Merchant Account Alerts

US Banks Report Lower Credit Card Spending
The large US Banks reported lower credit card spending in Q4-2008. According to CNN Money, the large issuing banks report consumer credit card spending was down in the 4th Quarter of 2008.

Bank Of America: Down 17.2 % in Q4, over the same quarter.
Citi Bank: Down 15 % year-over-year.
JP Morgan Chase: [...]

Positive 4th Quarter 2008 Results !!!!
PayPal announced positive results for the company’s 4th Quarter in 2008.  Company posted $623 million in top-line revenue, an increase of 11% year over year. Company also reported stronger transaction volume for the quarter was $15.99 billion, an increase of 14% year over year.
This is a positive for online merchants, selling products over the [...]

Potential Largest Breach In History
Heartland announced this week that the company breached possibly over 600 Million credit card transactions, since May, 2008, as reported in the Ny Times. Seems hacker’s secretly installed a software program that captured the personal credit card numbers, of customers swiping their credit cards at merchant locations who process credit cards with Heartland.
Information [...]

Consumer Credit Line Cutting Has Begun !!!!!!
Starting last December, credit card companies have begun to cut credit card limits on consumer credit cards. The cut backs seem to be across the board for all consumers, as even cardholders with +700 credit ratings are feeling the pinch. In an effort to reduce their risk, credit card [...]

Understanding Your Merchant Account Responsibities !!!!
If you are shopping for a new merchant account, you need to understand what you are getting into. Many times business owners are in a rush to set-up credit card processing for their business, they overlook the fact that they are entering into a contract that has many responsibilities and rules to abide [...]