MAG Insights

Aug 5, 2022, 06:59 by Erica M Forman

Quick Response in retail could mean a fast turnaround to a food delivery order, an immediate solution to a customer service issue, or a method that enables retailers to share inventory needs in real-time. On the other hand, it also represents an experience almost ubiquitous any longer in retail through an action triggered by the scan of an image everyone recognizes…the QR Code (short for Quick Response Code).

Jul 26, 2022, 07:15 by Erica M Forman

In Part III of our series on Standards and Specification Bodies, we will share an overview of the FIDO Alliance and EMVCo. If you missed our earlier articles which discussed ISO and X9 in Part I and PCI and W3C in Part II, please check out our website (LINK) for more information.

Jul 19, 2022, 08:03 by Erica M Forman

Last week, we published an overview of ISO and X9, as part of a series examining the organizations that maintain the standards with some of the greatest impact on how the payments industry runs. If you missed last week’s article, Part I of Standards and specification bodies that matter to payments is available here. Next, we take a look at PCI and W3C.

Jul 18, 2022, 15:46 by Erica M Forman

Chargebacks can be a persistent problem for merchants, acting as a constant drain on their revenue unless they implement effective preventive measures. Unfortunately, no matter what merchants do, chargebacks will continue to roll in. There’s no way to prevent credit card fraud one hundred percent of the time or ensure that issuing banks never err when granting a chargeback to a cardholder.

Jul 12, 2022, 12:36 by Erica M Forman

Standards impact every aspect of life from the moisture content in your cereal to liquid rocket engines to working safely in a pandemic. Without standards, it would be impossible for the modern world to function, and the world of payments is no exception. Standards ensure consistency, reliability, security, and quality and help guide innovation. In payments, standards define how transactions are communicated, how customers are verified, how data is secured, and much more. But where do these standards come from and how are they created and maintained? To find out, join us over the next three weeks as we publish a series of articles examining the organizations that maintain the standards with some of the greatest impact on how the payments industry runs.

Jun 30, 2022, 09:16 by Erica M Forman

It has been a busy spring for the payments industry in Washington. Competition and swipe fees took center stage at a Senate Judiciary Committee hearing in May, and the Federal Reserve’s public comment period regarding Central Bank Digital Currency (CBDC) closed. In addition, Consumer Financial Protection Bureau (CFPB) Chairman Rohit Chopra continues to make payments a top priority.

Jun 15, 2022, 06:51 by Erica M Forman

The MAG is putting together a dynamic program of events for the upcoming 2022 Annual Conference and Tech Forum that you won’t want to miss. We are excited to welcome attendees from across the country at the Hilton Anatole in Dallas, Texas, September 18 – 21.

May 12, 2022, 13:40 by Erica M Forman

Merchants respond to historic pandemic with innovative shopping experiences. It’s time the rest of the industry reacts responsibly.

May 5, 2022, 15:33 by Erica M Forman

The MAG's newest eLearning class is now in session! The Merchant Advisory Group is excited to officially introduce Merchant Payments 203: Navigating Fraud and Chargebacks. This eLearning course is designed to enable the learner to effectively detect and analyze fraud in their environments while optimizing chargeback responses in order to minimize loss.

Apr 25, 2022, 14:43 by Erica M Forman

Over 50% of online merchants are seeing an increase in refund abuse, as customers take advantage of easy returns and extended refund periods. Here’s what’s behind the increase...

Apr 14, 2022, 09:35 by Erica M Forman

As payments professionals, we have a lot to offer our companies although we may deal with a perception that payments processing is mostly an expense that needs to be minimized. Whether we work in Treasury, Finance, IT, or Customer Excellence, payments provide invaluable insights into our businesses – much of which may be underutilized. By distributing a Payments Newsletter with timely insights to executive leadership you’ll be able to help drive profitable customer retention and acquisition strategies while building important relationships and an understanding of the value of efficient payment processing.

Apr 11, 2022, 09:04 by Erica M Forman

Merchant Advisory Group merchant members have the advantage of accessing many of our benefits and resources. A summary of MAG membership levels and benefits is available in our Membership Brochure. We now offer two membership levels: All Access and Digital Access. MAG currently has over 170 merchant members enjoying these benefits.

Mar 29, 2022, 14:01 by Erica M Forman

Do you ever wonder why we still have paper money in a world that continues to become more digital? Maybe it is because of the anonymity or the cost associated with using financial institutions to store and transfer a dollar. It could also be that there is not a viable substitute in the market. For whatever reason, consumers still like cash. It is not only consumers who like cash, though; for the most part, so do merchants. Cash settles at par, meaning if someone pays you a dollar you receive the whole dollar. It is also settled instantaneously and once received it can be spent seconds later. In addition, cash is irrevocable. Once you receive it no one can take it back from you. You own it. Now imagine a world where this is all done digitally versus physically.

Mar 22, 2022, 06:16 by Erica M Forman

Having just wrapped up 2022 Mid-Year Conference and Tech Forum and participating in my first conference from ‘behind the curtain,’ I couldn’t help but be amazed by the energy of the attendees and the enthusiasm of the MAG staff. It was obvious to me our members appreciate the value the MAG provides, and our sponsors value the opportunity to engage with the merchant community. The future of the MAG is certainly bright, and I feel fortunate to now be part of that future and the great MAG team.

Mar 16, 2022, 14:04 by Erica M Forman

Spring brings payment card networks’ rules changes. Networks communicate these changes to the acquirers, who then inform their merchants. This chain of events must happen in a matter of three to four months before the next round of changes come in the fall. This year, the impacts are more unique as the networks have delayed a number of fee increases due to the pandemic and they will implement them in April. The financial implications to the merchant community will be significant.

Feb 25, 2022, 10:38 by Erica M Forman

The MAG held the 2022 Mid-Year Conference and Tech Forum at the Hyatt Regency in Atlanta, GA, and virtually February 14-17. The successful event brought together merchants and industry partners, and speakers covered a range of timely payments topics.

Feb 10, 2022, 16:34 by Erica M Forman

Back in 2016, the International Standards Organization (ISO) announced a forthcoming change to the length of the Issuer Identification Number, also known as IIN or Bank Identification Number (BIN), due to the increasing number of card issuers in the market and the expectation that there would eventually be a shortage in the available supply of BINs. While the standard change had several impacts, the most prominent for merchants is that the existing fixed-length 6-digit BIN standard will be converted to 8-digits.

Feb 10, 2022, 16:33 by Erica M Forman

Merchants, and the industry overall, will experience significant challenges if there is not a solution to properly identify the BIN at the point of sale (POS). The PCI Security Standards Council recently updated their FAQ#1091 in January 2022 to allow visibility to the first eight digits of a PAN on 16-digit cards. The update to the FAQs is extremely tight with the April 2022 requirements.

Feb 2, 2022, 10:03 by Erica M Forman

The Merchant Advisory Group is excited to officially introduce Merchant Payments 202: Exploring Card Types and Products, an eLearning course designed to enable the learner to effectively analyze and manage the payment card products a merchant accepts. At the end of this course, learners will exhibit knowledge of how to optimize the card product mix to successfully achieve their organization’s payments, customer relationship, and expense goals.

Jan 31, 2022, 11:20 by Erica M Forman

Arguably the most exciting thing to happen in payments policy in 2021 was the Federal Reserve’s proposed rulemaking to clarify the debit routing provision of Regulation II to apply to all online transactions. Merchants have said for years that ALL debit transactions should have routing choice; however, they have faced many hurdles routing debit transactions in the ten years since the law was enacted.