Tag Archives: payment processing

MasterCard Introduces Next-Generation Contactless Payments

On 26^th January 2021, MasterCard made the announcement that it is going to apply for the revolutionary range of quantum-resistant technologies for the development of next-gen contactless payments. The Ecos or Enhanced Contactless specifications will be the first-ever such technology in the industry. It helps in ensuring that as the dynamic digital landscape continues to evolve, and newer technologies including quantum computing are getting introduced, the technology of contactless payments will be future-proofed. At the same time, it also helps in ensuring that consumers would continue enjoying the same higher levels of security as well as convenience they have in the modern era, for several years to come.

The overall demand for safer, more convenient, and faster ways of payment has ignited the transition to the technology of contactless payments. At the same time, it is expected that the given trend will only grow in the coming years. As a matter of fact, during the 3^rd quarter of 2020, contactless payments accounted for around 41 percent of transactions related to in-person purchases across the globe –witnessing an overall increase of 30 percent in comparison to the previous year.

MasterCard Introducing the Revolutionary Contactless Payment Technology

MasterCard has been accelerating the overall shift to the concept of contactless payment for several years. At the same time, the leading payment giant has been developing high-end specifications in the form of Ecos for supporting efforts related to industry standardization. At the same time, it can also help in ensuring that the overall ecosystem tends to benefit from increasing security levels.

Ajay Bhalla –President of Cyber & Intelligence at MasterCard, says that contactless technology serves to be the present as well as the future of in-person payments. The year 2020 had been responsible for bringing with it a significant rise of digitization while reinforcing the overall significance of digital solutions. One major instance of the given solution is contactless technology for helping in meeting the everyday needs. As the given ecosystem continues evolving, an increasing number of connected devices as well as the IoT (Internet of Things) are going to yield improved user demands. At the same time, it can also help in creating a greater need for continuous innovation for building next-gen capability while ensuring that technology would never outgrow trust.

Benefits of Ecos

With the help of Ecos or Enhanced Contactless specifications, some potential benefits to look out for are:

Improved Convenience: Over the passage of time, it is estimated that the respective in-store shopping experience will become contactless only. The latest specifications will help in delivering the assurance that any device is truly capable of serving as a payment device while getting rid of the overall need for the backup swiping or dipping of the card.

Improved Privacy: The all-new specifications will be helpful in delivering advanced protection when the existing account information will be getting shared between the digital wallet or card and the final checkout terminal. Ecos helps in building on the improved requirements for supporting a myriad of privacy regulations.

Improved Trust: Ecos is known to make use of the all-new quantum-resistant technology for delivering advanced algorithms as well as cryptography major strengths. At the same time, it also helps in maintaining the contactless interaction under the value of half a second.

As the all-new specifications get activated in the period of coming years, merchants as well as consumers can expect hassle-free transactions. Mobile payments, digital wallets, point-of-sale terminals, and contactless cards are going to continue working as they are doing in the modern era. Moreover, the overall compatibility with Ecos, along with the ongoing contactless specifications is going to be simple & straightforward.

Ecos is known to work behind the existing scenes while being delivered through some software upgrade. As such, no terminals or hardware specifications are required. The given investment tends to complement similar investments in the form of Click-to-pay, 3-D secure, and token technologies for delivering an improved merchant as well as consumer experience.

The Ever-increasing Demand for Contactless Payments

The overall demand for contactless payments is going strong and is increasing with each passing day. It is estimated that around 15 percent of the respective in-store purchases across the globe make use of the given technology. Realizing the immense opportunity to speed up the process of adoption, MasterCard has come up with a proper roadmap for setting out the specific requirements:

After the period of October 2018, acceptance terminals that are relatively newer in countries like Africa, the Middle East, Asia Pacific, Latin America, and Europe will be featuring the EMV chip while being contactless enabled.

After the period of April 2019, the cards that are issued new in the countries like Africa, the Middle East, Asia Pacific, and Latin America will be featuring EMV chip as well as the revolutionary contactless technology

By the time of April 2023, all the respective merchant terminals in countries like the Middle East, Europe, Africa, and Latin America will be featuring the EMV chip while being contactless-enabled

Markets across the countries of Africa and the Middle East have already embraced and implemented the high-end technology of contactless payments. The given momentum is expected to receive more momentum with the acceleration of the acceptance landscape in the given region.

