Indicating growth is starting to surpass survival as the number one priority for business owners, 35% of small business now plan to hire, the highest level since the fall 2008. With this, concerns of economic uncertainty are starting to recede (27% vs. 35% in the fall) as 37% expect to grow and 56% are willing…
Those having written credit cards off as a thing of the past might want to reevaluate their assessment. That’s because as credit losses continue-now down to 8.31% after overall improvement for the past six months from October figures of over 10%- credit card provider shares are slated to continue growing. The higher gas prices are…
Bank of America reported 1Q/11 net income of $2.0 billion, compared to net income of $3.2 billion a year ago and a $1.2 billion loss last quarter. Performance improved thanks in part to 30+ day delinquency rates near all-time lows, net losses declining for the sixth straight quarter, and customer payment rates improving for the seventh straight quarter. Meanwhile, its Global Card Services reported net income of $1.7 billion, up $749 million from the year-ago quarter as lower credit costs more than offset a $1.2 billion decline in revenue. The lower revenue reflected a drop in net interest income from lower yields and lower average loans, including run-off portfolios, as well as lower noninterest income due to the impact of the CARD Act as provisions became effective throughout 2010. Net income was up $224 million over the previous quarter as continued credit improvement led to lower credit costs, offsetting lower loan balances and lower yields. Provision for credit losses decreased $2.6 billion from a year ago, driven by lower net charge-offs from lower delinquencies and decreasing bankruptcies as a result of the improved economic environment.
First Data electronic commerce and payment processing solution set has been expanded through enhancements to its eCommerce Solutions, Mobile Commerce Solutions and proprietary POS terminal line. First Data eCommerce product enhancements implemented throughout the quarter were to Dynamic Currency Conversion (DCC), expanding the number of supported currencies from 36 to 72 in over 120 countries; the Company introduced the “Fraud FlexDetect” eCommerce fraud detection and prevention solution; it released “Payment Software” certification under current PA-DSS requirements and other compliance initiatives; and its “Global ePricing (GeP)” enhanced exchange rate reporting capability for multicurrency transactions was released. In addition, First Data released five new POS terminals for faster processing, including its “FD50Ti;” “FD100Ti;” “FD200Ti;” “FD300Ti;” and the “FD400Ti.
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EVERTEC reported 4Q/10 total revenues having increased by $8.1 million, or 12%, to $77.1 million, when compared to $69.0 million in the year ago period. This increase was attributable to transaction processing having increased $2.3 million, or 12%; Merchant Acquiring increased $1.4 million, or 11%; and Business Solutions having increased $4.4 million, or 12%. Meanwhile, adjusted EBITDA for the quarter was $34.9 million, up 8% over the $32.2 million achieved in the same period in 2009 while total operating costs and expenses increased $15.9 million when compared to the same period last year. Total revenues increased by $18.0 million, or 7%, to $285.4 million, when compared to $267.4 million for the same period in 2009. EVERTEC total revenues for the year ended December 31, 2010 increased by $18.0 million, or 7%, to $285.4 million, when compared to $267.4 million for the same period in 2009. This was thanks to the Transaction Processing segment revenues having increased by $3.1 million, or 4%, primarily due to higher volumes and revenue generated from new service offerings; the Merchant Acquiring segment net revenues having increased by $5.8 million, or 12%, mainly due to higher transaction volumes, new customer additions, and selected price increases; and the Business Solutions segment revenues having increased by $9.1 million, or 6%, mostly due to higher volumes and new services provided to certain clients.
Senator Durbin sent an open letter to Jamie Dimon, CEO of Chase bank and also happens to be leading the effort to kill the Durbin interchange amendment. Referring to the bill as “idiotic,” Dimon holds the new regulations could force banks to abolish services like free checking accounts. To this, Durbin responded “There is no…
MasterCard has completed its acquisition of the prepaid Card Program Management (CPM) operations of Travelex. The acquisition of Travelex’s CPM operations furthers MasterCard’s strategic business goals and strengthens the company’s suite of global prepaid business assets. It will allow MasterCard to play a greater role in the prepaid value chain supporting issuers and partners, especially outside of the United States and in the attractive cross-border payments space.
NACHA Electronic Payments Association has announced and wants professionals aware of fraudulent emails bearing the Association’s name. Reportedly, companies continue to receive fraudulent emails appearing to be sent from NACHA. These emails vary in content and appear to be transmitted from email addresses associated with the NACHA domain (@nacha.org). Some bear the name of fictitious NACHA employees and/or departments. NACHA itself does not process nor touch the ACH transactions that flow to and from organizations and financial institutions and wants it known it does not send communications to persons or organizations about individual ACH transactions that they originate or receive.
Pentagon Federal Credit Union (PenFed) announced that for a limited-time only, they are currently running a 4.99% APR credit card balance transfer offer that waives the balance transfer fee and secures the 4.99% APR for the life of the balance. PenFed is extending this offer to include PenFed’s “Best in Class” Platinum Cash Rewards Card, Promise Card, and Premium Travel American Express® Card. PenFed is the third largest credit union in the United States with over a million members, and more than $15 billion in assets.
Expert Group 1Q/11 ATM placement deployment progress indicates fully implemented Expert ATMs are generating an average of $3.75 per-Transaction, ultimately generating annual gross revenues of $13, 500.00 or $1,350,000.00 for every 100 ATM. Expert Group 1Q saw ATM-AP installations in more than 20 locations and has already been used by thousands of clients. Within the next 6 months the Company announced it projects to have over 100 ATMS and within 12 months we project over 1 million Transactions. The company has entered into agreements for more than 30 installations during the first quarter, a figure expected to double by the close of next quarter.
CO-based Bell ATM Service has redesigned its website for ordering parts and requesting ATM-component repairs online. Found at BellATM.com, the website incorporates new navigational tools that provide customers with a comprehensive list of more than 1,000 new and refurbished ATM parts and repairs offered by Bell ATM and allows users to navigate the website with drop-down menus that categorize products by manufacturer, model number and product type. The website also features tech support, and it provides online customers with a list of ATMs Bell supports.