ve all seen the ads that say process for “.5%” and that’s all you pay. The fact of matter is that NOBODY will only pay .50%
An interchange plus quote will sound like “interchange PLUS 0.50% – that’s why it’s called interchange plus. The PLUS part is the markup that the processor is making on top of interchange. It will usually be less than 0.50% of your volume. What they are quoting you is the markup. On average interchange rates are about 1.63% for retail and for e-commerce the interchange rate is higher at around 2.05%.
So, if you take a retail swiped transaction and add all the fees together you’ll have 1.63% PLUS .50% which gives you a rate of 2.13% for retail transactions or an e-commerce rate of 2.55%. What about rewards cards or corporate cards? For these types of cards the interchange is about another 1% – 1.5% on top of the qualified rate depending on the card type.
With Tiered pricing usually just one price is quoted (called a qualified rate) for each category type. For example, they will quote 1.69% for retail transactions or 2.2% for e-commerce. Most tiered pricing programs have one tier for qualified cards, another for rewards cards and another one for all other card types.
With tiered pricing you’ll get the quoted rate on most of the transactions then get charged Non-qualified charges on the transactions that don’t meet certain requirements. Some of the requirements to get a qualified transaction can be Address Verification, CVV/CVV2, or Zip Code Matches.
It is very hard to compare one tiered pricing plan to another, because even if the qualified rate, non-qualified rate and the mid-qualified rate are the same, the rules of each credit card processing company which transactions fall into each category can be different from one company to the next. For example, company “A” may charge a qualified rate when the address and zip code matches but company “B” may classify the same transaction as un-qualified if the address doesn’t match exactly.
So which is better – Interchange Plus Pricing or Tiered Pricing?
The first way to answer this is to look at which one is being pushed by the people making the money. They will push the pricing that will make them the most profit from and this is currently interchange plus pricing.
Most interchange plus pricing plans we see are not true interchange plus programs and they find some way to add hidden fees on top of the interchange or they add fees and call them interchange when they are not.
The second answer to the question is “it depends”.
If you know that most of your transactions will be “qualified” then it’s probably correct to say that interchange plus is NOT a good deal. As referenced above the average qualified rate on an interchange plus retail transaction is 2.13% or 2.55% for e-commerce so a tiered rate of 1.69% or 2.2% would save you about 45%. Yes this goes against what quite a few interchange plus sales reps say but it’s how it works.
Now what about all those “Non-Qualified” transactions?
On interchange plus pricing sales reps will tell you they still only charge .50% or whatever they charge but here’s the real deal. Many companies will have “qualified interchange plus” and ‘non qualified interchange plus” pricing which basically becomes tiered pricing anyway. Here’s how this works: on your transactions if the address, zip, name and CVV/CVV2 all match they’ll give you interchange plus their .50% but if anything doesn’t match they tack on another 3%. The way they make their money on this is to set the requirement on their processing system for everything to match (which it almost always doesn’t) then charge you interchange plus the surcharges. What we’ve seen is that most of the interchange plus pricing actually being charged to merchants is much higher then anyone thought it would be.
Non Qualified Tiered Pricing: Tiered pricing will usually have a set rate for all the non qualified transactions. The average rate runs about 3.5% which seems high but may not be. With tiered pricing you will know the highest rate but on what cards you get this rate is very hard to figure out until you process for a few months.
So which one is better?
What we’ve found is that for most merchants a tiered pricing plan will be better if most of the transactions are qualified transactions. Tiered pricing can actually be about 20%-45% cheaper for most retail merchants. For merchants who are retail and key in some of their transactions then interchange plus pricing is usually better.
The bottom line is it takes someone with experience to analyse merchant processing statements to make the best determination so if a merchant services sales rep automatically tells you they will save you money with interchange plus pricing watch out!
A new regulation just went into effect allowing stores and restaurants to charge customers who use plastic a credit card surcharge checkout fee. Not many stores are passing the fee along to customers yet, but experts say that could change.
Even the idea of a checkout fee is certain to generate a certain emotion from customers.
“I’m really irritated by the whole thing,” said Julie Kleiman of Indianapolis. “Especially since the taxes have gone up. You know the economy is in a crunch now anyway. I don’t see how this is going to help anybody.”
Checkout fees are now possible because of a settlement with credit card companies that gave retailers the ability to pass on credit card processing fees to customers. The fees typically range from 1.5 to 3 percent.
“We have discussed the settlement with many, many merchants, and not a single merchant we have spoken to plans to surcharge,” Craig Shearman, spokesman for the National Retail Federation (NRF), said in a statement. “The bottom line is that very few retailers would be able to surcharge under the settlement, and that the vast majority don’t want to surcharge even if they could.”
