Seven Ways to Lower Your Payment Processing Costs

Credit card processing is one of the most complex and confusing services businesses buy today. However, this vital payment solution increases in importance each year as more customers use cards to make purchases. The current economic climate makes it even more important for a business to understand credit card processing and how to manage the process in the most cost-effective manner. Below are strategies to help your business lower their processing costs and avoid paying excessive fees.
 

1. Increase Payment Options

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At Commerce National Bank, “The Bank for Business,” your business is our business. Our only business. For more than 20 years, CNB has provided personalized banking services to more than 1,000 privately owned Central Ohio businesses. Ask any one of them, and you’ll know why they have found their financial partner in Commerce National Bank.

Global Payment, Inc. Breach

You may have recently read about the Global Payments, Inc. card breach and have some questions about how this might affect you. Global Payments, Inc. is a card processor for debit, credit and gift cards. While the full details are yet to be disclosed, what is known is that this company was breached by criminals earlier this year and are working to determine what card information was stolen. First Merchants wants you to be aware that:

Phishing Phone Call Alert

There are reports that fraudulent phone calls are being made by criminals that are recordings purporting to be from First Merchants. This is a common phone phishing scam that the criminals use in which the pose as a financial institution. The phone call is normally a recording that directs the recipient to press a number (usually 1) and provide information regarding their debit cards and potentially other information.

OCC Scam Alert

Fictitious correspondence, allegedly issued by the OCC regarding funds purportedly under the control of the Office of the Comptroller of the Currency (OCC) and other government entities, is in circulation. People have received the correspondence by email, fax and postal mail.

FBI Warning: New Telephone Scam

The Internet Crime Complaint Center (IC3) continues to receive complaints from victims of payday loan telephone collection scams. The typical payday loan scam involves a caller who claims the victim is delinquent on a payday loan and must make payment to avoid legal consequences.

Fraudulent Email Balance Requests

The FBI has released a fraud alert involving email intrusions to facilitate wire transfers to foreign countries. This expands on the current alert in this section, dated January 24, 2012. The characteristics of the fraud are:

Fraudulent Equifax Request for Information

Be aware of fraud activity involving a physical fax that appears to be from Equifax, the credit agency. The fraud occurs through these steps:
  • The fax tells the recipient that Equifax needs their bank account number, fax number to their banking center and other information.
  • The fax then instructs them to sign the form and fax it back to them.

Website Blackouts Protesting Web Piracy Legislation

You may have heard about bills in the U.S. Senate and Congress intended to protect intellectual property and jobs named, respectively, the Protect Intellectual Property Act (PIPA) and Stop Online Piracy Act (SOPA).
 

Zappos Online Shoe Store Breach

Zappos announced that a breach was discovered and 24 million accounts have been compromised of information including names, email addresses, billing and shipping addresses, phone numbers, the last four digits of credit cards and encrypted passwords.
 
If you are a customer of Zappos, go to their website for more information and read other news reports about it.
 

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