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depict Creditcard Faq, Card Credit, Card Credit Offer, Card Credit Debt, Online Credit Card Processing, Credit Card Tips, FREE Credit Card Processing Software etc information |
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Credit Card Acceptance Policy
Reason for Policy
See policy statement
Statement
The University of Vermont accepts credit cards (Visa and MasterCard only) on campus for certain student receivables, retail sales, and departmental sales and services. In order for a department to accept credit cards for payment they must be an authorized merchant. The policies involved in being an authorized agent, as well as related procedural information, are found in this document.
In accordance with Visa/MasterCard Account Agreements, the following policies will apply to all University merchants:
- All merchants shall promptly honor all valid Visa/Mastercard transactions and will not establish minimum or maximum transaction amounts.
- All merchants shall not select what sales or services may be charged by a cardholder. All sales or services provided at that location can be charged at the option of the cardholder.
- All transactions must be pre-authorized and when a cardholder is present a sales draft must be signed by the cardholder.
- All merchants must exercise reasonable diligence to the best of their ability in determining that the signature on the sales draft is the same as the authorized signature on the card.
- All merchants will establish a fair policy for exchange and returns and give proper credit or issue credit vouchers.
A department may apply to become an authorized merchant under the following requirements:
- A written request must be sent to the Manager of the Cashier's Office.
- The department must purchase a point of sale terminal and a printer.
- A department must have a dedicated analog phone line and maintain this phone line for credit card use only.
- All departments will be charged a merchant fee for all credit card transactions calculated at a predetermined rate. A lower rate is charged for cards that are physically present and swiped through the terminal.
- All merchants will balance, settle and close their credit card terminal on a daily basis, including weekends, through the Cashier's Office.
- All merchants will maintain the original sales draft for at least 30 days. A copy of the sales draft must be kept for a minimum of 7 years.
- All merchants will process their credit care payments through the processor selected by the University of Vermont.
Definitions
Authorized Merchant : a University department that has met the criteria and been approved to accept Visa and Mastercard credit card payments for goods and services.
Source from UVM
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Credit And Banking Glossary
 Affinity Card
Affinity Card A card that is offered jointly by two organizations. One is a credit card issuer and the other is a professional association, special interest group or other non-bank company. For example, Citibank and American Airlines sponsor the Citibank AAdvantage card.
Bad Credit
Bad Credit A term used to describe a poor credit rating. Common practices that can damage a credit rating include making late payments, skipping payments, exceeding card limits or declaring bankruptcy. "Bad Credit" can result in being denied credit.
Credit Card
Credit Card Any card, plate, or coupon book that may be used repeatedly to borrow money or buy goods and services on credit.
Credit History
Credit History A record of how a person has borrowed and repaid debts.
Credit Scoring System
Credit Scoring System A statistical system used to determine whether or not to grant credit by assigning numerical scores to various characteristics related to creditworthiness.
Continue to learn more about Credit And Banking Glossary, Please visit Card Report
International Net-Based Credit Card /Check Card Fraud with Small Charges
Credit Card Companies, Banks and Merchants
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Visa and MasterCard must require , and their franchisees (the Banks) and Processors, must support, the use of proper validation systems by merchant accounts. Possibilities include PIN numbers, the SET (secure electronic transaction) standard, the commonly used AVS and the minimalist expiration date. As of late 2002 disposable (one-time-use) credit card numbers are emerging as a strong solution.
To be fair, we must note all of these have problems.
- Expiration Date is very simple, but since it changes as often as once a year, it's a real pain for Merchant Account holders who do recurrent charges (such as Internet Service Providers).
- AVS, which uses some card holder address information, is a validation system that does appear to work, but it's possible for a merchant bank to "cheat" it. (Of course such cheating is presumably illegal.) [5]
- In Jan 1999, Macintouch reported extensive problems with credit card validation at the Apple Store, caused by problems with their new "SAP-based" system.
