April 2014 Interchange and Network Fee Notification for Payment Processing
April 14, 2014 - 13:31:30
There are a number of new and enhanced fee structures effective April 1, 2014 being implemented by VISA, MasterCard, Discover Card, and other network providers. Wind River Financial believes in transparency of all association fees applicable to your merchant processing costs, so we will be passing through these new fees with no mark-ups or changes. There are hundreds of fee structures and not all are applicable to all card types or to all merchants, so detailed below are the few that will affect most merchants’ day to day transaction processing costs. For a full listing of these new fees please go to our web site in our Client Links and Resource Library and look for the title April 2014 Interchange Modifications.
VISA Interchange Fees and New Programs –
Visa will introduce new interchange programs for new consumer products as well as modify assessments on the Acquirer International Services Assessment. Click here
MasterCard Interchange Fees
– MasterCard is introducing a new Commercial Accounts Payment product. MasterCard is also creating some new large ticket programs as well as making changes to some existing programs. Click here
Discover Card Rate Changes for Existing Prepaid Interchange Programs
– Discover will be making some interchange rate changes to some pre-paid programs. Click here
Pulse Merchant Participation Fee – The Pulse Debit Network will charge a $9.00 annual participation fee to merchants processing a pin debit transaction on the Pulse network.
Madison Magazine's 2014 Best Places to Work!
April 08, 2014 - 14:11:49
Wind River is very excited to be named one of Madison Magazine’s 2014 Best Places to Work! The winning companies were announced in Madison Magazine’s April 2014 issue, and Wind River was recognized in the 11-99 employee category.
There are lots of reasons why Wind River is a great place to work, but the biggest might be our commitment to doing great work and having good time doing it. We have a fun and supportive work environment, and it’s great to be a part of such a caring and enthusiastic team of people. This is a big honor for all of us!
Click here to see the full article on Madison Magazine’s 2014 Best Places to Work.
Cardholder Fraud Liability Potentially Increases with Wisconsin Act 136
April 03, 2014 - 10:20:21
As a result of the March 11th, 2014 enactment of Wisconsin Act 136, Wisconsin residents posessing payment cards may have more liability for fraud depending on reporting timeframe.
Act 136 changed Wisconsin's previous law which was more protective toward consumers and brought fraud liability limits more inline with the applicable federal law known as "Reg E."
Whereas the previous Wisconsin law generally limited cardholder fraud liability to $50, the new law may increase liabililty to a limit of $500 depending on how quickly the cardholder reports the event to the card issuing financial institution after the cardholder becomes aware of the unauthorized use or lost/stolen/missing payment card.
This Act may have implications for Wisconsin financial institutions possibly related to changes in terms and customer notifications.
More information can be found here and a copy of Act 136 can be found here.
Verifone Tranz 330, Tranz 380, and Tranz 460 No Longer Supported
April 01, 2014 - 17:08:02
Verifone Tranz 330, Tranz 380, and Tranz 460 No Longer Supported
Manufacturer VeriFone, has announced that they will no longer support the Tranz 330, Tranz 380, and Tranz 460 point of sale terminals effective September 3, 2014. If you’re currently using one of these terminals Wind River Financial will be unable to provide assistance for new updates, downloads or troubleshooting effective September 3, 2014.
Please take this opportunity to contact your Relationship Manager at (800) 704-7253 to discuss a new payment processing solution that best fits your business needs and budget. Contacting us now ensures a timely implementation of your new EMV ready terminal, mobile solution or virtual terminal before the deadline. We have several options available and can provide all the details you need to make an informed decision.
Delaying action could potentially result in an interruption to your payment processing capabilities if a technical issue should occur when using these terminals after the September 3, 2014 deadline. Call your Relationship Manager today!
If these look familiar...you will want to call us!
March 27, 2014 - 10:08:51
Amanda (Block) Wagner
Are you like most businesses who receive several calls a day from merchant service providers vying for your credit card business? Have you run out of things to say or have they called enough times to get you to listen? It’s a very popular time of the year for merchant processors to come out of the woodwork, and what better way than to educate yourself with the right questions to ask to be the best advocate for your business!
Let’s start with the FACTS:
Fact: Credit Card rates are confusing. There are over 900 different card types from VISA, MasterCard and Discover alone.
Fact: There are so many variables that impact rates – and they, along with the regulations that govern them, seem to be changing constantly.
Fact: There are merchant processors that try to use this confusion to their advantage.
To an untrained eye, many processing offers can appear very attractive. That’s where your education comes in. To protect you from the common marketing schemes that target the untrained eye, we believe it’s best to educate yourself on these five important questions and demand that the answers be put in writing. Armed with the answers to these questions below, you will avoid falling for the most common of schemes.
5 Important Questions to Ask
1) Have you disclosed all of the rates that apply to my specific situation: interchange, assessments, equipment fees, set-up fees, installation fees, cancellation fees, PCI-related fees, mark-ups? Always request a complete fee list including one-time, monthly AND annual fees.
2) Is your pricing structure bundled? Make sure you don’t fall for the “simple” fee structures that promote flat rates by hiding fees within other fees(bundling) making it impossible to reconcile your statements.
3) When will my rates change? Be weary of falling for special introductory rate schemes or solicitors who use the words “never” in regards to price changes in the future.
4) Is a contract required? What are the terms of buying out of the contract if I ever want to leave?
WATCHOUT: Do not fall for leased equipment. You may not be in a contract with the processor, but you are in a contract via their leased equipment which usually costs a business more than triple the original cost of buying the device.
5) Is there a plan to keep credit card data safe & secure? Be very weary of any processors that do not stress the importance of a PCI program AND those that do not help facilitate your compliance.
Asking these smart questions will put the solicitor on notice that yours is not an untrained eye! Also, it gives you the information your business needs to ensure your payments program is in good hands. Want to take advantage of our trained eye? At Wind River, we offer no-cost analysis of competitor bids to help evaluate offers you receive. As your partner, we won’t be offended and will be glad to guide you through the process to protect your business from these common schemes. Give us a call today!
Check out our new video illustrating these exact tips and more at our After the Handshake Channel.