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101

Interchange 101

Interchange is the term used by the payments industry to describe the exchange of payment clearing records between the credit card issuer and payment acquiring bank.  Interchange fee is the term used to describe the convenience cost that merchants must pay to use the exchange service.  Interchange is set by the card associations and is by far the largest component of various per transaction fees that merchants pay.  

Benefits of a Merchant Account

Today, if you own a business then it’s a good probability that having a merchant account will greatly benefit your business. Merchant accounts are established everyday and join the millions of accounts already live. Plus there are a variety of other benefits of having a merchant account, continue reading for more details. 

Data Security - The Basics

As technology progresses within the online /cyber community, protecting personal data has become paramount. Information such as banking details, user IDs and passwords, credit card data and Social Security number need to be protected and kept secure. All of these pieces of data have a financial value and can be bought and sold amongst thieves.

PCI Compliance and Fines

PCI compliance requires that any business that processes transactions, stores credit card or card holder data MUST be compliant with the PCI DSS (Payment Card Industry Data Security Standards). If you handle or accept credit card payments then this means you too.

Types of Chargebacks

Each chargeback received a numeric code which is known as the “reason code”. Reason codes are just what they sound like, an identification code used to categorize why a transaction is being refuted by the card holder. These codes are given by the card issuer at the point of time that the customer disputes a given transaction. This system of codes helps both merchants and the payment acquirer to diagnose errors and improve overall customer satisfaction. Below is a generalized list of Visa and Mas

Computer and Web Security Basics

Securing your computer and protecting it from viruses, spyware and malware is of the utmost importance in order to protect your data and your privacy. Not only does this protect you put this also protects your computer from possible corruption and harm. Privacy and security work hand-in-hand and this process and these precautions should be established from the beginning.

Shopping Carts 101

Shopping carts are software applications that most commonly run on the computer where your website is located. These applications are a critical part of the e-Commerce shopping experience as it’s the functional part of a website that enables a customer to become an actual shopper as opposed to just browsing.

Gateways 101

How Does a Virtual Terminal Work?

Virtual Terminals allow merchants to manually process transactions mainly credit/debit and check transactions from any computer with an internet connection. Using a virtual terminal has been made very user friendly to allow the greatest ease of use. Most often merchants simply log in to a secure website using a login and password which they had previously set up and you are shown a terminal where information is entered to charge cards, perform authorizations and even process refunds.

Security and PCI 101

 

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