July consumer bankruptcies were down 18% from the year ago period while overall consumer filings totaled 113,470, compared to 137,698 consumer filings. This represents a 5% decrease from the June 2011 consumer bankruptcy total of 119,768 filings. The percentage of chapter 13 filings for July was 29 percent, a one percent increase from June. These…
VeriFone Systems is closer to completing the acquisition of Hypercom Corporation, for which it reached a settlement with the U.S. Department of Justice. Representing expansive geographical, product and services diversification, Hypercom’s presence in a number of important markets will allow VeriFone to accelerate overseas growth, increase innovation and build value for customers, employees and shareholders.…
The Department of Justice announced in order for VeriFone Systems to complete its acquisition of Hypercom, it must divest Hypercom’s United States POS terminals business to an entity sponsored by Gores Group. The department said that the divestiture should eliminate the merger’s potential to harm competition in the sale of POS terminals. The department filed a lawsuit on May 12, 2011, in United States District Court for the District of Columbia, alleging that the proposed transaction would eliminate important competition in the sale of POS terminals and that a proposed divestiture to the only other significant provider of POS terminals, Ingenico, did not remedy the competitive concerns with the merger. VeriFone and Hypercom together control more than 60 percent of the United States market for the POS terminals used by the largest retailers. The department filed a proposed settlement, which requires the divestiture to the Gores Group that, if approved by the court, would resolve the competitive concerns of the lawsuit. To remedy the department’s competitive concerns, VeriFone and Hypercom will be required to sell Hypercom’s United States POS terminals business to Gores.
Citizens Financial Group launched its “accessCARD Command” expense-management solution, available for no extra charge to all Citizens Bank and Charter One commercial card customers with annual revenues of less than $25 million. Leveraging the MasterCard inControl platform, “accessCARD Command” allows business owners to easily set spending controls on the cards issued to their employees and to receive real-time account information, including purchases made or attempted by their employees. It lets owners set up and manage exactly where, when, how and for what types of purchases their employees’ cards may be used; set up spend limits and budgets for particular types of spending; and establish how and when they receive alerts, via text and/or e-mail, to safeguard against overspending and keep them informed in real time about attempted card activity.
Card Activation Technologies filed its Notice of Appeal in the United States District Court for the District of Delaware to have its appeal heard in the United States Court of Appeals for the Federal Circuit, the exclusive jurisdictions for appeals relating to patent validity and infringement issues. The Company is appealing from a July adverse ruling by the Delaware Court that invalidated its Patent. Card Activation Technologies owns the patent rights to a proprietary payment transaction method used for processing gift cards and other debit purchase transactions, for which it is actively seeking to license to the thousands of current users.
Central Payment achieved PCI Level 1 accreditation security standard level, to protect payment and transaction processing. This after the Company also announced that it had instituted a standardized sales agent accreditation process, ensuring that all of its sales partners met the highest ethical standards. Central Payment had revenues in excess of $50 million in 2010 and has a growing national customer base of more than 38,000 merchants. With a network of more than 750 sales agents, the Company processes more than $3.4 billion in merchant annualized transactions.
The newest members of its 4-D Touch family have been unveiled by Semtech. The SX8654/55/56/57/58 are ultra low-power 4/5-wire resistive touchscreen controllers with integrated proximity sensing and haptics control for driving motors. The feature-rich controllers also come with on-chip ±15kV ESD protection making them ideal solutions for a wide variety of handheld applications such as mobile phone, tablet, DSC, handheld GPS, automotive centre consoles, and POS terminals. Many devices use the proximity of a person’s hand or finger to activate features, such as waking up a system. The SX865X controllers are the first to integrate this proximity capability into a touchscreen controller to provide a single-chip solution for a wide variety of applications such as mobile phone, tablet, DSC, handheld GPS, automotive centre consoles, and POS terminals.
USAN multi-channel customer engagement solutions has completed its PCI DSS 2.0 assessment and received a PCI Certification. With this, USAN can provide secure credit card transaction processing, data storage and transmission. To earn the PCI certification, USAN underwent a thorough examination by an independent, PCI-certified auditor. During the audit process, USAN demonstrated that its infrastructure, operations, and processes exceed the highest security standards in the industry.
FrontStream Payments is upgrading the integrating its software offering provided in partnership with Nautical Software Solution, allowing the latter to offer clients secure payment acceptance solutions. Nautical’s TMP software is a comprehensive program that meets the needs of the marina industry. Whether a business owner runs a small privately-owned marina, a large multi-site port, or needs a program to manage a municipal harbor, TMP offers customizable options to meet their needs. TMP comes with billing, accounting, tenant and guest management, a point of sale system, meter usage reporting, reservation management and many other features that help marinas manage their finances, tenants and operations. Nautical will be adding an integrated eCommerce feature that will offer marina customers the added ability to self-pay on their account with a credit or debit card over the web.
Member Solutions credit card processing and member communication has launched its “Event Manager” group level registration to its online event registration system. The “Event Manager” is used by organizers to market and manage recurring and one-time events such as tournaments, camps, meetings, conferences, and class registrations. The web-based tool is fully integrated with Member Solutions’ PCI-compliant payment processing platform and gives users a simple, single interface to efficiently carry out registration sales, event merchandise transactions, communication, data management, and marketing. With this, its simplicity with new capabilities allow team and group administrators to accept payment from multiple registrants in one centralized location.
KleinPartners Capital acquired Hypercom Spain S.A. and Hypercom UK to launch Spire Payments, for which it has appointed Kazem Aminaee President. The Company will retain all of its Spanish and UK management teams as well as nearly 200 staff and existing premises. The new business has the exclusive sale rights to Hypercom’s range of Optimum and Artema Modular products in the UK and Spain. Spire Payments is an independent supplier of payment solutions and with this development, consolidates its position in the respective markets.
APS and its “Cashplus” prepaid MasterCard launched its exclusive offer with Moneysupermarket.com allowing its visitors to get a Cashplus card without any fees for the first three months. The offer will run from the 2nd to 20th August only and will be available exclusively through Moneysupermarket.com. The waiving of fees will mean consumers can enjoy free purchase and no monthly fee, free ATM withdrawal both domestic and international and free foreign exchange making the “Cashplus” offering more competitive than any of the other currency cards such as FairFX and matching Nationwide’s former (but now suspended) FlexAccount with its free overseas purchases and cash withdrawal policy. Although Cashplus will cost £4.95 at the outset APS will refund this if the customer loads £250 on to it within 31 days of signing up.