February 2013
1 post
PCI SECURITY STANDARDS COUNCIL RELEASES GUIDANCE...
MYPOSDEPOT.COM
— Merchant education tool aimed at driving demand for secure mobile payment acceptance options —
Today the PCI Security Standards Council (PCI SSC), an open, global forum for the development of payment card security standards published the PCI Mobile Payment Acceptance Security Guidelines for Merchants as End-Users. The guidance educates merchants on the factors and risks that...
February 2012
1 post
14 tags
2012 Visa MasterCard & Discover Industry Updates
Visa Processing Integrity Mandate
Effective April 12, 2013, Visa will begin rejecting settled transactions that do not include the required transaction ID (TID) and validation code provided in the authorization response message. Today, transactions missing the TID and / or validation code downgrade to higher interchange rate program of
EIRF /Commercial Standard.
Visa New Transaction Integrity...
January 2012
2 posts
22 tags
The Mobile Wallet and the Tap to Pay System
The Mobile Wallet and the Tap to Pay System
We all have our mobile phones today, and, like our wallets used to do, the phone holds virtually everything we need: pictures, contacts, email, even bank account information. And now smartphones are trying to take one more thing out of that bulky wallet: payment cards. The mobile phone is on the cusp of becoming a mobile wallet, among all its other ...
20 tags
Credit Card Processing Merchant Cash Advance – Get...
The Benefits of Merchant Cash Advances
If you own or run a business, you know that every day is a challenge, and that the unexpected is precisely what you need to expect. When the unexpected does happen, whether it’s potential for growth or unexpected costs, as a business owner you need to be prepared. Merchant cash advances can be the tool your business needs to deal with the unexpected.
What is...
December 2011
1 post
25 tags
How Can I Ensure Cardholder Information is...
Ensuring Cardholder Information is Secure
myposdepot.com - “THE BEST IN POS”
What is PCI Compliance and How Can It Affect Me?
The twentieth century U.S. criminal Willie Sutton was said to rob banks because “that’s where the money is.” The same motivation in our digital age makes merchants the new target for financial fraud. The lack of security by merchants enables criminals to...
November 2011
3 posts
16 tags
24 tags
What is Tokenization?
Tokenization is a process by which the primary account number (PAN) is replaced with a surrogate value called a token.‖ De-tokenization is the reverse process of redeeming a token for its associated PAN value. The security of an individual token relies predominantly on the infeasibility of determining the original PAN knowing only the surrogate value. Depending on the particular...
21 tags
Interchange rates for debit have decreased! How...
Interchange Rates Have Decreased!
Fed Announced Final Durbin Rules
The Federal Reserve Board on Wednesday issued a final rule establishing standards for debit card interchange fees and prohibiting network exclusivity arrangements and routing restrictions. This rule, Regulation II (Debit Card Interchange Fees and Routing), is required by the Dodd-Frank Wall Street Reform and Consumer...
October 2011
4 posts
24 tags
Why is Chip and PIN and “Pay at the table” popular...
Many of us have traveled to Europe on regular occasion – both for business and pleasure. If you’re like me, you notice all the nuances of how Europeans and others throughout the world embrace and utilize technology more voraciously that those in the U.S. For example smartphone technology was being used in Europe in the early 2000s, well before the mass marketing introductions of Android and...
25 tags
What are the The Europay, MasterCard and Visa...
EMV standards define the functional requirements that must be met by a Chip card and Chip-reading terminal. These international Chip card standards, developed by Europay, MasterCard and Visa, ensure that cardholders globally benefit from this security innovation. Thanks to EMV Chip technology, you can expect enhanced security and protection from fraud, greater transaction speed and convenience...
30 tags
What is tokenization?
Tokenization is a process by which the primary account number (PAN) is replaced with a surrogate value called a ―token.‖ De-tokenization is the reverse process of redeeming a token for its associated PAN value. The security of an individual token relies predominantly on the infeasibility of determining the original PAN knowing only the surrogate value.
Depending on the particular implementation...
25 tags
Why do I need a point of sale system?
You may not mind relying on your trusty cash register and sales ledger for your transactions because it’s affordable and reliable. But is it really the most efficient way to run your business?
A MyPOSDepot.com point of sales system is an investment and it’s important to understand the vast benefits My POS Depot can bring to your business. Regardless of what industry you are in, the goal is to...
September 2011
16 posts
30 tags
Why is Chip and PIN and “Pay at the table” popular...
Many of us have traveled to Europe on regular occasion – both for business and pleasure. If you’re like me, you notice all the nuances of how Europeans and others throughout the world embrace and utilize technology more voraciously that those in the U.S. For example smartphone technology was being used in Europe in the early 2000s, well before the mass marketing introductions of Android and...
