CardFlight which lets developers integrate in-person card payments into their own app raised $1.6 million in seed-round funding, led by ff Venture Capital, a New York-based venture capital firm that focuses on early-stage technology startups. While a number of payments startups are focused on online and e-commerce payments, CardFlight focuses on the 90% of credit card transactions that are ‘card present’ and happen in person. Additionally, CardFlight clients are typically vertical solution providers or large and medium-sized merchants, in contrast to companies that only provide closed mobile payment offerings that do not allow customization or white-labeling.
OLO digital commerce engine for restaurants announced a $5 million dollar Series B financing from PayPal and existing investors. OLO allows customers to order and pay from restaurant websites and mobile apps, so that they can Skip the Line at the restaurant of their choosing. OLO transmits the prepaid order directly to the restaurant point-of-sale (POS) system. OLO is committed to serving as an open and independent commerce platform that allows restaurants to choose whichever payment types they would like to accept – a common carrier for digital commerce. OLO accepts all major credit cards, many stored-value cards, and digital wallet providers.
Dragonplay, a free-to-play social games developer for smartphones and social networks, has raised $14M in a Series A funding from leading global venture capital firm Accel Partners. Dragonplay specializes in multi-platform social game experiences in the cards & casino and board game category and is best known for Live Holdem Poker Pro, frequently the top…
Mi-Pay has extended its mobile top-up and billing platform to offer enhanced multi-channel integration; easily-configurable settings and broader applications with its “Version 2.0.” Fully PCI Level 1 Certified, the ultra-secure platform facilitates mobile, online and ATM top ups as well as SIM purchase and Post-paid billing solutions, helping operators and MVNOs develop faster, more convenient and accessible customer payment channels. Supporting payments from over 150 countries, Mi-Pay “Version 2.0” can process card, cash and direct payments in multiple languages from multiple hardware and transaction channels. It can also deliver unified multi-channel services as either a managed outsourced or white label solution and provides a comprehensive direct billing platform for operators looking to expand or outsource billing systems for phone-based fixed and mobile services.
American International Group has inked agreements to sell 100% of
ownership interests in its consumer finance operations in Colombia
(Inversora Pichincha and Interdinco) to Banco Pichincha C.A. of Ecuador
under undisclosed terms. Subject to approval by the Ecuador
Superintendency of Finance (Superintendencia de Bancos y Seguros de la
RepÃÂºblica del Ecuador) and the Colombia Superintendency of Finance
(Superintendencia Financiera de Colombia), the transaction is underway.
Inversora Pichincha consumer finance products offers vehicle financing,
personal loans, student loans, insurance premium financing, commercial
loans, credit cards and retail deposits while Inversora Pichincha has 19
branches across Colombia, serving approximately 140,000 customers. AIG
insurance and financial services has operations in more than 130
countries and jurisdictions around the world.
Two companies have teamed to provide mobile operators with an easily implemented solution for immediate global mobile money transfer and international prepay phone top-up to more than 30 country corridors.
Mi-Pay, and Small World Financial Services will integrate Mi-Pay’s mobile money payment solution integrated into Small World’s money transfer hub. The combined Mi-Pay and SmallWorld international proposition includes money transfer and top-up hub, regulatory compliance, banking licences and business process management expertise. It is offered on a white-label and revenue share basis to mobile operators. Small World has 60 branches and over 1,500 agents. The partnership represents Europe’s third largest distribution network for sending money transfers. Mi-Pay is a founding member of the GSMA’s “Mobile Money Vendor” program and is active participant in the “Mobile Money for the Unbanked” program. Both Small World and Mi-Pay are advisory members of the International Association of Money Transfer Associations.
CA-based Tranax Technologies has formed a Board of Directors including Wolfgang Hausen, Jack McDonnell Jr., Dr. Kathryn Hanson; Dr. Hansup Kwon and Heemook Kwon. The role of the newly-created board of directors will be to serve as a sounding board and counsel to help the CEO and executive team evaluate and respond to strategic business opportunities and challenges. The charter will also include accelerating the implementation of practices, people, and strategies needed to expand and grow Tranax. The five board members will serve for 3 years and will provide best practices related to corporate strategy, operations and general management. Tranax provides the design, development, manufacture and sale of self-service technology to the retail, banking, hospitality, entertainment, and gaming industries.
