Consumers ranked American Express highest in customer satisfaction among credit card companies according to the annual nationwide study by J.D. Power and Associates for the 4th consecutive year. The study places American Express highest in overall satisfaction among 10 of the largest card issuers in the U.S. that were ranked in the study. The J.D. Power and Associates 2011 Credit Card Satisfaction Study looks at Customer Interaction, Billing and Payment Process, Credit Card Terms, Rewards Programs, Benefits and Services, and Problem Resolution. Relationship Care is the overall strategy to deepen customer relationships by providing tailored information and service that reinforces the value of products, and services for individual customers and to resolve inquiries upon first contact and has been the driving force behind a number recently launched servicing capabilities for both customers and our Customer Care Professionals (CCPs).
Cash is king when it comes to holiday wish lists this year, with 45% disclosing it would be used to contribute to daily expenses, including gas, groceries, and bills. Meanwhile, 52% of expect to send a gift to someone they will not be seeing in person this holiday season, for which 60% think shipping costs are too high; 69% are planning to give the gift of cash; and 79% would prefer to receive a universal branded gift card. Additional items from the Western Union global payments consumer survey show a majority of consumers were planning to skip Black Friday sales, discouraged by the crowds, during which time overall sales were below expectations. In response, Western Union is providing consumers with $50 for a $5 fee when sending the gift of cash through December 26th, offering consumers a convenient holiday shopping experience.
Since its launch in March, the “World Debit MasterCard” has gained momentum. The new card offers an extensive rewards, savings and an
array of special perks. Fifth Third Bank has now introduced the card. The card features “MasterCard Savings” that provides U.S. consumer debit and prepaid MasterCard cardholders with significant merchant-funded discounts and special offers from thousands of merchants across the country. The Fifth Third Bank “World Debit MasterCard” also features access to “Priceless.com/World,” through which cardholders gain unique access to events and games and can take advantage of exclusive opportunities for hotels, shopping and travel. Cardholders can earn one point for every $1 spent on signature purchases and enjoy no limit on how many rewards points they can earn each year. When combined with the “Fifth Third Rewards Checking” account, customers also can earn one point for every $10 in direct deposits to their checking account. The card also offers “MasterCard Savings Plus.”
The Western Union Company and Garanti Bank have announced the launch
of a service that allows online banking customers in Turkey to receive
money transfers directly into their bank accounts. Online banking
customers can also send money from the
website at any time to more than 334,000 Western Union Agent locations
in over 200 countries and territories. The service is aimed at busy
people who do not have time to visit an
Agent location and is available 24 hours a day, seven days a week.
Customers can send and receive funds using their online Garanti Bank
accounts by following a few simple steps. The Western Union Money
Transfer service is available at more than 4,000 Agent locations in
Turkey through Ziraat Bank, Turkish Post, Finansbank, ING Bank,
Denizbank, Fortis, TÃÂ¼rkiye Finans and TBank. Garanti Bank is Turkey’s
second largest private
bank with assets reaching in excess of $63 billion.
NYC-based Merchant Cash and Capital, a merchant cash advance company, has received a $17 million, two-year, senior secured credit facility from CT-based The Patriot Group. The facility will provide funding for existing and future merchant credit and debit card advances as well as new corporate initiatives. Merchant Cash and Capital is a privately held merchant advance company that purchases future credit and debit card receipts from retailers, restaurants and service businesses. The Patriot Group is a leading specialty finance, investment, and asset management company that provides funding solutions to clients across a wide variety of asset types.
