Starbucks Coffee Company mobile payment platform and Square partnered, allowing customers to use “Pay with Square” payer application. Square will process Starbucks U.S. credit and debit card transactions to expand Square its scale and accelerate the benefits to businesses on the Square platform and Starbucks will invest $25 million in Square as part of the company’s Series D financing round. By accepting Pay with Square, Starbucks is giving millions of customers another way to enjoy a quick and seamless payment experience at approximately 7,000 Starbucks stores. The partnership will also accelerate the ability of small businesses to grow with Square’s innovative technology and a stronger and more widely available Square network. Starbucks customers will be able to use Pay with Square to pay for their purchases at participating company operated Starbucks locations in the U.S. Customers simply need to download the Pay with Square application and set up an account on their iPhone® or Android™ device.
[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] Having reached its lowest level of the year, the Discover U.S. Spending Monitor declined 1.4 points to 89.3. Having last dropped below 90 in December 2011, the monitor performance in July is reflecting concern over the economy with 53% of respondents convinced the U.S. economy is poor. However, consumers who expect…
Dollar Bank has implemented WAUSAU Financial Systems’ “Deposit 24/7 Mobile” mobile remote deposit capture solution from its Deposit 24/7 Suite. The bank has seen great success, processing nearly 2,500 deposits totaling $500,000 through the solution. A 2011 Celent study notes that approximately 80 percent of surveyed financial institutions are considering a mobile RDC solution, but as a Javelin and USAA study shows, many aren’t taking action. Despite the benefits of the technology for all parties and its “must have” status to keep up with consumer demand and achieve cost savings, several of the 10 largest U.S. financial institutions still aren’t offering mobile RDC to customers. WAUSAU is currently expanding its “Deposit 24/7 Suite” to provide the small and mid-tier business markets a receivables hub that accepts checks and electronic payments for ACH and credit card.
TSYS announced its joint venture with Central Payment, in which it holds a 60% stake and will function as a TSYS affiliate. The Central Payment privately held direct merchant acquirer focuses on merchants in the restaurant, personal services and retail sectors and currently uses TSYS technology for payment processing. The joint venture will be governed by a board of directors including both TSYS and Central Payment executives.
Global Cash Access Holdings posted 2Q/12 operating income up 125% quarter-over-quarter to $16.0 million; net income per share up 450%; and cash EPS increased 92% quarter-over-quarter to $0.23. Revenues were $147.5 million for the second quarter 2012, as compared to revenues of $135.1 million for the same period in 2011. The overall increase in revenues was primarily due to the MCA asset acquisition coupled with modest organic growth in the Company’s base business. Operating income was $16.0 million for the second quarter 2012, an increase of 125%, as compared to $7.1 million for the same period in 2011. Earnings before interest, taxes, depreciation and amortization (“EBITDA”) (see Non-GAAP Financial Information below) were $20.1 million for the second quarter 2012, an increase of 68%, as compared to $12.0 million for the same period in 2011.
Cardtronics wholly owned subsidiary acquired all the assets of ATM Network, including its merchant contracts, customer relationships, online store and web properties. ATM Network’s management team and employees are expected to join Cardtronics. ATM Network provided ATM services to independent merchants, primarily on the local level and grew into a nationwide company, boasting a merchant client count topping 6,000. The assets of ATM Network deliver a complement to Cardtronics’ existing independent merchant ATM business, which has historically filled its sales pipeline through indirect sales efforts, primarily through a network of dealer relationships. The acquisition of ATM Network’s assets pushes Cardtronics’ merchant-owned ATM count to 21,300 machines under contract.
American Express appointed Marc D. Gordon Executive VP, CIO and consequently a Corporate Officer upon his election by the American Express Board of Directors. He most recently served as Enterprise CIO and Chief Technology Officer at Bank of America, where he led the development of industry-leading capabilities and innovations at very large scale. Previously, he was CIO for Best Buy and The Timberland Company. Marc began his career as a consultant at Accenture, serving clients across a range of industries. Gordon holds a bachelor’s degree in economics from Colby College and a master’s degree from MIT’s Sloan School of Management.
Syncada made available its e-invoicing tool to allow companies to further automate invoice processing and improve efficiency by eliminating manual paper processes. Experts predict electronic processing and payment solutions, such as Syncada, will render paper-based invoice processing and management obsolete. The launch of this innovative e-invoicing solution, European corporates may reap the benefits of e-invoicing while making payments and providing financing to suppliers around the globe. Integrated directly into the multibank network, the e-invoicing tool meets certain requirements set forth by European Union regulators”including the ability to e-sign invoices as well as robust data capture to enable compliance with tax regulations.
Global Finance magazine has named Wells Fargo & Company Best Corporate/Institutional Internet Bank and Best Consumer Internet Bank in the United States. In its 13th annual World’s Best Internet Banks competition for North America, Global Finance magazine also recognized Wells Fargo, among corporate/institutional banks, as Best Mobile Banking (for the second consecutive year), Best Online Treasury Services, and Best Web Site Design. Among consumer Internet banks, Wells Fargo earned awards for Best Web Site Design, Best Bill Payment & Presentment (for the fourth consecutive year), and Best Social Media (for the second consecutive year).
Harbortouch America POS Systems launched information on several new user-friendly features on their website for online access to its POS management and reporting tool known as the Lighthouse Feature and the launch of the more powerful All in One (AIO) Elite System. Harbortouch America has also added a new video narrative for its Free POS Program, walking viewers through the structure of the Free POS Program and also offers business owners the option to enter their information online to receive a full proposal.
ViVOtech completed the sale of its ViVOpay reader business to ID Tech, a manufacturer and supplier of smart card and credit card readers to PCI compliant payment solutions. ID Tech is committed to providing a smooth transition for ViVOpay’s existing customers and relationships. VIVOtech has been executing a strategy to divest its ViVOpay reader business to a qualified buyer and focus on its ViVOnfc Software business. Now the sale of the Reader business is complete, the company is focusing energy on the continued support of our customers, contracts and partners for the growth of business.
Bremer Financial is set to deploy FIS’ core banking solution for its commercial services, along with FIS’ item processing, treasury and cash management, image technology, ACH, branch automation and analytics solutions. Bremer selected FIS for its ability to deliver a true end-to-end core relationship solution that solves the complex challenges facing the growing bank and supports its customer-centric focus. The comprehensive functionality of FIS’ core processing solution will enable Bremer Financial to reduce the number of third-party systems used, resulting in significant improvements in operational efficiencies. FIS delivers comprehensive core solutions that are designed to meet the strategic needs of banks of all sizes. Personalized service, competitive choices and maximum convenience are the standards that set FIS’ solutions apart and provide clients with the means to meet, and often exceed, their strategic business goals.