Author: Constellation Payments

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7 Ways to Proactively Prevent Credit Card Chargebacks

Constellation Payments |

If you accept credit cards at your place of business, you’ve likely dealt with chargebacks at one time or another.

For those that haven’t, chargebacks occur when a cardholder contacts their credit card-issuing bank and asks for a refund on a transaction for a purchase or service made on their card.

A chargeback can be a HUGE setback to say the very least. Not only is it a big pain in the rear to handle that equals wasted time and resources to resolve … you, the merchant, can potentially lose out on the money you’re owed AND face an additional chargeback fee from the processor.

That said, it makes good business sense to employ proactive practices in your business to prevent a customer from charging back a payment.  

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Help! Do I Really Need to Upgrade to an EMV Chip Card Terminal?

Constellation Payments |

 

We get asked this question all the time, so I figured I’d answer it here on our blog.

While it’s technically true that no one is going to force you to upgrade to an EMV chip card terminal, it is not a gamble that is advisable, and it all has to do with how risk is viewed in a post-EMV world.
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Continue reading “Help! Do I Really Need to Upgrade to an EMV Chip Card Terminal?” →

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Quick Guide to PCI Compliance: What You Need to Know, Steps You Need to Take

Constellation Payments |

Every industry has its share of specific terms, acronyms and abbreviations. There’s certainly no shortage of them in the world of payments.

One that you’ve likely come across on a regular basis — and one of extreme importance to your business — is PCI-DSS.

PCI-DSS stands for Payment Card Industry Data Security Standard. It’s a set of requirements created to keep customer payment card data secure. All companies that process, store or transmit credit card information are required to comply with PCI-DSS.  Continue reading “Quick Guide to PCI Compliance: What You Need to Know, Steps You Need to Take” →

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Help! Card Not Present Fraud Is on the Rise. What Can I Do to Prevent It?

Constellation Payments |

In my last post, I spoke about card present fraud and EMV.

It’s important to understand the two types of fraud, how they occur, and what you can do to put a stop to it. I suggest you read this article as well: What Is Card Present Fraud?

The second type of fraud that I’ll cover here is card not present fraud. Card not present fraud is online, hacking-type scenarios where someone goes onto an ecommerce site, gets a hold of your data, and attempts to perpetrate fraud using your number.  Continue reading “Help! Card Not Present Fraud Is on the Rise. What Can I Do to Prevent It?” →

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What Is Card Present Fraud? How Can It Be Prevented?

Constellation Payments |

“What does ‘card present fraud’ mean? … How can it be prevented?”

I get asked these questions all the time and you likely have questions around it yourself. I’m hoping to clarify card present fraud for you — and shed light on how to put a stop to it.

Stay tuned for my next post. I’ll cover card NOT present fraud and what do to about it.
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Continue reading “What Is Card Present Fraud? How Can It Be Prevented?” →

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Help! I Process Very Few Credit Card Transactions Each Month. Do I Need to Worry About EMV?

Constellation Payments |

I only process about five transactions a month with a card presented by a member we know. Do I really need to worry about fraud and switch to an EMV terminal?


Rick Ellis’ Answer to “Do I Need to Worry about EMV If I Process Very Few Credit Card Transactions?”:

This is a common misconception. Merchants with low transaction amounts think they’re less at risk of fraud, but in fact, are MORE at risk.

Here’s why:

Continue reading “Help! I Process Very Few Credit Card Transactions Each Month. Do I Need to Worry About EMV?” →

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EMV Merchant Liability Shift: Who Covers the Cost of Credit Card Fraud Starting October 1st?

Constellation Payments |

Understandably, one of the biggest concerns about the EMV changes that take effect here in the U.S. on October 1st is the impact of the merchant liability shift.

Right now, as it has been for the longest time, card issuers are the ones who bear the brunt of most credit card fraud.

Starting October 1st, this will change. Under certain conditions, card issuers are no longer going to cover a merchant’s risk associated with transactions that result in fraud.

So what are those conditions? We’ve developed a simple chart to give you a concrete understanding of the different possible scenarios and how they will affect merchants that accept credit cards.  Continue reading “EMV Merchant Liability Shift: Who Covers the Cost of Credit Card Fraud Starting October 1st?” →

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Clear Up “EMV Chip Technology Confusion” with These 4 Resources

Constellation Payments |

It won’t be just any old Thursday. Come October 1, 2015, the U.S. will flip the switch to a three letter acronym we all should get used to hearing: EMV.

Named after its original developers, Europay, MasterCard and VISA, EMV is a set of specifications for chip cards and the devices — such as point of sale payment terminals — that are used to accept chip card payments.

Why the change? EMV chip technology is proven to significantly reduce card fraud resulting from counterfeit, lost and stolen cards.

If you haven’t already, you’ll soon see:

  • Consumers whip out new chip cards to make in-store purchases.
  • Merchants with new point of sale terminals that accept chip cards.
  • Chip cards being inserted into terminals instead of being swiped.

You’ll also see the emergence of contactless payment methods — like Apple Pay — where customers make purchases by holding their contactless card or mobile phone in front of a reader — rather than inserting a card.

With all these changes comes, of course, plenty of questions. Fortunately, there is no shortage of guidance.

Here are four resources we strongly recommend checking out in the next few weeks to get up to speed on EMV: 
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Credit Card Tokenization: Data Thieves Can’t Steal What Isn’t Theirs

Constellation Payments |

In today’s world, merchants are expected to keep cardholder data secure. Companies like Target and Lowe’s don’t just find themselves with a bunch of bad PR, they also have to deal with costly fines and litigation. Unfortunately, many merchants don’t truly understand how vulnerable electronic payments are, and may think they are secure, when in fact they are not.

The Payment Card Industry Data Security Standard (PCI-DSS) is the set of payment card industry rules for data security. As PCI standards become more and more complicated, merchants are investing in a variety of solutions. However, some of those solutions don’t provide the level of security required to pass an audit.

Continue reading “Credit Card Tokenization: Data Thieves Can’t Steal What Isn’t Theirs” →

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Help! Which EMV Payment Terminal Should I Use in My Business?

Constellation Payments |

I recently received an email from a merchant with a problem so common that I thought I’d share it with all of you. Many small business merchants are too busy running their businesses to keep up with the latest developments in payment processing hardware and security. That said, they’ve been informed that they will need new hardware or face increased liability in case of fraud.

So if you need a crash course in the different types of EMV terminals and their respective benefits, this post is for you.

Dear Rick,

I’m starting to panic. The liability shift is just 2 months away and we don’t have any EMV-ready terminals at our gym. Not sure how to begin the shopping process. Any insight would be hugely appreciated.

Continue reading “Help! Which EMV Payment Terminal Should I Use in My Business?” →

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