Foundation for Improved Security and Enhanced Growth

In the modern digital world, transactions are going to get smarter. At the core of the given fact is dynamic authentication in which every transaction would be incorporating unique information. It would also make it virtually impossible to replicate. This helps in reducing the overall risk of ensuring fraudulent transactions.

As the issuers would be evolving the respective offerings with the merchants upgrading the existing terminals, the modern payment system will be becoming more secure. This is because the given form of dynamic data gets introduced into the payment transaction. As such, the roadmap by MasterCard aims at strongly encouraging the overall adoption of the most secure available technologies.

What Are NFC, Apple Pay, and Google Pay?

Today, consumers either don’t use cash or they try to avoid it as much as possible. Many even avoid using their credit card, and thanks to NFC, or ‘Near Field Communication,’ it’s possible.

What is NFC?

NFC allows two devices near one another to ‘talk’ to exchange payment information. Apple Pay and Google Pay are two of the most common NFC type payments used today, although there are others. How do they work and what should users pay with them?

Apple Pay – How it Works

As you probably guessed, Apple Pay is a payment option for Apple users. Customers may also use their Apple Watch to make payments. When a user is near an NFC terminal where they want to make a payment, they do the following:

Unlock the phone or watch using face ID or entering the passcode
Hold the phone near the NFC reader
They’ll hear a beep or feel a tap when the transaction is complete
The screen will show a check mark to show it’s done

Using these steps will pay with the default card set up in Apple Pay. If you want to use a different card, you must switch cards in the app before paying.

Google Pay – How it Works

Google Pay is the equivalent of Apple Pay but for Android phones. Users store a credit card in the Google Pay app and use the default card for contactless payments.

Users use these steps to pay with Google Pay:

Unlock the phone or watch
Hold the phone or watch near the NFC reader
Their device will show a blue checkmark when it’s complete
The user’s device will buzz when the payment is complete

Are NFC Payments Safe?

Consumers and merchants have reason to worry about NFC payments’ safety. It seems like it would be riskier, but there is less risk using NFC payments than a credit card.

Since you don’t have to share any personal information or even show a picture ID, there’s a lower risk of the consumer’s information being stolen. Users also have to unlock their phone for the payment to take place, so unless a thief has the passcode, they couldn’t use the Apple or Google Pay function.

Also, both Apple and Google Pay have the option to switch the function off from any device. If a user’s phone is stolen, they can shut off the payment app via any internet-enabled device.

Why is NFC the Wave of the Future?

NFC payments were popular before, but the pandemic further popularized NFC. People were almost forced to adopt the technology, which made it more widely spread. Now that people know how it works and that it’s safe, they are more likely to use NFC payments moving forward.

As a merchant, it works to your benefit to adopt the technology in your store. Consumers will patronize businesses they know keep them safe, and adding NFC payments to your checkout process is a sign of safety.

What to Know About Chargebacks, How to Avoid Them, and How to Win Them

An unfortunate part of running a business is the risk of chargebacks. While they are a natural part of accepting credit card payments, if they get too excessive, it can make you a ‘risky’ merchant, causing you to lose your merchant account.

Here’s what you must know.

What is a Chargeback?

A chargeback is a charge reversal. The customer initiates it and it’s usually due to wrongdoing on the merchant’s part, or at least that’s what most people think. Since a chargeback protects the consumer and not the merchant, you’re on the losing end right from the start.

Common Reasons for Chargebacks

Chargebacks happen for a million reasons, but some of the most common include:

Customer dissatisfaction
Fraudulent charges
Clerical error

The most common reason is identity theft or fraudulent charges. But anything can happen, and customers can initiate them if they feel warranted.

So how do you avoid chargebacks? Here are some tried and true methods.

Make your Payment Description Clear

How often have you seen a charge on your credit card you don’t recognize? Your first instinct is to dispute it. Sometimes, it’s from a company you did initiate a transaction with, but the name differs from the name customers know of you. Use the same name or description and you’ll avoid chargebacks.

