Average credit card APRs remain unchanged since the December figure of 15.06% after averaging a meager .04% change over the past year. This stifles the momentum to the ebbing 2013 APR credit card averages and is only the second time APRs have been over 15% the entire year. This also follows a relatively lengthy period…
Target today announced updates on its continuing investigation into the recent data breach and its expected fourth quarter financial performance. It has been determined that certain guest information — separate from the payment card data previously disclosed — was taken during the data breach. To provide further peace of mind, Target is offering one year of free credit monitoring and identity theft protection to all guests who shopped our U.S. stores. Guests will have three months to enroll in the program.
Optimal Payments announced that it has obtained principal membership status for merchant acquiring from MasterCard® Europe and Visa® Europe. The new merchant acquiring agreements are consistent with Optimal Payments’ strategy to strengthen and differentiate its products and follow the December 2012 announcement that principal membership had been obtained from MasterCard for card issuance. The agreements with MasterCard Europe and Visa Europe will allow Optimal Payments to directly acquire merchant accounts without the need for an acquiring bank, and process Visa and MasterCard payment transactions in the UK and the European Union for Optimal Payments’ merchants.
Pitney Bowes announced Ron Totaro its latest addition as General Manager, Global Financial Services. He will be leading a team that is responsible for the strategic planning execution and P&L of the global payments and leasing businesses for Pitney Bowes, bringing an extensive background of building global organizations, driving top and bottom-line growth and leading innovation in payments, financial services, technology and ecommerce businesses. Ron has held leadership positions at GE Capital, American Express and America Online, and has led strategic transformation and growth at FICO, ACI Worldwide and private equity-backed companies. Totaro holds an MBA from the Stephen M. Ross School of Business at University of Michigan and a BS from the State University of New York at Albany.
Hybrid PayTech World Inc announced today that Smart eMoney Inc. (SMI) and Hybrid PayTech Asia Inc. (Hybrid) have collaborated for the deployment of a pioneering mobile payment ecosystem platform to enable enterprise and retail businesses in the Philippines. SMI will use the HybridVIRTUO Ecosystem Platform for mobile point-of-sale (mPOS) roll-out which includes a unique host of solutions for easy integration with other existing payment systems. The scalable Hybrid platform will enable SMI to deploy a full suite of compliant mobile payment solutions for businesses and includes Hybrid’s HybridMPOS APPs, a mobile application built on the most popular operating systems for wireless devices such as Android, IOS, BB, and Win6,7,8.
Adyen multichannel payment solutions released findings from its analysis of how applying 3D Secure to all transactions can positively or negatively impact conversion rates on a per-country basis. Indicating 3D Secure has a positive impact on conversion rates in countries such as India, Russia and the United Kingdom, but has a negative impact in France, Germany and the United States when implemented on all transactions. However, the report shows that when 3D Secure is implemented only on specific segments it can actually increase conversions in these markets. Developed by the MasterCard and Visa card schemes, 3D Secure is an additional security layer for authenticating cardholders online. Traditionally, online merchants have adopted a binary view: they either implement 3D Secure across all transactions or not at all. By analyzing transactions processed on its payment platform, Adyen has detailed data about the impact of 3D Secure across its portfolio in selected countries. India, Czech Republic, Russia and the United Kingdom show the highest uplift in conversion rates where 3D Secure has been implemented on all transactions. In India, the uplift is almost 30 percent, and in the United Kingdom it is around 2.5 percent.
USA Technologies board of directors has received a letter from S.A.V.E. Partners IV, LLC stating that S.A.V.E. believes that USA Technologies should immediately commence a process to explore and evaluate all potential strategic alternatives, including exploring a sale. The letter was also included by S.A.V.E. as an exhibit to a publicly filed amendment to its Schedule 13D. Stephen P. Herbert, chairman and CEO responded: “I want to assure all of our shareholders, including S.A.V.E., that we fully recognize the market dynamics in which our company operates, and that our board of directors has appropriately explored, and continues to appropriately explore, any and all potential strategic alternatives in order to maximize shareholder value.”
Meritus’s Chargeback Management System (CBMS) is an integrated solution that provides the merchant with the information needed to help investigate and more effectively dispute chargebacks. Chargeback Management System is a secure add-on solution that is available through Meritus’ proprietary platform, Payment XP. This intuitive solution continually tracks and updates pending transactions, keeping you up to date and informed throughout the entire chargeback process. All new and existing chargeback cases are instantaneously available, so you can easily understand and prioritize your work. With Chargeback Management System merchants win 30% more of their disputes, resulting in a significant increase in revenue. Additionally, merchants who use CBMS substantially reduce their time spent on chargebacks, spending 40% less time per chargeback.
Glory Global Solutions will attend the National Retail Federation’s Retail Big Show 2014 to be held at the Jacob K. Javits Center in New York, January 13 – 14, 2014. The Glory booth will display a variety of cash management solutions including its award winning CASHINFINITY® Smart Cash Management solutions, the RBG-300 intelligent cash recycler and Quick Change self service coin deposit solution. Together they provide retailers with a wide assortment of productive, efficient and secure cash management systems designed to streamline cash processes. CASHINFINITY®, Glory’s Retail Solution offers iSMART Cash Management solutions that consist of total secure closed cash management, centralized control of cash inventory and optimization of all cash processes throughout a store. Working in conjunction with the retailer’s POS system, CASHINFINITY’s flexible design and innovation easily meets the needs of any store size, business segments and investment plan.
Ingenico and PAVO Inc., collaborated to develop the iWE280, a new generation of mobile cash register with electronic fund transfer capability (EFT-POS) as a consequence of a market organization required by the Turkish State. The iWE280 is designed to process a wide range of payments types; customers can use contactless cards such as NFC cards, bank and public transport cards, but also smartcards and cards with magnetic stripes.
WEX corporate payment solutions signed an agreement with Conference Care to offer the WEX Virtual Credit Solution. Conference Care has over 18 years of experience in providing a highly personalised global solution as specialist venue finders and delivers complex Live Event Management. The company has award winning service levels and a reputation for being a superior expert in its field. Having previously paid suppliers by cheque, Conference Care will now have improved reconciliation and increased automation of processes through the WEX Virtual Credit Solution. It allows businesses to Set precise controls for payment authorisation; Streamline and automate payment reconciliation; Earn revenue share on processed payment; and Utilise a straightforward, cost-effective system which can be seamlessly integrated into existing systems.
MoneyGram signed an agreement with Postal Savings Bank of China to provide money transfer services in over 3,700 locations. With the addition of PSBC to MoneyGram’s agent network, and the rollout of MoneyGram’s money transfer services to mainland locations, services are now available at over 20,000 locations in China. PSBC was part of China Post until its spin off in March 2007 as a separate entity. It is owned by China Post Group and has a strong network in the rural areas. PSBC offers a broad range of financial services including micro financing to rural and urban customers, Small and Medium Enterprise, in-branch service, Internet banking, telephone banking and mobile banking.