As a merchant, you will often accept payments in a foreign currency. For example, a retail store may swipe an international card if a tourist makes a purchase, or an e-commerce site may accept orders placed by a customer from another country.
Whenever a foreign transaction occurs, there is always a surcharge. The difference lies in which party is responsible for paying that fee, and that depends on the way that the merchant account was set up.
The grocery industry is seeing some pivotal changes of late. No doubt about it, 2017 is going to be a defining year as consumers seek both convenience and speed in the shopping experience. They expect to be able to find what they’re looking for easily and to get in and out quickly.
When it comes down to it, aside from product placement and selection, payment plays a pivotal role in providing the ideal experience consumers will come to expect.
The top innovators in the grocery industry have demonstrated that a speedy checkout process has been the key to their success.
Over the next few years, the mag stripe is likely to disappear from credit cards entirely. This is due to an influx of fraud on non-chip transactions and the security gap that swiped transactions leave, as evidenced by several massive data breaches famously affecting large corporations.
Most recently, it was discovered that Madison Square Garden had been hacked for an entire year and that perpetrators gained access to tens of thousands of credit card numbers before the problem was discovered.
Fidelity is grateful to our merchants and partners for being a part of our family.
To express our thanks, we’ll be open on both Thanksgiving and Black Friday to service your business needs.
We hope we’ve made buying that turkey just a little bit easier!
American Express has its Small Business Saturday Program scheduled for this Saturday, November 26th. It is a great opportunity for businesses to promote themselves and encourage customers to spend since they are being rewarded with double points this year.
Fidelity Merchant Support talked to American Express to determine the requirements for this year’s program to pass them onto our merchants.
Fidelity Payment Services has been a fixture at Kosherfest, the largest annual Kosher food show, as the prime payment processor for the vast majority of the Kosher industry. We take the opportunity to connect with our merchants face-to-face, advising them on the latest news in the payments industry and even offering them a complimentary shoe shine!
Kosherfest is also a prime opportunity to hear direct feedback from our merchant on the services that we provide. Agents spoke to their merchants over the course of the two-day show and received a tremendous response from owners of businesses large and small.
Canadian merchants processing with Elavon have typically been restricted to a specific processing format with American Express. But they are now able to enjoy the convenience of a more streamlined program. There are four main benefits for merchants that choose to enroll:
A Consolidated Statement
One benefit of the new program is a single statement for all credit card transactions. By contrast, the previous program issued a statement for Visa, Mastercard and Discover, while American Express was separate. Aside from convenience, this also has several ramifications for merchants in terms of fees and receipt of funds.
As a reminder, terminals must be manually adjusted for Daylight Savings. For most US states, the clocks move forward at 2 AM on the second Sunday of March, and they revert back on the first Sunday of November at 2 AM.
Click here for instructions on how to adjust the time on the most popular terminals. We’ve also put together a short video which demonstrates how to set the times on the PX S80 and VX520, featuring Johany and Victor from our Technical Support team.
Fraud has escalated this year to nearly $22 billion in losses globally. In other words, for every $100 spent, 6.97 cents was fraudulent, compared to 6.21 cents the year before. The Nilson Report, the top newsletter covering the payment industries, put together the specific fraud metrics.
According to their report, if the global fraud rate was a pie, the US has the largest slice. The United States alone accounted for nearly 40 percent of the gross fraud losses, even though they only generated 22.9 percent of global purchase volume. Simply put, for every $100 spent in the US last year, 11.76 cents was fraudulent.