What does your business need to do to be ready for NFC?
Mobile payments via Near Field Communication (NFC) has been a very popular topic in the processing world recently. Many groups feel adoption will be fast, but it definitely will not be here tomorrow. The question on most business’ minds is “What do they need to do to be ready for NFC?” No business ever wants to lose a sale because they can’t accept a payment, but it’s not likely that next week customers will be waiving a phone at you wondering why you are not smiling and handing them their purchase. Many...
read moreStripe Payment Processing
A new online processor is called Stripe. They are being presented as a new easy way to accept payments online. All a merchant needs to do is add a few lines of code to their website and they can accept credit cards on their site. Pricing is set at 2.9% of volume and $0.30 per transaction. This company is very similar to PayPal (as it is owned by some of PayPal’s creators) and is set to grow quickly. We have gotten quite a few questions about it so here is our take: First, wow that is high pricing. Yes it nice and simple, and as...
read moreHow does the decrease of credit cards and increase of debit cards affect your business?
CNN Money reported this week that the next generation has a different method about how they will spend their money. Due to the recession and credit issues, 20-29 year olds are using almost only debit cards. Most own only one credit card. This change coupled with a migration of other generations to debit cards during the recession has seen over a 500% increase in the use of debit cards for payments since 2008. To clarify debit cards are any card that directly ties to a bank account. Every business that accepts credit cards does accept...
read moreWhat is Visa FANF?
Visa Fixed Acquirer Network Fee (FANF) is a fee that is assessed to a merchant if they accept Visa in a month. This fee is unique because it is calculated very differently from many of the fees Visa and MasterCard have imposed over the years. Until now all fees from Visa have been based off the transactions or volume a business processes. This fee is charged if you accept Visa. The size of the fee will vary depending on how you accept Visa and your type of business. If your business processes all card present transactions (swipe or...
read moreWhat is a PCI Non-Compliance fee?
A fee you should never get charged. The PCI Non-Compliance fee was created by the industry as a way to encourage merchants to complete their PCI Compliance. There is no corresponding Visa, MasterCard, or Discover charge that created it. It is pure profit for your processer when you pay it. Rhombus never charges a PCI Non-Compliance fee. It’s simple, we don’t believe in charging imaginary, made up fees to line our pockets with your money. Our PCI Program is simple. Once you are signed up we will give you a call to start the PCI...
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