- In the words of one expert: SET, a secure credit - card transaction system ... was intended to fill the gap you've identified. It's this hideous over-engineered monstrosity that has remained largely unimplemented due to its bulk.
- One-time-use (disposable) credit card numbers have the advantage that it might be possible to make them work with the current infrastructure. The numbers don't have to be one-time-use, they could instead have limited lifespans. The main problem is these systems require significant end-user changes. Credit card holders get a persistent identifier that is not a credit card number, but that can be used with another identifier to generate a credit card number. One can imagine many variants on this idea, but the limited lifespan of the credit card number is key. These techniques overlap with the much-missed eCash efforts. See AMEX PrivatePayments
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Higher standards for allowing companies vendors to use a credit card . Far more rapid elimination of merchants processing fraudulent charges; currently Visa may take 3-5 months before shutting down a bad merchant account. Prevent 'name switching' by dropped merchants. See Spammers and Merchant Accounts .
Better statements! Statements should have vendor address information. They should show the name associated with the vendor providing goods or services, not just the billing organization.
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Merchants can use better validation software with online fraud prevention, such as ClearCommerce's products . Visa/MC can require this of their net based Merchant Accounts. Merchants should also review Rahm's excellent article on AVS and other protective mechanisms
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More rapid, centralized, blocking functions. Visa and MasterCard are a single monopolistic company. They should be able to provide consistent blocking procedures. It is unacceptable that Webtel/N-bill was able to carry out its fraud for several months.
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Visa and MasterCard need to reexamine the policies for fraud management that their franchisees (Banks) are supposed to use. They appear to be very unfriendly to customers. Until better fraud prevention systems are in place, the onus is on the Banks and Visa/MC to presume the customer is innocent.
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The banks who held J K Publications merchant account, Charter Pacific and Heartland Bank seem to have been extremely slow to terminate them, despite stated Visa/MC standards. We know some of the Charter Pacific Bank story. A Heartland Bank representative claims that they investigated the chargebacks and notified the FTC. Unlike Charter Pacific, there are no FDIC actions recorded against Heartland Bank. Heartland Bank may not have had any participation in the fraud; they may be victims of J K Publications themselves.
Source from Faughnan
Online Credit Card Processing
In online credit card processing, the biggest issue at stake is security. At CCAvenue, we have ensured you have no worries on the online credit card processing front as you expand your operations in the online world. Listed here are key security measures of our online credit card processing service:
Handling your customers' sensitive data for more secure online credit card processing.
- CCAvenue adopts stringent security measures to ensure that critically sensitive information, such as your customer's personal information and their credit card details, are protected.
- Your customers' entire credit card Authorization is done using High End Secure Payment Gateways.
- Your customers enter all their personal information and credit card details on CCAvenue's secure server and the same is encrypted before it is transmitted over the Internet to the bank payment gateway.
Secure technologies for CCAvenue's Credit Card Processing Server
- CCAvenue's server is behind security firewalls to ensure maximum protection of your customer's details. This guarantees that your information is inaccessible to any third party.
- CCAvenue uses industry-standard SSL (Standard Sockets Layer) Technology, which is used worldwide, for this data encryption while processing credit cards. This facilitates secure online credit card processing.
- CCAvenue also follows strict in-house security guidelines for ensuring confidentiality of your customer information.
- Since the Payment Gateway application software is maintained at secure high end servers, new payment technologies, standards and features are automatically implemented as they emerge. The payment gateway is integrated with risk management component, which empowers them with the ability to control risk effectively. These robust risk management tools and fraud filters include:
1) Risk Management Rules and Parameters.
2) Negative Files.
3) Risk Management Queries, thereby making your E-commerce transactions safe and confidential.
