Unfortunately, we have more “breaching” to report this week: As Reuters reports, “hundreds of millions of hacked user names and passwords for email accounts…
Earlier this month, the Consumer Financial Protection Bureau (or CFPB) issued its 9 “Guiding Principles” for faster payments, and payment protection. As they bureau states, they “want to ensure any new payment systems are secure, transparent, accessible, and affordable to consumers. The systems should also have robust protections when it comes to fraud and error resolution.”
A pair of mid-summer surveys come our way, showing that Americans really like using the plastic in their wallets, but are still learning all the ins-and-outs of what it means to have both credit, and a credit score.
You know about ACH — those Automated Clearing House payments that we also offer here at AVPS. Sometimes called “Electronic Check Processing,” it is, as our own website notes, “a form of electronic payment… often confused with a wire transfer because it works in a similar fashion. However, unlike a traditional wire transfer, it can be used to process higher amounts, or for small payments which may settle from 1 to 2 business days.”
A thoughtful analysis on Pymnts. com talks about some of the unexpected “fallout” from the recent high-profile credit card breaches. One might expect that such an event would accelerate the calls for adapting more secure “EMV” card standards here, or even spark discussions on whether customers should have ever-shifting “account numbers,” etc., as a way of minimizing security risks. And those discussions have happened.
A merchant account will enable you to accept checks and credit cards, ensuring you have a safe, effective way to process payments. Most businesses know they need to accept credit cards these days but many customers still use checks so it’s still important to be able to accept checks online (as well as offline). Not offering your customer’s preferred payment method could mean a lost sale.
Don’t make the mistake of thinking that checks are completely outdated and you don’t need to worry about providing that as a payment options these days. Not having the ability to accept checks could cost you money and the goal of any business is to make money, not lose it.
There are a lot of interesting tea leaves — perhaps that’s peppermint tea, in the spirit of the season — to be read as the data comes in from Black Friday through Cyber Monday, that stretch of time formerly known as “Thanksgiving Weekend.
ACH, or “Automated Clearing House,” has been in the financial news of late, particularly in a couple of MarketWatch articles about ongoing changes to the system of payments, particularly in this era of instantaneous digits.