With no jobs added to the economy in August, the S & P downgraded the U.S. credit rating from its previous highest-possible AAA rating to AA+, sparking fears interest rates would rise. And they have, with credit card interest rates having increased twice in September to sit near an all-time high of 14.96%. At the…
Just prior to the October 1 implementation of the new interchange fee regulations for debit card purchases, Banks are coming out of the woodwork on plans to save lost revenue. Cutting the interchange fee average by more than half from 44 cents per transaction to only 21 cents, the interchange fee regulation is expected to…
In response to Bank of America’s announcement it will impose a $5 monthly fee on debit card users, The National Retail Federation issued a statement expressing displeasure. In a statement, targeting all banks set to implement this practice, the NRF disclosed “Every time Congress takes a step to protect consumers, the banks use it as an excuse to raise fees. We’ve seen it when Congress limited late fees and overdraft fees and now we’re seeing it with swipe fees. Just as merchants and consumers are about to get some relief, they’re doing it again. That doesn’t mean Congress shouldn’t pass consumer protection laws. It speaks more to the nature of the card industry than to whether swipe fee reform should have been passed.” In the United States, NRF represents an industry that includes more than 3.6 million establishments and which directly and indirectly accounts for 42 million jobs.
Signature Bank is implementing the American Express “FX International Payments Platform” to process online orders for international wire transactions by Signature Bank corporate customers. Those customers who wish to place orders from Signature Bank will log into the secure, online platform of American Express. Features include an easy to use and secure online platform to send wire payments in USD or foreign currency; file upload with the ability to store repeat wire and beneficiary information saving time; email notification to beneficiaries when a payment is initiated and complete.
Hypercom USA payment terminal manufacturer and secure software developer has formally changed its corporate name to Equinox Payments. In addition to selling new Equinox terminals, software and services, the company will continue to support Hypercom-branded products in the U.S. Equinox manufactures, sells and supports all payment terminals and peripherals previously offered in the United States by Hypercom, including the T4200 countertop, M4200 mobile and L5000 customer-activated product families, as well as all software, terminal management systems and other services related to these products.
Vibrant POS point of sale solutions has partnered up with Online Orders Now online/mobile app ordering solution for restaurants to provide merchants a state of the art online ordering system. By utilizing Online Orders Now advanced online ordering software and the technical expertise and solid managerial structure at Online Orders Now provide restaurants of all types with powerful features that enhance marketing and customer service. Online Orders Now are committed to upholding the high quality and outstanding service customers have come to expect and usher in a new era of online ordering.
Signature Bank is using American Express FX International Payments Platform to process online orders for international wire transactions by Signature Bank corporate customers. Those customers who wish to place orders from Signature Bank will log into the secure, online platform of American Express with a secure online platform to send wire payments, a file upload with the ability to store repeat wire and beneficiary information saving time and email notification to beneficiaries when a payment is initiated and complete.
GE Capital’s Retail Finance business, a consumer lending unit of General Electric Company, renewed its agreement with Select Comfort Corporation to provide consumer financing programs. The four-year extension of the SLEEP NUMBER Card will allow Select Comfort to continue to provide long term financing options with additional offers and discounts for cardholders. The servicing arrangement between GE Capital and Select Comfort dates back to 1999 and has produced double-digit increases in new cardholder accounts and sales growth over the past two years. GE Capital’s Retail Finance business has provided billions of dollars in consumer financing through more than 200,000 small- and mid-sized businesses throughout the United States.
TSYS will issue its third-quarter earnings report on October 25, 2011, at approximately 4:00 p.m. EDT. A conference call to discuss these results, business trends and future projections will be held on October 25, 2011 at 5:00 p.m. EDT. Shareholders and other interested persons may listen to this conference call via simultaneous internet broadcast at www.tsys.com by clicking on the link under “Webcasts” on the homepage. You must download Windows Media Player (free download available) before accessing the conference call or the replay. The conference call will be archived for 12 months and will be available starting 30 to 45 minutes after the call ends.
ControlScan, ThoughtKey are examining recent data breach investigation findings, which indicate an excessively high number of breach events targeting smaller, technically unsophisticated merchants. It is now more important than ever for both ISOs and acquirers to assess and proactively educate and manage the risks within their Level 4 merchant portfolios. With this, they will educate ISOs and acquirers on how to remain abreast of the latest risk management options in the ever-evolving PCI landscape and best practices for keeping Level 4 merchant portfolios compliant. Namely, the partnership will address PCI DSS-related data breach trends small merchants are facing; business value of PCI compliance; laws requiring PCI compliance; scope reduction through employment of tokenization, point-to-point encryption (P2PE) and Chip and Pin; and managing risk.
Snapfinger Inc. has added more than 3,000 independent restaurants to its online and mobile ordering database in the past year. The nationwide restaurant ordering application earned the approval of many major national brands, successfully carrying out more than one million orders a month, and it believes every restaurant owner should maximize these channels if they are operationally sound. As reported by NRA, more than two out of five consumers say they are not dining out or using takeout as often as they would like, but with the industry hopeful about the next 12 months, Snapfinger wants to help independent restaurants be more aggressive with online and mobile marketing.
CashStar digital gifting and incentives company is participating in The 2011 Motivation Show taking place October 4-5 in Chicago, for which its VP of Marketing will address the Retail Gift Card Association (RGCA) on multi-channel digital gifting program. Named “Multi-Channel Motivation: Digital Gifting 2011,” the presentation will draw on examples of some of CashStar’s more than 200 retail brands and technology partners to exemplify best practices when combining the power of the Web with mobile and social platforms to ensure successful digital gifting implementation.