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Who Picks Up the Tab for Credit Card Rewards?

Posted by Brandes Elitch on Mon, May 08, 2017 @ 07:00 AM

Recently there was an article with this subject line in the Wall Street Journal. However, the author covered this subject in a simplistic and cursory manner. She didn’t really explore the numbers that drive this business, and she never really answered the question. Today, we are going to take a more in-depth look at it and come up with some answers.

First, we should recognize that rewards are important for people who do use credit cards — about three-quarters of the population. In fact, about a third of them say that when choosing a card, rewards are their most important consideration. While most people think of airline miles, there are two other reward types: points and cash-back.

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Tags: Credit Card

How Much Should Merchants Pay for Processing Card Payments?

Posted by Brandes Elitch on Fri, Jun 24, 2016 @ 07:00 PM

Recently, The Home Depot Inc. filed an antitrust lawsuit against Visa and MasterCard. It contends that the card brands colluded to prevent adoption of new chip-based cards requiring consumers to authorize transactions by entering personal identification numbers (PIN). In adopting EMV chip cards, Visa pushed for a signature authorization while MasterCard and the other brands advocated PIN authorizations. The Visa approach to processing card payments prevailed.

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Tags: Credit Card

Only One in Four Merchants Ready for October 1 EMV Credit Card Switch

Posted by Tom Lombardo on Fri, Sep 25, 2015 @ 07:00 AM

A survey of 2.42 million merchants found that only 27% of them expect to be EMV-ready on October 1.

That's not what regulators and the industry expected -- especially because, on October 1, merchants without the new technology will become liable for credit card fraud.

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Tags: Check Fraud, Tom Lombardo, Credit Card, EMV

As EMV Credit Card Processing Deadline Approaches, Fraud Explodes

Posted by Tom Lombardo on Thu, Sep 24, 2015 @ 07:00 AM

According to the latest fraud study done by LexisNexis, brick-and-mortar merchants have have seen a 25% spike in fraudulent credit card purchases in the past twelve months alone.

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Tags: Check Fraud, Tom Lombardo, Credit Card

EMV Deadline Fast Approaching - October 1, 2015

Posted by Tom Lombardo on Wed, Sep 23, 2015 @ 10:49 AM

On October 1 merchants who can't accept the new EMV chip-embedded credit cards will become liable for credit card fraud occurring at their business.

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Tags: Check Fraud, Tom Lombardo, Credit Card, EMV

EMV and the Tyranny of Payments Acronyms

Posted by Tom Lombardo on Wed, Aug 19, 2015 @ 01:00 PM

Does it ever seem like corporations and the government come up with acronyms just to confuse you?

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Tags: Tom Lombardo, Credit Card, Payments

Auto Dealers: Will You be EMV Prepared by October 2015?

Posted by Brandes Elitch on Mon, Jan 19, 2015 @ 09:00 AM

Customers and prospects ask us all the time what exactly is going on with credit cards. 

And no wonder as we approach NADA 2015 this week at the Moscone Center in San Francisco, California.

There is a lot of misinformation out there. For example, here are three breathless quotes from a well-known stock picking subscription service:

            “Due to recent changes in credit card liability, all merchants in America are now required to update their in-store credit card readers to a more secure standard referred to as EMV. Any merchant who does not comply will be liable for credit card fraud.  They have until October 2015.  So, in less than one year’s time, nearly every merchant in the US will have upgraded to these new readers.”

            “Every merchant in America is sure to have legions of shoppers demanding that they accept mobile payments.  Get ready for an all-out NFC frenzy!

            “With Apple getting on-board, mobile payments are now cool!”

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Tags: NADA, Auto Sales, Brandes Elitch, Check Guarantee, Hold Check, Credit Card, Auto Dealerships

The Auto Dealer’s Point of Sale System: A History Lesson

Posted by Brandes Elitch on Mon, Dec 29, 2014 @ 07:00 AM

The typical car dealer processes a lot of payments every day.  Between the F&I office, the cashier, the service desk, the parts counter, and perhaps a leasing or rental desk, a lot of money changes hands. 

Before electronic ticket capture for credit cards (swiping the magnetic stripe in a card reader), here’s how it worked: 

The cashier put the credit card into a big, heavy device called an imprinter, or more commonly, for obvious reasons, a “knuckle-buster.”  Then she inserted a five-part form and slid the imprinter over the card, which would imprint the raised lettering from the front of the card on the forms via carbon paper.

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Tags: Brandes Elitch, Multiple Check, Hold Check, Credit Card, Check Processing Equipment, Funeral Homes

Auto Dealers: Should Consumers Buy a New Car with a Credit Card?

Posted by Tom Lombardo on Tue, Sep 30, 2014 @ 10:00 AM

Car dealerships looking to keep their competitive edge have a new idea contending for their attention: accepting credit cards for down payments or even for full payment.

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Tags: Auto Sales, Tom Lombardo, Credit Card, Auto Dealerships

Federal Reserve Payments Study Infographic

Posted by Kevin Walli on Thu, Jul 03, 2014 @ 10:00 AM

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Tags: Checks, Debit Card, Credit Card, Payments

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