Miscellaneous Business Musings…Banks Give Apple a Break on Mobile Transaction Fees, Warren Buffet and ART OF WAR

Banks Give Apple a Break on Mobile Transaction Fees

When Apple officially unveiled Apple Pay at its launch of the iPhone 6 smartphone,the mobile payment system, it revealed at that time iPhone 6 users would be able to make payments by holding their phone within range of the Near Field Communication sensor at the point of sale. This news was informative on several fronts. NFC is being used in everyday news articles making it more relevant to the business owner instead of some tech talk that doesn’t translate to the bottom line. It also is showed you how Apple Pay, Google wallet. etc.. ,are making serious efforts to join you in your business.

Ok small business owner, so what? Right? I know most of you aren’t very excited about Apple getting breaks on anything really, right? No, you would be incorrect this time. Ok, tell us how it benefits us.

#1. Your transactions involving Apple pay will be automatically processed as a card present transaction. This get’s you the lowest level of rates instead of the higher rates that involve a card not being present and either keyed, or done with NFC technology.

#2. You will be getting a strong advertising effort from Apple to make sure their customers know about Apple Pay and all the positive uses for the customers that Apple Pay provides.

#3. You might even get better deals on your discount rates involving NFC transactions because of Apple negotiating lower rates from the Merchant Banks. That’s just a guess, but it’s possible.

So, you are in effect getting lower rates through card present transactions, free piggy back marketing with Apple customers with Apple pushing Apple pay and possibly getting a better deal on rates involving NFC payments. Not Bad all in all.

I mentioned Warren Buffet in my title to this article: He has a few bucks, and I’m guessing he likes this article because it promotes small business.

Image result for art of war quotes

My Sun Tzu reference is encouragement to take advantage of some of these services that I am blogging about. The more services you offer your customers the easier their lives become making your business the one they frequent the most: Customer loyalty equals you winning the battles and ultimately the war with your competition.

Let me show you how I can set you up for success by taking advantage of these offerings for your business. Contact me at cvann@capitalbankcard.com, or craiglvann@gmail. You can also take a look at my web sight at http://www.capitalbankcardcentralalabama.com/

PCI COMPLIANCE: What does PCI COMPLIANCE have to do with my business?

Today I want to address the issue of PCI. It’s an important piece of the processing puzzle that any merchant who processes, stores and has access to merchant data must have to protect the data against security breach and against the financial responsibility that is incurred if it happens.

What is PCI?

PCI generally refers to the Payment Card Industry Data Security Standard, or the PCI DSS. This standard was developed by the PCI Security Standards Council, which is a consortium of the major credit card brands (Visa, Mastercard, American Express, and Discover). It represents the combination of two previous separate programs: the Visa Cardholder Information Security Program (CISP) and MasterCard’s Site Data Protection program (SDP). The goal of the PCI DSS is to specify a common standard for protecting cardholder data from compromise.

What happens if my business is not PCI compliant?

If your business is not PCI compliant there are various measures that the card brands can take, ranging from warnings and monetary fines to revoking your ability to process transactions entirely. More importantly, the PCI DSS allows you to assure your customers that you’re protecting their credit card data appropriately.

If my business is PCI compliant, does it reduce my insurance liability?

In most cases, no. If you’re not compliant and experience a breach, however, you can be open to legal action from the affected customers.

What benefits does Capital Bankcard offer in being PCI compliant through them?

In Capital Bankcards PCI compliance package, we cover the PCI, cover the first two chargebacks by refunding the fees( other companies DO NOT offer this), cover up to 10,000$ in case of a breach( Capital bankcard has never had ONE breach incidentally) and we will publish you a certificate of your compliance. There is a fee of 79$ for the compliance package, but its reasonable when compared to the range of fees other companies charge for a PCI package( upwards of 200$ for some companies, or they charge even more not disclosing the fee by lumping them together with other undisclosed fees).

In conclusion, we defined PCI and why you need to have protection. I explained the benefits of doing business with Capital Bankcard and what those benefits are. One of the main, if not THE main, reasons I I decided to sell for Capital Bankcard is the fact that we are transparent with the fees we charge and we DO NOT lump them, together in a convoluted fashion to confuse you and hope you don’t notice. I will always be happy to talk about what we charge and why we charge it. Thank you and I hope this helped you understand some things about your business that you may have been a bit confused about

Contact me, Craig Vann, anytime at 334-315-1427, and feel free to check out my web sight for more information at http://www.capitalbankcardcentralalabama.com/

Processing 101: What is NFC? What can it do for my business?

What is NFC?

What does NFC stand for? The acronym stands for NEAR FIELD COMMUNICATION.

Have you ever wondered what makes tap-and-go services like Apple Pay, Google Wallet and Amiibo work? It seems like magic, but it’s not.

How does NFC work?

The tech involved is deceptively simple. Evolved from radio frequency identification (RFID) tech, an NFC chip operates as one part of a wireless link. Once it’s activated by another chip, small amounts of data between the two devices can be transferred when held a few centimeters from each other

So what is it exactly? Simply put, it’s a method of wireless data transfer that detects and then enables technology in close proximity to communicate without the need for an internet connection. It’s easy, fast and works automatically. At its core, NFC works to identify us by our enabled cards and devices.

How can I use NFC?

Frankly, the answer is you use it with your smart phone. NFC makes your smart phone into a digital wallet that makes paying for goods and services a fast. efficient way to do business. Google wallet, Apple Pay are the more popular ways that consumers are familiar with, but soon there will be an endless amount of options that will include you and your ability to pay no matter who you bank with.Whichever device you have, it’s likely that a local supermarket, train station, taxi or coffee shop supports contactless payments via your phone’s NFC chip. Go try it out! Simply hold it close to a contactless payment terminal and instantly, like swiping a credit card, the payment will complete.

Do I have NFC?

Interested in giving NFC a shot? First, you need to find out if your device is compatible with contactless payment terminals and passive NFC tags detailed above.

The good news? The list of compatible devices is staggering and growing with time. It’s safe to say, if you’ve purchased a smartphone in the last year or two, you should be ready to go. A few examples of recent NFC-equipped smartphones: Nexus 6, Sony Xperia Z3,iPhone 6, Samsung Galaxy Note 4, LG G3, HTC One M9.

You’ll probably also be in good shape if you’ve bought a tablet recently. TheGoogle Nexus 9, iPad Mini 3 and iPad Air 2 each have the capability out of the box.

Looking forward, NFC chips will also be in more smartwatches and fitness trackers. Apple is including NFC support in its Apple Watch so that users can pay for goodies using Apple Pay with a tap of the wrist. Here are a few videos showing NFC.

http://www.youtube.com/watch?v=q87oIVIYbCM

NFC technology is something every business will have to have. Why wait for your competition to get ahead of you? Let me show you how I can set you up for success by taking advantage of this for your business. Contact me at cvann@capitalbankcard.com, or craiglvann@gmail.


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