Internationally Certified Security standards
- CCAvenue is registered with Verisign, the world's best and most trust worthy Online Authentication Agency. Click here to verify secure certificate of our online credit card Processing service
Hence, with the service of CCAvenue by your side, the benefits of the latest technologies are yours without you having to change your interface. Stay ahead in the rapidly changing landscape of E-commerce. For now, no matter how fast the transactions grow in volume, regardless of your website size or hosting environment, things never go out of control.
Source from CCAvenue
Credit Card Tips
Are You Ready For a Credit Card?
You may already have a credit card, but if you don't, you can be sure there will be many opportunities to get one once you arrive on campus.
Many credit companies set up tables in the common areas of college campuses to encourage students to sign up for credit cards. Often, they give away trinkets such as T-shirts, water bottles, frisbees, coffee mugs, etc. in exchange for having you fill out an application. Sound easy? It is, but think twice before you do it.
Unfortunately, many of the credit cards offered on campus may not be a good value for students. According to a study conducted by the U.S. Public Interest Research Group (PIRG), students who obtain credit cards at campus tables have higher unpaid balances than those who do not. Carrying high, unpaid balances is one of the quickest ways to incur too much debt and fall behind in payments.
Why do Credit Card Companies Target Students?
Surprisingly, students are a good credit risk, despite the fact that they often do not have jobs and are also borrowing student loans. Research has shown that student borrowers are valuable customers because they tend to stay loyal to their first card, continuing to make purchases for many years to come.
The Advantages of Credit Cards
Like loans, using credit cards can help you build a positive credit history. This can enhance your ability to receive a private student loan, buy a car, rent an apartment, get a job, and eventually, try to buy a house. Of course, there are other advantages to having a credit card including:
- Security in emergencies;
- Reduced need to carry cash or checks; and
- Enhanced personal responsibility and independence.
However, only one national card like a "Visa" or a "MasterCard" is necessary to receive these benefits.
How Credit Cards are Billed
Unlike repayment on a traditional loan, such as a student or car loan, credit cards do not allow you to spread the amount you owe over a fixed period of time. Instead, you are required to make a minimum monthly payment, which is the smallest amount you can pay and still meet your cardholder agreement (the terms you agree to when signing up for the card).
The minimum payment is usually 2 percent of your outstanding balance. Unfortunately, by paying only the minimum each month instead of paying off your entire balance, your debt will continue to grow. Many credit card companies also charge late fees (usually 2 percent of the outstanding balance), and higher interest rates on cash advances.
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FREE Credit Card Processing Software!
FreeCCS is the free credit card processing system that lets you avoid having to acquire expensive hardware or software to process your credit card transactions. To use FreeCCS, you need:
- any computer running a 32-bit version of Windows, or any Macintosh computer running versions 7 to 9 of the operating system,
- a modem connected to a phone line (Windows modems can be internal or external, while the Macintosh version of FreeCCS assumes an external modem is connected to a serial port; if your Mac doesn't have a serial port, your system software must be capable of redirecing serial driver I/O to your internal modem),
- a valid merchant account with access to the MAPP (MasterCard Automated Point of sale Program) credit card network (or a MAPP-compatible network). Note that MAPP is a general purpose bank processing network supporting a variety of credit cards, not just MasterCard transactions.
If you are not a merchant authorized by your bank to perform credit card transactions via a MAPP-compatible network, you will not be able to use FreeCCS. FreeCCS does not bestow you with new credit card processing authority you don't already have. FreeCCS is software that lets you process your credit card transactions without having to purchase other software or hardware. Your bank can confirm whether or not your merchant account uses MAPP protocols for credit card processing.
FreeCCS is made available on an "as is" basis only. Use FreeCCS at your own risk. FreeCCS is designed for experienced merchants who are already successfully processing credit card transactions.
News is above is from Semaphorecorp
MBNA Credit Cards
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The UI Alumni Association is pleased to offer alumni, students, and friends of the University of Iowa a credit card program through MBNA America Bank, N.A., which offers highly competitive rates and distinctive card designs. Using a UI Alumni Association credit card is a great way to show your support for the University of Iowa.
