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VISA Updates Dispute Rules in Response to Pandemic

In October, VISA updated its dispute rules in response to the pandemic driven increase in disputed transactions. The new rules apply to disputes processed on or after October 16, 2021, and effect the following: Travel-related disputes under Dispute Category 13 (Consumer Disputes) Time frame reductions for third-party gift cards Use of compelling evidence for dispute

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Market Update November 2021

VISA Updates Dispute Rules in Response to Pandemic In October, VISA updated its dispute rules. Changes include adding wait time limits before issuers can issue chargebacks for certain types of disputes and use of compelling evidence for dispute responses. Read more here. Verisave Tip – Avoid EMV Non-Compliance Fees Verisave has observed that some processors are

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5 Ways to Stay Focused on Profitability During Budget Season

Budget season can sap the bandwidth from an already-stressed finance team. But it doesn’t have to be that way How can your team effectively navigate budget season without losing focus on profitability? Managing post-COVID recovery plans in addition to regular day-to-day duties has left many finance departments feeling overextended. While the end of the year

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8-Digit Bank Identification Numbers Coming in April 2022

Video: 8-digit Bank Identification Numbers are coming in 2022. And this could cause trouble for your business. Currently, the first 6 digits of a credit card number are used to identify the bank or organization that issued the card to the cardholder. The number of card issuing organizations is sharply increasing worldwide, stressing the limitations

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cost reduction project

Is Your Business Avoiding Critical Cost Reduction Projects?

As the economy recovers, now is the time to take a step back and set up your business for success. These are unprecedented times. Fueled by a dropping unemployment rate, a surge in consumer demand and expectations of record-level government spending, the U.S. economy is rebounding faster than anticipated. In fact, according to Business Insider,

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Credit Card Surcharging to be Legalized in Colorado

Credit card surcharging will soon be legal in all but two states … but there are some serious pitfalls to be considered. Colorado recently passed a law making credit card surcharging legal in the state, taking effect July 1, 2022. Colorado was one of the last hold-outs for bans on surcharging, leaving Massachusetts and Connecticut

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Kroger Visa Ban

How Kroger Fought (and Won) Against Visa to Lower Credit Card Merchant Fees

In 2019, Smith’s Food and Drug stores (part of the Kroger grocery empire) stopped accepting Visa Credit Cards as a payment method, citing high credit card processing fees.  This ban made big waves in the retail merchant account world, and signaled Kroger’s intention to negotiate a reduction in Visa’s portion of those processing fees. In

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Infographic: Credit Card Processing Fees

Where Do Your Fees Go? When a merchant takes a credit card payment, a portion of that sale is taken in the form of merchant account fees … Every merchant must have a relationship with a credit card processor in order to take credit card payments. But the processor is ONLY keeping about 5% of

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Visa and Mastercard are Changing the Rules

Twice-Yearly Changes to Credit Card Processing Fee Structures Often Catch Merchants Off-Guard Here’s an overview of the changes put in place in April, 2019. Including one that can significantly increase a merchant’s Interchange Fees … The April 2019 Changes: Visa and Mastercard change the rules governing merchant processing fees twice per year: April and October.

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