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Transaction Resources, Inc. (TRI), is pleased to announce that Joe Forgione has rejoined the organization in the role of Regional Sales Manager.


joe forgioneJoe brings extensive experience and an in-depth knowledge of the merchant services industry. Earlier in his career, Joe held roles in commercial lending with two Massachusetts based banks, and then segued to the merchant services field, holding sales and account management roles over the past fifteen years with a number of prominent merchant service providers, including a ten-year tenure with TRI from 2002 to 2012. His combination of banking and merchant services experience gives him unique insight and ability to understand customer and business partner needs. Joe earned his Bachelor’s Degree in Political Science at the University of New Hampshire.


His office is based out of Brewster, MA, where he resides with his wife and two young children. He is an active member of the community, having served for the past several years on the board of the Cape Cod Chamber of Commerce. Joe also serves on the board of the Brewster Regional Little League.

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Merchants, you have until June 6, 2014 to voice your objection to the class lawsuit whose basic premise is the following: "[There are certain] allegations that certain rules applicable to individuals and businesses (“merchants”) that accept American Express cards in payment for goods or services violate the antitrust laws resulting in merchants paying excessive fees for accepting American Express cards."


Merchants that accept American Express Co. cards were notified they can be part of a potential $75 million settlement of a class-action lawsuit brought against AmEx over alleged anti-trust violations. A Sept. 17, 2014 hearing in federal court will approve or reject the settlement.


The benefits of the settlement do not include monetary payouts, or even adjust any merchant’s fees for accepting American Express cards, but merchants will enjoy other benefits that can be viewed here.


More details about the proposed settlement can be found at www.amexmerchantsettlement.com.

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emv card 300wIt’s commonly known that tens of millions of large merchant customers have been left victim to credit card information theft in recent years using the current magnetic strip-only payment cards. EMV technology, made safer with a computer chip [and possibly a PIN requirement], is looking attractive to brick and mortar retailers. Good thing! “Smart Cards” will be a required payment vehicle and then “the” required payment vehicle in upcoming years.


EMV Updates for Spring 2014


Payment Industry players continue to advance EMV chip technology protocols in view of the October 2015 line in the sand, when merchants should be able to accept a Smart Card form of payment.


What is also clear at this juncture is that [chipless] magnetic stripe cards will be less desirable to merchants given that liability for fraudulent transactions will likely fall on the merchant if that business has not implemented a Smart Card payment system. If, on the other hand, the bank has not issued a chip embedded card to the purchasing consumer, the bank will be liable for fraudulent charges. This suggested protocol is a pressure-fortified strategy to coax all parties involved in payments to implement the systems in concert.


Embrace The Boy Scout Motto: Be Prepared.


Though major chain retailers have begun to make the necessary POS changes, smaller businesses are currently not rushing to implement the technology. They are yet hindered by unknowns, including the breadth and speed of the adoption - and its considerable costs: "It would [will] cost billions of dollars to upgrade every point-of-sale device and ATM machine, and to issue new credit and debit cards.", according to the Boston Globe's Michael B. Farrell.


However, merchants have a certain and immediate role in the adoption of the payment technology: research and planning. There are currently a multitude of online resources designed for merchants to gain knowledge about the technology and how it impacts them. Granted, some of the "what, when and how's" of the impending conversions are still being settled, but insights into the ongoing progress of the new payment medium at large are also available online, so you needn't be blind sighted.


You May Find These Links Useful

EMV EnablementBenefits for Business From First Data

October 2015: The End of the Swipe-and-Sign Credit Card from The Wall Street Journal