Payment Processing

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Merchant Service Providers May Get Shafted

Rumor has it that those who depend heavily on residual income, aka Merchant Service Providers, may get shafted in 2008. Seems like many banks are starting to feel the pinch and sources say that some banks including Wells Fargo (NYSE WFC) and Bank of America (NYSE BAC) are considering reducing or even eliminating some […]

23Jan2008 | Riley Poole | 3 comments | Continued
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Next Day Funding Merchant Accounts

Anyone who sells merchant accounts has experienced one merchant or another opt for Paypal versus an actual merchant account. While there are many reasons for this, one of the big reasons may be a thing of the past. Typical funding for merchant account providers can range three to five days domestically, three weeks internationally, and […]

19Jan2008 | Riley Poole | 14 comments | Continued
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Are Alternative Payments causing an Alternative mess?

Anyone in ecommerce for more than a few years will tell you that adding more payment options will increase your user base. However, there isn’t one specific payment solution, short of accepting credit cards, that will dramatically increase your revenue stream. Typically, depending on the site itself, adding American Express (NYSE AXP) will increase your processing by […]

15Jan2008 | Riley Poole | 5 comments | Continued
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Did the Holiday Rush Break UPS?

It appears as the jump in holiday shipments had caught UPS (NYSE UPS) by surprise. While UPS runs one of the largest and most technologically advanced computer systems on the planet, with operations in nearly every country, real-time satellite communications and more, it seems that didn’t help with the holiday crunch.
Most of UPS systems were […]

13Jan2008 | Riley Poole | 6 comments | Continued
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Merchants Beware

So you are a small or even medium size merchant and trying to start your business. You go looking around for a merchant account and you find someone you think you can trust. A few days later and $1,000.00 spent and that trust is gone, along with your “deposit” or “processing fee”.
Over the past week, […]

13Jan2008 | Riley Poole | 7 comments | Continued
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Has Google Checkout Stopped Paying Its Merchants?

There have been several unconfirmed reports now that Google Checkout payments haven’t been posted for several weeks now, and support emails are going unanswered for days on end. I am sorry guys if I kept you busy with the PCI thing last week but one word of advice, the quickest way to get a bad […]

10Jan2008 | Riley Poole | 5 comments | Continued
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First Data Guns Down Merchants

Effective today, First Data has just terminated all of its firearm merchants selling in non face-to-face transactions. For those of you not familiar with credit card processing, First Data is responsible for more than 60% of payment processing in the United States. They have not only terminated many of these legitimate and established merchants but […]

8Jan2008 | Riley Poole | 31 comments | Continued
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Merchant Service Providers Encourage Fraud and Chargebacks

So here is how the scam works, once one of the merchant providers hint at a problem with a merchant, they will begin applying restrictions, making unreasonable demands and reducing limits, all in the efforts to distract the end merchant. When the merchant eventually falters, the merchant service provider will hold back several weeks of […]

8Jan2008 | Riley Poole | 5 comments | Continued
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Yahoo Overbilling Users, Part 1

We now have three separate users claiming that they have been overbilled by Yahoo Personals. While I respect Yahoo for its ability to weather through tough markets, Yahoo’s attempt to recover some of those lost revenues through overbillings is just wrong. To assume that it would be a mistake is one thing but I think […]

7Jan2008 | Riley Poole | 10 comments | Continued
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Telemarketing Scam Exposed

I read an interesting article today about a young woman named Kim Worman. The theme wasn’t that different than the many stories out in the blogosphere: poor woman gets taken in by some bogus charges on her credit card. Got me to thinking, it’s shocking the number of people unfamiliar with how this overall scam […]

6Jan2008 | Riley Poole | 7 comments | Continued
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