December 2014 Merchant Services Updates
Here we are approaching the end of 2014. We have had a great year so far in the merchant services industry, with healthy growth in sales and greater flexibility for merchants. As we are approaching 2015, an important year to our industry, we would like to summarize this year and introduce some new products and services to our merchant.
First and foremost, on the first week of December, 2014, we have rolled out the official MagicPay gateway. All merchants previously utilizing the NMI gateway were automatically transformed to the MagicPay gateway. New merchants will be boarded by default on the new MagicPay gateway unless otherwise requested.
The new gateway allows flexibility, comfort and first-class management control. Allow / disallow functionality for individual user, live detailed reporting and one platform that utilizes mobile, retail, online and MOTO transactions.
Secondly, MagicPay has started to work with a new processing bank which would allow us to lower transaction fees and provide our merchants with online reporting in a more concise and organized matter. Merchant statements were available online since the end of 2012 but now account settings may also be changed using the online portal.
What to expect in 2015?
2015 is probably the most important year this decade in the US credit card processing industry. In October of 2015 all merchants would need to be EMV ready. Merchants would need to acquire new credit card terminals that would process EMV cards, in order to reduce fraud and tighten security on the industry.
MagicPay has been providing EMV terminals since August 2014 to new and existing merchants. Currently we are supplying merchants with the Ingenico iCT220 and the iCT250 as we find those to be reliable and secure.
This change would help fight credit card fraud and by that reduce costs to merchants. As this is a long term project, countries like Canada and the UK have proved this system to be effective. Although this system is created to fight credit card fraud, it would only help fight credit card fraud in retail interface. EMV would not change anything for E-Commerce merchants and the regular risk-management tools that have been used for online fraud would remain unchanged.