Users are reporting issues with merchant account processing as of September 4th morning The payment processing issues may be caused by the internet backbone. Global internet issues such as these make payment processing offline functionality of Store and Forward a must feature for payment processing middle-ware and gateways.
VISA Makes Signature Optional for non-EMV Merchants
In 2018, Visa announced that the capture and validation of a cardholder’s signature would be optional for all EMV®-enabled merchants. In light of the COVID-19 pandemic, effective 14 May 2020, Visa is extending the same policy change to all merchants, even if they have not deployed EMV chip capabilities, to reduce the need for customers to interact […]
Payroll Protection Program Info from SBA
The payment industry is getting hit very hard by the corona virus shutdowns. We are seeing as much as 90% reduction in processing, in some sectors. Payroll Protection Program (PPP) is live now for businesses. Independent Contractors can apply after April 10th. PPP is a loan, a portion of which is forgivable, as long as […]
Elavon Cancels Idle Monthly Fees in Response to COVID-19
Due to a large number of businesses stopping their processing while the country is undergoing quarantine, Elavon has announce that is will suspend idle monthly fees for businesses that have no settled transactions for the month. Payment processors are experiencing significant cash flow pressures due to the corona-virus. Most are announcing massive layoffs and reductions […]
Major Changes in Interchange Credit Card Rates coming April 2020
Card present businesses that use mostly qualified rates will benefit, while online businesses will see up to 40pts increase in credit card processing cost. According to the latest announcements by card brands, VISA has simplified their rate structure, increasing non-qualified rates while decreasing some card present qualified rates. Timed to the sweeping credit card rate […]
WorldLine Acquires Ingenico
WorldLine, one of the largest European processors, will gain access to the North American Market in the third quarter of 2020 through the purchase of Ingenico in a $8.6 Billion Deal. WorldLine, the largest payment processor in Europe to acquire Ingenico in a $8.6 Billion Deal The acquisition is to be completed in the third […]
Big Changes in VISA Interchange Fees
Visa to increase Card Not Present Fees by up to 5%, while reducing Swipe fees up to 33% for large retailers. VISA is increasing Card-Not-Present eCommerce Fees between 4% for premium cards to 4.7% for traditional VISA Cards (between 4c and 5c on a dollar), while dropping Swipe Fees by a similar amount to attract […]