Blog

Category: Industry News

September 19, 2018

Bank Accounts and Credit Card Processing

credit cards

Have you ever wondered why you were asked to provide a blank voided check to establish your Merchant Account with Chosen Payments? Has your bank account balance ever been cause for a review? There is good reason for the specific type of bank accounts used in processing credit cards. The balance you carry in your bank account is periodically reviewed with good reason. And, there is a reason why the money from your Merchant Account cannot be deposited into a Savings Account.   The Blank Voided Check You may wonder why we were insistent on getting a blank voided check...Read more


September 5, 2018

Credit Card Processing for Auto Repair Shops

credit card

Chosen Payments is a preferred credit card processor of ATRA (Automatic Transmission Rebuilders Association). We earned this status by having years of serving the automotive industry and having staff with years of experience working in the automotive industry. Hiring experts with experience in the vertical industries we serve allows us to provide our famed White Glove Service by having the knowledge of the unique needs are of auto repair shops. Because we serve many auto repair shops across the country, we know what is important, what should be important and what shop owners are missing when shopping for a credit...Read more


July 11, 2018

Should Your Business Accept Bitcoin Payments?

bitcoin

In the recent years, the term “bitcoin” has become more prominent in business discussion. If you are technically savvy, you probably have an understanding of this cyber currency. If you are like most, you probably have no clue. Have any of your customers asked if they can pay by bitcoin? If not, that probably answers the question about whether your business should take them or not. The day is likely coming that your customers probably will ask about these payments so consider this blog to be a basic tutorial.   What Is Bitcoin? Bitcoin is a virtual currency used to...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


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 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 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 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


March 21, 2018

HOW TO PROTECT YOUR BUSINESS FROM A DATA BREACH IN 6 STEPS

data breach

In a recent blog at the beginning of the month, we were talking about how much will a data breach costs you and why you need a data breach policy. These days this is a hot topic again as data breaches are on the rise. This time, a massive data breach happened to Facebook. News broke over the weekend that Cambridge Analytica, a research company, reportedly gained access to information about almost 50 million Facebook users. If this happened to Facebook, the chances of smaller companies to avoid one are very little. The reality is not if a data breach...Read more