Solupay Blog

How You Can Increase Sales Volume with Modern Financing Options

Posted by Joe Musitano on Feb 13, 2017 5:29:57 PM

It’s no secret that many consumers have lost trust in financial institutions, especially millennials.  This is underscored by the fact that the people in the age bracket of 25-35 years old carrying credit card debt is at its lowest since 1989.A recent survey conducted by Affirm, the financial service brainchild of PayPal co-founder Max Levchin, found that 64% of respondents worry about the final cost of items bought with credit due to a history of deceptive practices in the industry. In fact, more than half also said that the uncertainty of the final price—due to interest and unclear terms—made them enjoy their purchase less, which is never a good thing for a retailer. But is this reason enough for merchants to abandon financing?  Absolutely not.  It is, however, reason for merchants to look at more modern financing options that appeal not only to the millennial buying power, but to the masses. 

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Topics: Integrated Payments, NetSuite SuitePayments

Card Fraud Down - and Up - Thanks to Chip Technology

Posted by Joe Musitano on Feb 3, 2017 2:51:14 PM

With 2016 behind us, Visa announced statistics for the first full year that chip technology has been in use in the U.S. Much can be gleaned from the data, including the fact that almost half of in-store transactions used EMV in 2016, and most of those were not from the big box stores, but rather, from small and mid-sized businesses. From all the information, however, this is certain: While chip technology has impressively cut card present fraud, eCommerce has become the newest target for attackers.

Over the course of the year, the number of merchants using chip-enabled terminals more than doubled, with 39 percent (or 1.81 million) of all merchant locations using EMV technology. The majority of these merchants - 82 percent of them - were small and medium-sized businesses. Chip transactions comprised just about half (49 percent) of total payment volume in card present transactions.
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Topics: EMV, Online Fraud, Card Security

Improvements in Payment Technology Have Expanded Recurring Billing Options

Posted by Jayme Moss on Jan 26, 2017 10:51:20 AM

Does your business operate on a monthly subscription basis? There are many types of monthly billing subscriptions, from standard subscriptions to metered (or usage-based) billing, base plus per user pricing, multiple subscription billing and more. No matter how difficult your subscription model may seem, being able to automate the billing process is possible and can save you time and money. Many of the shortcomings that previously were prevalent in Recurring Billing plans are no longer an issue due to advances in technology, such as Account Updater.

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Topics: Recurring Billing

How to Increase Security without Creating More Friction at Checkout

Posted by Joe Musitano on Jan 11, 2017 11:15:40 AM

When it comes to payment authorizations for your online sales, the growing need for advanced security is often times at odds with the customer experience. While consumers are aware of cybersecurity risks, the perception that there are too many obstacles during the checkout process can often lead to abandoned carts. For consumers who order from you often, the friction at checkout can lead them to look elsewhere. How can e-commerce merchants achieve the necessary security to keep their data, and their client's data safe, while still satisfying a speedy, frictionless checkout process with less false failures?

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Topics: Card Security

Top 10 Ways to Detect Fraud for Card Not Present Transactions

Posted by Joe Musitano on Aug 26, 2016 1:22:59 PM

With CNP fraud on the rise since the EMV chargeback liability in the US took effect last October, it's in the best interest of retailers engaging in eCommerce and taking phone orders to increase their focus on securing those transactions. Here are 10 ways to detect and prevent fraud to avoid chargebacks on Card Not Present transactions:

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Topics: Online Fraud, Chargebacks, Card Security

Is e-Commerce Going to End Brick & Mortar Stores?

Posted by Joe Musitano on Aug 22, 2016 2:00:00 PM

It's a mighty thought to ponder given the latest data released from JP Morgan, but the state of all commerce is posed to take advantage of today's shoppers.  The internet has opened up a wealth of product knowledge, consumers can research products, compare specs and read reviews well ahead of buying time.  But, will the desire for instant gratification and a hand's on in-store buying experience ever disappear?

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What They Said About EMV Was True: CNP Fraud on the Rise

Posted by Jayme Moss on Aug 5, 2016 12:16:02 PM

Report Confirms EMV Expectations: Counterfeit Fraud Down, CNP Fraud Up

According to a July 2016 Card Fraud Control Benchmark Study from Auriemma Consulting Group, counterfeit card fraud has reached its lowest level since 2013, falling 18 percent in Q1 from the previous quarter. Counterfeit fraud losses have declined steadily relative to other categories since the industry’s EMV liability shift took effect late last year, and have decreased by nearly one-fourth since their peak in late 2014.

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Topics: EMV

Two Important October Deadlines in the Payment Card Industry

Posted by Jayme Moss on Jul 20, 2016 11:00:00 AM

Last year at this time, news feeds in the payment card industry were abuzz with information about the Chargeback Liability that was taking place in October of 2015. Not to disappoint, new deadlines have been set for October of this year that will have card security pundits talking. The first impacts Visa card issuers, and will be a blessing to both consumers and merchants when it comes to diminishing fraudulent card use via alerts. The second brings EMV back to the forefront, with a new deadline for ATM's to accept EMV chip cards. Here is some education on both deadlines:

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Topics: EMV

Security Alert: New Scam Targets Payment Gateway Credentials

Posted by Joe Musitano on Jun 29, 2016 10:40:45 AM

ALERT: If you use a gateway or virtual terminal for payment processing --- Pay Special Attention (Remember, most integrated POS systems connect to a gateway).

EMV in the US has made life only slightly more difficult on fraudsters, finding the new security too cumbersome to overtake. So instead of wasting time hacking POS systems, hackers have taken to bypassing them altogether and focusing their criminal efforts on hijacking merchant Gateway accounts.  They are accomplishing this simply by "acquiring" Gateway API credentials and Gateway user credentials, and are finding merchants to be ideal prey.

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Topics: Online Fraud, Card Security

Solupay Achieves ‘Built for NetSuite’ Status

Posted by Jayme Moss on Jun 8, 2016 3:49:16 PM

New SuiteApp, Solupay® for NetSuite SuitePayments®, Meets the NetSuite SuiteCloud Platform's Development Standards and Documented Best Practices

TWINSBURG, Ohio--()--Solupay, a payments technology leader for credit card payment processing, announced today that it has achieved the ‘Built for NetSuite’ status. The new SuiteApp, Solupay® for NetSuite SuitePayments®built using NetSuite’s SuiteCloud Platform, provides enhanced functionality that can reduce fraud, cut payments acceptance expense and eliminate manual processes when accepting payments within NetSuite.

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Topics: Payment Gateway Solutions