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Category: credit card processor

May 30, 2018

Is It Legal to Pass On Credit Card Fees?

credit card

Credit card fees have become a cost of doing business in a cashless society. No one likes to pay for the costs associated with using credit cards, but the benefits of accepting credit cards or using them outweigh the alternative of carrying cash. Still, the million-dollar merchant question remains: Can I pass credit card fees on to my customers? There are both simple and complex answers to this question. Any merchant who accepts credit cards must abide by the contract agreements with card networks (Visa, MasterCard, American Express, Discover), which outlines what they can and cannot do. Today’s financial ecosystem...Read more


May 25, 2018

Friday Fun Facts

friday

Man’s Right Arm Stolen in Burglary – Hand Points to Return An officer with the Grass Valley Police Department stopped a vehicle last week and noticed a prosthetic arm in the car. Michael Martin, Emma St. Claire and Mike Mulligan were charged with suspicion of burglary and possession of stolen property.  Law enforcement described in a social media post that it was “the exact arm that was stolen in the burglary.” The prosthetic arm, the sheriff’s office said, “was returned to a very appreciative owner.”   3-Year-Old Swallowed by Manure Pile Rescue efforts to save a 3 year-old Pennsylvania boy...Read more


May 23, 2018

Complaint Handling Can Decide Customer’s Loyalty

customers

Most people are probably willing to overlook a mistake by a vendor or merchant if there is a sufficient apology and a sincere effort to right the wrong. This is something that all of us in the business of delivering service or products should keep in mind. We are all going to trip and fall someday. It is the grace and style in which we get up that determines the future business relationship after the fall. Many small to medium size business fall short on the recovery simply because they think small and they also think about how they will...Read more


May 18, 2018

Friday Fun Facts

friday fun facts

Bounce House Flies Away With Child Inside A bounce house was swept away by a gust of wind last Saturday. A 9-year-old child was inside. The bounce house landed on a nearby highway in Southern California and slammed into a vehicle. The child was obviously well cushioned and suffered only minor injuries. Deputies said the driver of the vehicle that was hit was “shook up from the ordeal” but otherwise wasn’t hurt in the incident on State Highway 395 in Adelanto, according to the San Bernardino County Sheriff’s Department Roommate Killed For Talking During TV Show Dymund Ellis was really...Read more


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