Merchant Newsletter - August 13, 2005

nSwipe users get ACH capability! 

nSwipe users that have ACH (electronic check deposit) can now do it on their Nextel phones!

 
Keeping your merchant password private is very important.  Merchants think that since Transaction central cannot give out "Blind" Credits (credits to a card that was never charged), that there is not much that could happen if their password (or in the case of an on-line merchant, the RegKey) were compromised.

If a fraudster gets access to your password or RegKey, they can use it for what is known as "sequencing".  Sequencing is where the fraudster starts with a known BIN (Bank Interchange Number, the first 6 digits of a valid card), and uses the MOD10 algorithm to generate a list of thousands of "allowable" numbers.  Of these numbers, probably 1% or so are valid numbers with funds available, so how does the fraudster find out which ones are good? 

This is where you come in.  Armed with your Login ID and Password, or your ID and RegKey,  the fraudster writes a program to submit these numbers, one by one, to your account with a $1.00 charge.  The cards that get approved for the $1.00 charge, get used for fraud- the rest are thrown away.

Now, you are in for a surprise- when you get your monthly statement and see that you have performed 2,000 transactions!  Transaction Central's  new password changing protocols help to protect you from random hacking, but if you "give away" your password information, you are asking for trouble!


While having little to do with Merchant Services, these quotes were too interesting not to put here: 

"Heavier-than-air flying machines are impossible." (Lord Kelvin, president, Royal Society, 1895)

"I think there is a world market for maybe five computers." (Thomas Watson, chairman of IBM, 1943)

"There is no reason for any individual to have a computer in their home." (Ken Olsen, president, chairman and founder of Digital Equipment Corp., 1977)

"The telephone has too many shortcomings to be seriously considered as a means of communication. The device is inherently of no value to us." (Western Union internal memo, 1876)

"Who the hell wants to hear actors talk?" (Harry M. Warner, Warner Brothers, 1927)

"Everything that can be invented has been invented." (Charles H. Duell, commissioner, US Office of Patents, 1899) 

nSwipe users now have a new feature.. ACH.  ACH (which stands for Automated Clearing House, even though it looks like a sneeze in capital letters) is the federal system for electronic check deposit.  Also known as Check Reduction, or Check Truncation, ACH allows the mobile merchant to electronically deposit a check... immediately!

To see a complete ACH transaction tutorial, click here.   Since credit card readers cannot read checks, the ACH Transactions are keyed in with the Nextel keypad.

Remember, ACH is just like depositing a check.  It is intended for use in low-risk environments.  ACH, just like checks can come back, "Account Closed", "Non Sufficient Funds" (NSF), or even "Payment Stopped".  The ONLY way to be SURE that you get paid on EVERY check is to use Check Guarantee.  

CrossCheck Check Guarantee is the only major company that guarantees against ALL types of loss, even "Stop Payment".  Other companies consider "Stop Payment" to be a customer dispute, and you lose the funds.  You can guarantee checks with the CrossCheck system using your Nextel (or any) phone.  See more details by clicking here.

Are the rumors true?  This photo appeared on the web,  and if this is not a fake, the upcoming Treo 670 will have Microsoft Windows Mobile (Pocket PC) operating system on it!   Good thing we have plenty of Treo cables in stock!!!!


Your business can be featured in our weekly newsletter!  We are going to offer this for FREE as an evaluation for a possible service.  All you need to do is to send a description of how you use our service (Mobile or Internet), in 25 to 50 words- along with a description of your product or services (again in 25 to 50 words) to: Dennis@MerchantAnywhere.com with "FREE AD SPACE" as the subject line. You can also include a graphic (max width 280 Pixels) and a link to go to when clicked on!  We can re-size your logo or graphic here, so just send what you have, and we can fix it up for you.  Our basic mission is to help other businesses succeed, using our technologies.  We are constantly getting rave reviews and comments from our merchants, as well as a constant stream of referrals.  This is one way we can say:  THANKS!

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