Still, retailers have the dilemma in choosing whether to take the burden upon themselves or charge customers the new tax.
Worse yet, others are afraid retailers will begin to charge consumers twice for the fee, since typically merchants build in costs into their regular pricing.
There are a few exceptions to this rule. The surcharge can’t be applied in California, Colorado, Connecticut, Florida, Kansas, Maine, Massachusetts, New York, Oklahoma, or Texas. It also won’t apply to anyone using an American Express card regardless of where you are in the US. And the surcharge is limited to credit cards, so you can pay with a debit card or cash to avoid it.
“We’re always evaluating our credit card expenses,” said Sam Carpenter, Executive Director of Global Gifts in Indianapolis. “You know, trying to negotiate those down, whatever we can do to do that.”
But even though retailers like Global Gifts spend a lot on processing fees, don’t look for them to pass them on to you any time soon. Customers here use credit cards about 85 percent of the time and they don’t want to scare off that business.
“It’s a quick and easy decision for Global Gifts that we would not do something like that,” Carpenter said.
Fox59 News found that retailers throughout Indianapolis said the same thing. Checkout fees don’t make sense in the short-term.
Businesses that do decide to charge the checkout fee are required to post a notice either on the door or in the store. The charge is also required to be posted on each receipt, so you can see it for yourself.
“I think businesses will be slow to react to this because they don’t want to be the first one to look cheap,” said financial expert Peter Dunn, also known as Pete the Planner.
According to the National Retail Federation the checkout fees won’t be implemented by major national stores either, but Dunn says all it takes is a few businesses to start.
“I would look for restaurants and very small gift shops to start,” Dunn said. “I think once it happens there potentially you could see like a chain restaurant react or national business.”
As a Fair Trade store Sam says the charge doesn’t fit with Global Gifts’ philosophy.
“We like to be fair to our customers all up and down the line, from the artisan to the customer,” Carpenter said.
If that thinking changes at Global Gifts or any other stores, Kleiman said her habits will likely change too.
“Just look for another way to cut back,” she said. “If there is a another way to cut back.”
If business do begin charging the fees, customers can avoid them by paying with cash or debit card.
Below is a list of states that will allow the new credit card surcharge “checkout” fee for credit card transactions.
ust as credit card holders begin mending the wounds of their holiday purchases, they could be sideswiped by a new fee.
The consumer advocacy group Consumer Action is urging people to be on alert for so-called checkout fees that some retailers could begin to impose on credit card transactions starting Jan. 27.
Merchant trade groups contend most retailers, fearing customer backlash, will not charge the fee. But Consumer Action wants cardholders to be aware of the possibility and options for fighting back.
“We’re not sure whether retailers are going to charge these fees,” said Ruth Susswein, deputy director of national priorities at Consumer Action in Washington, D.C. “They may not for competitive reasons. Some of it will depend on whether the other guy does it.”
She noted that the practice is banned in 10 states, including California, Florida and New York. There is no such ban in Pennsylvania.
Consumers who encounter the fees should voice their displeasure, which may persuade merchants to drop them, Ms. Susswein said.
Merchants won the right to charge the fees under a class action settlement with Visa, MasterCard and big banks reached last summer and tentatively approved by a judge in November.
The fee allows merchants to recoup the swipe fees they pay to process credit card transactions, which typically range between 1.5 percent and 3 percent of the purchase amount. Checkout fees are capped at 4 percent, meaning a cardholder buying $100 in merchandise could face up to a $4 surcharge.
Visa and the other defendants also agreed to pay merchants just over $6 billion and temporarily reduce swipe fees to settle allegations that they engaged in anti-competitive practices and price fixing when processing credit card payments.
To avoid blindsiding customers, merchants that impose checkout fees must disclose the surcharge at store entrances, at the register and on customer receipts. Online businesses must put a notice on their homepage.
Checkout fees don’t apply to debit card transactions, whose swipe fees were reduced by the federal government in 2011.
Ms. Susswein emphasized that credit card holders could be charged different checkout fees depending on which card they use. For example, customers with reward cards could be charged more because they typically cost merchants more to process.
Before the class action settlement, Visa and MasterCard had prohibited retailers from surcharging customers who use credit cards. They also had barred merchants from offering discounts for cash purchases, but that prohibition was lifted in 2011 under a settlement with the U.S. Justice Department. (Some businesses had side deals with Visa and MasterCard allowing cash discounts even before that settlement.)
Although a judge gave the class action settlement preliminary approval, some major retailers involved in the case aren’t happy with the deal and are pushing hard to get it scuttled, saying it does not fundamentally alter the anti-competitive swipe fee structure.
