Your Business and PCI Compliance

All businesses that store, process or transmit payment cardholder data must be PCI Compliant. If you accept credit or debit cards as a form of payment, then PCI compliance applies to you.

What is PCI compliance and how does your business comply? The Payment Card Industry Data Security Standard (PCI DSS) is a set of security standards designed to ensure that ALL companies that accept, process, store or transmit credit card information maintain a secure environment.

The Payment Card Industry Security Standards Council (PCI SSC) was launched on September 7, 2006 to manage the ongoing evolution of the Payment Card Industry (PCI) security standards with a focus on improving payment account security throughout the transaction process. The PCI DSS is administered and managed by the PCI SSC (www.pcisecuritystandards.org), an independent body that was created by the major payment card brands (Visa, MasterCard, American Express, Discover and JCB.). It is important to note that the payment brands and acquirers are responsible for enforcing compliance, not the PCI council.

The PCI Data Security Standard applies to ANY organization, regardless of size or number of transactions, that accepts, transmits or stores any cardholder data.

So what if your business doesn't store your customers' credit card information? You must still be compliant because you process and transmit cardholder data. The storage of card data is risky, so if you don’t store card data, then becoming secure and compliant may be easier.

You might ask whether your website's security certificate satisfies the PCI compliance requirement. SSL certificates do not secure a web server from malicious attacks or intrusions. High assurance SSL certificates provide the first tier of customer security and reassurance such as the below, but there are other steps to achieve PCI compliance.

Commonwealth Consulting Group can provide additional information about PCI compliance and we can help assure that you meet the data security standard.

Source: www.pcisecurityguide.org


Don't leave money on the table in the Visa Mastercard Settlement

One thing is certain in the $6.24 billion settlement to provide payments to merchants who accepted Visa and Mastercard at any time from January 1, 2004 to January 25, 2019: if you do not file a claim, you will get no money.

This class action lawsuit is principally about the interchange fees attributable to merchants that accepted Visa or Mastercard credit or debit cards between January 1, 2004 and January 25, 2019, and Visa’s and Mastercard’s rules for merchants that have accepted those cards.

When a cardholder makes a purchase with a credit or debit card, there is an interchange fee attributable to those transactions, which is usually around 1% to 2% of the purchase price.

Interchange fees typically account for the greatest part of the fees paid by merchants for accepting Visa and Mastercard cards. Visa and Mastercard set interchange fee rates for different kinds of transactions and publish them on their websites, usually twice a year.

In a class action, people or businesses sue not only for themselves, but also on behalf of other people or businesses with similar legal claims and interests. Together all of these people or businesses with similar claims and interests form a class, and are class members.

In the Visa and Mastercard class action suit, the Court has not decided which side was right or wrong or if any laws were violated. Instead, both sides agreed to settle the case and avoid the cost and risk of trial and appeals that would follow a trial. In this case, the settlement is the product of extensive negotiations, including mediation before two experienced mediators, chosen by the parties.

Settling this case allows class members to receive payments. You are a member of the class action and entitled to receive payment that is proportionate to the volume of interchange fees you paid between January 1, 2004 and January 25, 2019, but only if you file a claim.

As of today, the Court has still set no deadline for filing, but one is surely on the horizon. If you have taken no action to guarantee your participation in this class action suit, Commonwealth Consulting Group cannot file a claim for you, but our partners at Financial Recovery Strategies (FRS) can. What CCG can do, especially if you’ve been our client for quite a while, is to help you assemble all of the information you need to provide to FRS in order to file your claim.

Meet our partner, Financial Recovery Strategies
Although CCG is not permitted to file your claim on your behalf, you may retain the services of our partner, Financial Recovery Strategies (FRS) to help manage your claim and assist in getting back the money you overpaid. FRS is a class action recovery and cost savings firm that specializes in, among other services, class action settlement claims recovery; they are not a court-appointed claims administrator or class counsel. As such, FRS is paid on an agreed-upon contingent-fee basis only upon and from the recoveries they obtain.