Have a Friendly Return Policy

You are in business to make money, but if customers aren’t happy, you won’t make money. Instead, make your customer service and return policy so friendly that customers won’t have a reason to initiate a chargeback. If they know you will figure out the issue, they will most likely trust you rather than making you go through the investigation process.

Watch for Suspicious Transactions

It’s hard to figure out which transactions are legit and which aren’t, but here are a few key areas to watch for:

Multiple attempts to use the same card
Unusually large purchases for your business and/or industry
Questionable answer when you accept a card-not-present transaction

Despite your best efforts, you may not prevent all chargebacks, but you can still ‘win’ at them. Here’s how to win at chargebacks.

Watch the Timeframe

You have only a few days to answer the chargeback. If you ignore it, the dispute will count against you. If you respond right away and can work things out, you may win it. Missing a dispute is like letting your opponent knock you out in a boxing match.

Have the Right Documentation

Don’t let the timeline stress you out. Instead, have your documentation ready so you have everything the merchant processor needs to decide about the chargeback. The more information you have, the better your chances of it going in your favor.

Write a Great Rebuttal

A chargeback is a he said/she said situation, but if you draft a proper rebuttal, you may get your way. While you don’t want to make customers mad, if you have a valid point, it should be taken when going through the process.

Chargebacks are a part of doing business, but when you have great customer service and proper protocols in place, you can minimize them. If they happen, don’t worry, but do your best to ‘win’ so you don’t ruin your rating with the merchant processor.

The Top Reasons You Should Switch to EMV [2023 Update]

What’s the first word that comes to mind when you think of credit cards? If it’s fraud, you’re onto something. Hacking and identity theft are at all-time highs, especially during the pandemic. As a merchant, it’s your job to minimize the risk for your consumers in order to stay in business.

One of the best ways to do that is to switch to EMV or chip technology rather than magnetic strip credit cards. Even though it’s an added expense on your part and will require a little work, there are many reasons you should consider it.

EMV is Harder to Hack

Thieves have an easy time stealing information from a magnetic strip credit card. EMV credit card processing encrypts the data, so it’s harder to hack. EMV transactions each have a unique code that’s for that transaction only. Even if hackers got a hold of it, the code wouldn’t help them on any other transaction.

When you make it harder for thieves to hack information, customers are more likely to visit your business. They don’t want to put their information at risk and when you show you’ll minimize the risk, they’ll visit your business.

Customers Want It

By now, most customers realize the importance of the chip card. Most credit card companies have replaced consumers’ credit cards with EMV cards and consumers know it’s safer. Some customers won’t visit a business if they don’t accept chip cards because they know their information is protected.

Merchant Processors May Hold You Accountable

Some merchant processors hold their merchants liable for counterfeit transactions. If a customer’s information is stolen at your place of business and it’s because you don’t accept EMV cards, the merchant processor can hold you liable for the damages.

It’s the Standard

People everywhere, including internationally, expect to pay with a chip card. If your business doesn’t have it, they may not trust you as much. Consumers want businesses up with the times, especially when it comes to security, so it’s important to show you are with the times and willing to do whatever is necessary to keep them safe.

How to Switch to EMV

It’s not as hard as you think to switch over to EMV credit card processing. You may need new equipment and there may be set up fees, but it’s a one-time charge that will pay off in spades when your customers see you taking their safety seriously.

Take Credit Card Processing Seriously

It’s important to always take credit card processing seriously. Consumers need you to protect their information and merchant processors want you to hold up your end of the bargain, too. It’s a collective effort to keep hackers away. While no one can prevent it 100%, if everyone works together, you can minimize the risk for everyone.

Adding EMV chip cards to your credit card processing protocol is the best way to keep your customers safe today.

Smart Tech Keeps Convenience Stores Relevant as Industry Declines

As the pandemic continues and more people turn to online shopping versus running into local convenience stores, the industry has seen a decline of almost 2 percent since 2019. Consumer spending habits changed drastically as everyone tries to stay safe.

