Here’s a prediction: Over the next five years, we think there is going to be an increased need for mobile wallet merchant accounts. For the last several years, we had read about U.S. consumers shunning mobile wallets, instead remaining steadfast to traditional credit card payments and cash. While credit cards and cash are still the…
Category: Industry News
How Internet Merchant Account Holders Can Mitigate BOPIS Fraud
Having an internet merchant account constantly requires playing defense. For retailers who allow for buy-online-pickup-in-store (BOPIS), having a fraud defense protocol in place is required. Recently my wife made a purchase on the website of a well-known, nationwide retailer, and had me retrieve it at the store. BOPIS sales are rapidly increasing – 44 percent…
With Credit Card Merchant Accounts Elusive, Other Pay Types for Sports Betting will Thrive
To say the least, the US is warming to all things sports betting, but credit card merchant accounts for such will be virtually non-existent until issuing banks can collaborate and establish a framework. Until that happens – we believe it will take a few years at the very least – the US sports betting market…
ACH Processing is Growing and the Possibilities are Endless
We love a good success story. The Automated Clearinghouse recently released its ach processing combined statistics for Q1 and Q2 of 2018, and the growth is continuing: 83.5 million same day ACH transactions in the first six months of 2018 — 25.2 million more than Q1 and Q2 of 2017. ACH payments totaled $40.9 million…
Merchant Accounts for Online Gambling? You Cannot Ignore the Signs
We’re eagerly awaiting the day that we can offer merchant accounts for online gambling in the U.S. It’s coming, but it may be years away because of countless hurdles. Very few things ever happen quickly in America (hence our reference to former British Prime Minister Winston Churchill last week). Change happens very, very slowly, gradually,…
Internet Merchant Services for Dietary Supplements: Why it’s High Risk
Recently, out of the blue, quite a few inquiries have come to us about internet merchant services for dietary supplements and what we have available. Whenever we receive an influx of calls on a particular industry, it usually means that an acquiring bank somewhere has ceased offering merchant account solutions, leaving industry merchants scrambling to…
New York Proposal Could Mean More Oversight in Online Lending Merchant Services
The New York State Department of Financial Services (NYSDFS) wants more regulations for online lenders. We’re wondering if such a move could lead to changes how acquiring banks give approvals for online lending merchant services. The proposal doesn’t name payday lenders by term – actually, the proposal doesn’t reference any specific type of lender –…
In Merchant Account Services, False Declines are More Damaging Than You Think
For more than a decade, the majority of merchants classified chargebacks as just the cost of doing business. It’s no longer the case anymore as merchants who hover around the 1 percent of sales/100 chargebacks-per-month threshold risk losing their merchant account services. We have a question, however. Are false declines the new ‘cost of doing…
California Ruling to Impact Recurring Payment Merchant Account Solutions
We’re not in the business of making predictions, but we wholeheartedly feel that recurring payment merchant account holders are going to have to adjust their models in the very near future. Since the General Data Protection Regulation (GDPR) was enacted in the European Union, we’ve always had the feeling that a trickle-down effect would spread…
Internet Merchant Account Processors Could See Changes in Pharma, Nutra Industries
In early June, the FDA issued warnings to nine online networks that operate 53 pharmaceutical websites for marketing unapproved opioid medications, threatening police action and worse, possibly imposing embargos. For online pharmacy and nutraceutical merchants, as well as internet merchant account processors that provide the payment solutions for such, the warnings issued to those 53…