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Episode 122: Navigating the Future of Payments: Insights from Card Fox's Tom Galway
Manage episode 398846121 series 2964332
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In the latest AIBF Business Talk Podcast, Elaine Carroll speaks with Tom Galway of Card Fox, a professional consultancy network specialising in merchant services. ๐๏ธ
With over 30 years of experience in banking and financial services, CardFox offers independent advice and consultancy, working with 14+ leading banks/payment processors. ๐ผ๐ณ
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. ๐๐ฐ
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. โ ๏ธ๐ณ๐ฑ
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. ๐ณ๐ผ๐ฐ
Looking ahead, Tom highlights a game-changer in B2B payments for 2024 โ 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. ๐๐ณ๐ธ๐
Plenty of food for thought to delve into in an insightful podcast into the world of financial transactions, make sure to tune in. ๐ง
The AIBF accredits the Business All-Star mark to Best-In-Class Irish businesses based on an independent audit of their performance, reputation, and customer-centricity.
The AIBF is an independent national body that identifies and acknowledges the countryโs most ambitious and visionary businesses.
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