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Modernizing Payments and Safeguarding Profits: Insight with Chandra Spary-Kontinos
Manage episode 417714615 series 3483479
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Cynthia & I interview Chandra Spary-Kontinos, the founder of Card Systems. She has over 30 years of experience in the merchant service industry. Her extensive background includes involvement in the RSPA, ETA and Dress for Success for southwest Florida.
Main Discussion Points:
Evolution of Payment Systems:
- Transition from manual card imprints to digital transactions has revolutionized payment processing.
Efficiency in Payments:
- Electronic payment systems, including credit cards and ACH, offer improved efficiency and security over traditional methods like checks.
Challenges with Payment Costs:
- The discussion covers the high costs associated with reward credit cards and how they impact small businesses.
Surcharging and Dual Pricing:
- Trends in surcharging and dual pricing help businesses manage transaction fees by passing them onto consumers.
Preventing Internal Embezzlement:
- Vigilance in monitoring employee transactions, implementing strict controls, and regular financial audits are crucial.
- Modern payment systems that restrict unauthorized refunds and require transaction authorizations can mitigate risks.
Legal and Regulatory Landscape:
- Chandra discusses a class action lawsuit where merchants claimed that Visa and Mastercard charged excessive interchange fees. The settlement offers compensation to affected merchants who register by May 31st, 2024. Contact us to register at no charge to you..
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