Merchants are inundated with many terms that may seem similar but have drastically different results. This is the case when identifying the similarities and differences between chargebacks and refunds. From a merchants perspective, both chargebacks and refunds result in a lost sale. Retailers would prefer to avoid both, as they
An e-payment system is a way of making transactions or paying for goods and services through an electronic medium, without the use of checks or cash. It’s also called an electronic payment system or online payment system. Read on to learn more. The electronic payment system has grown increasingly over
Four reasons why tokenization matters to businesses like yours Tokenization may sound complicated, but its beauty is in its simplicity. Tokenization substitutes a string of random numbers—known as a token—for private data like payment account numbers. Instead of your full private number passing through multiple systems of varying security, your
EMV chip cards are the new way to pay, but what kind of practical changes do they mean to the average merchant and consumer? If you own a business, you’ve probably seen countless notifications from your payment processor letting you know how important it is to switch your payment
By now you’ve surely heard that chip and PIN credit cards have come to the U.S. in full force. We’re about 10 years behind the rest of the world in terms of EMV migration, but starting in 2015, merchants of all types began the shift to accepting EMV credit and
Regardless of the type of business you operate, if you accept credit or debit cards, you’re responsible for protecting your customers’ sensitive data from theft and misuse. If you don’t you could experience a data breach, fraudulent transactions, more chargebacks, penalty fines from the major credit card brands, legal fees,
Encryption is a hot topic in payments today. But it’s not an entirely new concept. Human beings have been using forms of cryptography to protect sensitive information for thousands of years. While today’s payment encryption technology, particularly point to point encryption, is a far cry from earlier rudimentary methods of
You may be cool, but you’re not James Bond cool. And that’s okay, because odds are, if you’re reading this article, you’re not an international spy with a cache of high-tech secret weapons either. But that doesn’t mean you don’t have a huge responsibility to protect your customers and your
Swiping a credit card is becoming, dare we say…so 2015? More often than not, if you have a small-to-medium-sized business, or a large business for that matter, your customers are inserting a debit or credit card into your new EMV-enabled chip reader to make an in-store payment. The transition