Posted in Industry News and tagged with industry practices.
Appalling, but True There is a breaking news story in the payments processing industry that is worthy of mentioning as an example of the negative industry practices (and reputation) that are relevant to our stakeholders. The full story is on the U.S. Department of Justice website, and the gist is that a credit card processor […]
Read MorePosted in Customer Support, Industry News and tagged with convenience fees, fees.
Convenience Fees Recently we wrote about the various rules and regulations around surcharging customers for credit card processing fees. Now we are addressing Convenience Fees, which are allowed in all states. This is a flat or fixed fee that can be assessed in a card-not-present environment that is a bona fide convenience, which is unusual to the […]
Read MorePosted in Customer Support, Industry News and tagged with CFPB, consumer protection.
Beware In 2011, Congress created a new watchdog agency called the Consumer Financial Protection Bureau (CFPB), which was charged with oversight of the financial industry in the wake of the 2008 mortgage/banking meltdown. The Bureau promotes fairness and transparency to protect consumers from deceptive practices not only in the banking and mortgage industries, but also […]
Read MorePosted in Dharma's Culture, Industry News, Social Responsibility.
Transparency I have been invited to speak about transparency on a panel that the local B Corp community is sponsoring next week. I don’t know if there is such a thing as an expert on this subject, but I can tell you that I have over 25 years of experience working in an industry that […]
Read MorePosted in Customer Support, Industry News.
Tax Time News Part 1 – Dharma Merchant Services has a new partnership with Taxfyle – a small business on-demand marketplace where you have access to the highest tax and accounting knowledge. Merchants can submit jobs, connect with a licensed professional, exchange documents, and sign for returns all on a mobile or desktop device … […]
Read MorePosted in Customer Support, Industry News and tagged with emv.
Credit Card Industry Update on EMV As a short review of matters of interest in the credit card industry, here is a notable update from this past year. The Europay Mastercard Visa initiative, or EMV for short, completes its first year of adoption here in the U.S., which requires all point-of-sale systems to be able […]
Read MorePosted in Customer Support, Industry News and tagged with ecommerce, merchant services, shopping cart abandonment, strategy, website.
What does the phrase e-commerce bring to mind? Amazon? Ebay? Steam? Most people know the big names, and understand that it refers to buying and selling products and services online. What they might not understand is that the concept of e-commerce has grown immensely in recent years. Most business, be they large or small, perform […]
Read MorePosted in Industry News and tagged with breach, compliance, data, DSS, PCI, security, vulnerability.
PCI DSS can seem like a confusing and intimidating topic. We put together this guide to help you understand the ins and outs of what your business must do. Unless you happen to be one of those weird businesses that only accepts cash, you probably deal with credit card processing. And, as you know, credit […]
Read MorePosted in Industry News.
More Lawsuits In the “sue me, sue you” department, there has been a lot of activity recently, which we’ll highlight: First, back in 2014 the Card Associations, specifically Visa and Mastercard, lost a class action lawsuit over the violation of law in setting Interchange fees. They settled for $7.2 billion … though no payout was […]
Read MorePosted in Customer Support, Industry News.
Fraud Isn’t New Especially card payment fraud, which amounted to nearly $16 billion in losses according to the latest year’s stats, but remarkably, only added up to 1% of all card sales. Of course, cardholders are shielded from liability for the most part, so card issuing banks bore 62% of losses with merchants taking 38%. […]
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