2024 Merchant Processing Industry Trends You Should Know About!

Feb 11, 2024

Merchant processing industry continues to undergo significant transformations in today’s rapidly evolving digital landscape. In  2024, both businesses and consumers will experience new trends that promise to make payments more secure, efficient, and convenient. Understanding these new trends will help you increase revenue while maintaining secure, effectient and convenient forms of payment connections for your customers!

  1. Contactless Payments will Surge - it started during COVID-19 and has grown exponentially over the past couple of years. Tapping your card is cleaner and faster than handing over to someone to swipe or insert for EMV approval!                               
  2. More Instant Peer-to-Peer (P2P) Payments - Zelle/Venmon/Cash App have gained a lot of traction over paying with checks & cash.  However  in 2024, these companies will be sending out 1099K IRS Forms to both businesses and individuals that make more than $600 per year!                                                        

  3. Enhanced Data Security - Every merchant services company is required to secure the merchant and their customers' data. PCI Compliance has been around since 12/2004 so we are amazed when our merchants do not understand what it is and how ignoring their PCI Compliance Certification can impact their business in many ways: 
    1. The merchant processor will charge a hefty monthly penalty on top of the monthly fee if the PCI Certificate is not completed with 90 days of the opening of the account. 
    2. Up to $100,000 in fines due to breach
    3. Customer Chargebacks with a $30.00 each plus the cost of the charge
    4. Loss of business due to ruined reputation
    5. Account Closure by processor due ton chargebacks                                     
  4. By completing the PCI Compliance Certification merchants get the following benefits: 
    1. Companies like TSYS offer $100,000 in breach coverage for their merchant that complete the Annual PCI Compliance Certificate.
    2. Their merchants are trained and understand how to handle customer data to avoid a breach.
    3. A monthly fee is charged instead of a huge Annual Fee or penalties
    4. PCI Compliance is especially important for ONLINE Businesses               
  5. Biometric Payment Authentication Will Gain Traction - some of the industry brands like MasterCard are now introducting SELFIE PAY. This program allows a customer to use a biometric checkout program creating more security for the merchant.                                                                             
  6. More Personalized Payment Experiences like  BUY NOW/PAY LATER payment options are currently available  with more programs are expected to hit the payment industry soon customizing to customer experience.                    
  7. Worldwide credit card brands are working on Cross-Border Payments which will help increase business reach and revenue. 

Call Merchant Processing Solutions today 954-938-2420

What's worse than software integration?

By Merchant Processing Solutions • 21 Feb, 2024

By Merchant Processing Solutions • 23 Jan, 2024
Visa / MasterCard Interchange Fee Settlement Recovery.The lawsuit is about claims that merchants paid excessive fees to accept Visa and Mastercard cards because Visa and Mastercard, individually, and together with their respective member banks, violated the antitrust laws.The settlement creates the following Rule 23(b)(3) Settlement Class: All persons, businesses, and other entities that have accepted any Visa-Branded Cards and/or Mastercard-Branded Cards in the United States at any time from January 1, 2004 to January 25, 2019, except that the Rule 23(b)(3) Settlement Class shall not include (a) the Dismissed Plaintiffs, (b) the United States government, (c) the named Defendants in this Action or their directors, officers, or members of their families, or (d) financial institutions that have issued Visa-Branded Cards or Mastercard-Branded Cards or acquired Visa-Branded Card transactions or Mastercard- Branded Card transactions at any time from January 1, 2004 to January 25, 2019. The Dismissed Plaintiffs are plaintiffs that previously settled and dismissed their own lawsuit against a Defendant, and entities related to those plaintiffs. If you are uncertain about whether you may be a Dismissed Plaintiff, you should call 1-800-625-6440 or view the list of Dismissed Plaintiffs for more information.The Notice has important information for merchants that accepted Visa and Mastercard from January 1, 2004 through January 25, 2019. It explains the settlement in a class action lawsuit. It also explains your rights and options in this case. The court also issued a “Notice of Exclusion” to the Dismissed Plaintiffs and an additional notice to those merchants explaining their right to file claims.Click Here to Submit a ClaimNeed for information? Please give us a call! 954-938-2420Merchant Processing Solutions Inc.Please Call Merchant Processing Solutions Inc. @ 954-938-2420

Start 2024 with No Merchant Fees!

By Merchant Processing Solutions • 08 Jan, 2024
 Merchants no longer have to carry the burden of their customer's credit card fees! Here why and how! MERCHANT BENEFITS: Merchants have been paying the credit card fees to entice customers to pay now and pay later! Merchants get their credit card fees with 24-48 hours with credit cards helping the revenue flow of the business. Merchant are able to sell immediately higher prices product and services when the customer have a credit card with the available. CUSTOMER BENEFITS: Customers can purchase more, higher priced products and services without needing cash. Customers can pay off their purchases when they want to but enjoy the purchase immediately! Customers have 180 days from the date of purchase on the receipt to do a CHARGEBACK! Customers have protection against FRAUD on their credit cards. Customers can track their credit card purchases for taxes. Customers can receive REWARDS/POINTS/CASH BACK from their credit cards to enjoy for a multitude of activities and products! Most credit cards offer some time of warrantee/guarantee with the purchase.Credit Cards, different from Pin-Debt Cards, protect the customer from potential hacking into outside vendor accounts and gaining access into the customer's It is legal in ALL 50 States to offer the Cash Discount Program promoting the acceptance of CASH by the merchant which lowers the cost of purchase to the customer! However, there is NO DISCOUNT for customers who want to pay with their credit cards and reap all the benefits given them by their credit card company! Want to know more on how your business can saves thousands of dollars a year? Call Merchant Processing Solutions Inc. 954-938-2420 Please Call Merchant Processing Solutions Inc. @ 954-938-2420
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