RE: Credit Card Fees - $100,000 Breach Coverage Monthly Fee - $9.95/month

[Guest guest]

Of note - my overall fees for the month were $257.61So the $9.95 is 9.95/257.61 = 3.9% of total payment.Not insignificant. Locke, MD

[Guest guest]

I  use Phreesia's card on file program- looks pretty neat.Sangeetha

 

Just noticed on my TransFirst Merchant Credit Card Statement -- a Credit Card Fee for - $100,000 Breach Coverage Monthly Fee - $9.95/monthHadn't really picked up on that prior to today.

Seems kind of steep - $119.40 per year.Was told by the rep that this covers cost of replacing customer credit cards, etc, if there is a breach at our office.

I'm a small office and try not to keep a lot of CC #'s on site - so doubt we would be at major risk.

Thoughts?  Sounds like a racket, but would appreciate other thoughts. Locke, MD===============================This company talks about this type of insurance this way (not sure if it is the same as what TransFirst covers, but same concept) ...  

     http://www.secureconnect.com/services/packages/elite/breach-protection.html

Breach Protection ProgramDesigned to provide an extra layer of financial protection, the SecureConnect Breach Protection Program ensures a higher level of business security and financial confidence. Most business owners don’t think about the consequences of a data breach until it directly affects them. This program is intended to help you meet the expenses resulting from a suspected or actual data breach—expenses that could jeopardize the future of your business.

Under the program, your business is protected from financial losses in several critical areas, covering up to $100,000 of data breach expenses including:

Forensic Audit Expense

Cost associated with the mandatory 3rd party forensic investigation required by the card associations for suspected or confirmed breaches

General cost range: $8,000 - $20,000 for Level 4 merchants involving a single location

Card Replacement and Monitoring Costs

Issuer cost associated with compromised card replacement or account monitoring to watch for potential fraud

General cost range: $3 - $5 per card replacementAssociation Fines

Association non-compliance fines that may be assessed depending on the size of the business and circumstances that led to the breach

General fine range: $5,000 to upwards of $500,000Compliance Cases & Account Data Compromise Recovery Costs

Issuer fraud loss recovery from fraudulent transactions attributable to the compromiseGeneral cost range: Will vary depending on the size and scale of the breach

Visit our PCI Packages page to learn more about the services we provide. 

[Guest guest]

I have the same charge too. Could not get out of it. Like they don't make enough money as it is. How they can just raise rates and we can't. They want $12 at first. Talked them down to $10 maybe u can talk them down to $5? I bill cards cards $2000 per mosSent from my iPhone

Just noticed on my TransFirst Merchant Credit Card Statement -- a Credit Card Fee for - $100,000 Breach Coverage Monthly Fee - $9.95/monthHadn't really picked up on that prior to today.

Seems kind of steep - $119.40 per year.Was told by the rep that this covers cost of replacing customer credit cards, etc, if there is a breach at our office.I'm a small office and try not to keep a lot of CC #'s on site - so doubt we would be at major risk.

Thoughts? Sounds like a racket, but would appreciate other thoughts. Locke, MD===============================This company talks about this type of insurance this way (not sure if it is the same as what TransFirst covers, but same concept) ...

http://www.secureconnect.com/services/packages/elite/breach-protection.html

Breach Protection ProgramDesigned to provide an extra layer of financial protection, the SecureConnect Breach Protection Program ensures a higher level of business security and financial confidence. Most business owners don’t think about the consequences of a data breach until it directly affects them. This program is intended to help you meet the expenses resulting from a suspected or actual data breach—expenses that could jeopardize the future of your business.

Under the program, your business is protected from financial losses in several critical areas, covering up to $100,000 of data breach expenses including:

Forensic Audit Expense

Cost associated with the mandatory 3rd party forensic investigation required by the card associations for suspected or confirmed breaches

General cost range: $8,000 - $20,000 for Level 4 merchants involving a single location

Card Replacement and Monitoring Costs

Issuer cost associated with compromised card replacement or account monitoring to watch for potential fraud

General cost range: $3 - $5 per card replacementAssociation Fines

Association non-compliance fines that may be assessed depending on the size of the business and circumstances that led to the breach

General fine range: $5,000 to upwards of $500,000Compliance Cases & Account Data Compromise Recovery Costs

Issuer fraud loss recovery from fraudulent transactions attributable to the compromiseGeneral cost range: Will vary depending on the size and scale of the breach

Visit our PCI Packages page to learn more about the services we provide.