How do I retain FRS to help manage my claim?
If you would like to engage Financial Recovery Services, please visit their dedicated portal by CLICKING HERE FOR THE ONLINE AGREEMENT. On that web portal, you may retain FRS by first completing the required fields and submitting the form. This will generate an email with an agreement and an authorization to file your claim. Both of these documents may be signed electronically. FRS will then work with Commonwealth Consulting Group to submit the required documents and information to obtain your recovery.

Note: After you click “Submit” on your online form, you will receive an email from Harris Love, EVP at FRS within moments. If you do not receive the email, please check your SPAM or Junk Mail folder and it should be there to finalize the process.

Do I have to use FRS to file my claim?
No. Class members have the right to file on their own. You should have received an official claim notice in the mail with details about how to register for your settlement. If you didn’t receive your notice, or if you moved your business to a new location, you may request a new notice by submitting a form HERE.

Questions?
This should pretty much sum it up for you, but if you’d like to go straight to the source for additional information, please use the links below.

Helpful Links:

Settlement Website
Official FAQ
Official Notice

Note: No claim forms are available at this time, and no claim filing deadline has been set. Class members have the right to file on their own. No-cost assistance will be available from the Class Administrator and Class Counsel during the claims-filing period. As set forth in FRS’s Class Action Summary, FRS believes that it provides services that could increase a class member’s potential recovery and that are unlikely to be provided by the Class Administrator or Class Counsel. For additional information, class members can visit the court-approved website at www.PaymentCardSettlement.com, or contact Class Counsel or the Class Administrator.


Safe Methods for Cleaning Your ATM and Credit Card Terminal

We’ve been hearing reports from some of our customers about the increased involvement of local boards of health and state health agencies in requiring cleaning of ATM and credit card terminal keypads between sales, so we wanted to offer some thoughts about the most effective way to go about meeting these requirements. If you haven’t already done so, we suggest that you visit the Center for Disease Control and Prevention (CDCP) for updated guidance for core disinfection/cleaning, disinfection of electronics, cleaning and disinfection of soft (porous) surfaces, and the timing of disinfection after a suspected/confirmed COVID-19 case.

Cleaning Best Practices

The recommended best practice to prevent COVID-19 and other viral illnesses in public areas and commonly used surfaces includes cleaning the area of any visible dirt followed by a thorough wipe down with a disinfectant.

But, remember that your ATM and credit card terminal don't take well to moisture. CCG can steer you to products, such as keypad covers, and sanitizers that take easily to repeated cleanings without damaging the inner workings of your machine.

Recommended ATM Cleaning Procedures -

ATM Cleaning DO's:

DO: wear protective gloves when cleaning ATMs.
DO: apply 70% isopropyl alcohol to a cotton or non-abrasive microfiber towel then wipe ATM screens. Follow up with a dry towel to remove streaks.
DO: clean the ATM fascia and keypad with disinfectant wipes or spray, or 70% isopropyl alcohol.
DO: apply disinfectant spray or 70% isopropyl alcohol on a microfiber towel or non-abrasive pad first, when using in place of disinfectant wipes, then wipe down the keypad and fascia.
DO: make sure cloth is damp with cleanser before cleaning.

ATM Cleaning DONT'S:

DON'T: apply 70% isopropyl alcohol directly onto the ATM screen - always apply to non-abrasive cloth or pad first.
DON'T: spray cleaners or 70% isopropyl alcohol directly onto any part of the ATM.
DON'T: power down ATMs first before cleaning, it is safe to leave them powered on during cleaning process.
DON'T: spray or apply 70% isopropyl alcohol directly on keypad - it will gradually weaken the plastic.
DON'T: soak cleaning cloths with cleanser before wiping down ATM.