14 tags
Accept Credit Cards with MPD Guarantied Lowest... →
Credit Card Processing - Merchant Services
When you accept payment with credit, debit, EBT, gift and commercial cards, you gain a competitive edge, as well as maintain a positive image, and have the potential to increase your bottom line. Our company provides payment processing services for Visa, MasterCard, Discover, American Express, Diners Club, JCB, ATM, debit cards, EBT state and ...
30 tags
What does The Durbin Amendment mean for the...
The Durbin Amendment
The Durban Amendment had raised a lot of questions surrounding its impact on the merchant services and payment processing industry. The main question that all parties have alike is how this will affect their business and bottom line profit. Just to briefly update anyone who has not been recently following the new legislation; The Durbin Amendment survived a challenge from...
28 tags
21 tags
Mobile Processing Solutions & Direct Sales Present...
Direct Sales & Mobile Processing
Direct sales accounted for an estimated $28.33 billion in retail sales for 2009, according to the Direct Selling Association, the national trade association for businesses that manufacture and distribute goods and services sold directly to consumers. The largest growth sector of this industry has been in multilevel marketing, a concept involving distributors...
17 tags
Learn about the different types of Debit and...
Master Card and Visa
Also known as “Bankcards” because they are issued by a bank. If you look at your credit card, there will be an issue bank on the front or the back of the card (Bank of America, Wells Fargo, Chase, etc.) They are a genuine credit card; the owner is given a credit line and a minimum payment is due every month. This is the most popular forms of borrowing in the US.
Charge...
13 tags
My POS Depot Is now on Facebook! →
19 tags
Restaurant replaces menus with iPads - Can I have...
I don’t know about you, but I long for the day when I won’t have to leaf through filthy restaurant menus, caked by spaghetti sauce and other assorted “unknowns”. Printed menus have long been a thorn in the side of restaurant owners and general managers, due to ever increasing print production costs and the inflexibility of revising pricing and menu items as needed. Often you’ll see hastily...
20 tags
Data Security Alert POS PIN Entry Device...
POS Vulnerabilities Visa / Master Card have received an increasing number of reports regarding point-of-sale (POS) PIN Entry Device (PED) thefts from merchant store locations, typically occurring late at night. Evidence indicates POS PEDs are being physically removed from their locations and are being replaced with modified devices designed to skim account and PIN data. Surveillance has also shown...
21 tags
21 tags
The true cost of Credit Card Data Breaches
The true cost of Credit Card Data Breaches
The most recent study conducted by the Ponemon Institute on Data Breach in the United States indicates that the cost of credit card data breaches continues to rise. Most merchants think Data Breach is a fee associated with the protection of the credit card processing company if a merchant has a breach of personal information.
A data breach is the...
17 tags
Credit card processing rates and fees explained.
Grant @ myposdepot
Credit card processing fees charged to each individual merchant depend on a few basic variables. To best explain how these rates and fees are determined you must first understand the concept of interchange. Interchange is the rates that each card issuer (Visa, MasterCard & Discover) charge the credit card processor to run each individual sale. Each type of credit card is...
17 tags
THE TRANSACTION PROCESS
STEP #1 - (Payment) A cardholder buys goods and/or services from a merchant and presents a card as a form of payment.
STEP #2 - (Authorization) Merchant swipes card through terminal, enters amount of transaction and sends information to Merchant Acquirer for approval via the front-end network. The transaction is authorized or declined in seconds. If...
17 tags
Who are the "players" in the credit card industry?...
Cardholder (Consumer)
Holds MasterCard or Visa credit card issued by a bank with a line of credit
Card Issuer
(Financial Institution and/or Bank) Licensed member of MasterCard and/or Visa; in which, they issue bank credit cards to consumers and applicants. They receive interchange from every transaction (see interchange chart)
Merchant Acquirer
Solicits screens, accepts and sets up...
13 tags
5 Simple Steps to a Safer & More Secure Key...
Grant @ myposdepot
Check the terminal to make sure it is working properly. If the terminal is okay and the problem appears to be with the magnetic stripe, follow your company procedures for key-entered transactions. Be sure to check the card security features and match signatures (Steps 2–5 below).
Check the card’s “good thru” (or “valid thru”) date to be sure the card hasn’t expired. If the...
16 tags
Interchange, what it is and what it is not?
Grant @ myposdepot
Everyone is talking about Interchange, but most people do not define it properly.
Some merchants believe that the rates or transaction fees they pay are Interchange, they are not. There are three components that make up the fees that merchants pay. The processor that runs the transaction charges the merchant for each transaction.
Interchange is the portion that goes to...
