Blog

Category: credit card processor

August 29, 2018

About Venmo and Privacy

venmo

You may remember last week that Chosen Payments shared information with you about the risk of using peer-to-peer networks such as Venmo for making payments. We strongly suggested that you know who you are exchanging money with because each transaction carries a significant risk that is much greater than simply using or accepting credit cards. While the cost of using a company like Square to accept credit cards is significantly higher than using a traditional processor like Chosen Payments, the transaction is much more secure and private and virtually anyone can accept credit cards using an aggregator. Venmo not only...Read more


August 22, 2018

Hazards of using Venmo

venmo

Using money exchanging apps like PayPal, Venmo and Zelle have become commonplace in our electronic society. They are great for transferring money between friends, family members and complete strangers. All one needs is a bank account, email address or phone number. But, how safe are these apps? The Federal Trade Commission added online payment systems to its complaint database last year as more scams appear on social media sites. An example of a scam is someone pretending to have concert tickets they are selling with a promise to mail them or provide an electronic code once the money is received....Read more


August 8, 2018

We Are Mobile Payments

We Are Mobile Payments

What is a Mobile Payment? When you hear the term, “Mobile Payments”, what does it mean to you? Is it when you use your mobile phone to make a payment with Apple Pay? Does it mean you can wave your phone near a reader to pay? Does it mean you are buying something online using your mobile phone and paying for purchases in your eCart? In summary, it means all of these things and more. If you are not accepting mobile payments, you need to be and we will explain why you should accept mobile payments.   NFC Mobile Payment...Read more


August 1, 2018

Interchange Rates

money

Interchange Rates – Who Gets the Money? There is no doubt that accepting credit cards costs money. Money that comes right off your bottom line profit. There is also no doubt that Merchant Services Providers or more simply known as Credit Card Processors want your business. It’s a very competitive market out there. When any kind of vendor competes for your business, it results in favorable pricing for you, the “consumer” of the product or service. As the competition tries to undercut the price of competitors, this results in lower pricing for you. However, not all pricing can be negotiated...Read more


July 25, 2018

Never Run Declined Cards Multiple Times

card

You’ve just provided service for a client and you attempt to run their credit card for payment and the card declines. This is always disheartening. You may be inclined to try to run the card again, “just in case”. You run the card a second time a few hours later or the next day and again it is declined.  Your next thought will probably be to try the card again. Don’t do it! This is the moment that you need to reach out to your client and ask for another form of payment. Even if the card does go through...Read more


July 17, 2018

Accept Checks Without Risk or Delay

credit card

In the past, check writing was a common method of paying bills and transacting business. While not as common as they were in the past, they are still a viable option for collecting money owed to you. In fact, the more methods you offer your customers to pay, the more profitable your business will be. It’s a fact. People like doing business with companies that accept a variety of payments from major credit cards to ApplePay, GooglePay, SamsungPay, PayPal and even Venmo is gaining popularity. We have seen a number of merchants who have implemented policies that prohibit consumers from...Read more


June 26, 2018

Is Your Credit Card Terminal a Cash Drain?

credit card

Many new business owners make the mistake of either leasing a credit card terminal or renting on a monthly basis. When faced with the costs of opening a business, the thought of spending another $300 for a credit card machine can be daunting. However, when presented as a rental or lease with payments “as low as $20” a month, it can seem quite attractive. It can be especially attractive when you forecast running $50,000 a month on the machine.  What’s $20?   However, at the end of 15 months, you have paid for the machine’s cost. Most merchants never look...Read more


June 20, 2018

Payment Types and Convenience

old school credit card machine

As the all-purpose credit cards like MasterCard and Visa became widely used in the 60’s, merchants routinely took a customer’s credit card, laid it on a mechanical or manual device to get an imprint of the embossed cards on a “Sales Draft”. The merchant kept one copy and the customer kept a copy. The merchant sent his copy to the bank with his daily deposit of cash and checks and the sales draft was treated the same as cash. You may have noticed that your new credit cards no longer are embossed (the raised numbers) because the technology is completely...Read more


June 13, 2018

Telltale Signs of Telephone Fraud What We Hear From Your Recorded Phone Calls

card

We applaud many merchants for installing call recording devices that record your business phone calls. Despite the fact that you send your recordings to us as part of your dispute to a chargeback, they are not accepted by the card brands at this time for use in disputing a chargeback. However, they ARE admissible in a court of law. When you submit an audio file to us at Chosen Payments, we use it to help prepare your dispute or appeal. In fact, we listen to it over and over, pausing, taking notes about who says what in the call and...Read more


June 6, 2018

What is GDPR

gdpr

You have probably been inundated in the last few weeks with email messages about GDPR. On May 25, 2018, a new set of privacy rules was officially implemented in the European Union (EU). The new rules are known as the General Data Protection Regulation (GDPR). The rules apply to almost all businesses who sell on a global basis. It specifically mandates how merchants handle private information of customers and may affect you even if your business is not located in the EU.   What Is It All About? The charter states: “The protection of natural persons in relation to the...Read more