When establishing a new merchant account, purchasing POS equipment may seem expensive. Prices can range from a few hundred to several thousand dollars depending on the sophistication of the equipment, and business owners who have not considered or budgeted for…
... and why does it matter? Any business that wishes to open a merchant credit card processing account must complete and sign application paperwork, which is submitted to an acquiring bank for underwriting before the account is approved. On a…
There is a lot of confusing rules around PCI Compliance and it can be difficult to decipher what is and isn’t allowed-especially as it relates to storing data. This can be especially tricky for businesses with reoccurring charges. And, if…
Have you ever been in the drive-thru, gone to pay for your meal and had your debit or credit card shut off? Have you gotten the call from the security department at your bank alerting you that you may be…
MSP Consulting believes in the power of partnerships. That’s why we partner with organizations and banks that align with our vision and mission to transform the payment industry one client at a time. We are proud to announce a new…
The explosion of mobile wallets, peer-to-peer (P2P) apps, and virtual cards, along with the plethora of new point-of-sale and money transferring services has given rise to a new term: “omni-channel payments.” Omni-channel payments refers to the ability of consumers to…
When a customer swipes or dips his/her credit card, a lot of things happen in those few seconds before the sale is approved. First, the Point-of-Sale (POS) Terminal sends the customer’s credit card details to the merchant’s credit card processor. …
Interchange, dues, and assessments (aka “Interchange”) refer to fees set by the card associations (VISA, MC, DISC, AMEX) that represent the base or “wholesale” costs of accepting credit/debit cards. All businesses incur these fees, which are paid directly to the…
That is the question. The answer isn’t as simple as a yes or no. In April 2018, Visa issued an official notice indicating that EMV-enabled merchants would no longer be required to capture signatures as a method of cardholder verification…