Today Marks the First Day Self-Employed, Independent Contractors Can Apply for PPP Loans

TODAY MARKS THE FIRST DAY SELF-EMPLOYED, INDEPENDENT CONTRACTORS CAN APPLY FOR PPP LOANS

PPP OPENED TO ADDITIONAL EMPLOYMENT CATEGORIES
Today, Friday, April 10 marks the first day independent contractors and self-employed workers can apply for forgivable loans through the Payroll Protection Program - a $349 million segment of the $2 trillion federal CARES Act. Independent contractors receiving 1099-MISC forms and self-employed individuals are eligible to apply for these, potentially 100 percent, forgivable loans.

REQUIREMENT: You must have been in operation on Feb. 15, 2020, your business must have been harmed by the COVID-19 pandemic, and you must submit required documentation along with your loan application.

WHAT DO I NEED TO APPLY? Once you know with which lender you will apply, complete the PPP application and submit with the required documentation to an approved lender by June 30, 2020.

WHERE CAN I APPLY? Existing SBA lenders and any federally-insured depository institution, federally insured credit union, or Farm Credit System institution is eligible to make PPP loans. Other regulated lenders will be available to make these loans once approved and enrolled in the program. Consult your local lender to determine if it is participating. Visit the SBA's website for a list of eligible lenders.

A number of Chamber member financial institutions are handling U.S. Small Business Administration PPP loan applications. The Chamber has reached out to each of these members to determine availability and have learned that many are prioritizing applications from their existing customers. We recommend you contact your existing bank to determine if they are participating as lenders in the new PPP.

If you would like specific contact information for one of the banks/credit unions accepting new members, we would be happy to make an introduction. Please contact Karen Pelletier, executive vice president, via email.

FOR ASSISTANCE | In addition, the Center for Women and Enterprise, the MA Small Business Development Center Network, and MassDevelopment can aid in the application for PPP loans as well as the SBA’s Economic Injury Disaster Loan program.

DETAILS & FORGIVENESS:
• The maximum loan size is up to 2.5 times a contractor's average monthly 1099-MISC or net self-employment income for the past 12 months
• All amounts spent on the following list of items during the first eight weeks of the loan term are 100 percent forgivable: (a) to replace your 1099-MISC income or your net self-employment income, (b) interest on mortgages, (c) business rent, and (d) business utilities. Note, if more than 25 percent of this amount is used for interest on mortgages, business rent, or business utilities not all of the amount spent may be forgivable.
• The interest rate is fixed at 1 percent and the loan term is 2 years
• Loan payments will be deferred for six months
• No collateral or personal guarantees are required
• Neither the government nor lenders will charge small businesses any fees for the loans.

FOR WHAT CAN I USE THESE LOANS? You should use the proceeds from these loans on your:
• Replacement for your normal 1099-MISC or net self-employment income (capped at $100,000 on an annualized basis for each employee)
• Interest on mortgage obligations, incurred before Feb. 15, 2020
• Rent, under lease agreements in force before Feb. 15, 2020
• Utilities, for which service began before Feb. 15, 2020

NOTE: A previous version of the PPP application guidelines included language precluding companies from calculating compensation figures which reflected independent contractor fees as well as independent contractors and the self-employed themselves from applying for the loan program. Those provisions were lifted today.


Accepting Credit Cards as a Discerning Business Owner

At the end of each month, every business owner must come to grips with the reality of the costs of accepting payments from cardholders who are less loyal to cash, and more interested in earning reward points for their purchases.  A credit card processing company is responsible for defining what a business must pay each month based on many variables that include different card brands and how payments are made.

Commonwealth Consulting Group provides upfront, no-obligation assessments for businesses looking to accept electronic payments, and also for businesses looking to lower their monthly costs. We provide the hardware and software that businesses use to accept card payments.

It is crucial for business owners to understand that their credit card services provider is, in fact, a partner when it comes to the financial aspect of processing electronic payments. It's important to have a relationship of trust with any business partner. We at CCG pride ourselves on industry expertise, and excellent customer support. We offer the latest in technology and solutions, ultimately helping business owners make the most of providing their customers with the option to make electronic payments.

