This year, American Express is giving small merchants that accept American Express® Cards free advertising and motivating consumers to make this the biggest day of the year for small business. Be one of the first to know when you can sign up for free ads and get your marketing materials for Small Business Saturday at www.americanexpress.com/ShopSmallMerchant.
Vantage is encouraging all merchants to sign up early and to promote Small Business Saturday. If you don't accept American Express currently, simply … more
Our passion has always been consulting with clients to help them identify, select and implement payment solutions to best meet their needs. With BankcardTerminals [+] we take the homework and feedback from working with others to showcase the best in class offerings on the market today.
BankcardTerminals.com can help you plan your roadmap to the next generation of payment technology.
Mobile commerce options are plentiful which means there is plenty to consider when making a decision.
Virtual terminals and electronic invoicing solutions are delivered from the cloud providing feature rich solutions but deciding which one can be tricky.
There … more
In the meantime, opposition to the settlement has grown claiming the settlement doesn’t do enough for merchants. Some trade groups have announced plans to fight the settlement in court. Both Target and Wal-Mart … more
Both the National Grocers Association and the National Association of Convenience Stores say they will oppose the agreement on the basis that the agreement does not address how Interchange is set or the complexity of Interchange fee schedules. Target and Wal-Mart are not plaintiffs in this case, but have criticized the proposed settlement for similar reasons and … more
However, according to analysis of the proposed settlement, the ability to surcharge customers includes numerous restrictions and requirements:
The surcharge amount will be limited by a cap established by Visa and MasterCard and by card type (debit card surcharge allowances to differ from credit card surcharge allowances)
Merchants will be required to notify Visa and MasterCard before surcharging begins.
Merchants post signs notifying customers that they surcharge
Merchants must include the surcharge amount of any fee on receipts
Merchants are not allowing a surcharge on Visa and … more
According to Reuters, it has been announced that Visa and MasterCard along with their card issuing banks have agreed to settle the Payment Card Interchange Fee and Merchant Discount Antitrust Litigation case with U.S. retailers for $7.25 billion. If approved by the judge, it would be the largest antitrust settlement in U.S. history.
According to reports, the settlement will include provision to allow stores to surcharge customers extra in an attempt to steer customers toward less expensive payments (although certain states laws prohibit the practice), will pay stores $6 billion and will lower interchange fees by the equivalent of … more
The PCI SSC Releases its P2PE SAQIn May the PCI Security Standards Council (SSC) published a fact sheet to offer guidance for merchants evaluating technology to accept payments using a smartphone or iPad/tablet. The fact sheet explains how a point-to-point encryption (P2PE) solution can be leveraged to secure mobile payments.
As a next step in its P2PE program, the SSC has released a P2PE Self-Assessment Questionnaire (SAQ). The new, reduced SAQ (SAQ P2PE-HW) is similar to SAQ … more
Visa reported “very vibrant transaction growth rates in U.S. (consumer) credit” and also noted that their commercial credit card side is growing at a good clip. As expected, debit volume declined as banks deemphasized debit and removed rewards programs associated with debit cards that once played an important role in driving volume.
Visa also said “the U.S. Department of Justice Antitrust Division issued a civil investigative demand requesting additional information about PIN-authenticated Visa Debit and elements of our new debit strategies, including the fixed acquirer fee.” Visa says it is confident their actions … more
This April, a whole new set of card fees are being introduced. Vantage reports on and tracks these industry fee changes as they occur on our web site and this resource is often use by reporters and market analyst as well as merchants, businesses and banks. We also post about the payments industry and card Interchange on our blog. In July 2011 we first alerted merchants to the Visa announcement to charge a new location fee.
Vantage passed through all the Fed regulated debit rates to our clients. We posted a Vantage Study Revealing the Results of Fed Regulated Debit in October. And while Vantage clients took … more