For information about the rates, fees, other costs and benefits associated with the use of UIAA MBNA Mastercard credit card, or to apply, click on the link above and refer to the disclosures accompanying the online credit card application, or call MBNA toll-free at 1-800-932-2775.
(please mention priority code ISU4, students use priority code ISU5)
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Credit Card Fraud Management
CyberSource supports the built-in fraud protection services provided by the processing network, including AVS (Address Verification Service) and Card Verification Value. In addition, CyberSource provides enhanced tools and services to help you maximize revenue and profit potential-actually helping you to convert more orders to sales and reduce chargebacks.
Decision Management Solutions
Cost-effective, easy-to-implement solutions that allow business managers to control all fraud tools and set rules for order acceptance via an easy-to-use business "dashboard"-no IT coding required. Automatically evaluates inbound transactions in real time and determines whether they should be accepted, rejected, or reviewed based on the rules you set. Available as a hosted service or locally managed software (works with most payment systems). Included is a full spectrum of fraud tools: AVS, Card Verification Number, Verified by Visa, MasterCard SecureCode and CyberSource Advanced Fraud Screen Enhanced by Visa-the only fraud screen endorsed and enhanced by Visa .
CyberSource Advanced Fraud Screen Enhanced by Visa (AFS).
Comes built-in to CyberSource Decision Management solutions. The only fraud screen service endorsed and enhanced by Visa . Works with all card brands. Calculates the risk associated with an order and returns a 'risk score' in real time. Only AFS includes Visa enhanced modeling to increase accuracy and reliability.
Address Verification Service (AVS)
This service is provided by the banking network as a standard part of the credit card authorization process and evaluates whether the address information on file with the card issuing bank matches that of the purchaser. CyberSource includes this with payment authorization and with our Decision Management solutions.
Card Verification Number check
Available as a part of the card authorization process. This service validates whether the three or four digit number printed on the back of the card matches that which the purchaser has input. Included with payment authorization and our Decision Management solutions.
Payer Authentication (Verified by Visa, MasterCard SecureCode)
These programs offered by the card associations verify cardholder identity at the time transaction is initiated (requests purchaser to enter a password). Depending on the card brand, fraud liability is shifted to the issuing bank for transactions simply requesting authentication or those that are authenticated. Available as a stand-alone offering and supported by our Decision Management solutions.
Source from CyberSource
Merchant Credit Card Fraud
Introduction:
This article suggests preventative methods and post-order procedures that merchants can perform to minimize credit card fraud.
When a brick and mortar merchant accepts a credit card, and the charge is authorized, and assuming the merchant conforms to regulation, the merchant will get paid, even if a stolen card is used.
Liability for fraud shifts from the card issuer to the merchant for 'Card Not Present' sale (mail order, telephone/fax order, and internet sales). The merchant is generally liable for credit card charge backs, even when the bank has authorized the transaction. After a merchant is stung by a fraud, the credit card processors often hike their rates, citing increased risk. The merchant also risks losing their accounts with the card companies if their fraud rate gets too high.
Everyone points fingers at everyone else (processors, banks, VISA/MasterCard, and the merchants). Law enforcement and government agencies tend to only investigate big cases. No one takes the blame for credit card fraud.
Forbes claims most credit card numbers are still stolen the old-fashioned way. Unethical retail store clerks and restaurant employees steal card numbers often using hand-held skimmer devices. A scam artist can go through the trash of any merchant (brick and mortar or e-commerce) or customer garbage, get valid credit card numbers, and use them on the Internet.
Industry analysts and e-merchants claim the credit-card companies have yet to come to grips with the full scope of the problem. None of the credit-card associations disclose exact loss-rate figures for fraud - Visa, MasterCard and American Express claim to have a handle on the problem overall.
