New security standards released today by Visa, Mastercard, and other credit card companies are going to have a big impact on any business that accepts credit card payments from customers.
The rules, formulated by the Payment Card Industry Security Standards Council, which represents the major card brands, are aimed at making your customers’ credit card data more secure–but they will undoubtedly add to your administrative and operational costs too.
Take a look at the requirements you must follow, as of January 1, 2014:
Consumers were confident enough at the end of 2011 to push borrowing levels up by $20.4 billion in November, the Federal Reserve reported late Monday.
Outstanding consumer credit rose to $2.48 trillion during that month, the Fed said. That was the highest level since November 2001, and it was more than twice the predictions of economists surveyed before the report was released.
The credit increase corresponded with healthier employment numbers; people are more likely to borrow if they believe they will have the wherewithal to pay the money back without serious penalty. So, it is likely that the December credit levels are higher than they have been for the past several years during the recession and slow recovery.
Is Increase Sustainable?
Still, the increase might not be sustainable, so small businesses shouldn’t adjust their sales forecasts just yet.
It’s time to stop looking for “recovery” (as in ways to resurrect this drooling zombie of an industrial economy) and start seeding transformation (as in building a 21st century economy, that turns most or all of the toxic dynamics above upside down). It’s time to stop thinking about getting back to yesterday’s prosperity — and time to start thinking about how to get past it.
Posted in News and Views
Tagged american recovery and reinvestment act of 2009, business, credit cards, Depression, economic crisis, economy, entrepreneurs, ethics, financial crisis, financial institutions, funding, jobs, meltdown, money, Recession, small business, stimulus package
In the video, uploaded on Saturday, the anonymous group, self-described as loosely connected and Internet based, allegedly claims that the Federal Reserve is guilty of “crimes against humanity” and calls for the resignation of Ben Bernanke. In addition, the group would seem to demand the break up of the Federal Reserve and other major banking institutions
Posted in News and Views
Tagged a new kind of war, annonymous, bailout, banks, business, central banks, credit cards, Depression, economic crisis, economy, ethics, financial crisis, financial institutions, fiscal policy, funding, hackers, meltdown, people hate banks, Recession, technology, The Federal Reserve
Each customer request to replace a credit card would cost lenders about $3 to $5 per card, several analysts told Reuters on Wednesday and Thursday. Those costs would include the new piece of plastic itself, postage, and various customer service costs.
Hackers earlier in April broke into Sony’s PlayStation Network, stealing names, addresses and possibly credit card details from 77 million users. Sony shut down the network on April 19 but waited about a week to disclose that the system had been hacked and users’ data could have been stolen.
Hackers who claim they are responsible for the Sony breach wrote on underground forums last week that they had access to over 2.2 million credit cards. If these millions of new stolen cards were sold online, the price could fall to well below the standard rate to as low as $1 or $2 each.
With the recession forcing more and more Americans to burden their credit cards with debt, it’s time to ask whether the increasing accrued costs are manageable, or are detrimentally impacting lives.
When Michael Turner started at the BNZ in his mid-20s, he was stuffing credit cards into envelopes in the mailroom.
Now, aged 46, he has invented a system to prevent one the most common causes of credit card fraud.
“The USB credit card provides the online and contactless payment function and works the post-paid transportation card as well,” the Electronic Times wrote.
B of A announced new fees for a select number of customers based on risk and profitability. You’ll never guess who has to pay.
Why we aren’t in front of these banks with torches and pitch forks is beyond me.