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Archives / 2015 / October
  • What you need to know before paying your employees with direct deposit paycards

    This year, more people will be paid with paycards than paper checks, according to new research from Aite Group. By 2019, the study predicts, the number of workers compensated via paycard will jump from 7 million up to 12 million while those who receive paper checks will plummet from 6 million to 2 million.

    The shift comes as more and more employers are recognizing the advantages of distributing paycards rather than paper checks, for both themselves and their employees. For businesses, paycards represent a massive savings opportunity, costing about $0.35 for a payroll deposit, compared with $2.00 for a paper check, according to a study released by the New York Attorney General's (NYAG) office last year. Researchers also found that employers that switched to payroll cards … more

  • Dissenting retailers challenge $5.7 billion Visa, MasterCard settlement

    The 2nd U.S. Circuit Court of Appeals in New York is currently reviewing its acceptance of a $5.7 billion antitrust settlement.

    In the latest development of what has become a decade-long legal battle between merchants and credit card companies, several major retailers have rejected a $5.7 billion antitrust settlement. Now, a U.S. appeals court must decide whether to uphold its approval of the agreement between MasterCard and Visa and merchants despite the objections.

    A lawyer for retailers including Target and Amazon urged the 2nd U.S. Circuit Court of Appeals in New York to reject the deal, saying it forces merchants to give up their rights to sue over various policies and practices.

    "The defendants are trying to buy something that is not for sale," the lawyer, Thomas Goldstein, told Reuters.

    On the other side, merchants who negotiated the deal believe it to be fair, providing more than just the $5.7 billion … more

  • What retailers need to know about the switch to EMV

    This little chip could change everything about the way your company accepts credit card payments.

    The U.S. rollout of EMV chip cards continues as merchants contemplate upgrades to their card acceptance technology when conducting in-person transactions.

    The EMV "liability shift" that began October 1, 2015 places the liability for card-present fraud onto whichever party is the least EMV-compliant in a fraudulent transaction. In plain English, that means that as long as a customer has an EMV card, it is the retailer's responsibility to provide the point of sale (POS) terminal to take advantage of the added security of the chip. If they do not, they would be considered at fault if a counterfeit card is used that the new technology would have been able to detect and prevent.

    Here are a few reasons merchants might want to consider being an early adopter of EMV:       & … more

  • How Samsung Pay can help retailers, even if they don't know it yet

    Approximately 90 percent of all retailers can accept Samsung Pay, whether they know it or not.

    As revolutionary as Apple Pay has been in its first year, giving iPhone owners, then Apple Watch wearers, the ability to pay with a wave of their device, it was not without its Achilles heel. For all its innovation, relying on retailers to install new point of sale (POS) hardware limited Apple Pay's adoption, rendering it unable to truly eliminate the wallets from our back pockets. 

    Launched at the end of September, Samsung Pay might finally hit the mark, allowing both users and retailers to better take advantage of a more universal mobile payment system. While Samsung Pay might look little different from Apple Pay, the technology running under the hood is wildly different, and it makes all the difference. 

    Apple Pay uses Near Field Communication (NFC) to pass … more

  • Earning your customers' trust through PCI compliance

    For your customers to purchase with confidence, make sure you are PCI compliant today.

    Your business strives to not only grow in profitability, but also in maintaining a solid customer base. All of your valuable customers depend on you in order to safeguard their personal information, which can be achieved through compliance with PCI Security Standards. In light of recent, massive data hacks, consumers across the country are growing wary of merchants' abilities to protect their financial and sensitive information.

    Being PCI compliant means your customers can shop with confidence at your place of business, according to the PCI Security Standards Council. Without this compliance, your business could be in danger of canceled accounts, payment card issuer and government fines, lawsuits and more. 

    Despite the fact that businesses must be PCI compliant any time& … more

  • Merchant best practices to win more billing disputes

    Merchant best practices to win more billing disputes At Vantage we work with many types of businesses to set up recurring billing for services. This work includes implementing the proper payment technology for their specific needs as well as establishing merchant services on Interchange pricing plans and managing transaction qualifications with PayView data analytics. Yet our billing clients often find that one of the most valuable services Vantage provides is in helping them establish policies to prevent and win service fee billing disputes.

    Dispute resolution starts with putting policies in place with clear communications designed to limit disputes from arising and when they do to handle them in proactive ways to prevent them from turning into chargebacks where cardholders escalate their dispute to their card issuer.

    However, inevitably, … more

by Ty Hardison

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