Virtual Cards: A Safer Future for Digital Payments
According to a recent article released by PYMNTS, Mastercard has launched “widescale global availability” of an enhanced automated virtual card solution named Mastercard Receivables Manager. New proficiencies in securing card-on-file data and multi-language aid in supporting the digital commerce processes around the world.
As B2B digital payments grow in popularity, exciting news such as Mastercard's announcement of advancements in securely transmitting credit card data will benefit all consumers. The PYMNTS Intelligence report, “Digital Payments Evolution: Virtual Cards Poised to Take Off,” found that 42% of consumers in the United States had used a virtual card for online purchases and subscriptions. The report continues to state that more than half of U.S. consumers store a minimum of one card in digital wallets such as Apple Pay or Google Wallet.
Is a virtual card the same number as my physical card?
Short answer - no. A virtual card has its unique 16-digit number, expiration date, and CVV that is linked to your actual card or bank account. Therefore, the virtual card acts as a secure proxy, keeping your actual account details hidden from merchants or potential hackers.
How does it create a more secure transaction?
Many virtual cards reduce potential fraud by setting limitations against unauthorized use. Customizable controls enable consumers to create single-use, multi-use, or merchant-specific cards, depending on the issuer and the intended purpose. Setting preferences such as spending limits, expiration dates, and merchant restrictions will add another layer of security.
What happens if the information is compromised?
The consumer can cancel or generate a new number instantly, without replacing their physical card. Similar to tokenization, the actual cardholder's account number is encrypted, which means no actual card data is transmitted.
How do consumers create a virtual card?
Many major banks, credit card companies, and third-party apps offer virtual cards. Log in to your bank or card issuer account via a website or mobile app and navigate to the “card controls” section, set preferences, and select “Generate”. Use this number as the credit card information for online purchases and subscriptions.
Apps like Privacy.com, Revolut, Venmo Credit, and Apple Card allow you to link your funding source (bank account or card). Choose options such as one-time use or reusable. Copy the card details and use them during checkout.
In conclusion, as the shift toward digital payments accelerates, virtual cards are proving to be a powerful tool for secure, flexible, and efficient transactions. With major players like Mastercard leading innovation in this space, both businesses and consumers stand to benefit from enhanced fraud protection and greater control over how payments are made and managed. Whether for online purchases, subscriptions, or B2B transactions, virtual cards are shaping the future of secure commerce.
Are Tap-to-Pay Stickers at Gas Pumps a Scam?
Here’s What You Should Know.
Every day, scammers devise new ways to trick consumers. With constant text messages, social media posts, and viral videos fueling fear, it’s challenging to separate fact from fiction. A recent video circulating online sparks concerns about tap-to-pay stickers at gas stations. For years, experts have warned consumers about fraud tactics, such as skimming devices hidden in card readers.
A key tip: check the tamper-evident seal on the pump. If the seal is broken or missing, the pump may have been compromised.
What about the focus on the sticker itself?
According to Google’s AI Overview,
“Stickers placed over tap-to-pay devices at gas pumps are generally legitimate, not a scam. They are often replacement stickers used by gas stations to maintain visibility of payment options, not to steal data. While the circulation of these stickers online has sparked fears of a scam, officials have clarified that the stickers are typically standard industry replacements for worn-out or damaged terminals.”
In other words, most of these stickers are harmless. However, if you notice the tap-to-pay option isn’t working, and the chip reader also fails, it’s best to go inside the store to complete your transaction. Avoid swiping your card, as the magnetic stripe is more vulnerable to skimming devices.
Red Flags: Watch out for stickers promoting a QR code or mobile payment apps, such as Venmo. They are not part of standard pump hardware and should be reported to the station attendant immediately.
Is tap-to-pay the safest option?
Yes. A recent ATMIA (ATM Industry Association) article cited the Financial Crimes Intelligence Center (FCIC) in Tyler, Texas, confirming:
“While we all need to stay vigilant as criminals become more savvy, there are no legitimate instances reported where ‘tap-to-pay stickers’ have been used to steal data,” said Jeff Roberts, FCIC Intelligence Operations Captain.” The article continues to say "tap-to-pay option at fuel pumps, especially when using a payment app, remains the safest method.”
Here's why: Tap-to-pay cards use a small chip and antenna to communicate with payment terminals using radio frequency identification (RFID) or near-field communication (NFC) technology. These systems don’t transmit the actual cardholder’s account number. Instead, they use tokenization, which turns sensitive data into a unique, encrypted code that protects your information during wireless transmission. This makes tap-to-pay one of the most secure payment methods available.
The bottom line.
In today’s digital world, where misinformation spreads quickly, staying informed and cautious is your best defense.
-
Learn how tap-to-pay works
-
Inspect the pump before paying
-
Avoid using the magnetic stripe
-
Report anything that seems off
Stay smart, stay secure!
Have questions about secure payment options? Contact us today.
Follow us for more payment safety tips and share this article to help others pump with confidence.
Your Customers Will Thank You, and So Will Your Wallet!
