While the seasonally adjusted unemployment rate in April was up for the first time since November to 9.0% for a difference of 244,000 jobs since March, the credit card chargeoff rate dropped .43% to 7.88% of outstanding credit card volume. With the number of unemployed persons totaling 13.7 million, credit card chargeoffs have been falling…
MasterCard Worldwide launched a new marketing campaign to raise awareness of new and enhanced features to “World Elite” MasterCard. In addition to providing affluent consumers elite card benefits, rewards and services they expect, “World Elite” now features a premium MasterCard brand mark to distinguish it from other MasterCard cards. New features of World Elite MasterCard will be highlighted in print and online advertising, and will highlight specific cardholder portfolios, focusing on the benefits of its MasterCard Global Concierge Service, offering World Elite MasterCard cardholders personalized assistance accessible 24 hours a day, 365 days a year; “MasterCard PriceAssure” to help enrolled MasterCard cardholders take advantage of little-known airline credits for savings on future travel; and the “PGA TOUR Player Golf Experience,” offering eligible cardholders exclusive “play like the pros” access to select TPC courses that host PGA TOUR events.
American Express OPEN launched “AdManager” for helping small businesses create, target and measure the results of their online advertising campaigns. Software tools for managing digital ad campaigns are traditionally too expensive and often too complicated for time-stretched entrepreneurs, but “AdManager” simplifies the process by offering a start-to-finish platform for creating ads and determining where they will be placed. Powered by AdReady, “AdManager” is American Express OPEN’s latest Business App that help small businesses market their products and services.
Bank of America kicked off its suite of small business charge cards to give small businesses more choice and control over their payment and expense management, including “Business Charge,” “Business Charge with WorldPoints Rewards” and “Business Preferred World MasterCard.” Offering businesses greater control over expenses without finance charges, the cards will be available through Bank of America banking centers and at bankofamerica.com. “Business Charge” is for small business owners who want a straightforward solution for business purchases and vendor payments with no annual fee. It gives cardholders free employee cards to set individual credit limits; zero liability protection for unauthorized transactions; expense management tools and customized spending reports.
Meanwhile, “Business Charge with WorldPoints” provides all the benefits of “Business Charge”, plus the opportunity to earn one WorldPoints reward point for every $1 spent on purchases; to redeem points for cash, gift cards, travel and brand-name merchandise; charges an annual fee of $49, which is waived the first year; and has no blackout restrictions. Lastly, the “Business Preferred Charge” offers the suite’s most robust rewards options and is designed for businesses with higher monthly spending needs. The card issues 10,000 bonus points after first purchase, 10,000 anniversary points each year and no expiration on points; double points on all airline and hotel purchases for the first 12 months; direct access to a Business Preferred service specialist; and the ability to set employee credit lines and limit employee card purchases to specific merchant categories.
Paymetric integrated and secure enterprise payment acceptance solutions launched its 2011 Cornerstone Awards to recognize the contributions business partners have made to facilitate Paymetric success. Current partners of Paymetric are invited to nominate themselves for the 2011 Cornerstone Awards. A winner will be named in Partner of the Year; Outstanding Partner Collaboration; Technology Partner of the Year; and Implementation Partner of the Year. Reviewed by a Paymetric appointed panel of industry experts and executives, nominations will be accepted at www.paymetric.com until August 30.
Stephen T. Middlebrook has joined FSV network branded prepaid debit card products and processing services as General Counsel. Coming to his new role from the U.S. Department of the Treasury as Senior Counsel, Financial Management Service, he provided legal advice for a variety of e-commerce initiatives for the Government, including stored-value, prepaid and debit cards; mobile payments; and internet-based collections and disbursements. He also advised on regulatory compliance, privacy, data security, intellectual property and other legal issues. Middlebrook is a graduate of Georgetown University Law Center.
Paymetric integrated and secure enterprise payment acceptance solutions has officially released Data Intercept for SAP. Data Intercept for SAP leverages Paymetric’s “XiSecure On-Demand” tokenization technology and captures card number values prior to them entering the SAP landscape. The card number is tokenized and the token is returned to SAP where the original payment card field is populated and can be used for authorization. The user experience is seamless, normal workflow can be resumed and day-to-day business activities can be completed using these secure tokens. The Ponemon Institute estimates that the average cost of a data security breach has increased from $204 over the past year to $214 per customer record.
VeriFone Systems announced “PAYMEDIA” for its PCI 2.0-approved Secure PumpPAY solution for pay-at-the-pump, designed to deliver content and advertising to enhance the customer’s experience at the gas pump while generating profits for convenience operators. The “PAYMEDIA” for Secure PumpPAY is driven by the VeriFone Digital Network (VNET), currently playing in more than 10,000 taxi cabs throughout the United States and the United Kingdom. VNET provides consumers with an engaging blend of news, weather, and lifestyle programming while also delivering targeted advertisements and promotions. Additionally, VeriFone’s Media sales team will actively sell and market advertising to national ad buyers. VeriFone’s “Secure PumpPAY” supports EMV and chip and PIN payments and provides a rugged and secure pump payment solution that is user-friendly and highly suited to brightly display the dynamic PAYMEDIA content.
Heartland Payment Systems payments processor declared a quarterly dividend of $0.04 per common share payable on June 15 to shareholders of record at the close of business on May 25.
Bank of America announced a series of initiatives designed to help small business owners run their businesses more efficiently and effectively. In conjunction with National Small Business Week, Bank of America is offering new payment options to manage cash flow, providing an update on its five-year, $10 billion commitment to spend more with small business suppliers, and investing in opportunities that enable small business growth. Providing more payment options to help small businesses manage cash flow, Bank of America has launched three new small business charge cards designed to give small businesses more choice and control over their payment and expense management needs. This is in addition to the Bank having spent $4.1 billion with small, medium-sized and diverse businesses in 2010, the first year of a five-year, $10 billion commitment. Bank of America is also providing other educational and advisory resources for its small business clients through its Small Business Online Community (SBOC) – www.smallbusinessonlinecommunity.com.
A week before JPMorgan Chase shareholders vote at their annual meeting on a genocide-free investing proposal, Investors Against Genocide (IAG) has launched a communications campaign featuring a dramatic print advertisement that was printed May 11 in The Wall Street Journal (WSJ). The aim of the campaign is to draw much-needed attention to the connection between investments and genocide in Darfur, Sudan. Investors Against Genocide placed the ad in support of “Proposal 10 – Genocide-free investing” on the JPMorgan Chase proxy ballot as part of IAG’s initiative to convince mutual funds and other investment firms to make an ongoing commitment to genocide-free investing. JPMorgan Chase asked the Securities and Exchange Commission to allow the company to exclude the genocide-free investing proposal from the proxy ballot. The SEC denied their request, clearing the way for the shareholder proposal to appear on the proxy ballot.
MoneyGram International global money transfer company will participate in the J.P. Morgan Technology, Media and Telecom conference on May 17 and the Bank of America Merrill Lynch Services One-on-One Conference on May 25. During the 39th Annual J.P. Morgan Technology, Media and Telecom Conference in Boston on May 17, MoneyGram will be represented by Pamela Patsley, chairman and CEO, Alex Holmes, senior vice president of investor relations and corporate strategy, and Ian Dunhill, vice president finance.