For more on PAYware Mobile, the iPhone reader and service plan pricing visit: http://verifone.merchantrates.com/verifone.aspx more
The Fed is to release a draft of its Interchange rules by January 2011, and issue final rules no later than March 20, 2011. The bank is seeking to stop enforcement of any Interchange rules until the case can be heard. Once the rules are established, others may also initiate lawsuits against the validity of the Amendment.
This litigation may go on for years; with an ultimate decision likely being made in the U.S. Supreme Court. Until then, we may not see … more
Vantage Card Services was awarded the 2010 Small Business Standard of Excellence WebAward for its MerchantRates.com site.
The Web Marketing Association is the producer of the WebAward Competition. Now in its 14th year, the WebAwards is the premier annual website award competition that names the best Web sites in 96 industries while setting the standard of excellence for all website development. Entries were judged on design, copy writing, innovation, content, interactivity, navigation, and use of technology.
MerchantRates.com provides instant merchant Interchange rate quotes and merchant applications. MerchantRates.com also provides educational resources, best practice guides and helpful frequently asked questions and answers. more
The Dodd-Frank financial regulations signed into law in July allow merchants to set a $10 minimum card purchase. Now, announced in a Justice Department consent decree, Visa and MasterCard have agreed that merchants can:
Offer consumers an immediate discount or rebate or a free or discounted product or service for using a particular credit card network, low-cost card within that network or other form of payment;
Express a preference for the use of a particular credit card network, low-cost card within that network or other form of payment;
Promote a particular credit card network, low-cost card within that network or other form of payment … more
Currently, only transactions from a specific group of merchant segments are eligible to qualify for the CPS/Small Ticket program. With this change, the CPS/Small Ticket program will be available to consumer card and commercial card transactions submitted with almost all merchant category codes (MCCs). Current CPS/Small Ticket Interchange applies to … more
What will this mean for employers? For one, employees may opt to close their traditional bank accounts. And if your employees move from banked to unbanked status, this will impact their participation in direct deposit. Fortunately, the Dodd-Frank act offered an exemption for reloadable prepaid and government-administered debit card programs. This compromise is an attempt to protect the … more
Using discounts to incentivize preferred payment types
Setting thresholds for the acceptance of credit cards for payment.
These items do not have explicit “in force” dates, so should be effective now that the bill was signed into law on July 21, 2010.
Under the law, payment card networks are restricted from limiting merchants’ ability to offer discounts to incentivize customers to use payment types preferred by the merchants. Merchants would have legal protection under the law to offer customers discounts to pay with cash, check, or debit instead of a credit card. Merchants would not be able to offer a discount for payment with one … more
This week the number of reported solicitations by phone and fax to our merchant community, especially medical, dental and veterinary practices, has spiked.
The common scare tactic involves being subject to fines if immediate action is not taken. Merchants are told that they have no option but to follow the instructions provided, which typically involves providing contact information, setting an appointment, or paying a fee.
Many of the tactics used will try to make it sound as if they are calling on behalf of your service provider. Please be aware that these solicitations are NOT endorsed by Vantage. We do NOT release any information to any 3rd party.
The PCI scare game has also become … more