Auto bodies and auto repair shops, like any other business, face several challenges when it comes to managing their finances. One of the biggest is balancing the books while keeping customers happy. One solution to this challenge is the use of a cash discounting system.
A cash discounting system allows auto repair shops to offer customers a discount on the total cost of their repair if they pay in cash. This can help increase sales and reduce the time and resources required to process payments. Additionally, it can help improve customer loyalty, as customers will appreciate the savings offered by a cash discount system.
Another benefit of using a cash discounting system is the reduction of processing fees. When a customer pays with a credit or debit card, the auto repair shop must pay a fee for each transaction. These fees can add up quickly, especially for a busy shop with many customers. The shop can reduce or eliminate these fees by offering a discount for cash payments and keeping more money from each transaction.
The use of a cash discounting system can also help to simplify the accounting process for auto repair shops. The shop will have fewer transactions to record and reconcile by processing fewer credit and debit card transactions. This can free up time and resources that can be used to focus on other important aspects of the business, such as customer service and marketing.
In addition to these benefits, a cash discounting system can also help to promote a positive image for the auto repair shop. By offering customers a discount for paying in cash, the shop can show that it values the customer's business and is willing to go the extra mile to make their experience as positive as possible. This can lead to increased customer loyalty and higher levels of repeat business.
In conclusion, auto repair shops should consider using a cash discounting system. By offering customers a discount for paying in cash, they can increase sales, reduce processing fees, simplify the accounting process, and promote a positive image for the business. All of these benefits can help the shop to thrive and grow in an increasingly competitive marketplace.
Searching for a new point of service system?
Everybody knows you can’t run a retail business without a reliable point of sale (POS) system. It’s the driving force behind all the rest of your business operations. But, not all POS systems are the same, so it’s important to choose the right one. One of the many free services we offer at Commonwealth Consulting Group is to sit down with you, evaluate your needs, compare options, and help you select the system that gives you the best features at the right price.
What is a POS system?
In its simplest form, a cash register or cash drawer could be classified as a point-of-sale system. But, contemporary point-of-sale systems are a combination of hardware and software tools used to process your credit and debit card transactions and cash sales with retail customers.
A POS may be a physical device in a brick-and-mortar store or a checkout point in a web-based store, so transactions, including cloud-based transactions, may take place in person or online, with receipts shared either in print or electronically.
POS systems are increasingly interactive, particularly in the hospitality industry, allowing customers to make reservations, view menus, place orders, pay bills, and apply tips electronically.
Meanwhile, point-of-sale software devices allow the merchant to monitor inventory and buying trends, track pricing accuracy, and collect marketing data.
How can we help?
Are you considering moving away from your present cash register system to a fully integrated point of sale system, or upgrading an existing POS? Give us a call at (800) 866-3944, or Email us at inquiry@ccgpays.com and we’ll set up a convenient time to go over your options.
It's Time for Your Credit Card Terminal to Spring Ahead!
|
How to reset the time of day on the Dejavoo Z8 credit card processing terminal.
|
|
|
How to reset the time of day on the PAX-S80 credit card processing terminal.
|
|
|
|
CCG is Your Best Source for FirstData Clover POS Systems
When it comes to all-in-one retail systems that you can quickly set up, take payments, and manage just about all of your customer and employee needs, we’re pretty psyched about FirstData’s family of Clover point-of-sale (POS) systems.
Clover POS systems make running your business a breeze.
You can take orders and accept payments from just about anywhere, and you can accept every kind of credit, debit, and gift cards, as well as NFC and mobile wallets. Offer digital receipts and one-touch tipping. Easily process refunds, returns, and exchanges. Enable online ordering and contactless payments for faster, safer transactions and greater customer satisfaction. You can even set up automatic tax rates to be applied to all your sales.
Keep Customers Coming Back
In these days when it’s harder to make a real connection with customers, Clover systems help you get to know your customers better. Automatically generate customer profiles with contact info, birthdays, and order histories. Communicate with your customers privately and get firsthand feedback on their experience quickly and privately. Make announcements, send custom promotions, and marketing campaigns via email, text, or the Clover app.
Oversee Your Whole Staff
When it comes to managing your staff, Clover systems let you anticipate busy times on a daily, weekly, or monthly basis so you can manage shifts and schedules. Set individual employee permissions based on your team’s structure and responsibilities, and view employee sales, tips, and refunds so you keep on top of register activity. And since Clover doesn’t charge per employee, you can make it available to your whole team.
Why Use Commonwealth When Selecting a Clover POS System?
As a smart consumer, you may be wondering why you would purchase your Clover POS system through Commonwealth Consulting Group versus going direct with FirstData. We’re glad you asked! First and foremost, our costs are lower so we can most likely offer you better pricing on equipment, but there’s no replacing the prompt and knowledgeable local service we offer at CCG. We’re always available to walk you through the process of making sure you have the right system for your busy needs and that you are using the system you purchase effectively.
Have we piqued your interest? Give us a call at 800-866-3944 and we’ll be happy to help you find the Clover POS system that is perfect for your business.
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
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.
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.