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Happy New Year!
Amegy Changes Merchant Services Processors
Returned Check Collection Solution - $.00, 100%, 2X
Introducing Amegy Bank's Fraud Video Series
Fraud Prevention Luncheon
Save the Date for 2016 Events
We at Amegy Bank wish you a year full of great achievements, happiness, and prosperity. It is important to us to continue building strong relationships in 2016, so we are including articles in this newsletter that share information to help your company streamline payments, earn rebates, and protect your assets.
We value our client relationships and look forward to a successful year together.
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At Amegy Bank, one of our goals is to facilitate your access to leading financial services and technology in order to help you grow your business and serve the needs of your customers. With that goal in mind, we decided to work with First Data Merchant Services to provide payment processing services to our clients.
First Data is positioned squarely at the forefront of innovation. Their solutions provide a family of point-of-sale products with a full complement of analytics, reporting, and loyalty and gift card functionality that helps businesses succeed and grow.
Security is at the core of First Data’s offerings. With the recent liability shift, EMV compliance is a paramount concern. First Data has the technology and the subject matter expertise to help merchants navigate this change to help ensure they are well-protected against credit card fraud liability.
We are several months into the migration to First Data from TransFirst®, and momentum is increasing. Merchants are being contacted by First Data to discuss the migration and preparation for moving their merchant processing. If new equipment is required, it will be ordered and delivered to the merchant. The merchant will make a quick call to activate the terminal and immediately stop processing on the TransFirst system and begin using the First Data system.
We are initially focusing on those merchants who have terminals, and we will follow with merchants using a gateway to process their card payments. We anticipate all merchants to be migrated by June 30, 2016.
We are very excited about working with First Data because they bring new technology to the market with smart terminals called Clover™. This new technology empowers merchants to add applications that can perform payroll and inventory management. In addition, Clover has the ability to have a fully integrated loyalty and gift card programs and applications that assist merchants in growing their business well beyond just accepting cards for payment. For our Business to Business clients, First Data offers a gateway called Payeezy℠ that has the ability to do Level II and Level III processing which can substantially reduce interchange costs.
If you have questions about the migration or interest in merchant processing with First Data (whether or not you currently accept cards), please contact your Banker or Treasury Management Officer for assistance.
Merchant Services products and services are provided directly by First Data Merchant Services LLC, and not by Amegy Bank, a division of ZB, N.A. Member FDIC. All trademarks, service marks and trade names referenced in this material are the property of their respective owners. Subject to approval.
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If your company accepts checks for payment of goods or services, you probably experience an occasional returned check. Typically, to collect on a returned check, you present it through the banking system a second time, or you start the collection process hoping your efforts will result in payment.
Amegy offers a simple, automated solution for collecting returned checks at no cost to your company. Getting started is easy. Just determine the accounts you want to include, sign the implementation document, and deliver it to your Banker or Treasury Management Officer. When you have a check returned for non-sufficient funds (NSF), Amegy will automatically send the check to Check Recovery™ (FiServ) where the check will be converted to an electronic transaction (ACH-RCK) and represented to the payee’s bank up to two times in an attempt to collect the funds. Checks returned for reasons other than NSF will be sent to Check Recovery’s collections group to begin the collection process.
When Check Recovery collects the check, they will credit your account with 100% of the face value, and Check Recovery will attempt to collect $30 from the payee.
On average, Check Recovery doubles the amount of bad checks collected using in-house resources.
Benefits to your company include:
Amegy wants to provide you with solutions that help save time and money and make your internal operations more efficient. Check Recovery is one of our many solutions. Contact your Banker or Treasury Management Officer to learn more and to begin taking advantage of the check recovery solution.
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Amegy Bank is committed to keeping our clients abreast of industry changes and potential threats. One prevailing threat to your business, and to ours, is fraud. In the 5-part video series, Mary Murray, Group Executive Vice President at Amegy Bank, discusses the multiple ways that fraud affects your business. She also highlights preventative tools that may help to deter fraud.
The 5-part video series covers the following topics:
1. Occupational Fraud
2. Data Breaches, Credit/Debit Card Fraud
3. Check Fraud
4. Cyber Fraud and Email Hacking: Landscape
5. Cyber Fraud and Email Hacking: Preventative Tools
To view Amegy Bank's Fraud Video Series, please click here.
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On November 5, 2015, Amegy Bank’s Treasury Management Team in San Antonio hosted a luncheon to share the latest trends in cybersecurity and solutions for fraud prevention with our Central Texas clients and prospects. Speakers included Mary Murray, Amegy Bank Group Executive, and John Dickson, a principal of Denim Group (a cybersecurity consulting firm).
Mary had many stories to tell about clients who experienced fraud, and she shared recommendations on best practices to avoid being a victim. Mary highlighted the recent trend of vendor fraud, where a fraudster pretends to be a vendor and sends "updated" payment instructions to redirect funds into an illegitimate account.
John shared trends in cybersecurity and the advancing technology regarding attacks including ransomware. He also spoke about the black market for stolen information and the reality that most attacks are successful because of a user initiation action at their company. John encouraged the audience of company executives to consider knowledge of cybersecurity just as critical to their success as having general knowledge of legal, HR, and contract negotiations. The attendees walked away with a heightened awareness of the risks for fraud and a renewed appreciation for dual control, callbacks for confirmation of payment instructions, Positive Pay for ACH and checks, and the necessity of keeping your bank informed of any fraudulent or potentially fraudulent activity.
Fraud is a valid concern for all of us, and protecting your assets is a priority for Amegy Bank. We value our relationship with you, so if we can be of service, please contact us at your convenience.