tag:typepad.com,2003:weblog-1773786 2012-06-01T14:40:06-07:00 Learn the most up-to-date information on PCI DSS compliance - the latest payment processing technology, credit card security news, PCI DSS and PA DSS requirements and more. TypePad tag:typepad.com,2003:post-6a010534b0dc03970c016766feea89970b 2012-06-01T14:40:06-07:00 2012-06-01T14:40:06-07:00

By Sean Kramer, President and CEO, Element Payment Services The Federal Reserve made final rulings on the controversial Durbin Amendment back in June of 2011 that capped processing fees on debit and credit card transactions. As a result, merchants have received the biggest reduction in credit card processing charges in the history of the electronic payment industry. What many ISVs don’t realize is that their processing providers’ rate structure determines who pockets the savings: your customer (the merchant) or the processor themselves. What is Durbin? Under the new federal regulation stemming from the Durbin Amendment, starting on October 1, 2011, banks that issue credit cards are prohibited from charging or receiving an electronic debit (both signature and PIN Debit) interchange fee greater than the sum of : (i) 22 cents (21 cents without fraud adjustment) (ii) 5 basis points (.0005%) times the amount of the transaction.* Impact for Merchants For merchants on pass-through pricing models, in which the interchange rate...

Cam tag:typepad.com,2003:post-6a010534b0dc03970c016305d50ec0970d 2012-05-25T11:55:37-07:00 2012-05-25T11:55:37-07:00

Today the Council published an easy-to-use reference to help merchants understand how they can leverage PCI Standards to securely accept payments using mobile devices such as smartphones or tablets. Please read the press release here. Specifically, the At a Glance: Mobile Payment Acceptance Security fact sheet provides merchants with actionable recommendations on partnering with a Point-to-Point Encryption (P2PE) solution provider to securely accept payments and meet their PCI DSS compliance obligations. As with all SSC fact sheets, this guidance does not replace or supersede any of the PCI Standards. The Council continues to work with the payments community to address mobile payment acceptance security and evaluate whether additional requirements are needed in this area. As part of this ongoing initiative, the Council plans to publish best practices for securing mobile transactions later this year. Sincerely, Bob Russo PCI Security Standards Council General Manager

Cam tag:typepad.com,2003:post-6a010534b0dc03970c0168e615bee2970c 2012-01-26T06:57:00-08:00 2012-01-26T06:57:00-08:00

The Federal Reserve made final rulings on the controversial Durbin Amendment back in June of 2011 that capped processing fees on debit and credit card transactions. The impacts of the amendment are now being seen and felt throughout the banks, merchants and even down to the consumers. The Durbin Amendment fought to protect merchants and consumers; however, the amendment is actually protecting the banks, resulting in increased costs for merchants and consumers. The intention of the reform was to regulate processing fees paid by merchants, but for some merchants, they have actually seen increases in their debit card transaction fees. Most notably was Redbox, a DVD rental vendor that only completes transactions through debit and credit, who had to increase their rentals 20%, from $1.00 to $1.20, in order to compensate for the added fees. Chief Executive Paul Davis was quoted saying that their price increase stems from operational costs, mainly debit-card interchange fees. Concurrently, the banks now claim a...

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