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Category: credit card processor

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


February 21, 2018

Choosing A Credit Card Processor – Top 5 Considerations

credit card processor

Credit card processors are a dime a dozen.  You probably received a phone call from a processor soliciting your business within the past thirty days. Before you consider jumping ship for what sounds like a great offer, research the Top Five matters before selecting a new processor. Credit card processing is a utility for your business, much like your electricity, telephone and internet, credit card processing is a must-have in today’s cashless society.  Just as you expect the lights to come on in a room when you flick the switch, you have expectations of your credit card transactions going through...Read more


February 14, 2018

The Very Basics of Credit Card Processing – Explained

credit card processor

If you are thinking that your bank is your best option for credit card processing, you are mistaken.  In fact, banks are the worst choice for your credit card processing. We will explain the difference between an “issuing bank” and an “acquiring bank”.  Without a middle man credit card processor, they can charge anything they want and merchants are none the wiser.  As a side note, credit card processing is also known as “merchant services”.  A credit card processor and a merchant services provider are the same thing and both names are commonly used. The Five Parties There are four...Read more


February 7, 2018

Authorization vs. Pre-Authorization – What’s the Difference?

authorizations

The term, “Authorizations” in credit card processing can mean different things to difference merchants.  There are pre-authorizations, purchases and captures.  We will explain the difference for you in easy to understand terms. Pre-Authorization Also commonly referred to as a “pre-auth” or “auth-only”, is a pre-authorization that places a hold on your customer’s credit card for a specified dollar amount based on a projected sale amount.  This guarantees you access to their credit limit for the specified amount.  This is important for you to know to avoid an unpleasant experience for your customer.  Let’s say your customer has a $1000 credit...Read more

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