MasterCard increases security for US cardholders

 

MasterCard today announced enhancements to its industry leading security efforts, providing U.S. cardholders with greater protection from fraud and identity theft.

“Fraud prevention and detection is a 24/7 job at MasterCard. The changes that we’re making in cardholder protection combined with our efforts to move the U.S. payments Credit card terminalindustry to EMV chip technology will help deliver safer shopping experiences to consumers,” said Chris McWilton, president, North American Markets for MasterCard.

A credit card terminal is a type of a point of sale (POS) terminal that can do transactions with a credit card. There are a few 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 manually enter the required credit card information, to transmit this data to the merchant service provider for authorization and, finally, to transfer funds to the merchant.

 

All MasterCard credit, debit, prepaid and small business cards issued in the U.S. will now carry Identity Theft Resolution assistance. The program provides help in canceling missing cards and alerting credit reporting agencies, as well as targeting searches to detect if stolen personal and confidential data appears online.

MasterCard is also extending its zero liability policy in the U.S. to include all MasterCard PIN-based and ATM transactions. This is in addition to coverage already provided on signature debit and credit transactions. Cardholders will have greater peace of mind knowing that they are protected if their MasterCard-branded consumer or small business cards are fraudulently used in stores, online or at ATMs.

“Cardholder protection is a primary responsibility for payment networks. It’s a positive step that MasterCard is offering increased protections and peace of mind to its cardholders as the U.S. market prepares for EMV,” said Nick Holland, Senior Payments Analyst, Javelin Strategy & Research.

Banks and financial institutions issuing MasterCard-branded cards provide financial indemnity against fraud. The Identity Theft coverage extension begins in July 2014. The Zero Liability coverage extension takes effect in October 2014.

MasterCard and EMV

MasterCard continues to help strengthen the U.S. payment system for consumer and merchants by driving the move to EMV technology.

The U.S. card market is currently adopting newer chip card technology. Computer chips embedded in credit and debit cards generate dynamic and unique codes for each purchase, making it more difficult to steal data or create counterfeit cards. Chip technology is currently used in Asia, Canada and Europe and has reduced fraud in all of these markets.

MasterCard Incorporated (NYSE: MA) or MasterCard Worldwide is an American multinational financial services corporation headquartered in the MasterCard International Global Headquarters, Purchase, New York, United States.[1] The Global Operations Headquarters is located in O’Fallon, Missouri, United States, a suburb of Saint Louis, Missouri. Throughout the world, its principal business is to process payments between the banks of merchants and the card issuing banks or credit unions of the purchasers who use the “MasterCard” brand debit and credit cards to make purchases. MasterCard Worldwide has been a publicly traded company since 2006. Prior to its initial public offering, MasterCard Worldwide was a cooperative owned by the 25,000+ financial institutions that issue its branded cards.

Hackers Steal 850,000 Credit Cards from Limo Service

A hacker break in at a U.S. company that brokers reservations for limousine and Town Car hackedservices nationwide has exposed the personal and financial information on more than 850,000 well-heeled customers, including Fortune 500 CEOs, lawmakers, and A-list celebrities.

The plain text archive apparently stolen from the firm are more than 850,000 credit card numbers, expiry dates and associated names and addresses. More than one-quarter (241,000) of all compromised card numbers were high- or no-limit American Express accounts, card numbers that have very high resale value in the cybercrime underground.

http://krebsonsecurity.com/2013/11/hackers-take-limo-service-firm-for-a-ride/


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Credit Card Processing:

Facebook to Test Mobile Payments Service

NEW YORK (AP) — Facebook says it plans to test a mobile payments service that lets users make purchases inside mobile applications using payment information they have added to their account on the social network.

Facebook is working on a “very small test” and the company says there is no set schedule for making the service available to users. The service would use payment information that shoppers store on Facebook to automatically complete checkout forms of certain mobile apps. Then, the app would process the purchase.

Facebook says the company has a “great relationship with PayPal” and the service won’t involve moving payment processing “away from an app’s current payments provider, such as PayPal.”

Facebook to Test Mobile Payments Service


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Credit Card Processing:

Merchant Credit Card Processing Fees Down in the U.S.