Retail Decisions has partnered with Mi-Pay to enable mobile phone
users to top-up directly through the handset. Retail Decisions
has also made a 20% equity investment in Mi-Pay. ReD is also partnering
with Mi-Pay by providing its payment gateway and card fraud prevention
services to Mi-Pay’s customers. ReD is already the largest processor of
pre-pay mobile transactions in the U.K. through card-not-present
channels. ReD’s mobile telecoms clients include: T-Mobile, Virgin Mobile
and O2 among others. Mi-Pay is led by Norman Frankel, who was formerly
the Mobile Commerce Director of LogicaCMG.
The FTC has received $23.5 million from the forced sale of assets of Texas-based Certified Merchant Services. The sale was part of a stipulated final judgment and order which also permanently bars the CMS and its principals from falsifying merchants’ signatures; altering or adding to signed documents relating to merchant accounts; certain billing and debiting practices; and misrepresenting the savings that merchants would achieve by doing business with CMS. The stipulated final judgment and order settled the FTC’s first-ever complaint against an ISO for practices related to the marketing of credit- and debit-card merchant accounts to small businesses nationwide. In October, Fort Worth, TX-based First American Payment Systems acquired the assets and merchant agreements of CMS. CMS also did business under the names Transaction Merchant Services, Transaction Merchant Services.Com, and Electrocheck. (CF Library 1/3/03; 10/27/03)
Brann Worldwide’s announced it has hired John P. Foley as vice president and account director.Â Foley is a communications expert with 20 years of creative brand marketing experience, and will lead Brann’s Visa USA account.
The FTC announced a final settlement with TX-based Certified Merchant Services which requires the firm to stop their deceptive practices and provide consumer redress for defrauded merchants to whom CMS sold credit card processing services. The settlement requires the firm to sell its assets to provide money for consumer redress. The FTC complaint alleged that CMS violated the FTC Act by unfairly and deceptively: 1) modifying customer contracts; 2) debiting their accounts without authorization; 3) making misrepresentations regarding various goods or services offered; and 4) failing to disclose various charges or fees. The complaint alleged that in many instances, after merchants had signed applications (and without their knowledge), CMS altered contract terms, including fee and expense information. CMS allegedly then used these changes to justify debits made from the merchants’ deposit accounts without notification to the merchants. CMS then tried to disguise these debits, listing “H-Semi” and “H-Can,” instead of CMS, as the company that withdrew the fees. Finally, the complaint alleged that in many instances CMS deceptively failed to disclose, clearly and conspicuously, that they would charge merchants certain fees, including a minimum of $25 if the merchants did not achieve a certain level of card sales; a semi-annual fee of between $33 and $50; and a cancellation fee of between $300 and $400 for cancelling within three years of signing a service contract.
The FTC announced this week its first-ever federal district court complaint against an ISO for unfair and deceptive practices related to the marketing of payment card merchant accounts to small businesses nationwide. In its complaint, the FTC stated that TX-based Certified Merchant Services and its principals misrepresented the terms of merchant account agreements, allowing them fraudulently to debit previously undisclosed fees from the merchants’ bank accounts. At the FTC’s request, a federal district court has issued a TRO against the defendants, has frozen the defendants’ assets, and appointed a receiver to oversee the company’s future operations.The complaint was filed against Certified Merchant Services, Ltd.; Certified Merchant GP, Inc.; Certified Merchant Services, Inc.; Jonathan Frankel; Craig Frankel; and Randal Best, of Plano, Texas. The companies also do business under the names Transaction Merchant Services, Transaction Merchant Services.Com, and Electrocheck. The FTC said, among other complaints, that CMS deceptively failed to disclose, clearly and conspicuously, that they would charge merchants certain fees, including a minimum of $25 if the merchants did not reach a certain level of card sales; a semi-annual fee of between $33 and $50; and a cancellation fee of between $300 and $400 for cancelling within three years of signing a service contract.