At CCG we help business owners become familiar with an industry that has many moving parts. We want our merchants to understand the basics of what merchant services cost, what the mandated rates are for different card brands, and, at the end of the month, exactly what you are paying for.

Here's What You Need to Know About the Visa/MasterCard Settlement

As a merchant who accepts Visa and Mastercard as a form of payment, you’ve most likely received a NOTICE OF CLASS ACTION SETTLEMENT AUTHORIZED BY THE U.S. DISTRICT COURT, EASTERN DISTRICT OF NEW YORK indicating that the Court has preliminarily approved a superseding settlement of $5.54 billion in a class action lawsuit, called In re Payment Card Interchange Fee and Merchant Discount Antitrust Litigation, MDL 1720 (MKB) (JO).

The lawsuit is about claims that merchants (you!) paid excessive fees to accept Visa and Mastercard cards because Visa and Mastercard, individually, and together with their respective member banks, violated the antitrust laws.

In short, if you’ve been accepting Visa and Mastercard anytime between January 1, 2004 and January 25, 2019, as a member of this class action suit you have an opportunity to get paid back a portion of what you have overpaid in interchange fees during the time your account has been active.

We’ve had many questions about this class action lawsuit and the pending settlement, so we are writing to share what we know.



Brief Update
In 2018, and after years of litigation and the reversal of an earlier settlement, the parties reached this superseding settlement, which the Court finally approved on December 13, 2019. Under the terms of the superseding settlement, claim forms are to be disseminated to merchant-class members as soon as the Court’s final approval becomes final, which, unless appeals are filed, would have been on January 21, 2020. Unfortunately, however, several appeals have been filed. As a result, the approval of the superseding settlement will not become final until those and any other appeals are resolved.

Who has to file a claim?
The lawsuit was filed on behalf of all merchants, and all merchants are eligible to receive a portion of the settlement. Only you may file a claim. Please note that, as of this date, the timing of the claim filing process and the determination of how much will be distributed is not yet known.

Can Commonwealth Consulting Group file my claim for me?
No. As a merchant services company, CCG is not involved in the lawsuit, so only you may file a claim and only Visa/MC can reimburse you via the settlement. Even though CCG issues the merchant account you use to process transactions, we don’t set the interchange rates so we are not a part of this suit.

Meet our partner, Financial Recovery Strategies
Although CCG is not permitted to file your claim on your behalf, you may retain the services of our partner, Financial Recovery Strategies (FRS) to help manage your claim and assist in getting back the money you overpaid. FRS is a class action recovery and cost savings firm that specializes in, among other services, class action settlement claims recovery; they are not a court-appointed claims administrator or class counsel. As such, FRS is paid on an agreed-upon contingent-fee basis only upon and from the recoveries they obtain.

How do I retain FRS to help manage my claim?
If you would like to engage Financial Recovery Services, please visit their dedicated portal by CLICKING HERE FOR THE ONLINE AGREEMENT. On that web portal, you may retain FRS by first completing the required fields and submitting the form. This will generate an email with an agreement and an authorization to file your claim. Both of these documents may be signed electronically. FRS will then work with Commonwealth Consulting Group to submit the required documents and information to obtain your recovery.

Note: After you click “Submit” on your online form, you will receive an email from Harris Love, EVP at FRS within moments. If you do not receive the email, please check your SPAM or Junk Mail folder and it should be there to finalize the process.

Do I have to use FRS to file my claim?
No. Class members have the right to file on their own. You should have received an official claim notice in the mail with details about how to register for your settlement. If you didn’t receive your notice, or if you moved your business to a new location, you may request a new notice by submitting a form HERE.

Questions?
This should pretty much sum it up for you, but if you’d like to go straight to the source for additional information, please use the links below.