CARPINTERIA, Calif., Aug 01, 2013 (BUSINESS WIRE) — General purpose and private label credit, debit, and prepaid cards generated $4.409 trillion in payments for goods and Gun sales services in 2012, and U.S. merchants paid $66.51 billion in fees to handle that business. Merchants paid $69.81 billion the prior year on $4.105 trillion in purchase volume, according to The Nilson Report, a leading payment industry newsletter.

The weighted average of fees as a percentage of purchase volume from Visa and MasterCard credit, debit, and prepaid cards, American Express credit and prepaid cards, Discover credit, debit, and prepaid cards, EFT system PIN-based debit cards, and private label credit and debit cards was 1.51%. The weighted average was 1.70% in 2011.

“The decline was due to imposition of price ceilings on debit card transactions beginning October 1, 2011,” said David Robertson, publisher of The Nilson Report. Fees tied to credit cards grew in 2012.

Visa, MasterCard, and EFT system debit cards generated $1.976 trillion in purchase volume, accounting for 44.8% of all purchases last year. However, these cards generated only 22.5% of the total fees paid by merchants.

Debit card fees fell to $14.99 billion in 2012 from $23.71 billion in 2011, even though purchase volume grew to $1.976 trillion from $1.847 trillion.

Processing fees are paid in compensation for credit risk, network services, and all related value-added services provided by acquirers of card transactions from merchants.

FFL Dealers Call to Accept Credit

About The Nilson Report

The Nilson Report is a highly respected source of global news and analysis of the card and mobile payment industries. The subscription newsletter provides in-depth rankings and statistics on the current status of the industry, as well as company, personnel, and product updates. David Robertson, Publisher of The Nilson Report, and a recognized expert in the field, is a frequent speaker at industry conferences, and is regularly quoted in publications worldwide. Over 18,000 readers in 90 countries value The Nilson Report to track industry trends and market information.

http://cts.businesswire.com/ct/CT?id=bwnews&sty=20130801006868r1&sid=cmtx6&distro=nx

SOURCE: The Nilson Report

The Spokane Better Business Bureau rates Electronic Transactions Inc. with an A+ rating. ETI has been in business since 1989 and has serviced thousands of clients. Increase the power of your business today by choosing to accept credit and debit card payments with a credit card processing company you can trust.


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Credit Card Processing:

Compatible E-Commerce Shopping Carts

E-commerce services can be integrated into any open-architecture application, shopping cart, or other online Not Accepting Plastic, credit cards & debit cards, Costs Small Businesses $100 Billionpayment systems found on web sites.  We get calls every day asking us which shopping carts work so here is our updated list of Compatible E-Commerce Shopping Carts.

Since there are over 5000 compatible carts that work with one of our payment gateways this list only covers some of the most popular carts.

@Retail
• 123 Shop Pro
• 1GreatShoppingCart.com
• 1ShoppingCart.com Corporation
• 2DEG
• 3dCart
• 3rd Coast Webs
• A Web For You
• AbleCommerce
• Able Designer
• Advanced eMedia
• aMember PRO
• Americart
• Antal Media
• Antigua Web Designs
• Applied Tech NC
• The Artful Spider
• aSecureCart
• AspDotNetStorefront Cart
• Austin C Jenkins (ACJ) Design
• BB Design
• BNS West
• Business Demographics, Inc
• Cart Manager
• Cart32
• Cartmods
• CEC Systems
• Cf_ezcart
• Coastal Web Online
• Comersus
• Commerce.cgi
• Contriv Design, Inc
• CRE Secure
• Craig Johnston Communications
• Dansie
• Decision Tree Consulting
• DesignCart
• Designer Web Solutions
• Details AMD
• DevCompany
• Digital Charis
• Draztik Dezignz
• Earth Skater
• Mal’s e-Commerce
• Manualdesign.net
• Mirage Shopping
• Miva Merchant
• MyCart
• MyTechSupport
• .Net Cart
• NetStores
• Next Effect
• Nittany Web Works
• OpenCart
• Open Design
• osCommerce
• Page Technology
• PDG Software, Inc.
• PHPVS
• Pinnacle Cart
• Portline
• Practical Business Systems
• P-KOTECH
• QuikStore
• Quinncom
• Randa Solutions
• Rapid Merchant
• Real Soft
• RealCart
• RMS Cart
• ROI Media Group
• RPB Advisors
• SalesCart
• Schipul Technologies
• SG Design Group
• Shop-Script
• Side Street Shop
• Small Planet Marketing
• SmartWin Technology
• Source Publications
• SPADS
• Spendless.com
• Squirrel Cart
• StoreFront 2000
• SunShop Shopping Cart
• SurfNet Corporation
• EasyCart.com
• eCartsoft.com
• e.cats
• ecommerce Templates
• ECware Corporation
• eMerchant Integrations
• Enter-Link
• eWebsite Online
• Fasturtle Technologies, LLC
• Freedom Networking Solutions
• Galofre.net Studios
• Gravity Factor
• Honeybee Graphics
• Hostwork International
• iisCart
• J Street Technology
• JShop Professional
• Kickasp
• King Cart Services
• Magento
• Syminet
• Synergyx
• Tanner Creative
• Trumpet Marketing Group
• Turnkey Web Tools
• Ultra Cart.com
• Veracart
• Vibralogix
• Virtuemart
• VNet Software
• Volusion
• VP-ASP
• WebAsyst
• WebCreators, Inc.
• Web Designs LA
• WHMCS
• xAuthorize, LLC
• X-Cart
• Zen Cart