Fortunately, smart tech helps keep convenience stores relevant in society by thinking outside the box and helping stores offer services they didn’t offer before.

How are Convenience Stores Changing?

With fewer people commuting and/or fewer people making traditional brick-and-mortar purchases, merchants are finding ways to meet customers where they need it.

For example, 7-Eleven and other large convenience stores implemented delivery services. Some partnered with companies like Shipt and DoorDash, while others offer their own delivery services within a specific radius.

Convenience stores also offer contactless payments for their credit card customers and self-checkout choices for consumers who want as little contact as possible.

Some convenience stores in large areas, such as airports, are utilizing Amazon’s ‘Just Walk Out’ technology which recognizes the items a customer takes and charges the purchases to their credit card. Amazon has used the technology in their retail stores for a while and convenience stores are taking advantage, too.

Focus on How you can Instill Convenience

The name of the store says it all – ‘convenience.’ It’s why millions of people subscribe to Amazon Prime – they can have what they need/want to be delivered the next day usually. They don’t have to leave their home and still have the convenience of what they need in hand.

As the pandemic continues and the convenience store industry sees almost a 2 percent decline, it’s important to think outside the box.

How can smart technology help you give your customers the convenience they desire?

Credit card processing is big. While most stores already accept credit cards, instilling contactless payment methods is the key. Customers want as little contact as possible. When they feel safe shopping in your store because of the minimal contact, they’re more likely to shop at your store.

Smart apps and mobile payments are another great option. Whether you partner with a delivery company like DoorDash or you do your own thing – providing customers with contactless delivery gives them the option to stay loyal and safe.

If delivery isn’t an option for your convenience store, consider curbside pickup. This offers your customers another way to get the products they need without unnecessary contact.

Think Outside the Box

Today, it’s all about convenience and safety. Customers are even willing to pay more in certain situations if they know their safety is protected.

Show your audience you care about their wellbeing and will do whatever is necessary to keep them safe while providing the products they know and love.

As the pandemic continues and the industry continues declining, it’s about who stays in front of the issues, utilizing smart technology and giving customers alternative ways to shop and pay so they have the products they need and continue to patronize your business.

More Consumers Want to Use Venmo at Retail Stores [2023 Update]

Venmo started as a fun way for peers to pay one another, but it’s quickly becoming the payment method of choice at retailers too.

Venmo has become a household brand – it’s the brand consumers trust when paying friends and family, and now they want retailers to use it too. While contactless payment options are more available than ever before, consumers don’t trust all of them, but Venmo is an exception.

Venmo Has an Incredible Following

Over 65 million people use Venmo to send and receive funds. Much of the audience is the younger generations, but it also includes affluent and educated older generations who’ve embraced contactless payments today.

Venmo users love the versatility Venmo offers including splitting the bill with family and friends. It’s a natural transition to use it to pay retailers, especially in restaurants when out with a group, and splitting the bill always causes that award silence everyone hates.

Consumers Want to Change Their Habits

At the start of the pandemic, consumers shopped mostly online as many retailers were closed while the entire country was shut down. The trend continued for a while, but slowly, retail trends indicate that consumers are shopping in-store again.

When they do, they want options to stay safe and that includes contactless payment options, of which Venmo is a top choice.

Since consumers are already comfortable with it, they don’t have to learn a new platform or discover if it’s safe or not. They know Venmo is safe. With consumers able to add funds to their Venmo account and/or pay their balance over time, Venmo is quickly the most popular choice.

What Troubles Would Retailers Face?

While consumers are on board with paying for retail purchases via Venmo, the platform itself isn’t quite ready.

While some retailers use Venmo, they are few and far between. It’s primarily a peer-to-peer app that doesn’t need to consider taxes or fees. With the onslaught of changes accepting retail payments would offer, Venmo’s platform would have to change considerably to handle the pressure of accepting retail payments.

Why is Contactless Payments so Popular?

Image source

As the pandemic continues, consumers want contactless payment options. It creates the best of both worlds for consumers – they can shop safely, in person, and not have to worry about touching shared devices or even exchanging payment with the cashier.

