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Credit Card Processing Isn’t Just About Credit Cards Anymore!

Posted on 3/1/2016 by Ray Lamboy in LAEDA News

Aspiring entrepreneurs and business owners assembled at LAEDA Headquarters to learn about credit card processing and the risks business owners face in swiping that credit card. Joe Fallon of Fulton Financial Corporation shared his expertise in the merchant services area and opened a lot of eyes.

“Business owners who accept credit cards do not realize the layers of regulations and consequences they face”, said Mr. Fallon.  “Once you swipe that credit card you are responsible for all the personal information gathered and its security.”  Mr. Fallon explained under the new regulations rolled out with the new chip cards we see in the market place business owners must do to ensure the personal information of their clients.  He went on to explain that not all Mobile Processing systems are made equal in this respect.  He shared a website that you can go on to research which “Mobile Processing” platforms meet the new VMD regulations and are secure and which are not.

As explained by Mr. Fallon, services for “mobile processing” are fee-based service, and it varies depending on the credit card company. Mr. Fallon added that you need to “keep in mind that there can be a contract for mobile software.” He also explained that when your establishment accepts credit cards, you have to be PCL DSS compliant, except when using Square. However, “your merchant account provider should give you a way to be compliant because they can charge you for not being compliant,” Mr. Fallon stated.  

“With the advent of mobile credit card processing like Square and others, we think it’s important to inform our clients and business owners about the new technology”, said Gabriela Santoferraro, Program Manager of the Entrepreneurial Development Training Program.  “Being up to speed on the pros and cons of this fast moving area is important.”  

LAEDA hosts numerous seminars on a wide range of topics.  Our next seminar, Guerrilla Marketing: High Impact Low Cost Marketing Strategies is scheduled for Wednesday, March 23, 2016 at 6:00 PM.  We invite you to join our mailing list by clicking here.