MasterCard first introduced contactless cards back in 2003 with the goal of giving customers an easy, safe and fast way to pay for items. MasterCard also developed the contactless cards with an extra layer of security by utilizing embedded chips and radio frequency antennas to create secure transactions. However, since the payment information is being transmitted wirelessly many customers and business owners question whether it is safe. According to MasterCard, the answer is
As of April 1st, the big four credit card companies, Visa, American Express, MasterCard and Discover no longer require customers in North America to sign their receipts. According to the New York Post, only in some shops and restaurants customers may still need to sign their receipts. Visa will still require a signature when a customer swipes their card but with most retail stores having chip-enabled readers and most credit cards in Canada having chip technology, even for Vis
Mobile payments are payments that are made with a smartphone or tablet. According to Allied Market Research, the mobile payment market is predicted to grow 33.8% from 2017 to 2023. The majority of mobile transactions are in the retail market, and with the rise of mobile applications for renting everything from cars to hotels, hospitality and transportation are projected to have the highest rate of mobile transaction growth by 2023. Canada is one of several countries that has
The first POS system was introduced by IBM in the 1970s. These top of the line systems were simple and bulky and required terminals that were wired back to mainframes. It was not until the 1990s with hardware and software updates and advances that the touchscreen terminals we use every day when we shop began to grow in use. However, with the advent of the internet, POS systems and credit card processing has made another major advancement with the advent of virtual terminals.
While most business owners understand that a small portion of each payment processed by their credit card processor is taken out of each sale, what they often fail to understand fully is how additional fees will impact their profit margins until they receive their monthly statement. Every time a business charges a credit card there is a single percentage called the discount rate that is taken from the transaction and a second flat fee that is referred to as a transaction fee.
As your business grows and changes, so too will your credit card processing needs. In addition, you may also come to a point where you realize you and your business deserves more than what your credit card processor is providing you. Below are several conclusions that business owners just as you have come to, that demonstrates that it is time for them to change to a credit card processor that focuses on improving the partnership they have with them rather than merely increas
Every week new information comes to light about the Equifax data breach which according to the NY Times has exposed 146 million Americans personal information. According to the company’s former CEO, the breach was a result of a mistake of a single employee. No matter who is at fault for the breach the data can cause many negative repercussions in the wrong hands. One of the most potentially harmful results of the data breach can be individuals identify being stolen and used
If you are a business owner in Canada you may have noticed a growing trend, Canadians are relying more on credit and debit cards and less on cash. In 2015, 42% of all purchases in Canada were made with a credit card, 28 % with a debit card and 3% with mobile devices. Only 25% of purchases were made with cash (source). According to the Canada Review there has been a significant decline in the use of money for transactions. The Canada review found that between 2009 and 2013 cre