Helpful Links:

Settlement Website
Official FAQ
Official Notice

Note: No claim forms are available at this time, and no claim filing deadline has been set. Class members have the right to file on their own. No-cost assistance will be available from the Class Administrator and Class Counsel during the claims-filing period. As set forth in FRS’s Class Action Summary, FRS believes that it provides services that could increase a class member’s potential recovery and that are unlikely to be provided by the Class Administrator or Class Counsel. For additional information, class members can visit the court-approved website at
www.PaymentCardSettlement.com, or contact Class Counsel or the Class Administrator.


Is Owning an ATM a Good Investment?

Automated teller machines (ATMs) were introduced 50 years ago. Although some might argue that cash use is diminishing, ATMs seem to be evolving and trending. We believe they will continue to play an important role and fill a need into the foreseeable future.

Savvy business owners should always be looking for ways to increase their revenue. Some merchants look to ATMs to increase passive income.

Brick and mortar businesses such as restaurants, gas stations, convenience stores, hair and nail salons (and more) may benefit from having an ATM. It can attract more customers and improve profitability. If a customer needs cash to purchase a lottery ticket or wants to leave a cash tip, having an on site ATM is a way to guarantee that these opportunities are not lost.

ATMs have evolved to perform a variety of functions that will only continue to expand.The United States has the highest number of ATMs per capita in the world, and the demand for ATMs is not decreasing.

Do you have customers asking the location of the nearest ATM? Have you had to turn away a customer because they wanted access to cash, but you couldn’t provide it? Maybe you have an ATM in your location, but it is not properly maintained, and is often out of cash or out of service. We can help. If you’re still reading, then the odds are high that your business will benefit from having an on site ATM. It’s not complicated. ATMs exist because there is a demand for convenient access to a customer’s cash, and the technology to make that need a reality.

Commonwealth Consulting Group is a full service provider of ATM products and services. Contact us and we will help connect you with the right solution to best fit your location, situation and needs.


Cash Discounting in A Credit Card World

A savvy merchant knows that being able to accept credit cards from customers is a lucrative part of doing business. The sobering reality of the credit card processing world is that fees associated with swiping credit cards are costly. If implemented correctly, cash discount programs can significantly reduce or eliminate credit card processing fees.

What is Cash Discounting?
Cash discounting is when a business offers a discount to customers who pay by cash, check, or with a pin-based debit card instead of paying with a credit card. Many merchants are exploring cash discount programs with increased enthusiasm as they see a potential to use these programs to negate payment processing fees. Cash discount programs are legal in all 50 states per the Durbin Amendment (part of the 2010 Dodd-Frank Law) which states that businesses are permitted to offer a discount to customers as an incentive for paying with cash.

Cash Discounting Vs. Surcharges
What is a surcharge? A surcharge is when a business posts cash prices, then charges additional fees at the register for processing credit cards. Business owners must be careful not to confuse cash discounting with surcharges, which are illegal in some states. Pin debit card and check card surcharges are illegal in all states. Merchants must post prices for a product or service, then cash discounts come into play when a customer using cash pays less than the posted price. A true cash discount program does not add any fees or surcharges at the time of purchase.

Contact Commonwealth Consulting Group to explore cash discounting as an option for your business. We are knowledgeable in the areas of surcharge rules and requirements and will help you create a program to minimize confusion for your customers, keep your business industry compliant, and, most importantly, save you money.


Should my business be concerned about cryptocurrencies?

Anyone who follows the financial industry has heard of cryptocurrencies by now. And because of the potential for cryptocurrencies to disrupt the current payment ecosystem, the business world began paying attention to this new technology a few years ago. With all the talk surrounding cryptocurrencies, many of our clients are wondering if their business will be affected by them. So what is a cryptocurrency and how will it affect your business? Let’s find out.

What are cryptocurrencies?
A cryptocurrency is a digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, all while operating independently of a central bank. Each transfer of funds is entered into a peer-to-peer (P2P) database that no one can change without fulfilling specific conditions. Now that we know what cryptocurrencies are, lets discuss how they operate.

