Heartland Payment Systems, one of the nation’s largest payments processors, has signed a five-year contract with ConocoPhillips, whereby it will continue to authorize debit and credit card transactions and will now also begin settling Visa and MasterCard credit card transactions at ConocoPhillips-branded locations nationwide. The expanded card processing agreement is being supported by a new partnership between Heartland and Barclays Bank Delaware, the U.S. operation of Barclaycard, which will be delivering the payment network sponsorship services for the ConocoPhillips transactions.
Research now shows 4 out of 5 consumers would spend more online if offered an easier and more secure way to pay while, by a margin of almost 4 to 1, consumers believe direct carrier-billed mobile payments are more secure than using credit and debit cards for online digital purchases. Also, online merchants could add aggregated yearly revenue of $109.8 billion, simply by offering an alternative “no-credit-card-required” way to pay at checkout. This, according to Javelin Strategy & Research and PaymentOne, also shows 4 out of 5 would spend more online if given an easier and more secure payment alternative to credit or debit cards.
Citi announced its U.S. retail credit card products and services division, formerly known as Retail Partner Cards, is being renamed Citi Retail Services. The new name best represents the unit’s industry leading breadth of products and services, including private label credit cards, digital, mobile and loyalty solutions and market insights provided to national and regional partners. Citi Retail Services, which offers the largest retail co-brand and loyalty programs in the country, has been an industry leader for nearly three decades with a portfolio of partners that includes some of the largest and most respected retail, automotive, and fuel brands in the country. Citi Retail Services will rejoin Citicorp effective January 1, 2012 as a business unit within North America Consumer Banking.
Swipely loyalty and rewards program is expanding to help more than 150 retailers turn credit card transactions into interactions. Swipely gives these new merchant members a hassle-free way to understand, retain and engage customers with loyalty rewards and personalized offers without coupons or keychain cards. The system works with the credit and debit cards more…
Chase unveiled a revised summary guide for Chase Total Checking that makes its terms and conditions easier to understand for consumers. Chase collaborated with the Pew Health Group’s Safe Checking in the Electronic Age Project to develop a simple disclosure form that uses everyday words in a consumer-friendly format. Consumers can now more plainly see a description of fees and services, how to avoid certain fees, when deposits are available, and the order in which withdrawals and deposits are processed. Chase also is eliminating account closing fees to simplify and enhance the customer experience.
North Shore Bank engaged Fiserv for consulting to create new checking products that would allow it to take advantage of disruptions in its market and position the bank to attract new customers and keep existing ones. The Bank also signed on for Relationship Rewards, the innovative solution that provides flexible incentives to recognize and reward a customer’s entire banking relationship. North Shore Bank was able to design a new checking product with the option to design many more without purchasing additional software. North Shore will now be able to easily introduce other product types to benefit and appeal to various customers simply by changing the system parameters.
Dydacomp business technology platforms for small and mid-sized eCommerce and multichannel merchants, announced best practices retailers can implement to more closely monitor their inventory and safeguard their revenue from the expanding threat of fraudulent online orders. According to the 2011 CyberSource Online Fraud Report, more than one percent of all online transactions are potentially fraudulent orders which could equate to a significant impact on revenue and inventory. Fraudulent orders deplete inventory and force merchants to be hyper vigilant with their ordering processes – resulting in less product available and a hassle for customers. Additionally, most card-issuing banks will side with the consumer, whose card data was used in the transaction, and refund them. But the merchant will not receive compensation for loss of inventory or revenue.
eCash Experts electronic payment provider announced its eC Thermal Paper product which provides businesses a way to build brand recognition by including custom advertising on the back of their credit card paper. T o produce complete lines of thermal paper rolls, conventional single ply, and carbon-less multi-ply paper rolls which provide a clear and legible transaction record every time with their custom message or offer on the back, the eC Thermal Paper is compatible with common transaction printers and all major OEM machines.Their program also allows for Merchant Service Providers to resell co-branded thermal paper solutions to their existing customers.
INetU has announced that its exclusive “Gated Community Cloud” global business service has been certified PCI DSS compliant at its US and EU nodes. PCI compliant managed services are available immediately at INetU’s Allentown, Pa., Vienna, Va. and Amsterdam, Netherlands data center facilities. Because PCI DSS is a global standard, having PCI certified Cloud nodes at multiple locations becomes an important attribute for clients who conduct e-commerce on an international level, for those who require global disaster recovery, or both. INetU’s Gated Community Cloud service was evaluated and certified for PCI DSS 2.0 Level 1 compliance by Trustwave (www.trustwave.com).
Clientis Zürcher Regionalbank opened a new branch at the highly frequented Zürich-Stadelhofen train station in November 2011 as part of its expansion. The bank equipped it completely with CINEO self-service systems from Wincor Nixdorf and installed cash recycling systems, automated teller safes and a coin deposit system. The new possibilities for cash handling offered by Wincor Nixdorf’s CINEO systems with their intelligent cash cassette were a key factor in persuading the bank to choose this self-service technology, as were Wincor Nixdorf’s security solutions.
Monthly payment rates (MPRs), which typically range between 15% and 22%, remained strong at 20.71% as consumers continue to pay down their debt quickly. Gross yield at 19.17% has eased off recent highs of almost 23% within the last two years as discount options expire. Fitch had anticipated that gross yield would recede and did…
The Brazilian bank Banco Bradesco and BKCP Bank from Belgium will use Clearstream’s IT Hosting and Managed Services. Clearstream Services will run the IT infrastructure for the private banking application hub for Banco Bradesco outside the Americas, with supporting services provided by Real Solutions S.A. For BCKP Bank, the entire IT infrastructure will be supported by Clearstream Services, including the IT office infrastructure within the bank’s branches.