Episode 122: Navigating the Future of Payments: Insights from Card Fox's Tom Galway

AIBF Business Talk

In the latest AIBF Business Talk Podcast, Elaine Carroll speaks with Tom Galway of Card Fox, a professional consultancy network specialising in merchant services. 🎙️

With over 30 years of experience in banking and financial services, CardFox offers independent advice and consultancy, working with 14+ leading banks/payment processors. 💼💳

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. 🔄💰

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. ⚠️💳📱

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. 💳💼💰

Looking ahead, Tom highlights a game-changer in B2B payments for 2024 – 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. 🔄💳💸🚀

Plenty of food for thought to delve into in an insightful podcast into the world of financial transactions, make sure to tune in. 🎧

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The AIBF is an independent national body that identifies and acknowledges the country’s most ambitious and visionary businesses.