How do cryptocurrencies work?
The technology that allows cryptocurrencies to function is known as the blockchain. The blockchain is a continuously growing list of records, called “blocks”, which are linked and secured using cryptography. Each block typically contains three things: a cryptographic hash of the previous block, a timestamp, and transaction data.

When a new transaction occurs, the requested transaction is sent out to a P2P network consisting of computers known as nodes. Using algorithms, the network of nodes attempts to verify the validity of the transaction. If all the nodes agree that the transaction is valid, a new record of the transaction (a block) is created and added to the current blockchain in a manner that is permanent and unalterable. This means that, by design, a blockchain is inherently resistant to modification of transaction data.

Do you need to be worried about cryptocurrencies within your business?
The short answer is no, you don’t need to be worried about cryptocurrencies within your business. However, the technology that is running all cryptocurrencies has the potential to revolutionize the payments industry. How?

A few months ago, Visa’s blockchain team was looking at options to make transactions run faster and more securely, on the back of blockchain technology. To do this, Visa partnered with a blockchain technology company, Chain. This is what Chain had to say about their new partnership with Visa:

“Visa is working with Chain to build Visa B2B Connect using Chain Core, an enterprise blockchain infrastructure that facilitates financial transactions on scalable, private blockchain networks. Building on this technology, Visa is developing a new, near real-time, transaction system, designed for the exchange of high-value international payments between participating banks on behalf of their corporate clients. Managed by Visa end-to-end, Visa B2B Connect will facilitate a consistent process to manage settlement through Visa’s standard practices.With Visa B2B Connect, Visa aims to significantly improve the way international B2B payments are made today by offering clear costs, improved delivery time, and visibility into the transaction process—ultimately reducing the investment and resources required by banks and their corporate clients to send and receive business payments.”

As you can see, this example is just the tip of the iceberg as far as what will soon be possible with blockchain technology. As other industries and companies begin to utilize blockchain technology, it’ll be fascinating to see all the new fintech ideas that result from its use and modification.

Conclusion
In closing: No, you don’t need to be concerned about the effect of cryptocurrencies on your business. In fact, you should be excited to see the new ways this technology will be utilized to improve banking transaction processes and efficiency.


What Are Mobile Payments and Why They’re a Good Thing

Apple Pay, Google Pay, and Samsung Pay are all mobile payment tools utilizing near field communications (NFC) technology. NFC has been around since the early 2000s but up until the last few years it hasn’t been a common way to make a payment. The adoption of chip based (EMV) credit and debit cards in the U.S. has forced most merchants to upgrade their payment acceptance hardware to allow for chip payments. In doing so, NFC capable devices became a lot more prevalent in the marketplace. Today, in the U.S., you can pay with a smartphone or smartwatch at most major retailers and at approximately half of all small businesses.

The mobile wallets behind Apple Pay, Google Pay, and Samsung Pay safeguard your payment information when you complete a transaction by utilizing a unique card ID every time. By doing this, it makes that card information useless to a thief or hacker as that card number was only good for that one transaction. This level of protection is a main driving force behind why consumers are using mobile payments more often. Secondly, not having to search for a card in your wallet or purse makes the payment transaction a lot more convenient.

In Europe, mobile payments have become much more common because public transportation systems are utilizing NFC based smartphone wallets for fares. Passengers who use smartphone wallets eliminate the need for paper or plastic cards and can add money to their public transportation wallet, for the system that they are utilizing, right through their phone instead of on a machine at each subway or train stop. As this type of technology comes to major cities in the U.S., there will likely be a significant increase in the use of mobile payments compared to taking out a physical card. It should also help reduce the overall operating costs for our various public transportation systems.

By combining technology with real world systems, mobile payments will make soon make transactions like riding the subway easier and help ensure consumer credit and debit card safety. This win-win scenario is a sign of things to come and a boon for business and consumers.


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