[Guest guest]

Never had seen this in the credit card contracts I reviewed before signing up.

 

I have the same charge too. Could not get out of it. Like they don't make enough money as it is. How they can just raise rates and we can't. They want $12 at first. Talked them down to $10 maybe u can talk them down to $5?  I bill cards cards $2000 per mos

Sent from my iPhone

 

Just noticed on my TransFirst Merchant Credit Card Statement -- a Credit Card Fee for - $100,000 Breach Coverage Monthly Fee - $9.95/monthHadn't really picked up on that prior to today.

Seems kind of steep - $119.40 per year.Was told by the rep that this covers cost of replacing customer credit cards, etc, if there is a breach at our office.

I'm a small office and try not to keep a lot of CC #'s on site - so doubt we would be at major risk.

Thoughts?  Sounds like a racket, but would appreciate other thoughts. Locke, MD===============================This company talks about this type of insurance this way (not sure if it is the same as what TransFirst covers, but same concept) ...  

     http://www.secureconnect.com/services/packages/elite/breach-protection.html

Breach Protection ProgramDesigned to provide an extra layer of financial protection, the SecureConnect Breach Protection Program ensures a higher level of business security and financial confidence. Most business owners don’t think about the consequences of a data breach until it directly affects them. This program is intended to help you meet the expenses resulting from a suspected or actual data breach—expenses that could jeopardize the future of your business.

Under the program, your business is protected from financial losses in several critical areas, covering up to $100,000 of data breach expenses including:

Forensic Audit Expense

Cost associated with the mandatory 3rd party forensic investigation required by the card associations for suspected or confirmed breaches

General cost range: $8,000 - $20,000 for Level 4 merchants involving a single location

Card Replacement and Monitoring Costs

Issuer cost associated with compromised card replacement or account monitoring to watch for potential fraud

General cost range: $3 - $5 per card replacementAssociation Fines

Association non-compliance fines that may be assessed depending on the size of the business and circumstances that led to the breach

General fine range: $5,000 to upwards of $500,000Compliance Cases & Account Data Compromise Recovery Costs

Issuer fraud loss recovery from fraudulent transactions attributable to the compromiseGeneral cost range: Will vary depending on the size and scale of the breach

Visit our PCI Packages page to learn more about the services we provide. 

[Guest guest]

We use TransFirst.  I saw this start to appear on my bill last year sometime, and I called right away to get it removed.  I told them that our malpractice has coverage for an electronic breach, plus our businessowner's insurance had coverage for employee fraud.  They seemed satisfied with that and dropped the fee.

 

 

Never had seen this in the credit card contracts I reviewed before signing up.

 

I have the same charge too. Could not get out of it. Like they don't make enough money as it is. How they can just raise rates and we can't. They want $12 at first. Talked them down to $10 maybe u can talk them down to $5?  I bill cards cards $2000 per mos

Sent from my iPhone

 

Just noticed on my TransFirst Merchant Credit Card Statement -- a Credit Card Fee for - $100,000 Breach Coverage Monthly Fee - $9.95/month

Hadn't really picked up on that prior to today.

Seems kind of steep - $119.40 per year.

Was told by the rep that this covers cost of replacing customer credit cards, etc, if there is a breach at our office.

I'm a small office and try not to keep a lot of CC #'s on site - so doubt we would be at major risk.

Thoughts?  Sounds like a racket, but would appreciate other thoughts.

Locke, MD

===============================

This company talks about this type of insurance this way (not sure if it is the same as what TransFirst covers, but same concept) ...  

     http://www.secureconnect.com/services/packages/elite/breach-protection.html

Breach Protection Program

Designed to provide an extra layer of financial protection, the SecureConnect Breach Protection Program ensures a higher level of business security and financial confidence. Most business owners don’t think about the consequences of a data breach until it directly affects them. This program is intended to help you meet the expenses resulting from a suspected or actual data breach—expenses that could jeopardize the future of your business.