The more hands-off the shopping experience can be, the better off we’ll be in the end. Not using cash and using phones to pay is the epitome of cashless spending. You can check out with ease, shop in person, but not have to worry about the risk the virus poses with shared devices.

Will Venmo Jump on Board?

The jury is still out if Venmo will become the way of the future. But one thing is for certain, all consumers want contactless credit card processing systems. Whatever you can do to make that happen in your store will help increase your sales.

Installment Plans Gain Traction Among Consumers, Predicted to Grow in 2021

The pandemic has been hard on almost all business owners and consumers across the world. With people losing their jobs and expenses rising, millions of consumers have been going through a financial crisis for the last 10-12 months.

Such wide economic gaps are compelling buyers to trim their shopping lists and finding better ways to save. Consumers are also seeking more flexible payment options, especially contactless payments, to prevent the spread of coronavirus.

As a result, the past few months have witnessed a drastic change in people’s purchasing trends and patterns, along with a massive shift in their interests and preferences. For example, according to research, about 4% of Americans preferred the ‘Buy Now, Pay Later’ option during the Black Friday season.

This is why installment payment providers gained significant traction during the past few months all over the US market. COVID-19 has been unexpectedly favorable for these companies and has opened doors for them to grow further.

As mentioned earlier, more shoppers are going for budget-friendly and more flexible purchases. Therefore, numerous merchants are pursuing several methods to accelerate their sales by offering more convenient payment options to their customers.

During lockdown restrictions imposed in various countries across the globe, consumers relied more on e –Commerce stores, which naturally gave a significant push to the growth of online sales for merchants. Another aspect that online shopping gave rise to is installment payments. These are the major causes of the rapid growth seen in M&A activities.

The new ‘Buy Now, Pay Later’ (BNPL) trend is an extremely convenient method for customers, so much so that a study shows that most of them are not willing to buy from merchants not providing this solution. The trend is not only popular in the online shopping platforms, but also in stores, especially during holiday seasons such as Black Friday.

What are Installment Payments?

Installment payments refer to the method by which a customer pays a bill in small parts over a fixed period of time. These kinds of payments are arranged and agreed upon between the buyer and the seller. Examples include ‘Buy Now, Pay Later’ models and point-of-sale financing, which provide buyers with the flexibility to pay their purchase bills over time as per their convenience.

Some merchants even offer installment payment solutions without charging any interest. This is convenient for customers and merchants as well, who get paid by installment providers, thus increasing their conversions and average order values (AOVs).

For this reason, installment payments are most suitable for merchants who are in the high-AOV categories, including furniture, electronics, travel, fashion, and apparel. This is why several market players are occupying the entire installment payments industry. Some popular names among them are PayPal, Afterpay, Credit, Klarna, Affirm, etc.

Benefits of Installment Payments

Some of the top advantages of installment payments for both buyers and sellers include:

For customers:

They help customers keep track of their finances.
Buyers can stay within their budget limits.
They allow consumers to stretch the cost of the purchase through a longer time period.
Customers can make low monthly payments easily.

For sellers:

You can provide more shopping flexibility for your customers.
You can regulate and stabilize your cash flows.
You can bring in more sales and boost your profit margins.

How to Track Installment Payments?

One excellent way to record or track your installment payments is through invoicing software, which ensures that your customers are paying their monthly installments on time. Two best methods to record installment payments are via recurring invoices per installment or partial payments for a single invoice.

If you use recurring invoices, you can set that up for every installment amount. The process will be smoother if you have your customer sign a payment contract, explaining to them the payment plan.

If you prefer partial payments, you would first need to generate the invoice for the particular consumer, ensuring you state the installment periods and payment terms clearly on the invoice. Next, when the time comes for the client to pay the first installment amount, you will need to add a partial payment to the created invoice.

Some software will have the option to update the status, such as partially paid, and the remaining amount to be paid.

The Current Status and Future of Installment Payments

For quite some time now, installment payments have been extremely popular in various markets, such as Australia and Europe. However, the trend has gradually been increasing in the United States for the last 12-18 months. The overall 2019 spending in the installment payments markets has been $623 billion.

