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
The Special Interest Group for IIAS Standardization (SIGIS) association is composed of a broad range of participants who manages an IIAS for the IRS requirements. MasterCard and Visa requires merchant registration upon successful IIAS implementation.
On March 23, 2010 the Patient Protection and Affordable Care Act and the Health Care and Education Reconciliation Act of 2010 (collectively "the Act") were signed into law by President Obama. The Act includes a number of … more
Interchange regulation makes the cut as the House and Senate reconciled their differences on Senator Durbin’s amendment to the proposed Restoring American Financial Stability Act of 2010. The proposed Interchange amendment compromise must still survive a bipartisan conference committee.
If the bill is passed, the Federal Reserve Board would gain the authority to establish rules and regulations related to the Interchange fees that issuers could earn with respect to debit card transactions. The Federal Reserve would have nine months to set Interchange fees and one would expect that they … more
Durbin now wants to keep Interchange 'as is' for debit cards used by the government by carving out an exemption to his own amendment. As reported in Digital Transactions, Durbin said he would write language to exempt transactions on "government cards so … more
At the same time, U.S. cardholders increasingly find it difficult to use mag-stripe cards outside the U.S. As we discussed here, the U.S. EMV strategy hinges on contactless / NFC adoption. Some believe EMV 2.0 in … more
Last week was the 20th Annual Taste of Alpharetta outdoor street festival. The Taste of Alpharetta is the largest “Taste of” festival in the South with over 60 restaurants sampling delicious appetizers, entrees and desserts, plus a chef’s competition, cooking demonstrations and a Culinary Arts & Music Stage.
While admission, parking and shuttles are free, participating restaurants charge $1-3 per food sample. For the 3rd consecutive year, Vantage set up a wireless payment card system for the City of Alpharetta to quickly handle food ticketing for 57,400 foodies and festival-goers in five hours.
We set up two VeriFone Vx510IP terminals connected to a Verizon wireless router to … more
What does this mean for U.S. merchants? First, take a look at your most recent April merchant statement. If you are not on a direct Interchange pass through pricing plan already then you need to take action. Open your browser and … more