Merchant accounts Archives

11JanJanuary 11, 2022

A vulnerability has recently been discovered in PHP

MS-ISAC has issued an alert related to a vulnerability that could allow for arbitrary code execution and a recommendation that all sites using PHP should update to the latest PHP version ASAP ( full alert is available here). Since Magento Commerce relies on PHP, we recommend that all Merchants using Magento Commerce review necessary updates for PHP with their hosting provider. We also recommend that Merchants complete this review and any updates by September 30 in order to mitigate the vulnerability...

By Emilio SosaMagentoMerchant accounts0 Comments

11JanJanuary 11, 2022

Some Merchants Just Can’t Win: Returns Vs. Chargebacks

Although many business owners use the terms, “return” and “chargeback” interchangeably, they do not have the same meaning. A merchant return is simply a means to repay a customer who decides not to keep a product or retain a service. Often, when a return is initiated, a merchant may credit the customer’s account on the same credit card that was used initially at the time of the transaction. Store credit may also be an option when a customer requests a...

By Emilio SosaMerchant ServicesChargebacks, Merchant accounts0 Comments

11JanJanuary 11, 2022

Merchant Account Basics – A Must Read for Anyone Planning to Open a Merchant Account

After conducting exhaustive research, you're ready to sign on the dotted line with your selected merchant account provider. You may feel a twinge of nervousness as you've read about some problems that others have encountered with processors, but accepting credit cards is a necessity and despite any potential risks, you forge ahead. However, by reviewing the following points and understanding merchant account basics, you will mitigate many of the difficulties that often come to the surface when swimming in the...

By Emilio SosaMerchant ServicesAnyone, Merchant accounts, Open Account0 Comments

11JanJanuary 11, 2022

Online Merchants – Become Accurate Bean Counters Per IRS

I thought that I would provide another wake up call to online merchants who accept credit cards, debit cards, or any type of electronic payment. As a reminder, beginning in 2011, merchant account providers are obligated to report their clients' gross income derived from their online activity. Some business folks are not concerned, confident that their record-keeping is completely accurate. Others are uneasy, declaring that Big Brother's reach is becoming too invasive, and that the reporting of gross income does...

By Emilio SosaMerchant ServicesMerchant accounts, wake up call, warning0 Comments