Under the program, your business is protected from financial losses in several critical areas, covering up to $100,000 of data breach expenses including:

Forensic Audit Expense

Cost associated with the mandatory 3rd party forensic investigation required by the card associations for suspected or confirmed breaches

General cost range: $8,000 - $20,000 for Level 4 merchants involving a single location

Card Replacement and Monitoring Costs

Issuer cost associated with compromised card replacement or account monitoring to watch for potential fraud

General cost range: $3 - $5 per card replacement

Association Fines

Association non-compliance fines that may be assessed depending on the size of the business and circumstances that led to the breach

General fine range: $5,000 to upwards of $500,000

Compliance Cases & Account Data Compromise Recovery Costs

Issuer fraud loss recovery from fraudulent transactions attributable to the compromise

General cost range: Will vary depending on the size and scale of the breach

Visit our PCI Packages page to learn more about the services we provide. 

-- Pratt

[Guest guest]

Recently noticed offer below from AAFP. The representative I talked to seemed knowledgeable and came up with a 25% discount to what I’m getting right now. I haven’t decided if it’s what I’ll use yet. Seem they work with a lot of medical societies and likely will give anyone a quote regardless of affiliation. Neighbors, MDHuntsville, Alabama “Save time and money with the AAFP Advantage program. Choose from a number of discounted products and services, including the following two featured items. 1. Eight out of ten practices spend too much on payment processing. Solveras® Payment Solutions can help your practice achieve:Low-cost credit card processingEasy-to-read merchant statementsACH capability and moreCall for your free savings analysis. For a limited time*, Solveras® is offering you the opportunity to lock in your 2012 discount rates and per-item fees** at 2011 prices – for the entire year. “ From: [mailto: ] On Behalf Of LockeSent: Thursday, May 10, 2012 3:33 PMTo: Practice Management Issues; practiceimprovement1Subject: Credit Card Fees - $100,000 Breach Coverage Monthly Fee - $9.95/month Just noticed on my TransFirst Merchant Credit Card Statement -- a Credit Card Fee for - $100,000 Breach Coverage Monthly Fee - $9.95/month Hadn't really picked up on that prior to today. Seems kind of steep - $119.40 per year. Was told by the rep that this covers cost of replacing customer credit cards, etc, if there is a breach at our office. I'm a small office and try not to keep a lot of CC #'s on site - so doubt we would be at major risk. Thoughts? Sounds like a racket, but would appreciate other thoughts. Locke, MD=============================== This company talks about this type of insurance this way (not sure if it is the same as what TransFirst covers, but same concept) ... http://www.secureconnect.com/services/packages/elite/breach-protection.html Breach Protection ProgramDesigned to provide an extra layer of financial protection, the SecureConnect Breach Protection Program ensures a higher level of business security and financial confidence. Most business owners don’t think about the consequences of a data breach until it directly affects them. This program is intended to help you meet the expenses resulting from a suspected or actual data breach—expenses that could jeopardize the future of your business.Under the program, your business is protected from financial losses in several critical areas, covering up to $100,000 of data breach expenses including:Forensic Audit ExpenseCost associated with the mandatory 3rd party forensic investigation required by the card associations for suspected or confirmed breachesGeneral cost range: $8,000 - $20,000 for Level 4 merchants involving a single locationCard Replacement and Monitoring CostsIssuer cost associated with compromised card replacement or account monitoring to watch for potential fraudGeneral cost range: $3 - $5 per card replacementAssociation FinesAssociation non-compliance fines that may be assessed depending on the size of the business and circumstances that led to the breachGeneral fine range: $5,000 to upwards of $500,000Compliance Cases & Account Data Compromise Recovery CostsIssuer fraud loss recovery from fraudulent transactions attributable to the compromiseGeneral cost range: Will vary depending on the size and scale of the breachVisit our PCI Packages page to learn more about the services we provide.