BankServ has finalized agreements today with Capital Payments to offer BankServ’s “SameDayPay” e-check processing and “DepositNow”! remote deposit solutions to Capital Payments’ business customers. “SameDayPay” transfers funds directly from senders’ bank accounts to the receiver’s account — allowing users to quickly and easily pay for taxes, services, utilities, products, loans, dues or even charitable contributions. SameDayPay integrates within a business’ website to offer a convenient and inexpensive way to collect and manage payments. “DepositNow” is a remote deposit capture solution for small businesses that enables businesses to deposit from their desktop virtually any check into any U.S. bank account. “DepositNow” further integrates with popular accounting systems to automatically match outstanding invoices to scanned checks and update accounts receivable. Capital Payments provides payment services to businesses of all sizes and in various industries through its Capital Payments Advantage program. BankServ has been developing and delivering electronic payments technology for financial institutions across the globe, including systems for Fedwire, SWIFT, person-to-person payments and Check 21.
Capital Payments has signed agreements to provide BankServ’s
“SameDayPay” e-check processing and “DepositNow!” remote deposit
for its customers through its “Advantage Program.” The Capital Payments
program enables client advisors to oversee processing costs for cost
and efficient solutions. Services through the “Advantage Program” include
credit, debit, check, ACH, Check 21, and working capital solutions. With
this agreement, Capital Payments advisors can now recommend these
The Association des Fabricants et Personnalisateurs de Cartes (AFPC)
has selected Cryptomathic’s “CardInk” for its French smart card
personalization applications. “CardInk” will provide data preparation for
AFPC and currently supports other personalization companies such as
Oberthur Card Systems, CPS Technologies and Euro P3C by enabling
issuers to process data for French applications. These applications include
“Moneo ePurse”, “legacy magstripe” and standard EMV applications. The
contract will consolidate the position of Cryptomathic in France, according
For the automation of customer decisions and the use of “New Business
Strategy Manager” decisioning technology, Kazinform ATF
Bank has chosen Experian “Decision Analytics.” Experian will also offer
ATF Bank the accurate assessment of consumer risk with a tailored
scorecard, important in the expanding Kazakhstan Banking industry.
The automation provided by Experian rationalizes manual tasks and
will streamline the approval process for the bank. This is designed to
save both time and money. Experian employs nearly 13,500 people in
36 countries worldwide with clients in more than 60 countries.
Supporting 70 credit bureaus around the world, the company has sales
of $3.5 billion.
San Diego-based Transaction Wireless has entered into its first processor licensing agreement with gift and rewards card processor Secure Payment Systems Under the agreement, Transaction Wireless will perform its first processor integration with SPS to build a wireless transaction system that lets consumers redeem and manage that allows consumers to buy and send gift cards, request balances, combine balances from multiple cards, add funds to cards, and more via their mobile phone. For merchants, the gift card transaction platform will become a powerful communication and branding tool. The application incorporates text messaging, Internet, and voice technologies and operates on any wireless system or transaction processing platform. Secure Payment Systems provides transaction processing and risk management systems.
Online shoppers in the U.S. spent $16.7 billion during the first six weeks of the this year’s holiday season, rising 28% from the $13 billion spent online during the same timeframe in 2003. According to the “2004 eSpending Report,” music was the fastest growing category year-over-year in revenue during the first six weeks of the 2004 holiday season, jumping 33%. The video/DVD and jewelry categories tied for second place, surging 32% each. Rounding out the top five fastest growing categories, the books category increased 27%, while the toys/video games category grew 22%. The “eSpending Report” by Goldman Sachs, Harris Interactive and Nielsen//NetRatings is based on a weekly national survey of more than 1,000 adult consumers.
Online consumers spent $8.8 billion overall, excluding travel, in November, marking a 19% jump over last year. The 2004 figure represents a 62% increase from the $5.5 billion that consumers spent online during the 2002 holiday season. Goldman Sachs, Harris Interactive, and Nielsen//NetRatings’ “Holiday eSpending Report” also revealed that 36% of consumers purchased items online because prices were lower on the Web, while 34% purchased gifts online due to the wider selection of products. Thirty-three percent of consumers said they bought online, because they preferred to avoid the crowds in stores. As of the end of November, 17% of consumers indicated that they finished holiday shopping, according to the “eSpending” report.