We have seen and reported on a few actions that have been occurring over the last year in terms of the pressures on banks and payment processors. Recently, Chase has closed several checking accounts for people associated with the adult industry. The outcry has resulted in a very prestigious publication taking notice. The American Banker article that addresses this recent phenomenon is an excellent read that brings up several important points and followup questions for the reader.
Banking seemed to be a service that every legal business, and US citizen was entitled to but with the recent activity it is now evident that this is not the case. The banking system, which is regulated by the US government, can discriminate against who it offers it’s services to.
To read the full article you can go here.
By Melody Lashmar Operation Choke Point and increased pressure by bank regulators on Financial Institutions to identify and eliminate merchant fraud has certainly increased the monitoring efforts by banks regarding their payment services. Under Operation Choke Point, Financial Institutions, ISOs and IPSPs are being held liable and accountable for their merchants’ fraudulent activities.
The FTC has communicated that Financial Institutions and payment processors know or should have known about any deceptive acts or practices of their merchants. They lean on the assumption that Continue reading
By Melody Lashmar Bitcoin has certainly been an interesting phenomenon to watch over the last few weeks. We’ve had bankruptcies, suicides, arrests, thefts, marketing, adoption by retailers, potential identification of the creator and discussions at all levels of government. It seems this recent interval has contained all the makings of a good mini-series.
March Madness is here! Only I’m not referring to the NCAA basketball tournament, but L3’s travel schedule for the next few weeks. Despite the hustle and bustle of L.A. traffic and crowded airports, we’re excited to get back out there and discuss the myriad services L3 has to offer to new and existing merchants alike. Look for us at both the MAC Conference from March 11th – 13th in Las Vegas, and at the Phoenix Forum from March 27th – 30th. This month in useless trivia…did you know March starts on the same day of the week as November every year? Also, Daylight Savings Time begins in March and ends in November. With all that these two months have in common, I’m proposing we really seal the deal by celebrating my favorite U.S. holiday, Thanksgiving, in March too. Show of hands, who wouldn’t want two 4-day weekends and two Thanksgiving dinners per year? Exactly. If you haven’t already read Melody’s latest article titled “Six suggestions for Merchant Payments regarding Operation Choke Point”, I would strongly recommend taking the time to do so. Melody provides valuable information that could prevent you from being collateral damage when “the powers that be” make rash decisions in an effort to stop bad merchants. As discussed in Melody’s article, one of the most important factors in maintaining your business and its payment processing health is choosing a payment-processing partner that is committed to long-term success. And SBW is the perfect solution! With direct banking relationships, comprehensive intelligent routing technology and a robust, leading-edge fraud shield built around extensive empirical analysis, merchants can feel confident that their business is protected on all fronts. Contact us today at 1-877-282-9057 or email@example.com for more information about our PCI Certified Credit Card and ACH Gateway services. Don’t forget to follow L3 on Facebook and Twitter for ongoing news and updates. Until next time, have a great month!
By Melody Lashmar The phrase “Operation Choke Point” conjures up many images and is representative of the spirit in which the authorities are using their power to target the providers within the payment industry.
Operation Choke Point is, in fact, the name that the authorities have given their combined efforts in stopping bad merchants by removing the payment processors that these merchants are using. I think that we can all agree that stopping bad merchants is a worthy endeavor, but the way in which it is being executed is causing unnecessary and unfair collateral damage to other merchants, consumers and payment processors.
Their “choke point” focus is akin to stopping illegal marijuana grow houses by Continue reading
It’s hard to believe February is already here. The holiday season came and went in a flurry of family gatherings, food, drinks, and was capped off by a Super Bowl blowout so bad that I actually got more enjoyment out of a Radio Shack commercial than the game itself. And in that time we here at L3 Payments didn’t miss a beat. L3 spoke on a panel and attended Internext, iDate and Affiliate Summit in Las Vegas, as well as Xbiz 360 in Hollywood. We had a great time seeing familiar faces and meeting new ones, and we look forward to making 2014 a huge success for our valued merchants!
Speaking of Xbiz, L3 recently contributed to an article in their publication discussing billing trends and predictions for 2014. As recent analysis has shown us, more people are using pre-paid cards to make purchases online and we expect that trend to continue growing in 2014. As a merchant, it’s important to understand the buying behavior of your customers so you can make informed decisions about your product offerings. And SBW allows you to do just that! If you haven’t already, be sure to check out SBW’s META technology which helps merchants identify card types (including pre-paid), block those card types if need be, or simply collect data on those transactions to help determine affiliate payout structures or adjust price offerings to qualified customers. This tool is available today and requires only a simple API call, so you’ll be up and running quickly. In fact, if you’re already integrated with SBW’s API, META should only take a few minutes to set up. Contact us at firstname.lastname@example.org or 805-449-1191 for more information on this invaluable functionality.
And of course, Valentine’s Day is around the corner, so don’t forget to give us some love on Facebook and Twitter. We welcome any questions, comments or photoshopped pictures of our CTO, Hrag, in precarious situations.
Until next time, have a great month, everyone!
By Melody Lashmar The Ivory Tower of Officialdom is at it again. They have spent time and resources on developing ways to reduce fraud in their network and they now want people’s opinions on their solution.
The current proposed solution is…. wait for it…. to do more of the same! Wow, what a brilliant idea; an absolutely stunning example of understanding the issues that exist and creating a solution which addresses those issues and, thus, reduces fraudulent payments.
Fraud is being measured based on Continue reading
By Melody Lashmar
Have you ever stood at a checkout line, swiped your card of choice and then were told that it had failed? When that happens, what is your next move? Many of us will Continue reading