Payment Processing: Innovation, Security, Threats

As the number of electronic transactions grow, so do the opportunities for cybercriminals to steal money. As a merchant, you need to provide the best payment security possible, so your customers don’t have to worry about their data. As a customer, you need to be aware of the threats against you – and the technological advances that help combat them. From the cardboard and celluloid cards pre-1958 to the biometrics, geolocation and tokenization security of today, the merchant services industry has been evolving in the security department since the very beginning. Here are some of the important aspects of payment

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Square Payroll is now mobile

Launched back in 2009, Square is a popular merchant services aggregator that has become very popular with small businesses and retailers. In 2015, it introduced Square Payroll, a desktop service which allows its customers to process payrolls. Now, three years later, the service is going mobile. ZD Net explains that using Square Payroll mobile, “Employees clock in and out of their shift via integrated time cards on Square’s Register app. When the pay period closes, the business owner imports employee hours and Square’s payroll service calculates applicable taxes and sends the funds out to workers. Employees have the ability to

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Why 95% of Businesses Overpay for their Merchant Services

Be honest with yourself. Have you ever said any of these common phrases below? “We do a pretty good job making sure our costs are low.” “We already switched vendors and are certain we have good rates.” “We were told we have the lowest rates.” “We really like our rep. They take good care of us.” Well, these statements are more or less defense mechanisms created by our subconscious to convince ourselves that we’re not getting taken advantage of. The truth is, how can you possibly know if your rates are as low as they should be? If you don’t

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Payment alternatives go unexplored as credit cards used increasingly for small purchases

You’ve probably heard said that you shouldn’t use a credit card for small purchases – especially for something under five dollars. According to CNBC, despite this advice being engraved into our increasingly cashless society, it seems that it isn’t proving effective with younger generations. A study done by CreditCards.com of 1,001 adults shows that seventeen percent of people have used their credit card to buy something that costs less than five dollars. This might not seem like a lot, but the number has increased eleven percent from last year. CreditCards.Com senior analyst Matt Schultz suggests that this could be in

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PayPal Cutting Support for Microsoft, BlackBerry

Online payment processor PayPal has recently announced it will stop supporting Amazon Kindle, BlackBerry, and Microsoft Windows’ mobile apps in order to dedicate more effort to Apple iOS and Android devices. As of June 30, these platforms will no longer be affiliated with PayPal. For many, this doesn’t come as a surprise. Microsoft’s recent news that it is getting out of the mobile game gives PayPal little reason to stay, and likewise BlackBerry has been declining in popularity for years now. The only question is why PayPal would choose to abandon Amazon Kindle, which is still widely used by consumers.

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Credit Card Cloning Scam Shocks Connecticut Town

A recent credit card theft in Clinton, Connecticut proves our money may not be as safe as we think. Hundreds of dollars have been stolen due to credit card cloning, which exploits the 40-year-old magnetic stripe on the back of cards. This leaves both credit and debit cards vulnerable. Two men were caught on a security camera at a convenience store in Clinton making hundreds of dollars’ worth of fraudulent purchases. The card they cloned belonged to a man in the Hartford area. “The technology is the problem,” resident Robert King was quoted as saying in an NBC article. “I

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Visa to Speed Up Chip Processing

Visa knows we’re not a patient bunch, which is why the credit card giant is taking steps to make chip-and-PIN processing faster, aiming to cut  processing time at the terminal to two seconds or less. A recent study showed the average processing time is 10 seconds, a substantial increase from the two to three seconds it took to process a card using the magnetic stripe. Visa has already started talks with terminal manufacturers, but the hardware itself isn’t the only factor at play – connection speeds also play a role in processing times. “There’s been a lot of interest in

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Google Launching Hands Free Payment App

Paying for credit or debit interactions with your smartphone is becoming the norm thanks to systems like Apple Pay and Samsung Pay. Now Google is taking a leap forward with its introduction of Hands Free, an app that allows you to make electronic payments without even having to take your phone out of your pocket. The app, which works on both Android and iOS, is currently being tested by McDonald’s and Papa John’s in the South Bay area of San Francisco. It works by identifying your face and location. First you have to tell the cashier at participating locations that

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mastercard payments

Apple Pay May Launch MasterCard in Canada

If the rumors are true, Apple Pay is preparing to roll out MasterCard payments in numerous countries in 2016, including Canada, Australia, Brazil, Japan and Singapore. According to MacRumors.com, an internal document indicated Apple Pay’s plans to increase its offerings. Though the service supports the big American banks, it doesn’t offer the same in foreign countries. “Earlier this month, a hidden ‘NetworkInterac’ string was uncovered in iOS 9.2.1 code that hints at Apple Pay support at Canada’s big banks,” wrote Joe Rossignol, on MacRumors. “Interac is Canada’s official debit card network, adopted by the country’s largest financial institutions nationwide. TD

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Apple Pay

Apple Pay Available in Canada

American Express users in Canada can now access Apple Pay on their iPhones. The service allows users to upload their credit card information into their phone and use it for tap-to-pay purchases. Apple requires cooperation of banks and card issuers for the service to work, and unfortunately for them Canada’s financial institutions have not been eager to jump on board. That’s why at this time only American Express cardholders issued by Amex Bank of Canada can activate Apple Pay. There is no word on whether it will expand to others. Apple Pay is compatible with near-field communication while using the

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