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Credit Card Processing:

Some Hidden Credit Card Processing Fees to Watch Out For

Some of the “un-mentioned” fees include:

Over Limit Fee
Under Limit Fee
CVV/CVV2 Verification
Annual Fees
PCI Fees
Card Not Present Surcharge
Address Verification “Doesn’t Match” Surcharges

Savvy merchants calculate their “effective rate” by adding up the fees on a monthly statement, dividing the total by their statement’s credit card net sales and multiplying that by 100.

Deceptively low rates. Salespeople can offer a rate lower than a merchant is qualified to receive. That happens in tiered pricing where the agent quotes the merchant the debit card rate without mentioning downgrades for transactions that don’t qualify. We’ve all seen ads offering processing at 1.39%. Merchants don’t know the right questions to ask. A merchant’s swiped credit and rewards card transactions should generate a large difference when the effective rate is determined for the month.

Interchange Plus – Interchange Plus Pricing can be good if it’s set up correctly but it’s usually padded with additional fees. Interchange Plus works like this: A processor offers you .50% over the interchange rates Visa, MasterCard and Discover charge them. This allows them to advertise a rate of only .50% but the true cost is really closer to 3% – 4%. For Example: There is a phone company advertising a $14.95 per month five year high speed internet access service on TV right now. The problem is the $14.95 is their cost and when you add in all the taxes and other fees the true cost is close to $50 per month. It’s 100% legal but not the whole picture!

Phony offer of $500. The agent tells a merchant that, “If I can’t save you any money on your monthly contract, I’ll give you $500.” What the agent really wants is a look at the current contract. No matter what the document says, the agent can vow to beat the rate.
How? By failing to mention that some of the fees that will show up on the statement.
Also consider a company paying straight interchange with no other fees. An agent could offer to pay $5 a month just to process with his company for the next two or three years. It would cost the processor $120 to $180, plus the cost of the setup, but it would eliminate a $500 payout. But no merchant would even switch for $60 a year savings, so the proposal is just to avoid the payout.
“Free” terminals. So-called free terminals are really loaners that merchants lose if they switch processors. If they change merchant-services providers, merchants have 10 days or so to return the equipment or else the acquirer debits the full amount specified on the terminal agreement form.

Such terminals don’t even qualify as “free use” equipment because they general come with minimum requirements for rates, monthly fees, monthly minimums and other fees.
ISOs offering free terminals sometimes include a clause on the forms merchants sign that specifies a 50% premium above the terminal’s “sale price” if the merchant fails to return the equipment.

Claiming to work for card brands. “I work directly for MasterCard and Visa,” some agents assert.

That can put merchants at ease but opens the door for scams. Warn clients about agents that make that claim. Including this line anywhere in a sales presentation should scream to a merchant that either, “I am too new to understand why this is wrong,” or “I am going to stick you because you’ll let me.” Either way, the agent should be shown the door.

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Retail Sales in U.S. Jumped More Than Forecast

 

Retail sales in the U.S. rose more than forecast in July, reflecting broad-based gains that ease concern elevated unemployment will cause consumers to retrench.

