PayPal has introduced Next-Day Settlement (NDS) for eligible businesses in the United States through a pilot program. This allows eligible businesses transferring money from their PayPal account to their bank account now have the ability to receive their money within 24 business hours instead of the three to four business days it used to take. And, as long as you make your transfer by 5 pm local U.S. time, you’ll have access to your money quicker than ever before. Again, we’ve heard your concerns so we’ve been working with our banking partners to optimize processes on both their end and ours so that we can make the 24-hour transfer a reality. Now that makes a difference. Businesses eligible for Next-Day Settlement have received notifications informing them that they can opt in to the program.
MasterCard and Silicon Valley Bank are inviting startups from across North America to apply for a position in the Commerce.Innovated. class. In the four-month Commerce.Innovated. program, participating startups receive access to industry expertise across the commerce space from selected MasterCard and Silicon Valley Bank executives and partners. Participants must be focused on an innovative commerce solution; have assembled a strong, small core team; activated a beta of their solution, that projects to generate revenue in the next 6 months; and have secured or raising seed funding, with plans to raise Series A.
Beepi announced that it has integrated with BitPay, a bitcoin payment processing service, to become the first peer-to-peer marketplace to allow its users to purchase cars with bitcoin. In addition, the company will also offer prospective buyers pre-approval for loans at check-out. Adding bitcoin as a payment option and instant pre-approval for car loans are the next logical steps for Beepi, a company founded with a goal of eliminating friction at every step of the buying and selling process.
ACI Worldwide (ACIW) announced Southern Auto Finance Company (SAFCo) has selected its UP Bill Payment Solution to increase consumer convenience and reduce payment processing costs. SAFCo customers will be able to pay their loans electronically on a mobile device, computer or via phone with a debit card or ACH (Automated Clearing House). Recently named to SubPrime Auto Finance News’ list of Top 100 sub-prime auto lending, recovery and financial service providers, SAFCo is a leading automotive financing company that operates in 14 states. As the company expands its national reach, it is constantly working to improve processes and offer innovative solutions, including bill pay advancement. After conducting a broad vendor evaluation, SAFCo chose ACI’s comprehensive and integrated electronic bill payment solution.
Barclays Bank of Botswana has partnered with Bytes Managed Solutions, the exclusive distributor of NCR technology solutions in southern Africa, for the installation of intelligent cash deposit ATMs. Last month, the bank launched a new generation of ATMs that provide customers with convenient ways of banking outside the banking halls. The ATMs are specifically designed for high transaction usage. They accept cash deposits with real time credit capability, recycle the deposited cash, dispense cash, do cheque deposits, and offer a broad range of other services, such as bill payment, funds transfer, mobile phone top-up and mini-statements.
The new security PRISMicide solution consists of “open source” smart cards and of a small “open hardware” portable reader that can be used with Android and iOS smartphones and tablets via Bluetooth and also, via USB with Windows, Mac OS and Linux computers. PRISMicide for Bitcoin allows each user to secure its private key within a smart card.
William Healy has been appointed to the Net Element’s Board of Directors, effective June 30, 2014, and will serve on the Board’s Audit, Compensation, Nominating and Corporate Governance Committees. Mr. Healy is an accomplished financial services industry veteran with more than 24 years of merchant financing and electronic payments industry experience. Net Element is a global technology-driven group specializing in mobile payments and value-added transactional services.
Credit card credit availability levels off and is heading south. A new study found that credit lines are contracting at their slowest rate in a year, with average credit lines for sub-prime and prime accounts (down 1.2% and 1.4% respectively) continuing to contract at a faster rate than super-prime accounts (down just 0.3%). The report also found that the credit card market is shifting toward rewards cards.
Net Element, Inc., a technology-driven group specializing in mobile payments and value-added transactional services in emerging countries and in the United States, is pleased to announce that the Company completed the closing of a $10 Million credit facility from the payments industry-leading lender, RBL Capital Group, LLC. This closing represents the second funding in the $30 million financing round that was announced by the Company on April 22, 2014.
Newegg announced a partnership with BitPay to accept bitcoin payments on Newegg.com (#NeweggBitcoin). The company’s more than 25 million registered customers can now pay for more than 10.5 million products including electronics, computers, game consoles and household items using bitcoin through BitPay. Newegg’s acceptance of bitcoin payments adds yet another convenient and secure way for its customers to fulfill their e-shopping needs.
1-800-FLOWERS.COM, Inc. reported that it will begin accepting bitcoin beginning this fall on all their girting sites including FannieMay.com, Cheryls.com, ThePopcornFactory.com, 1-800-Baskets.com, FruitBouquets.com, and Stockyards.com Bitcoin is the world’s most widely used digital currency. 1-800-FLOWERS.COM, Inc. is the world’s leading florist and gift shop.
A new study from Discover’s PULSE found that 84% of financial institutions reissued all exposed cards in response to the Target breach, compared to only 29% that typically reissue all exposed cards as a standard response to breaches. Overall, 14% of all debit cards were exposed in data breaches in 2013, compared to 5% in 2012. PULSE says 86% of financial institutions stated that they plan to begin issuing EMV debit cards in early 2015.