“An overwhelming portion of the retail community [including plaintiffs in the case] oppose the settlement and are committed to fighting its final OK,” Retail Industry Leaders Association spokesman Brian Dodge said in an email.
As for checkout fees, he said, “Retailers don’t want to surcharge customers, and I know of none that intend to.”
Meanwhile, Visa and MasterCard have said they are making preparations for checkout fees, including changing back-office systems to handle the record keeping.
Terms of the class action settlement take effect 60 days after preliminary approval. That will give retailers the option of charging checkout fees starting the end of this month even though the deal hasn’t received final court approval.
Retail Credit Card Processing – If you are doing business face to face, accepting credit cards has become required. Whether you have a store, restaurant or kiosk, Web Credit Card Processing can help your business set up a merchant account and accept credit cards for less money than you ever thought possible. Online Credit Card Processing – A Payment Gateway account allows you to accept credit cards and electronic checks from websites and Internet auction sites. Our solutions are designed to save time and money and provide secure transactions for businesses who need to accept payments on the phone, web or their website.
Mobile Credit Card Processing – The free Mobile Application allows merchants to securely accept payments anywhere they want using an Apple iOS device or Android phone app. Increase your sales by providing an easy way to accept payments on the go using a Payment Gateway account.
Merchant Account – A merchant account is a type of bank account that allows businesses to accept payments by payment cards, typically debit or credit cards. A merchant account is established under an agreement between an acceptor and a merchant acquiring bank for the settlement of payment card transactions. In some cases a payment processor, independent sales organization (ISO), or merchant service provider (MSP) is also a party to the merchant agreement. Whether a merchant enters into a merchant agreement directly with an acquiring bank or through an aggregator such as PayPal, the agreement contractually binds the merchant to obey the operating regulations established by the card associations.
Payment Gateway – A payment gateway is an e-commerce application service provider service that authorizes payments for e-businesses, online retailers, bricks and clicks, or traditional brick and mortar. It is the equivalent of a physical point of sale terminal located in most retail outlets. Payment gateways protect credit card details by encrypting sensitive information, such as credit card numbers, to ensure that information is passed securely between the customer and the merchant and also between merchant and the payment processor.
Credit Card Terminal – A credit card terminal is a type of a Point of sale (POS) terminal that can do transactions with a credit card. A couple of types of credit card terminals are available to merchants. Most have the same basic purpose and functions. They allow a merchant to insert, swipe, or key in manually the required credit card information and transmit such data to the merchant service provider for authorization and then later on the transfer the fund to the merchant.
Credit Card Payment Network – First Data (Omaha), FDMS Nashville, FDMS North, World Pay, Check 21 Payment (CKSV), CyBrCollect Payment, ECHO, EFSNet, E-NETS, EPay, Flying J, Global e Telecom, Global Payments East, Global Payments Central (Mapp), IPCommerce Host Capture, Jack Henry, Network One, Nova, Paymentech-Tampa, RBSLynk, TSYS/Vital and WireCard Asia Pacific…
Debit Card – A debit card (also known as a bank card or check card) is a plastic card that provides the cardholder electronic access to his or her bank account(s) at a financial institution. Some cards have a stored value with which a payment is made, while most relay a message to the cardholder’s bank to withdraw funds from a designated account in favor of the payee’s designated bank account. The card can be used as an alternative payment method to cash when making purchases. In some cases, the primary account number is assigned exclusively for use on the Internet and there is no physical card.
Credit Card Reader – A card reader is a data input device that reads data from a card-shaped storage medium. The first were punched card readers, which read the paper or cardboard punched cards that were used during the first several decades of the computer industry to store information and programs for computer systems. Modern card readers are electronic devices that can read plastic cards embedded with either a barcode, magnetic strip, computer chip or another storage medium.
Credit Card – A credit card is a payment card issued to users as a system of payment. It allows the cardholder to pay for goods and services based on the holder’s promise to pay for them. The issuer of the card creates a revolving account and grants a line of credit to the consumer (or the user) from which the user can borrow money for payment to a merchant or as a cash advance to the user.
A credit card is different from a charge card: a charge card requires the balance to be paid in full each month. In contrast, credit cards allow the consumers a continuing balance of debt, subject to interest being charged. A credit card also differs from a cash card, which can be used like currency by the owner of the card.
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Electronic Transfer, Inc. offers merchant accounts and credit card processing to accept Credit Cards. ETI has helped merchants with their Credit Card Processing since 1989 - This web page is about Merchant Accounts, Hypercom, Credit Card Processing, Virtual Terminals, Card-Swipe Terminals, VeriFone, Website Payment Processing, Secure Gateway, Wireless Credit Card Terminals and iPhone Credit Card Systems.