First Tech EMV
CA-based First Tech Federal Credit Union has entered into a new agreement with MasterCard to enable First Tech to issue all new debit and credit cards using EMV Chip and PIN technology.
Payday Loan Scam
A Missouri online payday loan company has been shuttered by The Federal Trade Commission (FTC). The firm allegedly bilked consumers out of tens of millions of dollars by trapping them into loans they never authorized and then using the supposed “loans” as a pretext to take money from their bank accounts.
THE LINE ITEM SOME CARD ISSUERS (STILL) DON’T GET RIGHT
Every year we analyze this metric, and some issuers respond that they do invest in R&D (Research and Technical Development); it’s just plugged into other larger areas of the P/L, like “G&A,” or “Operating Expense.” Yet, if it is so important to the long term survival of any organization, why is it “buried,” or “plugged;” why not exposed to the light of day? A buried expense cannot be a function truly (or well) managed.
TIO Networks Partners First Data, Expands Services
TIO Networks bill payment processor expanded its services to First Data’s Money Network Prepaid Service to include bill payment as well as the purchase of prepaid telecommunication services. TIO’s platform enables Money Network prepaid account holders to pay their bills online as well as purchase minutes for their prepaid mobile phones. Money Network account holders are able to manage their bills online in one convenient place, viewing their payment history, making one-time payment or scheduling reoccurring payments for thousands of billers.
ONE METRIC CARD ISSUERS JUST DON’T GET RIGHT – “R&D SPEND”
R.K. Hammer Founder and CEO Bob Hammer commented “In over three decades in the card business, and having read an estimated 67,000 card financial statements during that period, I have seen very few card financials that displayed R&D spending as a separate line item. That’s a problem, as we see it.” “Where’s the R&D in…
ScanSource Introduces New Payment Solutions
ScanSource is now offering merchant services and key injection to its reseller partners with its “Payment Solutions Suite,” for which it has partnered with First Data. This includes ScanSource “Merchant Services” and ScanSource “Key Injection Services” offerings to enable resellers to offer a more complete POS solution to their end-user customers. By offering electronic payment solutions to their end-user customers, ScanSource resellers are provided a new reoccurring revenue stream since merchant services, batching and processing were previously handled by third-party companies that received all associated fees. ScanSource is now offering key injection services, enabling resellers to more easily load and manage POS encryption keys and is able to take costs and time out of the process, enabling the reseller to add an enhanced level of service and efficiency to the end-user customer.
BluePay Go! and BluePay HQ are Introduced
Merchant processor BluePay has launched “BluePay Go!” and “BluePay HQ”.
“BluePay Go!” is designed for merchants who need service now and
provides a complete lineup of
credit card processing solutions to meet the complex and changing needs
of a growing business. “BluePay Go!”
helps businesses get started accepting credit cards, debit cards, and
ACH payments and assists companies in
streamlining their payment process for easier transactions.
“BluePay HQ” is a merchant processing solution
specifically designed for larger businesses that are in need of
customized, integrated payment processing solutions. They offer
merchants options to consolidate vendors and reduce costs, all while
increasing customer service and quality results. “BluePay HQ” can
provide merchants with a reliable, safe, and efficient transaction
process at a low cost.
Legends Business Tests New Card Platform
Legends Business Group is conducting beta
testing of its credit card platform which will soon include Automated Clearing House
payment alternatives. The testing is being conducted in conjunction with one of LGBS’ largest
client companies and a provider of Identity Theft
Protection Services to individuals throughout the United States and
already utilizes several methods of online marketing and alternative
billing. The testing is to assess whether the platform will reach its
target audience and perform acceptably to its users. ACH payment alternatives create the ability
to pay reoccurring monthly charges directly from checking and or savings
accounts.
Voiceprints May Stop Career Card Fraudsters
A Silicon Valley-based firm has developed a new credit risk management
solution that identifies fraudsters by their voice during credit card
authorization phone calls. Victrio says its patented technology works by
comparing the callerâs voice against a database of known criminals. The
Victrio voiceprint call screening process is completely transparent to
customers. The Company notes this is the first technology that can
actually target the career fraudster. The company plans to pool
information across its client base to build the worldâs largest fraud
voiceprint database. Victrio is targeting big-ticket online merchants as
well as banks and other credit card issuers.
Founder and CEO Tony Rajakumar is a technologist specializing in voice
recognition. Mark Goines, former chief marketing officer of PassMark
Security, is a board advisor to Victrio.
Commerce Planet Signs a PDS Bill Payment Deal
Commerce Planet and its Consumer Loyalty unit has signed a multi-year agreement with Payment Data Systems for private label bill payment portal services.
Equitex’s Chex Services Sold for $63 MM
Las Vegas-based iGames Entertainment and PA-based Money Centers of America have inked a deal to acquire CO-based Equitex’s Chex Services subsidiary for $63 million. The sale of Chex Services was unanimously approved and ratified by the Equitex board of directors after Equitex’s independent advisor determined that amongst other factors, the iGames Entertainment and Money Centers of America, Inc. combination of seasoned management, superior financing, and proprietary products provided more value for the Equitex shareholders than the previously announced transaction between Equitex and Cash Systems, Inc. iGames Entertainment, Inc. develops, manufactures and markets technology- based products for the gaming industry.
Payment Data Systems and Network 1 Financial Partner
San Antonio-based Payment Data Systems has signed a multi-year agreement with Network 1 Financial to provide credit card authorization and settlement services and sponsorship into VISA’s “ISO” and MasterCard’s “MSP” programs. Payment Data Systems, Inc., is an Integrated Payments Solution Provider delivering comprehensive, cost-effective solutions to billers and retailers for the processing and management of electronic payments via the Internet, POS, or payments taken by Customer Service Representatives or an IVR. Verus Financial Management is a leading consolidator of successful payment processors into a “best practices” payment services company.