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The Durbin Amendment has reshaped the U.S. financial system since it began in 2010. Named after its chief advocate, Senator Richard Durbin, this legislative moved was designed to fix the increasing interchange fees charged by banks for debit card transactions. By limiting debit card fees, the amendment tried to make
What is open banking? Open Banking is a financial technology (fintech) trend that allows customers to share their financial data with third-party providers, such as
Payment machines, also known as payment terminals, have been around since about 1960. Before they were actual machines, they were card imprinters and then they
VANCOUVER, BRITISH COLUMBIA, CANADA, January 16, 2023 — Provincial Credit Union, the leading credit union in Atlantic Canada, and TCM, an award-winning payment processor
Clover is a point-of-sale (POS) software and hardware system that allows small to mid-sized retail, restaurant, and service-based businesses to take in-person payments. Clover POS
There is a lot that happens in a credit card transaction. There is consumer identity verification, merchant status verification, fraud detection, and bank communication. All
The number of contractors, architects, builders, and others in the construction industry that use credit cards for payments has increased. It is an industry that,
A virtual terminal is a web-based application that allows merchants and business owners to accept credit card payments using an internet browser on a computer,
One of the great things about credit card processing is that funds are deposited into your bank account within one or two days without having
Credit card processing is one of the “must-haves” for a lot of businesses. This is especially true because the world is moving to a cashless
Online shopping is growing at over 17% per year. With fewer people carrying cash and more retailers moving online, you can expect eCommerce to continue
Software and SaaS (software-as-a-service) businesses have grown significantly over the past two decades. Consumers and businesses alike have all increased the amount and variety of
The growing use of credit cards is a global phenomenon. The internet continues to explode, the ability to have your credit card on your phone
Somewhere around 75% of adults shop online at least once per month. Shopping over the internet has grown into a big business. The internet is one
The rules have changed in Canada as of October 6 2022 about merchants passing on credit card processing fees to customers, which is also called credit
In our experience at TCM, dealerships want a few key things in a payments solution. They want technology that simply works, low rates, top
Card brand fees are part of the payment processing costs that merchants pay. This fee goes directly to the card brands, such as Visa, MasterCard,
What is Moneris? Moneris is a large payment processor and acquirer based in Canada. It offers the full solution for businesses to accept credit cards
An early termination fee in credit card processing is an extra charge that a merchant gets for cancelling their merchant account prior to the termination
The quick explanation of credit card tokenization is that it is the process where a “phrase” (or token) is used to represent credit card information
Around the year 2020, the usage of contactless payments drastically increased as customers and businesses looked for ways to minimize physical handling of cash and
Both debit cards and credit cards are very popular in Canada. Credit cards are currently the most popular transaction method in Canada, accounting for 31%
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