Happy New Year! We look forward to bringing you the latest payments information to help grow your business. Thank you for trusting in Worldpay from FIS.

Listen to Maria Prados, VP Vertical Growth Teams at FIS speak to Jill Malandrino on Nasdaq Tradetalks to discuss how differently merchants are preparing because of the uptick of more people shopping in stores. Maria also mentions that merchants need to be prepared for a combined customer experience of both online and in-store.

There is much value in understanding the voice of the customer in order to build a better customer experience. The voice of the customer should ultimately influence your organization’s roadmap, internal operations, marketing activities and more. With the customer’s habits at the forefront, businesses are able to create a more tailored experience in order to be successful.

Understanding how to gain and maintain a customer is important to any business. This article will cover some key learning points on the customer purchase journey. By adopting these best practices, businesses will be set up for long-term success.

In this Forbes article, Danny Shader, a member of the Forbes Council, says, “Innovation triggers customer expectations, which fuels development, which creates new industries and moves society forward.” This article highlights how the payments industry has gone through different phases in innovation and in turn, customers expectations are high. Read more about how partnering with a Fintech company, businesses can deliver a more personalized payment experience.

Visa will be performing in-person audits to ensure network compliance for surcharge fees and a minimum transaction amount.

It is important that your business is compliant with the following network rules or fees may be assessed:

Minimum Transaction Amount
All merchants operating within the US Region or in a US Territory can establish a minimum amount for credit card transactions. However, that minimum transaction amount cannot exceed $10. This rule does not include debit card transactions. Click here for a summary of these rules.

Surcharge Fees
Businesses in the US are permitted to assess surcharge fees on credit card transactions at the point of sale to help offset the cost of processing. However, businesses must adhere to certain rules and limitations regarding surcharges. For additional information, please click here.

Non-Compliance Fees
If you are non-compliant, the networks may assess the following fees:

• First Violation - Warning letter to comply
• Second Violation - $5,000
• Third Violation - $25,000
  

Explore some of our recent stories, in case you missed them the first time.

• Understanding your customer’s payment preference and habits
• Customer Success Story Video: Bringing Joy on Purpose
• Helping Small Businesses Thrive

Did you know? 

You can now add a mobile phone number to your iQ user profile. 

Scan or click this QR code to download your free iQ Now mobile app!