Why the Move to Chip Readers Can Hurt Your Business

The 21st century brings a new normal to commercial transactions: the ever-present possibility of identity theft and remote credit card fraud. Criminals are now very sophisticated in the realm of hacking and accessing private accounts and lines of credit. Financial institutions are hard pressed to keep a step ahead of these cyber-bandits. One measure taken to counter these predators is the electronic microchip embedded in credit and debit cards. Information on the chips is less vulnerable to unauthorized access than that data found on the traditional magnetic strip. At first impression, the EMV (standing for Europay, MasterCard and Visa) card is an optimal solution to protecting consumer information. The burden on businesses, however, can offset the “smart card” advantages.

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Paypal to Offer Instant Bank Tranfers

PayPal has announced that they are setting up a plan to speed up any form of money transfers between all their services for those who use bank accounts and Venmo services with supported Visa debits and MasterCards. These new transactions will reach us at a rate of $0.25 per transaction. In this case, you will have your funds delivered in minutes instead of the normal working days it used to tale while using Venmo or PayPal.

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