Ethics in the Credit Card Industry

Ethics in the Credit Card Industry

Our credit card processing industry has some great people, true highly knowledgeable and experienced professionals. Unfortunately there are also those that need to be weeded out as well.  We as professionals must be vigilant in always putting the customer first. At Capital Bankcard our customers are the reason we are in business. Full disclosure with no “smoke and mirrors” or “catch me if you can” mentality is the only acceptable business practice. We must consistently conduct business at the highest ethical standards at all times under all marketing conditions regardless of unscrupulous practices of competitors.

We must also be just as vigilant in cleaning up and maintaining our industries’ image. It all starts within ourselves. Give yourself the mirror test daily. Look in the mirror and ask yourself, “am I conducting business at the highest ethical standards with my customers best interests first and foremost or am I just trying to line my own pockets at everyone else’s expense? Am I improving our industry image or am I part of the problem? We all know where we stand when staring at ourselves in that mirror.

To the true ethical professionals, I am honored to be your peer! To those who don’t fall in this category, find a new industry  before our industry finds you! It’s time for all industry professionals to help clean up our industry starting with ourselves.

This article below is an example of those who should have found a new industry:
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Wendy’s Data Breach Draws More Action

Wendy’s Data Breach Draws More Action

A card issuer takes the breach of nationwide fast food retailer Wendy’s into its own hands. Southeastern Michigan credit union has banned all debit and credit transactions conducted at Wendy’s locations until further notice. This is the most aggressive stance we have seen to date regarding breaches and protection by a card issuer. Times are changing, so are attitudes towards credit and debit card breaches.    (more…)

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How Credit Card Processing Works – Visual Guide

How Credit Card Processing Works – Visual Guide

This is a good visual description of how credit card processing works. It shows where we, as Merchant Account Providers fit in, and where the fees and rates common in the industry come from.

Not all merchant account providers are created equal though, as you will find. We focus on eliminating as many of the costs to merchants as possible, and in most cases, can cut large margins off credit card processing bills from other account providers. (more…)

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Wells Fargo Massive Consequences for Opening Fraudulent Accounts

Wells Fargo Massive Consequences for Opening Fraudulent Accounts

Your bank is one of the most relied upon service providers. People must have faith in the place they choose to store their finances. Recent incidents by Wells Fargo employees resulting in almost 6,000 employee terminations and hundreds of millions in fines have once again shaken public trust to the very core. Details of the employee fraud are outlined in this article by Maggie McGrath of Forbes.    (more…)

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Eddie Bauer Reveals It Was the Victim of a POS Breach

Eddie Bauer Reveals It Was the Victim of a POS Breach

Another merchant to add to the ever-growing list of security breaches surrounding POS systems. Eddie Bauer reports their POS systems were breached at the software level. They discovered malware may have affected transactions in their retail stores from Jan 2 to July 17, 2016. They have since removed the malware.

Much like this article implies, maybe it’s time to think about a better security standard than the PCI-DSS protocols.
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