Although everyone is announcing that the $1000 limit has been eliminated, Square has only modified it. We noticed the actual policy change in September and updated our Square review on the 20th. Learn more in this article
Category Archive: Credit Card Processing News
Oct 03 2011
Two Processors Disclose Durbin Amendment Savings Tips
Heartland Payment Systems and Merchant Warehouse both announce their intentions to pass Durbin Amendment savings onto merchants.
Although the recently passed amendment (as part of the Dodd-Frank Wall Street Reform Act) was intended to curb the banks price gouging of PIN-debit Interchange fees, it failed to close a loophole that allows processors to keep the savings …
Oct 03 2011
FTC Names Processors in Fraudulent Merchant Account Scheme
False promises and deceptive rate quotes have landed several merchant account providers in hot water with the Federal Trade Commission (FTC). The FTC announced on Friday that it would be will be issuing refunds totaling close $350,000 to about 100 merchants across U.S.
Sep 20 2011
Visa Announces payWave Licensing to Google
As expected Google Wallet is quickly expanding the card types that can be used with its service. Visa has announced that it has issued a worldwide license to its mobile payment application, payWave. Like MasterCard’s PayPass technology, payWave allows Near-Field Communication (NFC) enabled Visa cards and devices to be waived in front of compatible terminals …
Sep 19 2011
Google Wallet Appears to Have Launched Today
Google is quietly rolling out its new Google Wallet service today with a few select partners such as Peet’s Coffee. It is speculated that the release it is just a soft rollout designed to test the service on a larger scale before is it opened up to all retailers. Learn more in this credit card processing news post.
Jul 19 2011
Alpha Card Services Enters the Mobile Processing Arena
On July 12th, Alpha Card Services released a statement declaring their merchants will now be able to accept mobile payments using a smartphone such as the iPhone or Android-based mobile device. In order to accept the payment, the smartphone must be equipped with a card reader and also have a mobile app called QwickPAY installed. …
Jul 11 2011
Mobile Processing and Payments Estimated to Reach $670 Billion by 2015
Juniper Research has released a new estimate for mobile processing, which includes Near Field Communication (NFC) payments, mobile payments, and mobile sourced money transfers, and they are predicting the industry to grow from just under $300 billion to $670 billion by 2015. Juniper Research is predicting a global boom in the coming year and a …
Jul 07 2011
New Consumer Credit and Debit Card Laws Impact Business Cards
Over the past few years, new legislation has been introduced that has greatly reduced the amount of fees credit card issuing banks can charge on consumer accounts. The most recent, the Durbin Amendment that goes into effect at the end of July, dramatically reduces the amount of interchange fees a bank can charge on debit …
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