In a significant shift, Apple has agreed to open its Near-Field Communication (NFC) technology to third-party mobile wallet apps in the European Union (EU). This development comes in response to the European Commission's competition concerns under EU antitrust rules, which deemed Apple’s previous restrictions as an abuse of its dominant market position. Background: EU Antitrust Concerns The European Commission’s investigation into Apple’s NFC practices revealed several competition concerns. Primarily, Apple Pay was the only mobile wallet with access to the NFC input on iOS devices, effectively ..read more

As digital transactions surge and businesses are increasingly prioritizing customer-centricity and customer satisfaction, merchants are realizing the importance of chargeback prevention as part of their customer retention and risk mitigation strategies. In 2021, an average merchant lost $156 for each chargeback they received from a customer. In 2022, the numbers grew by 5.4%, amounting to a $165 per chargeback. While this number seems small at a glance, when taken into perspective across hundreds and thousands of transactions, the gradually increasing rates of disputes is sure to pose a massiv ..read more

Did you know that every dollar lost to chargeback costs your company an estimated $2.40? Imagine a $100 chargeback morphing into a staggering $240 loss. Shocking, isn't it? As merchants face the increasing challenge of mitigating chargeback-related financial losses, the evolution of chargeback platforms becomes paramount. In this blog, we will delve into the transformative advancements within chargeback platforms, exploring how they are adapting to safeguard merchants against these significant financial setbacks. Empowering Merchants with Low Code/No Code Platforms  Traditionally, navigat ..read more

The Consumer Financial Protection Bureau (CFPB) has issued a new interpretive rule that significantly affects Buy Now, Pay Later (BNPL) providers. This rule reclassifies BNPL providers as "card issuers" under Regulation Z, aligning them with traditional credit card providers. This change is a massive shakeup for the BNPL sector, and in addition to its requirements for providers, it will likely have a significant impact on merchants as well. Overview of the New CFPB Interpretive Rule The CFPB’s new interpretive rule redefines BNPL providers as "card issuers" under Regulation Z, the regulation t ..read more

­­­Merchants across the United States have been granted additional time to file claims in a monumental $5.5 billion settlement with Visa and Mastercard. The deadline to submit claims has been extended from May 31 to August 30, 2024, providing a crucial window for businesses to seek compensation for allegedly excessive interchange fees charged over a 15-year period. With the new deadline in place, it is essential for eligible businesses that haven’t yet submitted a claim to understand the process and act promptly to ensure they receive their share of the settlement. Background The Visa-Masterca ..read more

In response to the growing threat of first-party misuse, also known as friendly fraud, Mastercard is introducing a new program called First-Party Trust. Similar to Visa’s CE3.0, this initiative is aimed at providing enhanced transaction transparency to combat fraudulent chargebacks. The Rising Threat of First-Party Misuse First-party misuse presents a significant challenge for businesses of all sizes. Unlike traditional forms of fraud where criminals steal cardholder identities to make unauthorized purchases (third-party fraud), first-party misuse involves cardholders disputing legitimate tran ..read more

Amidst the continued proliferation of alternative payment methods, payment orchestration has become a more prominent strategic component for many businesses. It empowers merchants to seamlessly integrate, manage, and optimize payment operations across various sales channels, devices, and geographic regions. But how does it all work, and how can merchants best take advantage of payment orchestration for their business? What is Payment Orchestration? Payment orchestration is the management and optimization of diverse payment channels, methods, and providers within a unified framework. It involve ..read more

Table of Contents What Are Credit Card Decline Codes? List of Credit Card Decline Codes What’s the Difference Between a Hard Decline and a Soft Decline? Emerging Trends in Credit Card Decline Prevention What Does Decline Code 51 Mean? What Does Decline Code 05 Mean? What Does Decline Code 91 Mean? A credit card being declined is never a fun experience. Many customers feel both a sense of frustration at the delay in making their purchase and a sense of embarrassment, worrying that anyone around might assume they're someone who spends money recklessly. Merchants know, however, that there are ..read more

As much as they might prefer otherwise, every merchant had to deal with payment reversals now and then. Mistakes happen, and when a merchant fails to deliver what the customer paid for, it's their duty to provide a refund. In other cases, merchants may choose to reverse a payment after an error in processing, or simply to satisfy an unhappy customer. Of course, these kinds of payment reversals are voluntary, but there's another kind that isn't: chargebacks. Each type of payment reversal has its own rules, restrictions, and costs. In order to make sure their businesses operate with maximum effi ..read more

In the fast-paced realm of commerce, businesses encounter a myriad of challenges, and among the most pervasive is the issue of chargebacks. If not managed effectively, these can turn into a significant headache for merchants and lead to significant revenue loss. In the face of this, many companies decide that contracting the services of a chargeback vendor is the best solution. However, not all chargeback management companies are alike, and selecting the right vendor is crucial for long-term success. Factors to Consider When Choosing a Chargeback Vendor With numerous vendors offering a range o ..read more