In Other News: NRHA (PAI); EXADIGM (certification); WELLS (P2P); and CARDFELLOW (Square).
NRHA – The North American Retail Hardware Association (NRHA) and Payment Alliance International (PAI) have formed a partnership to provide independent home improvement retailers with new credit card processing and payment services opportunities. A leader in electronic payment processing solutions, PAI currently serves over 70,000 ATMs and 85,000 retail businesses with a variety of payment solutions and educational opportunities. Beginning today, independent home improvement retailers will have access to many of these benefits, as well.
EXADIGM – ExaDigm, a provider of Point-Of-Sale (POS) terminal solutions, announced the certification of its innovative EMV application on two industry leading platforms: First Data Nashville and First Data Omaha. ExaDigm’s new application is certified for retail and restaurant use.
WELLS – Wells Fargo says it will soon make real-time person-to-person (P2P) transactions available to its more than 17 million mobile customers in the United States. Beginning August 1, Wells Fargo’s service will allow its customers to send funds in real-time at no cost to any customer of a bank that participates in the real-time service, which operates on Early Warning’s clearXchange network. Wells Fargo customers can already receive real-time payments at no cost from customers at any bank participating in the network.
CARDFELLOW – CardFellow, the leading resource for comparing credit card processors, has published an educational article detailing changes to Square’s pricing model that may affect businesses who use the mobile processor. The new Square fees will affect businesses with average transaction totals of $10 or less. Square has long touted itself as a “flat rate” credit card processor, offering a rate of 2.75% on all swiped transactions, with no per-transaction fee. The swiped rate applies to all cards. The article explains that Square is now quoting businesses with average transactions of $10 or less the original 2.75% plus a per-transaction fee ranging from 10-15 cents, and provides in-depth information on how the updated pricing will affect businesses.