Ferrari Merchants Join Fight Against Unfair Interchange
Texas – August 8, 2011 – Merchants Against Unfair Interchange, (“MAUI”) and Ferrari Merchants , a very well regarded and established processing company complete the MAUI Certification and begin RateLock service in the great state of Texas.
PRLog (Press Release) - Aug 11, 2011 - Ferrari Merchants, was founded in response to the wide spread practice of gouging merchants. Though their portfolio is a vast make-up of industries like Multi-family housing and the Restaurant Industry, they realized the widespread inconsistency of pricing in the transportation industry. Unlike predatory processors who target these merchants for quick profits, Ferrari focuses on the complete relationship with their clients, enabling more effective communication and personal service at a fair price. “In the long run, consumers are going to be more confident, says Crystal Sulzer, CEO of Ferrari, “because we actually do everything we say we are going to do.” Ferrari Merchants is recognized as a leader and a source of truth in processing and has been featured in many trade magazines, including Limo Digest Magazine, LCT Magazine, American Banker and Abode.
The coalition of Merchants Against Unfair Interchange, or (MAUI) ensures, through expert, independent validation, that processors can not charge “hidden fees” or engage in unfair interchange practices. So far MAUI has found and eliminated close to $7 Million in unfair fees.
“I am pleased that Crystal, and Ferrari Merchants have joined the fight against unfair interchange”
says David Toney, Chairman of MAUI. “We need to spread the word that merchants don’t have to allow themselves to be taken advantage of any longer. Crystal and her team will help spread that message to merchants throughout the great state of Texas, and transportation merchants nationwide.”
Today, the credit card processing industry is unregulated, and as a result, processors have a host of ways to charge “hidden fees” to merchants. Last year an estimated 38 Billion in these fees were charged. “Although what other processors do is legal, it certainly isn’t ethical.” Says Sulzer, “Every core of my fiber firmly believes that the industry should be regulated. And I think that MAUI is taking the first steps as an industry watchdog to bring to light the processors who do things right while removing the veil that the unethical ones hide behind. This will separate the good companies from the bad, and hopefully will be in the forefront of getting this industry where it needs to be.”
Together Merchants Against Unfair Interchange (http://www.stophiddenfees.us) and Ferrari Merchants (http://www.ferrarimerchants.com) will continue to change the face of the processing world. By standing on a foundation of best practices, fair pricing, and independent expert validation, merchants now have options unlike ever before. With options comes the choice and many who are being treated unfairly have chosen to work with MAUI.
American Banker interviews Crystal Sulzer of Ferrari Merchants.
LCT Newsletter
Please click to ready the 12 steps to being PCI Compliant.
PCI compliance deadlines for the Credit Card Processing Industry is just around the corner.
By July 2010 all merchants must be certified that they are compliant with the Payment Card Industry Data Security Standards. With more and more diversity on how we take credit cards, it has become more confusing to the merchant as to whether PCI applies to them or not. PCI APPLIES TO EVERYONE. Let's review the forms of accepting credit card payments and how information is stored and processed.
Stand alone terminals even though the are less likely to be hacked, still contain card holder data and can still be compromised. Certain password protections at the terminal level can help reduce the risk of credit card fraud. Having a password to issue Refunds can not only help the merchant reduce risk of employee fraud, but can also minimize the exposure of card data. Most terminals today, once the credit card number has been swiped, should not show the full card number at all. When a terminal is batched and settled, it completely empties all of the data and starts fresh daily. When receipts are printed and stored they should be done so in a manner in which they are under lock and key.
POS Systems today store more card holder information and once the information is settled, the card holder data is still stored in the completed batch files, leaving them susceptible to security breaches. Many POS companies today are not PCI DA compliant, and you must be very aware of what the requirements are not only for POS system, but that it is your responsibility as a Merchant to make sure you are dealing with a reputable company. POS systems can be hacked into through the IP address, therefore, having a Firewall is just one of the first steps that you should take in limiting accessibility to unwanted breaches. In addition, taking Updates and patches to your software systems is crucial to keep you up to date on continuing changes that may be occurring, not only with your software, but with the compliance issues as well. In addition, using Anti Virus Software is another way of protecting your data and your clients data. Changing the default password on your systems, as well as creating passwords to get onto your system is another way to minimize breaches. When it is not absolutely necessary to have your remote access on, turn it off. Most importantly stay educated on what your POS provider requires for you to be compliant and secure.
Finally, what most people think is one of the highest risk ways of processing, is probably one of the most secure. Online, Internet processing. In order for any processing company to utilize a Payment gateway, the gateway has already had to pass a PCI-PA certification and validation from the Association.
Attached you will find a quick reference guide issued from the Payment Card Industry Standard Security Council. This is an opportunity to see where you fall and to help you become, not only compliant, but most important secure and keeping your clients information protected.
To learn more about PCI Compliance please go to www.pcisecuritystandards.org
Limo Digest did a great expose' on the credit card industry. We were privileged enough to have been interviewed by Susan Rose, one of the editors for Limo Digest. The majority of the information that is in the article was a direct effort between Limo Digest and Ferrari Merchants to make our customers more aware of the credit card industry and how fees affect them.
