As EMV grows, 3-D Secure importance increases

3-D Secure refers to the XML security protocol called “3 Domain Secure,” (3DS), a program designed to reduce card fraud and shift liability for fraud from online merchants to the card issuing banks. Each card brand has their own name including Verified by Visa (VbyV), MasterCard SecureCode, J/Secure, and American Express SafeKey. Discover recently announced they’ll be introducing their version this year.

emv smart card

EMV chip smart card.

Online financial fraud historically grows exponentially in countries after implementing EMV chip card processing, as thieves seek the weakest link for fake credit card purchases. More advanced fraud analytics and use of 3D secure technology helped reduce the subsequent online fraud.

One of the most oft-cited examples of this trend was the UK’s switch to EMV in 2004 and 2005. Online card fraud jumped from £117 million in 2005 (when EMV was fully implemented) to £155 million in 2006, and then up to £178 million (US$283 million) in 2007.

In the US, CenPOS is the only First Data payment processing solutions partner both EMV Certified and 3-D Secure certified; also the only signature capture terminal, the Verifone MX915. There are lots of companies rolling out EMV capable terminals, but virtually no one has certified the terminals.

CenPOS global sales and integrations reseller, Christine Speedy, 954-942-0483 for more information.

Automate accounts receivable collections, integrated with QuickBooks

quickbooks paymentsFirst of three solution reviews to automate collections and boost cash flow for Quickbooks users. While Quickbooks provides plenty of data to help merchants identify outstanding accounts receivables, and then pursue collections, it’s lacking power in automating collections. Third party solutions fill this gap, and the efficiency and cost savings usually far exceed the cost of the services.

Most third party solutions have these in common:

  • Payments occur outside Quickbooks, keeping the application out of scope for PA DSS certification
  • PCI Compliant method to store credit cards
  • The payment gateway manages any stored card data and or check data.
  • Because Intuit Merchant Services does not allow any other payment gateways to be integrated, a new merchant account is required.
  • ACH payments accepted
  • Compatible with current versions Quickbooks Pro, Premier, Enterprise
  • No double entry needed- transactions post back into Quickbooks

Our first solution includes a universal payment gateway, compatible with any merchant account, and Quickbooks integration plugin. It’s the most robust solution for omnichannel and business to business merchants.

Automated Collections features:

  • Emailed invoice includes pre-filled payment object within the body; customer can pay with stored token in seconds
  • Weekly reminder for unpaid invoices beginning 7 days after date first delivered (feature may vary by integration type and or product development)
  • Includes customer portal to view and pay multiple invoices; invoices marked as paid.
  • Automated reminders for customers to self-update expiring credit cards

What are the top three differentiators from other integrated payment solutions available?

  1. Does not require customer login to pay an invoice making it easy to forward and easy to remotely pay; minimizes issues related to employees out sick, out of office, and on vacation.
  2. Enterprise management and reporting for multiple companies and sales channels
  3. Interchange optimization, including level III processing, and least cost routing across all sales channels

Pricing for Quickbooks Automated Collections

  • Free trial
  • No new merchant account required
  • Gateway billed monthly in arrears; contact for quote
  • Quickbooks plugin is free
  • Electronic Bill Presentment & Payment service is billed monthly in arrears

Where to order

Available exclusively through a few select authorized resellers. Contact Christine Speedy at 3D Merchant Services for more information or to order.

 

 

 

American Express EMV Terminal Rebate expires April 30 2015

emv smart card

EMV chip smart card.

American Express EMV terminal rebate for small business expires today. Merchants must submit their proof of purchase today for their $100 reward card.

Do you need an EMV terminal? Which one is best for your business? Where can you buy? See our resources below and call your merchant services salesperson for help, or contact us for assistance.

EMV Buyers Guide

American Express Reward Overview

CenPOS is the only company listed on the First Data Integrated Partner Solutions certified for EMV (4/27/15)* and that also offers 3D Secure, added security standards for card not present. Call 954-942-0483 for more information.

 

 

 

Small business merchant service rates telemarketing scam

A telemarketer called from “Express Processing Payments”, with the pitch, “Have you heard about new regulated rates that Visa and Mastercard introduced for small businesses only?” And further, “…reduce your rates 20-50%.” Let’s dispel this claim right now. There’s no such thing.

The only ‘recent’ government regulation regarding rates, are those from the Durbin Amendment, part of the Dodd-Frank Wall Street Reform and Consumer Protection Act. In August 2011, I reported on the proliferation of robo calls that followed the federal legislation for debit card transactions:

Under the final rule, the maximum permissible interchange fee that an issuer may receive for an electronic debit transaction will be the sum of 21 cents per transaction and 5 basis points multiplied by the value of the transaction. This provision regarding debit card interchange fees is effective on October 1, 2011.

What does this mean to merchants?

  1. The maximum the issuer (if they meet regulated size) can receive is .05% plus $.21 plus $.01 if qualified.
  2. What merchants pay are determined by the salesperson selling them.
  3. Visa debit interchange rate for CPS Retail was 0.80% + $0.25 per transaction prior to the new legislation. If a small business received a 50% reduction in debit fees, the average small business processor still increases their profits significantly.