The adoption of installment payment options has been especially prominent among Millennial and Gen Z customers. According to 451 Research, more than 1 out of 3 buyers within the age group of 18-37 believe that the availability of a flexible and convenient installment option has been a major factor affecting their buying decisions positively.

This is why merchants are noticing a rising demand in this trend and more successful order completions. Gradually, more than 40% of merchants from various industries have started offering this option during checkout, which has also reduced cart abandonment rates.

However, another 43% of the online-centric merchants are considering making the change or are discovering the benefits associated with it. A study in 451 Research’s Q2 2020 Voice of the Enterprise (VotE) revealed that among the top initiatives taken by merchants since the COVID-19 outbreak include adding flexible payment methods to their e-Commerce portals.

Some well-known merchants providing options for flexible installment payments in the US include Sunglass Hut, Walmart, Abercrombie, Peloton, Warby Parker, etc.

The mutual benefit that installment payment plans have for both consumers and merchants means that buyers will be more willing to return to your business and continue to make recurring purchases in the future.

Frequently Asked Questions

COVID19 Drives Adoption of Contactless Payments and Curbside Pickup

Today, shopping retail and even picking up food at a restaurant looks different. Most customers prefer contactless payments and curbside pickup. They are the norm – they are expected. Contactless payments are just one more way to reduce the risk of sharing the virus. With less cash flowing around, the risk lessens, especially when consumers can pay online before they arrive or can use a digital wallet, like Apple Pay.

Curbside pickup used to be a luxury and one that not many customers used. COVID-19 turned the tide on it and so far it looks like there is no going back. Stores and restaurants need to offer curbside (touchless) pickup if they want to remain competitive.

Adopting Contactless Payments

Most stores and restaurants accepted the standard payments – credit and debit cards and some accepted digital wallets, but not many. Fast forward to today and it’s rare to see a business that doesn’t accept contactless payments, whether online payments, digital wallets, or direct transfer from PayPal or Venmo.

Consumers look for those extra payment options. They want the choice of how they’ll pay whether it’s online or in person. Everyone’s looking for contactless payments so even if they shop in-store, they don’t have to touch the credit card machine that everyone else touched too.

Curbside Pickup is the New Norm

Customers today want to walk into a store as little as possible. Rather than paying shipping costs and waiting days for it to arrive, they want instant gratification with curbside pickup. This means two things for retailers:

Your inventory system must be up-to-date in real-time all the time. You can’t have customers buying products to pick up that day only to find out a few hours later that it’s not in stock. You won’t have happy or repeat customers.

You need a seamless curbside pickup routine. This may mean hiring more staff, setting up new procedures, and creating new routines. The key is keeping a steady flow in the lot, and getting customers their items fast.

Buy Now Pay Later Plans are Important Too

During these trying times, many consumers need help. They don’t want to change their normal holiday shopping routine and give less during such a treacherous time in our lives, but many can’t afford it.

Buy Now Pay Later options give customers more choice. They can shop like they used to despite not having the cash resources today. Adding Buy Now Pay Later options on your website makes it easy for customers to apply in the privacy of their own homes. With an instant answer, they’ll know their options without facing anyone face-to-face.

Getting with the Times

COVID-19 changed a lot for retailers, and the changes are continuing. It’s important to adapt to what consumers need today to keep them and yourself safe, but also your business thriving. The right business model will help your business get through the pandemic and all that it’s changed.

Five Things To Consider When Switching Merchant Services Providers In 2020

Because of the complexity of credit card processing, it’s hard to know when or if to switch merchant services providers. With the added confusion of automatically renewed contracts, equipment leases, and hidden fees, a business may feel it needs to outsource the research on their already outsourced credit card processor. Here are five things to consider when switching merchant services providers:

1. Contracts

Before making the switch to a new credit card processor, check with your current provider on the status of your contract. You may have transitioned to a month-to-month contract, in which case it’s easy to switch. If you’re still under contract, or worse, your merchant account provider automatically renewed your contract, it still may be worth the potentially hefty cost to break the contract and switch in the long run, depending on the fees you’re currently paying.

