Blog

Category: credit card processor

May 9, 2018

The History of Amex

amex

American Express Company, also known as Amex, was founded in 1850.  The company is best known for its charge cards, credit cards and traveler’s cheques. In 2016, Amex accounted for 22.9% of the total dollar volume of credit card transactions in the US with 112.8 million cards issued. In 1850, Amex began operations as an express mail business in Buffalo, NY.  It was a joint merger of the express companies owned by Henry Wells, William Fargo and John Warren Butterfield.  Wells and Fargo would later split off and form their own company, Wells Fargo. Amex grew its network by working...Read more


May 2, 2018

The History of MasterCard

mastercard

In 1966, a group of California banks formed the Interbank Card Association (ICA). With the help of New York’s Marine Midland Bank, now known as HSBC, United California Bank (later known as First Interstate Bank), Crocker National Bank and Bank of California (now known as Union Bank of California) joined with the ICA to create “Master Charge: The Interbank Card”. The card was given a significant boost in 1969, when First National City Bank joined and merged its own “Everything Card” with Master Charge. As a side note, First Interstate Bank was merged with Wells Fargo who would go on...Read more


April 25, 2018

Samsung Pay Adds PayPal to NFC Payments

paypal

There is a chance that you might not even know what an NFC payment is. NFC stands for Near Field Communication. In other words, contactless payments such as Apple Pay or Samsung Pay. This isn’t new technology. It is technology that has been around in one form or another since 1997. Consumers have never really caught on the way it was intended. Whether you use your smartphone or an actual NFC credit card, the transactions are lightning fast and are safer than using an EMV card in a chip-reader. This week, Samsung adopted PayPal as another form of payment for...Read more


April 18, 2018

The Birth of Visa – The All Purpose Charge Card

credit card

* This is the first of four installments on the birth and development of the credit card industry as we know it today. Although Visa is widely thought of to be the first credit card, it is not.  However, as the largest card brand in the world, our series begins with Visa. 1958 – Visa was born in Fresno, California by Bank of America. Initially, Bank of America sent 60,000 unsolicited credit cards.  The original idea was the brainchild of the Customer Services Research Group, and its leader, Joseph P. Williams. Williams convinced senior executives in 1956 to let him...Read more


April 11, 2018

Signatures No Longer Required For Transactions

transactions

After harping on merchants forever about the importance of getting a signature for every transaction, we are about to change the rules. Well, it really isn’t Chosen Payments changing the rules as much as the card issuers such as American Express, Visa and MasterCard. Effective this month, all four of the major credit card brands are dropping the requirement to obtain a signature for credit card transactions. This is largely due to increased security enhancements and the implementation of EMV “chip cards”. By now, every credit card in the hands of a consumer has been swapped out with an chip...Read more


April 4, 2018

Is Your Credit Card Processor Honest?

credit card

Accepting credit cards in your business is a requirement in today’s cashless society. In fact, we are seeing an uptick in the use of contactless payment methods such as Apple Pay, Samsung Pay and even Fitbit Pay. With these payments, a simple tap on the keypad of your phone or fitness device and the payment is done. While this is convenient for your customers, the near elimination of cash and check payments means the cost of processing these transactions continues to rise. Like accepting credit cards, the cost of processing credit cards is also a requirement for merchants. This is why, now more...Read more


March 28, 2018

Mobile Credit Card Processing Clover Products vs. Square

clover go

Being able to accept credit cards anywhere you happen to be has certainly pushed to the top of the list of things desired by merchants from their credit card processor. Much of this was inspired by the convenience of using Square. Square has continued to dominate in the arena of credit card terminals for new businesses wishing to process credit card payments on their mobile devices. However, a showdown is just beginning with Clover Go, backed by the powerful First Data, gaining significant traction in the marketplace. Clover Go offers lots of services along with layers of security provided by...Read more


March 14, 2018

What Exactly is a Payment Gateway

credit card

You have probably heard the term, “Payment Gateway” many times.  As merchant, you know that you need one and that you have one.  Maybe you even know the name of your gateway such as Authorize.net or PayPro Flow.  But, what exactly does the gateway do for you?   If you want to process credit cards, then you need a payment gateway. A payment gateway is the merchant service that authorizes credit cards and other direct payments. Payment gateways enable customer payment transactions by transferring information between a payment portal and the front-end processors. Payment portals can include websites, mobile phones,...Read more


March 7, 2018

How Much Will a Data Breach Cost You? Why You Need a Data Breach Policy

data breach

Equifax, the credit scoring company has just experienced the most expensive data breach in history. Now, if this happened to Equifax, Target and Chipotle, don’t think for a minute that it can’t happen to you. All of these companies have large IT departments who are tasked with monitoring how customer data is stored and making their computer servers as safe as possible from outside hacks. Yes, even with all those experts hired to protect them, someone managed to get into Equifax servers and steal credit card data and other personal data. That breach is estimated to cost them $275 million...Read more


February 28, 2018

Does Your Credit Card Processor Help Your Business?

credit card processors

There are credit card processors and there is Chosen Payments, Your Partner in Success.  While most credit card processors simply process your transactions and take your money, Chosen Payments is committed to your success.  That means promoting your business, supporting your business and participating in the growth of your business. We take our profits and reinvest them into the growth of your business.  Whether you operate a limousine company, a jewelry store, a hotel, a funeral home or another  type of business in our vertical specialties, you will find us supporting you by not only attending your trade shows –...Read more