The 0.8 percent advance, the biggest since February and first gain in four months, followed a 0.7 percent decrease in June, Commerce Department figures showed today in Washington. Economists projected a 0.3 percent rise, according to the median forecast in a Bloomberg survey. Purchases climbed in all 13 categories, the first time that’s happened since 2005.

Pedestrians pass in front of a Gap Inc. store in San Francisco. Photographer: David Paul Morris/Bloomberg

Rupkey on U.S. July Retail Sales, Producer Prices

2:35

Aug. 14 (Bloomberg) — Chris Rupkey, chief financial economist at Bank of Tokyo-Mitsubishi UFJ, talks about today’s reports on U.S. retail sales and producer prices in July. Retail sales rose 0.8 percent, the first gain in four months, Commerce Department figures showed. The producer price index rose 0.3 percent, Labor Department figures showed. The core measure excluding volatile food and energy increased 0.4 percent. (Source: Bloomberg)

U.S. Retail Sales Beat Projections; PPI Rises

1:51

Aug. 14 (Bloomberg) — Retail sales in the U.S. rose 0.8 percent in July, more than forecast, following a 0.7 percent decrease in June that was weaker than first reported, Commerce Department figures showed today. Separately, the producer price index rose 0.3 percent in July after an increase of 0.1 percent in the previous month, according to the Labor Department. Michael McKee and Deirdre Bolton report on Bloomberg Television’s “In the Loop.” (Source: Bloomberg)

Joblessness in excess of 8 percent is keeping consumer spending from surging. Photographer: Sam Hodgson/Bloomberg

Improved sales at merchants such as Gap Inc. (GPS) and TJX Cos. (TJX) indicate American households are looking beyond the global economic slowdown as hiring improves. At the same time, joblessness in excess of 8 percent is keeping consumer spending from surging, consistent with the Federal Reserve’s view that economic growth will “remain moderate over coming quarters.”

“The consumer hasn’t exactly thrown in the towel, which is encouraging because they’ve been battered and bruised in recent months with very slow job growth and a cloud of uncertainty,” said Millan Mulraine, senior U.S. strategist at TD Securities Inc. in New York. “We’re off to good a start in the third quarter. I do question the sustainability of the current level of spending. It can only be sustained if employment growth accelerates beyond July.”

Stocks climbed as the report bolstered optimism the economic expansion will be maintained. The Standard & Poor’s 500 Index rose 0.2 percent to 1,407.09 at 10:48 a.m. in New York. Treasury securities fell, sending the yield on the benchmark 10- year note up to 1.71 percent from 1.67 percent late yesterday.

Growth Estimates

Today’s report showed the retail sales category used to calculate gross domestic product, which excludes sales at auto dealers, building material stores and service stations, increased 0.9 percent, the biggest gain since January, after a 0.2 percent decrease in June.

Economists at Morgan Stanley in New York raised their tracking estimate for growth in the third quarter to a 1.9 percent annual rate after today’s report from a previous estimate of 1.7 percent. Their counterparts at Goldman Sachs Group Inc. boosted it to 2.3 percent from 2.2 percent.

Other reports today showed wholesale prices climbed more than forecast in July and inventories at U.S. companies rose in June at the slowest pace in nine months.

merchant-account-service

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Mobile Payments Surging in 2012

More than one-third of consumers used a mobile phone to make a purchase in 2012, up from less than 20 percent a year ago, according to a new report from Massachusetts-based consultancy IDC Financial Insights. In its eighth annual Consumer mobile paymentsPayments Survey, IDC identified PayPal Mobile, Amazon Payments and iTunes as the most popular mobile payment services.

IDC found mobile payments are spread essentially evenly among payments made via smartphone apps, mobile browser, contactless payments and text message. At least 30 percent of respondents reported being interested in making payments through each of the four methods. So, while the report says that statistic “bodes well for the growth of the various digital and mobile wallets that have been introduced last year…it appears that consumers have not decided on a favorite mode, so scheme operators will have to continue supporting a variety of modes and platforms.”

Contrary to its expectations, IDC also found that more consumers used mobile devices to purchase physical goods (about 72 percent) than digital goods (65 percent) or online services (61 percent). The report says “this is good news for companies that are focused on working with brick-and-mortar merchants, such as LevelUp, PayPal, and Square.”

 
 

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