2. Equipment

Leasing equipment is one of the least cost-effective aspects of merchant services. If you’re currently leasing equipment, it would be in your business’s best interest to find a new credit card processor that will either sell the equipment to you at cost or – in an ideal world – give you equipment for signing on to their services.

3. Rates & Fees

Interchange fees are confusing, and because of their complexity, many merchant service providers can sneak extra charges into your monthly bill. If your business is using any payment model besides the interchange plus payment model, it is almost guaranteed you are paying more than you need to. The best merchant services at least offer the interchange plus model for pricing. This alone is a reason to make the switch.

4. Payment Methods & Security

Your merchant service provider should be able to provide the latest security and technology enhancements available. To protect your business from the liability of a fraudulent charge, your credit card terminal needs to be EMV-compliant at the least. Beyond security, depending on your business and clientele, you may even want to offer NFC-based payments such as Apple and Android Pay.

5. Customer Service

The person who sold your business your current merchant services contract is not the same person answering the customer service line. If your merchant services provider is not supporting you 24 hours a day, 7 days a week, you may need to look elsewhere. Your business can’t afford to wait on a callback. You need assistance when you need assistance. Not to mention, the customer service representatives should actually be helpful when you call. Try a test run with your current merchant service provider to see how their customer service will help you when you really need it.

Host Merchant Services

Delivering personalized service and clarity, Host Merchant Services takes the time to explain your payment processing. We want you to understand your monthly statement, and we will ensure that your statement matches our promises during our sales presentation. If you do have questions, you can reach a live representative any time, any day. HMS offers wonderful customer service, as well as great rates.

Get PCI Compliant

Payment Card Industry compliance refers to a specific grouping of standards that have been set up to help ensure that customer data is being secured uniformly throughout the industry. MasterCard, Visa, Discover, and American Express set up the Payment Card Industry Security Standards Council over 13 years ago in 2006 with a view to helping regulate the credit card industry and maintain the Payment Card Industry standards to hopefully improve the security of transactions and payments.

Why Do I Need PCI Compliance for My Business?

Any business, no matter how big or small and regardless of transaction volume, needs to be Payment Card Industry compliant if they’re accepting payments from credit and debit cards. To be more specific, any company that will be storing, transmitting, or processing credit card information is legally required to be Payment Card Industry compliant. Should a data breach occur, any company that is not fully Payment Card Industry compliant will be subject to steep fines by the Payment Card Industry Security Standards Council. When it comes to smaller-sized businesses, being Payment Card Industry compliant will lessen any liability for your business in the event of a data breach occurring.

How Do I Become PCI Compliant?

In order to become fully Payment Card Industry compliant, a yearly self assessment questionnaire must be completed, along with a quarterly Payment Card Industry security scan which must be passed.

The self assessment questionnaire will include a series of questions that have been designed to assess Payment Card Industry security levels, and depending on how a business is to deal with their payment processing, they will fall into one of several categories.

Additionally, by finding a payment processor that will provide Payment Card Inquiry compliant payment processing, you can ensure that all of your business’ credit card transactions will be secure.

The different types of Self Assessment Questionnaires break down as follows:

A: Card-not-present merchants for whom all cardholder data functions have been outsourced to validated third party service providers with no cardholder data stored, processed or transmitted on the merchant’s systems or premises.

A-EP: Online merchants for whom all payment processing data is outsourced to validated third parties, and who don’t receive any cardholder data through their website, but can, however, impact the transaction’s security. No cardholder data is stored, processed or transmitted on the merchant’s systems or premises.

B: Merchants who only use standalone dial out terminals with no electronic cardholder data storage and/or imprint machines with no electronic cardholder data storage.

B-IP: Merchants who use only standalone terminals that are PTS approved, with an IP connection to the payment processor, and with no electronic cardholder data storage.

C-VT: Merchants manually entering single transactions at a time with a keyboard into a validated third party virtual terminal solution. No electronic storage of cardholder data.

C: Merchants with online payment application systems and no electronic storage of cardholder data.

P2PE-HW: Merchants with hardware only payment terminals, with no electronic storage of cardholder data.

D (Merchants): All merchants not covered by any of the above

D (Service providers): All service providers a payment brand has defined as eligible to complete a self assessment questionnaire.