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At the IAFCI conference in Phoenix, Rayleen Pirniv (EPCOR) and Jeanette Fox (NACHA) stated a main difference between credit card networks and the ACH:

“Unlike Credit Card processors, the ACH has no prohibited business types.”

What exactly does that mean for you?
Like a pebble in a pond, the ripple effect of a bad third party can always be traced back to the source.

Every year, over 18 billion transactions representing $40 trillion in volume, flow through the ACH network. This is far more than the card networks – and with the mandatory EMV adoption in 2015 – we expect to see even more fraudsters transition their activities from credit card to the ACH network. With the proper due diligence and monitoring, much of this fraud can be prevented.

Post Categories: Blog

Using FraudFile – G2’s innovative fraud prevention tool for boarding and due diligence – a G2 Web Services client identified 54 merchants who had previously been terminated for fraudulent activity, were operating additional active accounts in their portfolio.

These 54 merchants represented more than $1 million dollars in previous fraud loss.

Post Categories: Blog, News

The ins and outs of payday lenders

Payday lending is an industry with global presence and growing numbers. In the UK, it is estimated that 8.2 million loans were taken out from 2011-2012, amounting to about £2.2 billion. In the US, payday loans have an annualized percentage rate between 360% – 780%, for a two-week loan (yes you read those numbers correctly, they aren’t typos).

With these shocking numbers in mind, government and card networks are being more diligent when it comes to payday lenders. As a repercussion, acquirers are hesitant to keep or board these ‘high-risk’ merchants. Let’s take a closer look at the payday loan industry and ways to help you remain compliant and profitable when dealing with these risky businesses.

Post Categories: Blog, News

Data mapping has increasingly become one o­­f the most important tools to identify and manage merchant risk in the rapidly shifting payments landscape. When reviewing a merchant application and its basic business information, there is much more than meets the eye. Often, there lies an entire network of connections between the merchant and existing domains, directors, IP addresses, third party providers, and risk history. Why does this matter? Well, if it is possible to identify relationships or connections between a new merchant on the web to current or previous entities, it’s possible to gather enough data to predict what risk they present to an acquirer or payment provider. Prediction rather than reaction is essential in mitigating merchant risk and fraud, both at boarding and throughout a merchant relationship.

Post Categories: Blog, Merchant Boarding, Merchant Risk

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