Credit card fraud is something that can never be completely eliminated, but rather something that must be managed. Merchants must develop a delicate balance between using safeguards to prevent fraud and not creating too many hoops for customers to jump through. This article concentrates on preventative methods and procedures that merchants can perform to limit credit card fraud.
After a credit card processor or registration service approves an order, the merchant needs to perform additional checks, as fraudulent orders sometimes are approved. The merchant should not depend on the credit card company, or the registration service, to stop all fraudulent orders.
Using a combination of the following methods and techniques can be the best defense against credit card fraud. Do not rely too much an any one technique or tool to prevent and detect credit card fraud.
Follow The Merchant Rules:
Follow the procedures recommended by your payment processor and the credit card companies. You can loose your merchant account for failing to follow their rules.
If a merchant suspects a fraudulent order, contact the registration service, so they can cut reduce the total number of chargebacks. Registration services with a large number of chargebacks will likely be charged higher services fees, which will be passed on to merchants. Everyone wins when the registration service, the card issuing bank, and the card holder are notified of a fraudulent or suspected fraudulent order.
Authorization:
Authorization approval does not mean that the merchant is guaranteed payment. Approval only indicates that at the time the approval was issued, the card hasn't been reported stolen or lost, and that the card credit limit has not been exceeded. If someone else is using the credit card number illegal
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Business Editors/High-Tech Writers
SAN FRANCISCO--(BUSINESS WIRE)--July 24, 2001
NextCard(R), Inc. (Nasdaq:NXCD) today announced it was once again named the No. 1 Internet Credit Card . In the Gomez Summer 2001 ScoreCard(TM), NextCard prevailed over all other firms, including larger, more-established credit card companies such as Citibank, American Express, Bank of America, MBNA and Discover. NextCard won the award for the fourth time out of the five times Gomez has awarded the ranking. The Gomez Score card can be viewed at http://www.gomez.com.
Gomez ranked NextCard the best credit card for the "Internet-Savvy" consumer and the " Credit Seeker." NextCard ranked at the top of the list for being a "feature-leading" site. NextCard received high marks for its easy online application, expansive ability to manage accounts online, and the popular PictureCard(SM), which allows card holders to personalize their card with their own photograph or choose from a gallery of photographs. The PictureCard(SM) covers 2/3 of the card and was developed with proprietary technology.
The Gomez Internet Credit Card Score card looks at credit card issuing banks that offer the ability for a consumer to apply online and view their credit card transactions within a single site independent of other integrated online products. Currently, the Score card focuses on firms that can demonstrate to have either $1 billion in managed credit card receivables or be an Internet-only bank. Only firms that issued their own credit card s and extend loans to the pubic at large were considered.
Only 20 banks met these criteria. The 20 firms, in rank order for overall score, are NextCard, Citibank, American Express, Juniper, J.P. Morgan Chase, First National, Fleet Boston, Discover Card , National City Bank, GM Card , SFNB, Bank of America, Virtual Bank, Household Bank , Wells Fargo, First USA, Capital One, MBNA, Direct Merchants Bank, and U.S. Bancorp.
About NextCard
NextCard, Inc. (www.next card .com) is considered the leading issuer of credit card s on the Internet. Launched in 1997, the Company was the first to offer instant online credit card approval , a choice of customized credit card offers, and exceptional online customer service. NextCard is committed to providing the most robust consumer shopping experience on the Internet and has continued to innovate with its NextCard Concierge(SM) online shopping service, online bill payment services, and comprehensive rewards program.
NextCard is also one of the leading direct marketers on the Internet, operates a network of more than 90,000 online affiliates, and has exclusive card relationships with leading online brands, including Amazon.com and MyPoints.com.
NextCard has been named the No. 1 Internet credit card by Gomez four times. According to the 2001 Brittain Associates " Credit Cards on the Net" study, NextCard leads the online credit card market with a 26 percent share. NextCard, Inc. issues credit card s through NextBank N.A., a wholly owned subsidiary.
Source from Instant Credit |
