Recent Questions Answered Regarding Credit Card Processing Fees on Refunds

Ginger HollowellCredit Card Processing/ Merchant ServicesLeave a Comment

In light of the COVID-19 pandemic, we have been receiving a lot of calls on this subject. First and foremost, there should be no fees on the refund. If your processor is charging the percentage rate for refunds, consider a new processor. Some have asked about getting a refund on the fees from the original credit card transaction. So, I thought I would give you … Read More

Advice on Growing Your Business While You Prevent the Spread of Coronavirus!

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Paper money carries germs. How many people have touched that $1 bill that you just received as change? Using your credit or debit card limits touches to non-sterile paper money and limits exposures to viruses, especially the Coronavirus, which lives on inanimate objects for up to five days. Here are some small ways that merchants and consumers can use best practices to help prevent the … Read More

Protect Your Business Against Payment Processing Fraud!

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Payment processing fraud is erupting! According to a San Francisco digital trust and safety company, Sift, there was a 73% surge in online fraud in 2019. And most believe there is even more to come in 2020. Massive amounts of people are seeing their credit card and banking information exposed to massive data breaches day after day. Although Internet theft remains most prevalent, hackers and … Read More

Culture of Trust Vs. Hidden Fees and 1-800-IGNORE-ME Tech Support!

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I heard a talk last week from Ron Farmer, CEO of Fullsteam, a group of leading software and payments businesses across the United States focused on providing streamlined payments infrastructure and operational support to its subsidiaries. He spoke about the culture of trust and how that culture grows a business. He shared information from a book called, “The Speed of Trust,” by Stephen Covey, and … Read More

Protect Your Ecommerce Business and Your Customers’ Credit Card Info with Tokenization!

Ginger HollowellCredit Card Processing/ Merchant ServicesLeave a Comment

In today’s world of credit card fraud and data breaches, a merchant who has an Ecommerce site has to be doubly careful. More credit card refunds and fraud take place from Ecommerce transactions on websites than on card-present transactions inside a brick and mortar location. That is why the processing rate is higher for Ecommerce transactions than swiped transactions, because the risk of fraud and … Read More

Understanding the Risk of Taking Credit Card Payments as Deposits!

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One of my merchants, Sarah, has a tour company. She books tour events months in advance. She needs to reserve buses, restaurants, and hotels months in advance. She has cancellation penalties on those reservations. Her spots are limited on the tour as well, so if someone cancels at the last minute and she doesn’t refill the spot, she loses income. Sarah had a problem with … Read More

Wawa Data Breach Part of ‘Concerning’ Industry Trend

Ginger HollowellCredit Card Processing/ Merchant ServicesLeave a Comment

We, at Electronic Money Company, wanted to share this very important article written by Jaclyn Jaeger, Editor with ComplianceWeek.com. We have highlighted a paragraph regarding risk mitigation measures. Unlike many processors, Electronic Money Company protects your business with point-to-point encryption terminals and tokenization for Ecommerce and mobile merchants to prevent hackers from getting at your card holders’ data. We highly recommend PCI compliance, plus we … Read More

What is Interchange?

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Interchange rates and fees are established by the issuing bank associations. The rate and transaction fees vary depending on the risk of the transaction. Corporate cards are higher risk than rewards cards, but somebody has to pay for the reward. Rewards cards are higher risk therefore than a regular credit card. Regular types of credit cards have a higher risk than debit cards run as … Read More