Welcome to Sekure Merchant Services Business Resource Blog
Is your business EMV compliant? Two years ago, the EMV (Europay, MasterCard and Visa) credit card enhancements were introduced in the United States. It’s now poised to sweep the nation in response to numerous data breaches and persistent credit card fraud. As a business owner, you don't want to be caught on the wrong side of the change. EMV cards that feature 'tap and pay' options are slowly, but surely, taking over. They’re part of a new wave of cards that feature added convenience and embedded security technology to protect both merchants and consumers alike.
It is perhaps an oversimplification to suggest that the entire payment card system is really just a big insurance policy, but it’s definitely true to say that, as you zoom in to merchant-level, where there is more risk, there are more fees. Card companies have a lot of historical data – several years and trillions of dollars’ worth, in fact. What kinds of transactions prove to be the most at risk for fraudulent behavior? If your “merchant type” is in the second highest risk category, Restricted Merchant Type – you might have a tough time getting the best deal on your processing account. If you’re in the highest risk group, Prohibited, you might have a tough time getting an account at all.
Here's a little industry secret: terminals are not made of gold. In fact, terminals usually retail for around $300. But many people pay hundreds of dollars a month against a multi-year terminal lease.
PCI DSS (Payment Card Industry Data Security Standard) was established, and on 15 December 2004 and was initiated to define, on behalf of card issuers, the level of security required for merchants to meet basic acceptable level of data and communication security when storing and transmitting cardholder data.
Unfortunately, there are numerous ways a merchant can fall victim to a scam when shopping for payment processing services. One of the most common, as well as financially damaging, is leasing a credit card terminal.