PCI DSS version 4.0 introduces key updates that dental practices must adopt by March 2025 to stay compliant and secure patient payment data. With the deadline approaching, understanding and implementing these changes is crucial to avoid breaches and penalties.
Read more about PCI DSS version 4.0 here.
Illinois’s new Interchange Fee Prohibition Act requires merchants to separate taxes and tips on card transactions, posing challenges for businesses. Compliance by the July 2025 deadline could require costly upgrades and training, making preparation crucial. Our own Eric Cohen spoke to Digital Transactions about why compliance could be difficult and expensive.
Learn more about how merchants can navigate the implications of this law here.
Veterinary practices are facing new challenges as states continue to introduce laws limiting credit card surcharges. These regulations aim to protect consumers, but they also put pressure on businesses to remain transparent while managing rising operational costs. Veterinary practices must navigate these changes by disclosing surcharges clearly and complying with state rules. Read more about how veterinary practices can navigate these new laws here.
In this article for Medical Economics, our CEO answers common questions from medical practices, including why it is important to optimize your processing costs, what you should expect to pay in fees, and issues surrounding surcharging and PCI/HIPAA compliance.
Our own CEO Eric Cohen was interviewed by Digital Transactions to discuss the impact of interchange fees on merchants. His take? It’s actually processing fee increases, not interchange, that are hitting business’s bottom lines the hardest.
In this episode, Eric Cohen of Merchant Advocate explains the critical need for orthodontic practices to understand credit card processing fees. He emphasizes the impact of hidden fees and offers strategies to monitor and reduce costs, ultimately enhancing practice profitability and valuation.
Ensuring good payment processing hygiene is essential for maximizing the valuation of your orthodontic practice, especially when considering a sale to private equity investors or outside buyers. Poor payment processing can lead to unnecessary costs, impacting your practice’s long-term value. In this final article of a series of 4, we explore how auditing and reducing card processing fees, correcting coding errors, and improving data handling can save you significantly and enhance your practice’s overall valuation. Don’t let poor payment processing hygiene harm your practice’s future.
Orthodontic practices increasingly rely on practice management and EMR software to enhance efficiency and data security. However, these platforms can lock practices into specific payment processors, increasing costs. In this third article with Orthodontics Products, we explore how regular software updates and diligent monitoring of credit card statements can prevent avoidable fees and compliance issues.
Orthodontic practices face unique challenges in navigating Payment Card Industry (PCI) compliance, which is crucial for protecting payment information and avoiding significant fines. While HIPAA covers patient medical records, it does not ensure PCI compliance, necessitating adherence to both sets of standards. In this second article of a series of four, we will explore the key steps your practice needs to take to safeguard sensitive payment data, including implementing PCI DSS’s 12-step checklist.
In this article for Modern Retail Management, our CEO weighs in on the rejection earlier this week of a $30 billion proposed settlement over credit card transaction interchange fees.
“Eric Cohen, CEO of payment processor negotiation service Merchant Advocate, said the settlement was expected to be rejected following a hearing earlier this month. He said the settlement would have done little to truly relieve store owners of the cost burdens of interchange fees. One proposed requirement in the settlement to limit the fees by four basis points, for example, would be about $400 on $1 million worth of transactions. ‘You’d never see that,’ Cohen said. ‘If you really look at the industry, the reduction in cost may never actually reach the business owner.’
He also said the proposal didn’t attempt to address rates for future types of credit cards. Currently, cards with high rewards will carry a higher interchange fee. ‘It doesn’t say they can’t come out with new cards or rules, and that could increase fees,’ he said.”
Read the full piece here.