More Payment Choices

Look first - No lock - no pay

I received an email just today from a trusted organization offering an item for sale. There was a link for payment online. The page where I landed was very simple with fields to complete and a choice to select. The last blanks were for credit card information and a button for "Submit".
I might have actually completed my information if the form had been more "sophisticated". I paused, looked and saw no lock. I knew this payment form had no security to protect my credit card information. With all the other ways to lose my credit card number to thieves, the least I can do is to take a moment to LOOK for the LOCK and NO LOCK then NO PAY.
If your organization needs an easy way to setup a Secure Web Pay that can be customized for your offer and organization then contact us at 800-341-4423 or rona@morepaymentchoices.com
We host the security certificate with both you and your customer receive confirmation by email. Protect your company and your customers.

What took so long? - Heartland Payment Systems

A class action suit was filed last month against Heartland Payment Systems for failure to protect cardholder data. What took so long to find a hack that began in May 2008? What are they doing to protect the numerous merchants who are exposed?

At this point only cardholders are included in the lawsuit. "Because of Heartland's inadequate data security, cardholders have had their card information compromised, have been exposed to the risk of fraud, have spent and will spend time to monitor their accounts and dispute fraudulent charges, and have suffered other economic damages." (PHILADELPHIA Jan. 30/PRNewswire-USNewswire)

What about the many, many merchants who will suffer the same type of loss by shipping, delivery of goods and services only to suffer a chargeback for sales on stolen credit cards. Seldom is a merchant considered a victim but I don't know how else to call it. Learn what you can and must do to reduce your risk of chargeback and potential loss of your merchant account. Request a tip sheet on what you need to do to reduce risk when accepting credit cards and debit cards 800-341-4423 or Request for tip sheet on accepting credit cards

Signature Debit or PIN Debit – Does it make a difference to the merchant?

Recent reports in the news focused only on the consumer perspective of using debit cards with a pin number or with signature on the receipt. How a customer uses their debit card does make a difference to the merchant in two areas – cost and exposure to fraud.

 

A quick evaluation of your merchant account fees will reveal how much can be saved by just asking customers to enter their pin number. Your best customers will be helpful in reducing your cost and limiting fraud exposure for both you and your customer. See below for how use of a debit card does make a difference for a merchant. Maybe you should be asking "Debit or credit?"

 

Use signature debit – Swipe debit card and do NOT enter pin #

Consumer

More time to file dispute of charge

Lower amount at risk due to fraud

Higher risk of NSF fees

 

Merchant

Higher risk of loss – chargeback fees plus loss of sale and goods

Less time to respond to dispute

Less protection from customers using stolen card

 

Use PIN debit – Swipe debit card and enter pin #

Consumer

By law, less time to file dispute – actual bank policy typically same as for signature debit

Lower risk of fraudulent charges from stolen card

Lower risk of NSF fees

 

Merchant

Lower cost per transaction – save 1% or more

Lower risk of loss due to fraud – only the card holder should know the PIN

Higher investment in pin pad (approximately $100)