Archives

Archives / 2011 / February
  • How will Google Compete in Payments?

    In a recent post Google Takes a Bite of the Apple a comparison is made between the payment system subscription pricing model of Apple iTunes at a 30% fee and Google’s announcement of its One Pass at a 10% fee on the Android platform. The difference in the fee structure is attributed to the built in user base - Apple has 160 million existing iTunes users ready to go on its platform which the start up Google platform can not offer.

    Facebook also charges a 30% fee for using Facebook Credits (with 500+ million users). So in this alternative payment space it appears that 30% is the top end regardless of number of users. Of course to buy Facebook Credits people would use PayPal. Wouldn’t it be better to simply use PayPal and skip Facebook Credits? Users would skip a currency … more

  • California merchants beware of ZIP code ruling

    In California a ZIP code is personal identification information

    In the case, Pineda v. Williams-Sonoma Stores, Inc., the California Supreme Court recently ruled that a ZIP code constitutes ‘personal identification information' as that phrase is used in California Civil Code section 1747.08 and that requesting and recording a cardholder's ZIP code is prohibited if it is requested as part of a credit card transaction.

    The California Civil Code Section 1747.08 does indicate exceptions which would allow the ZIP code to be requested, including:

    When the credit card is being used as a deposit to secure payment in the event of default, loss, damage, or other similar occurrence;

    Cash advance transactions;

    When the person, firm, partnership, association or corporation accepting the … more

  • A Guide to PCI Data Security and Compliance Requirements

    PCI Data Security and Compliance Requirements

    What is PCI?Specifically, the Payment Card Industry Data Security Standard (PCI DSS) prohibits the storage of the full contents of any magnetic-stripe, CVV2 or PIN data. Storage of this type of data is in violation of (PCI DSS) and the card company operating regulations. It also provides security requirements for transmitting card data.

    PCI is a data protection standard and it provides a lot of detail on how that protection should be implemented. This means that PCI is not only good for protecting payment card data, but also protecting your business and any personally identifiable information you may have about your customers and employees.

    The Financial Risks of a Breach are Real. As the rules & regulations now stand, once your … more

  • Will debit card fee limits be delayed?

    Stories like Congress May Slow ‘Swipe’ Cap Amid Regulator Concerns and Debit card fee limits hit a snag reported on yesterday's hearings where Congress and financial regulators discussed delaying or revising debit card price cap rules as suggested by The Federal Reserve to comply with the Durbin amendment before they are set to take effect in April.

    As I see it, this is really a showdown between mega-banks and mega-retailers. Small community banks and credit unions, small merchants in communities serviced by these community banks and credit unions and consumers should be most concerned about the hastily added Durbin amendment to the massive financial regulatory bill. We’ve raised concerns about the impact of the unintended consequences for both our merchant clients and … more

  • Vantage Card Services Celebrates 15th Anniversary

    Trusted since 1996, Vantage Card Services celebrates its 15th year providing payment processing and payment systems to merchants, businesses and community banks.

    Today Vantage is honored to service clients in all 50 states. Our philosophy of building a business one merchant at a time, with a focus on service and education - not contracts and gimmicks – is a growth strategy that has served us well over the years.

    Vantage is home to world-class payment solutions and features the best value package of price, terms, service, solutions and incentives available in the payments industry. Our passion is providing you with high quality payment processing solutions that exceed your expectations and we are continuously working on improving our programs, technology and service offerings.

    In … more

  • Recommended Reading for anyone looking to buy or sell Merchant Services

    Wow! This post on TheBreakFreeProject.org titled 5 Deceitful Tactics Credit Card Processors Use To Get More Of Your Money really captures the very points Vantage has been making now for 15 years! Everyday we work with merchants being aggressively pursued by both fly-by-night organizations and big-name-mega banks who use all 5 Deceitful Tactics.

    Tactic #1: The “Rate Game”

    Tactic #2: The Binding Contract

    Tactic #3: Early Termination Fees

    Tactic #4: New PCI Fees

    Tactic #5: The Bewildering Statement

    This post does an excellent job of explaining the pitfalls of these tactics and recommending solutions. Of course you MUST pay attention, ask questions and read the fine print for yourself to identify these tactics. You can NOT rely on “knowing the rep” or the “ … more

by Ty Hardison

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