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There is a high probability you have gotten wind of cash discounting’s growing popularity post COVID. With its growth, the rules are becoming more clear as to how merchants can pass processing fees off to cardholders when using credit cards.
Read MoreIt is out with the old, and in with the new as PAX announces the End-of-Life (EOL) for the PAX S80 Countertop terminal.
In this post, we are keeping you up-to-date on some major changes in PAX Technology, as they migrate from the S80 to the A80.
Read MoreThe world has changed, and so has the restaurant and retail industry.
Through no fault of their own, companies are scrambling to find ways to keep their business afloat. Many restaurants have had to completely shift their business model relying on ingenuity to generate revenue when patrons are forced to stay and shelter.
Priority I.S. is keeping a close eye on the events unfolding and the effects on our industry. This includes constant communication with our partners in hopes to share merchant success stories outlined below. While a few of these solutions may seem reactive given the current situation, it is important to consider the long term benefits these will have as consumer buying habits will shift when things get back to normal.
Read MoreAs POS and credit card technology changes, so do the requirements from Visa, MasterCard, Discover, and American Express. Merchants rely on their merchant processor more than ever for information on how to remain compliant with bankcard regulations. Doing so can help the merchant avoid chargebacks and fees passed down from the four major card brands.
Minimum Purchase Amounts
Merchants are allowed to require a minimum amount in order to run a credit card, however there are a couple rules they should know:
Read MoreThe topic of EMV is not new among the POS and merchant processing industry. But while the discussion has lost a bit of steam, the opportunity for merchant processing and point-of-sale vendors hasn’t.
It is no secret that the adoption rate for EMV has been slower than expected. What is more surprising is the number of merchants who still do not understand what EMV is or the risks that are involved with not accepting chip cards. The industry as a whole has seen an influx of fraudulent chargebacks due to consumers who are now savvy enough to identify merchants who do not accept EMV. Cardholders looking to take advantage of merchants who still swipe has become more common costing merchants millions of dollars a year in indisputable chargebacks.
Read MoreAs expected, Visa and Mastercard have confirmed an April 2019 increase in interchange rates, the fee charged by banks that covers the cost of handling and credit risk inherent in a bank credit or debit card transaction. While they have not announced the amount of the increase, your merchants should expect to pay slightly more for their merchant processing in the coming months.
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