Vantiv 1Q 2014 Results

Vantiv, Inc. announced financial results for the first quarter ended March 31, 2014. Revenue increased 8% to $537.6 million in the first quarter as compared to $498.0 million in the prior year period. Net revenue increased 6% to $288.5 million in the first quarter as compared to $272.9 million in the prior year period, primarily due to a 6% increase in transactions. On a GAAP basis, net income attributable to Vantiv, Inc. was $28.1 million or $0.18 per diluted share during the first quarter, compared with $26.1 million or $0.18 per diluted share in the prior year period.

SoFi Funds $500,000 in Loans

Social Finance peer-to-peer lending refinanced more than half a billion dollars in student loans, with the number of schools represented having grown nearly 800% to more than 550 universities over the past year. SoFi has streamlined the lending process with a pain-free online application, mobile document upload, and helpful customer service via text, email, or phone. Borrowers can combine their Federal and private loans into a single monthly payment, and customize payment terms to fit their lifestyle. Unlike traditional lenders, SoFi borrowers become members in a powerful community with programs to reach life milestones such as entrepreneurship support, job placement assistance, unemployment protection and exclusive access to new financial products.

Ukash signs up Betfair

Ukash announced Betfair has signed up to their popular service which enables customers to use cash to transact online with Betfair. Betfair customers who pass strict verification processes will be able to make cash deposits into their account through Ukash vouchers, which are available from over 50,000 sale points in the UK, with a reverse process being available to make cash withdrawals. The service is available on both desktop and mobile. Ukash enables players to spend cash securely online with unique 19 digit codes to pay directly on thousands of websites that accept Ukash transactions worldwide.

Picking a New Agent Card Provider

There comes a time when some agent card programs elect to pick a new service provider. Perhaps because of erratic service level performance at the current provider, or due to new account rewards which seems to be less than competitive market value, because a current contract has reached its contractual period ending, or even due to an existing provider exiting from that business.
Whatever the reason(s), there are number of preliminary steps one must go through to ensure the change is a smooth one for your card members and meets your expectations. In managing over 800 such agent card programs over three decades in the card business, R.K. Hammer has some strong opinions about how to achieve the best outcome.

Chase Launches Marriott Rewards Premier Visa Signature Business Card

Chase Card Services and Marriott Rewards announced the launch of the Marriott Rewards Premier Visa Signature® Business Credit Card designed for small business owners who travel frequently for business or pleasure. With the Marriott Rewards Premier Business Credit Card, small business owners have the ability to earn accelerated Marriott Reward points on all purchases, accumulate free night stays, and receive automatic Silver Elite Status once they become a cardholder. The card also offers EMV chip-and-signature technology, charges no foreign transaction fees and comes with a variety of travel and business benefits. With the Marriott Rewards Premier Business Credit Card, small business owners have the ability to earn Marriott Rewards points at an accelerated rate. Cardholders will earn thousands of points for different increments spent on the card. The card also comes with travel insurance benefits, including trip cancellation, trip delay, lost luggage, baggage delay and auto collision damage waiver. Additional benefits include purchase protection insurance, including purchase security and extended warranty.

First Data Appoints New Head of Strategic Client Accounts

First Data appointed Christopher Foskett head of global, strategic and national accounts. He will lead the organization responsible for bringing strategic value, business partnership and new innovation to the firm’s major financial institution, retail, government and business clients. Foskett most recently was global head of sales for J.P. Morgan’s Treasury Services business and regional executive of the Treasury Services business for North America. Foskett brings a wealth of experience from his 30-year career in financial services spanning a wide range of client-facing activities across corporate and investment banking and transaction services. Global Finance magazine has cited Chris as one the select bankers featured in their ranking of “Who’s Who in Treasury and Cash.

Square launches Pickup, Register Offline, and Inventory Tracking

Square announced three new ways for sellers to drive more customers to their business and simplify their operations. Square Register is a powerful service offering sellers of all sizes and kinds easy, yet sophisticated technology for creating the best customer experiences and running their business.Research shows that food and beverage is the second most popular category among purchases made on smartphones. And studies show that more people are preferring to use their smartphones to pay for their purchases. Square is helping local business owners match these trends and connect with customers.The new pickup feature on Square Market integrates perfectly with Square Register so sellers can fulfill customer orders in-person and online. Now sellers can run their rush hours efficiently and provide a better customer experience. The pickup feature is available to all sellers at a competitive 8% processing fee per order with an introductory offer at 2.75% through July 1, 2014. Consistent with all of Square’s tools, access and setup are free, and sellers receive payment the next business day.

V/M Q1 U.S. CHARGE-OFFS

Among the nation’s top four Visa and MasterCard (V/M) issuers, bank credit card charge-offs are down 48 basis points year-on-year (Y/Y), but up nine basis points quarter-to-quarter (Q/Q). All credit card metrics are seasonally skewed in the first quarter as well as the fourth quarter by a higher denominator in Q4 and a lower denominator in Q1. Nevertheless, bank credit card charge-offs have been marching south throughout 2013.

PayPal Revenue, User Base Witness Exponential Gains

[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] PayPal net total payment volume (TPV) grew 27% with Merchant Services volume up 32% and on-eBay volume up 15%. Revenue grew to $1.8 billion. PayPal gained 5.8 million new active registered accounts to end the quarter at 148 million, up 16%. Global on-eBay penetration increased to 78.9%. PayPal continued to invest…