Pivotal Payments payment processors has signed a partnership with StoresOnline e-commerce solutions to help entrepreneurs launch and manage their online business. The agreement will make Pivotal Payments fully compatible with the StoresOnline shopping cart and enable StoresOnline merchants to benefit from a simplified payment solution, special partner pricing, and 24/7 customer support. StoresOnline clients who build their web store using the StoresOnline solution can now easily integrate Pivotal Payments into their e-commerce solution to accept credit card payments with preferred pricing.
Consumers will see more fees added to their debit card accounts in the months to come as these issuers move to regain lost income, for which, just a $10 monthly fee would cause a majority to stop using their cards. Women are more likely than men to say they would stop using their card and more than 3/4 of individuals with incomes over $75,000 would stop using their cards across all store types. This, according to Mercator Advisory Group and National Payment Card Association, also shows consumers are likely to turn away from ubiquitous debit-based payment products if issuers were to institute fees and 1/3 said they would be interested in using a debit card product offered directly by merchants.
USA Technologies announced that over 20,000 ePort cashless payment terminals have been shipped or verbally committed to by customers under the “JumpStart” program. The program helps vending operators and bottlers acquire the ePort EDGE cashless terminal at no cost, paying only a low monthly service fee, and avoiding the need to make a major upfront capital investment. The ePort EDGE, which accepts swipe cards only, is the only one-piece cashless reader and controller combo on the vending market, with PCI Level One compliant security.
The program was recently expanded to include the companyâs top-of-the-line ePort G8 terminal, which accepts contactless cards in addition to traditional magnetic swipe cards as well as the Get One/Buy One (GoBo) optionâwhich enables a customer to get an ePort under a rental agreement if they commit to buying one by December 31.
Spacenet broadband network solutions has signed agreements with Valero to support its primary retail applications and network backup. With this, Valero is leveraging Spacenet’s satellite and digital subscriber line (DSL) broadband managed services as well as its Prysm Pro network appliance to support its retail POS credit and debit transactions, ATM transactions and store loyalty programs. The upgraded network combines Spacenet’s SkyEdge VSAT satellite platform and DSL managed services into a centrally managed, integrated platform that supports full Payment Card Industry compliance.
With 62% of parents looking for ways to teach their kids about the importance of money management before they overspend, American Express and Jean Chatzky personal finance expert have introduced “The National Money Night Talk” program to encourage families to engage on money and financial responsibility. The Program is available through www.moneynighttalk.com, where parents can sign a pledge that they will talk to their kids about money and access exclusive Jean Chatzky videos and resources endorsed by the Council for Economic Education, based on the organization’s national content standards. The free online resource (www.moneynighttalk.com) is available in three different tracks based for middle school, high school and college students and features videos, frequently asked questions and talk points to help parents start and sustain the money dialogue beyond “National Money Night.”
Consumer revolving credit, mostly credit card debt, continued its downward trend in June, posting its ninth
consecutive monthly decline. Since peaking at $977 billion in 3Q/09, Americans have chopped-off about
$125 billion in revolving credit. According to new and revised data released by the Federal Reserve, revolving credit now stands at 826.5 billion and declining at an 6.5% annual rate. In May, revolving credit declined to a revised $831.0 billion reflecting an annual contraction ratio of 11.2% while April was down 11.8% to $838.1billion. Lower credit limits, reduced personal income and a building aversion to personal credit continue to be cited as factors for the sluggish growth. Bank credit card debt (excluding store and gas credit cards) at the end of the second quarter was about $826.5. Store and gas credit cards had about $105 billion in outstandings at year-end 2008.
REVOLVING CREDIT HISTORICAL ($billions)
Apr10 May10 Jun10
GRWTH: -11.8 -10.2 -6.5
$OWED: $838.1 831.0 826.5
Source: Federal Reserve; revised figures as of 8/12/10;
For complete historical data, visit CardData (www.carddata.com)
FIS banking and payments technology, has inked a binding memorandum of understanding with Banco Bradesco for its “Fidelity Processadora e Servicos” card processing joint venture. Under the ten-year services agreement, ‘FPS’ will provide comprehensive, fully outsourced card processing, call center, collection and back office services for Banco Bradesco’s private label and bankcard portfolios. ‘FPS’ and Bradesco are working to complete the conversion of Bradesco’s 14 million bankcards during the fourth quarter of 2010, bringing the total number of cards processed on behalf of all FPS clients to more than 40 million.
ECB has signed an agreement with InfoTech Alliance Bank Services to implement the FIS integrated “HORIZON” banking system. The “HORIZON” flexible core banking solution featuring open architecture and advanced technology involves minimal risk and disruption to business operations and customers. InfoTech Alliance currently provides item processing services for ECB, which decided to extend its relationship to include HORIZON core account processing services and a host of other integrated technology solutions after a thorough evaluation. FIS delivers banking and payments technologies to more than 14,000 financial institutions and businesses in over 100 countries worldwide.
Canadian Retail Solutions (CRS) is now able to offer its flagship Retail Pro POS Software integrated with YESpay International’s end to end “EMBOSS” EMV Chip and PIN accredited and PCI-DSS Level 1 certified managed payment service. Canadian Retail Solutions (CRS) specializes POS Systems for small to mid-sized Canadian merchants operating in multi-store environments and chose to integrate with EMBOSS after extensive research and their own internal development of EFT solutions. Already integrated and rolled out with merchants in UK, Retail Pro is now available in Canada. Integrated with EasyV-Retail, Retail Pro now constitutes a unique proposition for inventory management as well as EMV Chip and PIN and magnetic stripe credit and debit card acceptance and processing for merchants operating from estates of all sizes.
American National Bank and Guaranty Bond Bank now offer Bling Nation mobile payments to their customers and the community with the “BlingTag” microchip sticker. The mobile payments service connects financial institutions, businesses and consumers through tap-and-pay for purchases at the POS. Customers with a checking account at either bank can easily sign up and, for each purchase, the consumer receives a transaction confirmation and account balance by text message. Since the “BlingTag” does not store any personal information, it offers more security than traditional plastic cards and reduces the risk of identity theft and fraud.
Among the British population, 35% disclosed their intentions to take more spending money on their holidays this year than last. Another 43% plan to spend the same and only 13% planning to spend less. These findings, according to a YouGov survey commissioned for “BreadFX Prepaid Euro” MasterCard, also showed 30% of GB adults either buy currency at the airport or at their destination or use their UK debit or credit card. The “BreadFX” MasterCard can be ordered online, is accepted at some 30 million outlets worldwide where the MasterCard Acceptance Mark is displayed and to draw cash from an ATM.
July U.S. consumer bankruptcy filings were up 9% since the year ago period and totaled 137,698 nationwide, a 9% increase over the 126,270 consumer filings recorded in June 2010, according to the American Bankruptcy Institute (ABI). Data from the National Bankruptcy Research Center (NBKRC) showed chapter 13 filings constituted 28% of all consumer cases, the Bankruptcy Code available for an individual with regular income whose debts do not exceed specific amounts; it is typically used to budget some of the debtorâs future earnings under a plan through which unsecured creditors are paid in whole or in part.
Jun 09: 116,345
Jul 09: 126,434
Aug 09: 119,874
Sep 09: 124,790
Oct 09: 135,913
Nov 09: 112,152
Dec 09: 113,274
Jan 10: 102,254
Feb 10: 111,693
Mar 10: 149,268
Apr 10: 144,490
May 10: 136,142
Jun 10: 126,270
Jul 10: 137,698
Source: ABI/NBKRC; CardData.com