Episode 122: Navigating the Future of Payments: Insights from Card Fox's Tom Galway
Manage episode 398846121 series 2964332
In the latest AIBF Business Talk Podcast, Elaine Carroll speaks with Tom Galway of Card Fox, a professional consultancy network specialising in merchant services. ποΈ
With over 30 years of experience in banking and financial services, CardFox offers independent advice and consultancy, working with 14+ leading banks/payment processors. πΌπ³
If you are in the business of taking payments by credit or debit card Cardfox can help you save money, by offering a rounded approach analysing blended, interchange plus, and mixed method options. They are bank-agnostic, ensuring the best deal for clients based on their needs. ππ°
Tom emphasizes the risks businesses face in payment processing, particularly in-store, phone, and online transactions. In-store methods like Chip and PIN are secure, but phone payments pose a 180-day chargeback risk. E-commerce has improved with PSD 2, introducing additional security measures. Tom predicts that accepting phone payments might be outlawed in the near term due to risks. β οΈπ³π±
He also discusses Visa's Merchant Performance Program, aiming to reduce costs for commercial debit cards by 40-70%. Businesses can qualify by meeting specific criteria, leading to significant savings. π³πΌπ°
Looking ahead, Tom highlights a game-changer in B2B payments for 2024 β Open Banking Initiation. This new method bypasses Visa and MasterCard, enabling same-day receipt of funds, eliminating chargeback risks, and offering a 40-80% discount on processing B2B cards. The Irish banks are working towards instant transactions by 2025. ππ³πΈπ
Plenty of food for thought to delve into in an insightful podcast into the world of financial transactions, make sure to tune in. π§
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