Last year, as we turned the corner on Halloween, we noted the growing popularity of “Singles Day,” that online shopping extravaganza that has become a bellwether for economic trends heading into end-of-year holidays.
By way of background, CNBC recounts that “Singles’ Day was first celebrated in the 1990s by young, single Chinese as an anti-Valentine’s Day.” (Consider the array of “ones” on 11/11, by way of symbolism).
Among the many types of hacks and frauds we warn about, or sadly have to post about (a report discussed by Reuters this week finds that “cyber security breaches erode companies’ share prices permanently”), one to be especially vigilant about is the “force sale” (sometimes called a “force capture” or “offline transaction.”)
A recent article in Slate’s “Future Tense” section has some sobering news: “In 2005, Panda Software reported that a new strain of malware was discovered every 12 minutes. In 2016, the cybersecurity company McAfee says it found four every second.”
Historians, according to a round-up of Thanksgiving facts from the U.S. Census Bureau, recorded other “ceremonies of thanks” given by various groups of European settlers in North America — not just pilgrims. Indeed, most of these were probably Biblically-derived, and “included the British colonists in Virginia as early as 1619.”
“The amount of debit cards is growing at a faster rate than that of credit cards, according to RBR’s Global Payment Cards Data and Forecasts to 2021 study,” as Business Insider reports.
The First Monday in October is, famously, the start of business for each Supreme Court session. This particular court, of course, remains in a 4-4 ideological tie until the Senate decides it might be time to go to work and confirm a judge for the current vacancy.
“Is this the beginning of the end for cash?,” a recent article in Marketwatch asks. No, we’re not talking about governments yanking currency and forcing everyone into an electronic payment system. Rather, we’re talking about a shift in the use of payment cards that “has happened gradually over the last 20 years, ‘dramatically skewing in favor of card and electronic payments,’” according to the same article.
Is your small business struggling under the weight of operating costs? Even those owners with a history of business experience and acumen can find that the tools they need eat too much into their profit margins. Payment processing, for example, seems like a system of fees you grudgingly must pay in order to provide your customers the convenience of debit and credit payments. In the modern market, you can’t forgo digital payment processing, either, but you can ensure that your retail merchant account is providing you the best and most affordable card processing solutions. Our AVPS team will help you determine if you can reduce those operating costs by giving your current payment processing a serious check-up. By taking a second look, you may find out that you are eligible for better rates.
In another sign of how the responsibility for data security — and the liability for same — is shifting, Payments Source reports that “merchants are facing consumer lawsuits stemming from the introduction of EMV-chip card security at the point of sale in the U.S., exposing the issues many stores must contend with now that they are held liable for fraud and chargebacks.”
However, how do you know what equipment you need, or how it will integrate into your day-to-day operations? Whether you need on-site solutions, mobile processing utilities, or payment options for your website, Advanced Payment Solutions is here to help you make the most of your retail merchant account. Our team can help you select the services and equipment you need, and provide the training so that you feel confident in your payment processing.
AVPS, LLC is a registered ISO/MSP of Central Bank of St. Louis, Clayton, MO
American Verification Processing Solutions, LLC., is a registered TPA (Visa) and SP (Mastercard) with SSB Bank
