Blog

Archives: July 2015

July 29, 2015

Credit Card Processor Turned Super Sleuth for the Livery Industry!

In this month’s Chauffeur Driven Magazine, there was a great article on one of the biggest fraud stings in our industry.  Our own President, Jeff Brodsly and the Chosen Payments team were instrumental in foiling an ongoing credit card scam brought about by Charlie Barbero.  His “M.O.” was using expired credit cards to stay at high-end hotels and book luxury chauffeured transportation. When the card would come up as declined when the company would attempt to run the card, Barbero would claim to contact the credit card processor company, and would provide a so-called “offline authorization,” which was fake. The credit card processor would...Read more


July 22, 2015

Are PCI security breaches actually problematic for small businesses?

One of the biggest misconceptions today is that a fatal security breach will only happen to big-name companies; in truth, cyberhackers target businesses of all sizes. In 2013, 60% of businesses and organizations in the U.S. were exposed to payment fraud and they pay, on average, about $580.5 million in debit card losses per year. Approximately 42% of American consumers have experienced credit card fraud at least once in the past five years, and the median amount of money stolen in one fraudulent purchase is nearly $400. How long does it take to meet PCI standards? With the right credit...Read more


July 22, 2015

5 Important Factors to Consider When Choosing a Credit Card Processor

For a company to survive and thrive, leadership has some very specific responsibilities. This includes saving money, handling accounts receivable, and reducing company debt and Days Sales Outstanding (DSO). As means of reducing DSO while boosting cash flow, a lot of companies now accept electronic payments. Top Considerations Common online payment types include credit cards, debit cards, and eChecks (ACH payments). When making the decision to accept online payments or change providers if a credit card processor is currently used, some very important features should be included. Security – In addition to convenient payment technology, companies have to be even more...Read more


July 17, 2015

A Basic Guide To PCI Compliance for Small Business Owners

PCI compliance is one of the most important details factoring into a successful business today, but it’s also one of the most complicated topics for the majority of business owners. Before you can be sure that you’re looking at the right credit card merchant processing services, it’s important to understand the basics of credit card authorization and settlement services, and the requirements set by the Payment Card Industry Data Security Standard (PCI DSS). What is PCI compliance? This refers to a system of requirements that have been designed to protect companies that process, store, and transmit credit card information when...Read more


July 15, 2015

EMV® Credit Card Chips: What’s On the Horizon and What You Need to Know Now

Over time, credit cards have undergone tremendous change, and even bigger changes are coming. For businesses with a lot of walk-in traffic, the way in which a physical card is swiped will be different. Using a new technology in the form of a credit card chip, payments will be easier and safer for consumers and merchants alike. Improved Protection One of the key benefits to credit card chips is the dramatic reduction of real data being stolen from magnetic strips located on the back of credit cards. Sophisticated criminals have the know-how and equipment needed to capture information and create...Read more


July 9, 2015

Reducing Credit Card Processing Costs

The cost of credit card processing can be quite expensive for a business that conducts high-volume transactions. To reduce such costs, the business should search for a merchant account provider that offers discounted credit card processing fees. Deciding which merchant account provider to use is something that should be a process rather than a hasty decision. Aside from choosing a reliable and inexpensive merchant, the business can use additional tips and tricks. The following is some information on how a business owner can cut the costs of credit card processing. Take Advantage of Special Offers One way that a business...Read more


July 1, 2015

5 Ways to Increase Your Profit Margins

U.S. businesses are facing greater difficulty increasing profit margins than they have in decades past. Part of the problem is the lingering effects of the Great Recession which has been extremely slow to recover. If your profits aren’t where you’d like them to be at this stage of the game, there are a few bold moves you just might light the spark that ignites a windfall of profit for your business. 1) Give some Customers the Heave Ho Throw dead weight overboard. These customers that are more problem than profit are weighing your business down. It’s time to cut them off...Read more