These days most consumers feel confident using credit cards online through e-commerce shopping carts and transacting personal data with businesses. Since businesses are entrusted with consumer confidence and personal data, it’s vital to protect this data from cyber-attacks. When it comes to credit card processing, it requires constant oversight to protect their customer data and avoid becoming victimized by persistent criminals. This article is to inform you about why you need to migrate from SSL and upgrade to TLS v1.2 or higher for secure and compliant credit card payment processing.
Integrated Acumatica level 3 automation makes your job easier and can reduce interchange rates
Acumatica users who process credit cards may be missing out on an easier way to do their job that actually saves the company money. With Acumatica credit card processing from American Payment Solutions, you benefit from automation that makes your job easier and can lead to lower interchange rates. Here’s how:
Clouds and Subscription: Impact on Your Business Model
We all know the cloud has become one of the greatest disruptors in our business world today, with large enterprise technology companies reporting substantial profit increases driven by cloud operations, and smaller businesses feeling the impact of cloud computing on everything from supply chain management to pricing and sales models. Business models, hardware sales, and workflows are all shifting considerably to the point where many existing rules of the tech business are no longer relevant. The trend is most noticeable in the shift in tech business models away from hardware and proprietary software sales models, and toward subscription-based revenue models, where users pay for the right to use technology, but don’t ever actually own it.
Use Sage 100 level 3 credit card processing when accepting credit card payments to significantly reduce processing fees.
7 Growing Credit Card Processing Trends Transforming the Payments Industry
- In-store mobile payments are expected to overtake credit cards and grow from $75 billion to $503 billion in 2020
- The top mobile wallets used at small and medium businesses are Apple Pay (16.6%), Google Wallet (516.0%), Android Pay (%11.3%), and Samsung Pay (8.2%).
- The top 3 payment methods of online shoppers are credit cards (42%), electronic payment (39%), and debit cards (28%).
- There will be 27.7 million mPOS devices in circulation in the U.S. by 2021, an increase from 3.2. million in 2014.
- Over the next 5 years, blockchain technology is expected to reduce the costs of accounting reconciliation by 70% and compliance costs by 30-50%.
- Enhanced customer experience is the future of payments, as more than 60% of Millennial and Gen Z consumers are willing to share their bank account credentials with third parties.
- Biometric authentication such as fingerprint ID and facial recognition will be used in more than 18 billion transactions by 2021.
Our Sage 100 credit card processing integrations team works diligently to help keep our merchants’ data safe. For Sage 100 merchant processors, this means we need to ensure all our customers are following the PCI-DSS Regulations. On June 30th 2018, TLS 1.0, SSL V3 will no longer be a PCI approved method of running transactions. To maintain PCI Compliance, payment processors and gateway providers are removing security certificates, which will disable older versions of Sage 100 legacy software using this legacy encryption method. This means processing this way will not be considered PCI Compliant, and all transactions will stop working eventually.
According to posts on the internet and information gleaned from our Channel Partner Network it would appear that on May 2nd, 2018 Sage 100 versions 4.5 and prior, formerly MAS 90 and MAS 200, could no longer process credit cards through Paya, formerly, Sage Payment Solutions. Most companies on these versions of Sage 100 mentioned they had a processing blackout for over 24 hours, some even longer. It is currently unclear whether the companies using these versions have abruptly been forced to stop processing or whether they will be forced to stop processing as of June 30, 2018 the last day the card brands will allow transactions to flow on any TLS lower than TLS 1.2.
There are a few main types of credit card processing rates with their own advantages and disadvantages. There are flat rates, tiered pricing rates, interchange plus rates, Level 1, Level 2 and Level 3 processing rates.
Read this article before switching merchant service providers.
Switching merchant services providers may seem like a hassle if you are switching to save money it’s worth it and your new provider should make it as painless as possible. However, there a few important items to consider when making the switch. Credit card processing is a commodity, companies usually switch for a few main reasons; to get better rates, enhanced integration, superior support and/or to ensure PCI compliance.
Topics: Credit Card Processing
New research from Kaspersky Lab shows that the average cost to small-to-medium sizes businesses in the United States and Canada has reached record highs.
The company found that data breaches now exceed $140,000 for SMBs (up 36% from 2017). Most of the cost comes from the need to quickly upgrade infrastructure and software, but there are hefty fines if the data that was compromised included credit card data. For enterprise companies, the costs are even greater, with the average data breach cost being $1.75 million on average.
Topics: PCI Compliance