Global Cash Access cash access solutions and data intelligence for casinos has received unanimous approval from the Nevada Gaming Control Board (NGCB) to begin a product field trial of its “QuikTicket” product in Nevada. The “QuikTicket” was designed to allow casino patrons to have the choice of receiving either cash or a slot ticket when conducting an ATM transaction. If the patron chooses to receive a slot ticket, the ticket can then be used directly in an electronic gaming device or redeemed for cash. QuikTicket also supports GCAâs Self Transaction Exclusion Program (STeP), a key element of GCAâs responsible gaming initiative that allows patrons to exclude themselves from access to their own funds from any cash access device within GCAâs network. Once GCA has finalized receipt of the required approvals from the VISA and MasterCard card associations and a beta-site is selected, a product field trial will commence with the approval of the Nevada Gaming Control Board Technology Lab.
Mike Passilla has been promoted president and CEO with Elavon, the U.S. Bancorp global payments provider , effective August 16. He was most recently executive VP at Elavon, responsible for leading global business development and brings with him more than 20 years of sales, marketing and operational experience in building successful organizations and optimizing go-to-market strategies. He also served as president of North America for Inforte Corporation, a strategic managed services company, is a graduate of the University of Notre Dame and earned an MBA from The J.L. Kellogg Graduate School of Management at Northwestern University. In his new role, he will continue to extend Elavonâs global reach through partnerships with solid organic growth in existing markets.
Wright Express payment processing and information management services reported financial results for 2Q/10 with revenue having increased 17% to $91.4 million from $77.9 million the year ago period. Wright total fuel transactions processed were level with the 2Q/09 at 66.3 million; payment processing transactions increased 2.5% to 52.9 million, and transaction processing transactions declined 8% to 13.4 million; total revenue for the fleet segment grew 15% from the second quarter of 2009 to $78.4 million; fleet payment processing revenue increased 23% from the second quarter of 2009 to $54.5 million; average expenditure per payment processing transaction increased 24% from the second quarter of 2009 to $58.74; average retail fuel price increased 23% to $2.87 per gallon from $2.33 per gallon in 2Q/09; total MasterCard purchase volume grew 34% to $1,036 million, from $771 million for 2Q/09. For the full year 2010, the Company expects revenue in the range of $354 million to $364 million.
The AirePoint credit card reader attachment for iPads mobile processing solution, developed by Global Tek Labs, has been introduced as the first credit card reader attachment approved by Apple for use with the iPad. Along with the “ezPOS” app, available on the App Store, the AirePoint lets you finish secure, authorized transactions in less than one minute. Wireless credit card terminals are bulky, expensive and limited in function. The selection of apps available for these devices allows the business owner to customize their iPad to include any function necessary to work efficiently in the field. Anywhere there is a cell signal or wi-fi access, credit card payments can be accepted securely and conveniently with the credit card reader attachment.
HID Global secure identity surpassed its 100 millionth product shipment of e-government inlays and prelaminates to 28 countries worldwide. A developer in the deployment of wire transfer and wire embedding technologies, the company developed and patented its “ceFLEX” high-tech inlay material that increases e-document resiliency. And with e-passport market revenues projected to reach nearly $7 billion annually by the end of 2014, with a compounded annual growth rate of 31.5%, 88% of all passports issued in 2014 will be electronic. Acuity said e-passports accounted for 57% of all passports issued and 28 percent of all passports in circulation during 2009. HID Global is the supplier of choice for OEMs, system integrators and application developers serving a variety of markets.
The Western Union Company has reported its 2Q/10 financials with a revenue of $1.3 billion for a 2% increase year-over-year while constant currency revenue growth was 3%. This is thanks in large part to a 9% global consumer-to-consumer transaction growth led by the Americas region, with a 28% domestic transaction growth, and continued strong performance in Europe and Asia. Western Union handled 53 million consumer-to-consumer transactions, a 9% increase over last yearâs second quarter. The Company also forged agreements with Family Dollar to offer the its “goCASH” prepaid in-lane money transfer service at more than 6,500 stores, increased distribution of prepaid cards to over 500,000 cards-in-force and increased agent locations to approximately 430,000. The Company expects to record a total of approximately $80 million of restructuring charges through 2011, a majority of which is expected to occur during 2010, primarily related to organizational changes designed to simplify business processes, move decision-making closer to the marketplace, and leverage the cost structure.
1Q/09: $1.1 billion
2Q/09: $1.3 billion
3Q/09: $1.3 billion
4Q/09: $1.3 billion
1Q/10: $1.2 billion
2Q/10: $1.3 billion
SOURCE: Western Union
Meta Payment Systems announced its compliance of the Prepaid Gift Card Program with the CARD Act. Compliant cards have been available for order by Financial Institution customers since June 17, ahead of the August 22 government deadline. The CARD Act compliant Gift Cards include a new fee structure with a $2.95 inactivity fee after 12 consecutive months; disclosure of fees on the back of the card; a new 8-year expiration period; the expiration date will appear on the front of the card; and a new cardholder terms and conditions accompanied with a new card carrier. Consumers will see disclosure information about all CARD Act compliant changes clearly displayed on all marketing materials.
The number of small business owners seeing conditions for their own businesses getting better in the next six months dropped in July for the second consecutive month. These owners are uncertain about the economic future as the recession hangover continues-and wont go away. The Discover Small Business Watch Index fell to 83.0 for the month, compared to 86.1 in June and 82.0 in July of last year, and now stands at its lowest point since March. For July, 58% of small business owners rated the economy as poor, up from 51% in June, while 7% rated the economy as excellent or good, down from 12% in June. Additional findings show 75% of small business owners believe it is likely or highly likely that the economy will slip into another recession before it fully recovers; 57% feel the economy is getting worse, up from 51% in June; 27% think the economy is getting better; 14% think it is the same; 3% are not sure; 45% report economic conditions for their businesses were worse in July, up from 43% in June; while 30% said conditions were better; 22% reported conditions were the same; 3% werenât sure; and 73% reported economic conditions strangled their take-home pay, up from 69% for the year ago period.
2010 SMB INDEX
Digital Dining PC based hospitality has partnered to resell the Vendor Safe PCI Managed Security “DD Guard” Suite. The “DD Guard” Suite enables Digital Diningâs end users to achieve PCI DSS compliance standards within 30 days. Digital Dining is approaching its twenty-sixth year in business while Vendor Safe Technologies has developed, deployed, and supported innovative security technologies, allowing PCI Level 2, 3 and 4 merchants to become PCI compliant with its “Self Configuring Firewall Architecture” and “Global Security Mesh/VPN” within 30 days.
Fis banking and payments technology has launched two new e-learning offerings to educate on the new Dodd-Frank Wall Street Reform & Consumer Protection Act. FIS has also extended support of its e-learning solution for Fair Credit Reporting Act (FCRA) compliance. With the act significantly changing the operating environment and supervision of financial services institutions, the FIS e-learning offering, “Dodd-Frank Wall Street Reform & Consumer Protection Act: What Every Financial Institution Must Know,” provides a walkthrough of each act provision from a strategic vantage point for board of directors and members of management. It includes impact analysis, risk management and strategic planning recommendations.
Retail Pro scalable POS solutions has received certification for its “Versions 8” and “9” on the HP ap5000 and HP rp5700. Retail Proâs flexible architecture includes POS, store management and back-office/merchandising capabilities to allow retailers to operate retail enterprises ranging from small chains to large multi-national, multi-channel, multi brand conglomerates, as well as franchises and manufacturerâs outlet stores. Retail Pro International is a global leader in POS, Store Operations, and Back-Office software applications for the specialty retail industry.