CardWeb.com’s CardData database of Company Profiles today features YapStone.
Maxa Technologies mobile computing partnered Hoeft & Wessel to make available “skeye.dart” on Android version 2.3.6 (Gingerbread). Its open-source platform offers developers and OEMs flexibility for bespoke work and customisation and provides “skeye.dart” in an enhanced version with roughly one third improved computing power, RAM twice as high, and faster UMTS/HSPA mobile telephony connection. The mobile computing device provides a future-proof platform for the most demanding applications.
Maxatec is launching its “RDT-150” all-in-one POS Terminal. A cost effective POS System solution with excellent functionality and reliability, as well as easy upgrade options, the “RDT-150” standardizes a 5-wire resistive touch panel but there are other options, including Capacitive, SAW and IR. The modular design allows the terminal to be upgraded with VFD customer display, MSR card reader, fingerprint scanner, 3-in-1 MSR+Smartcard+I-Button reader, a second LCD screen with or without touchscreen. Connectivity includes multiple external serial and USB 2.0 ports, a PS/2 and Ethernet connection as well as 2 x RJ-12 cash drawer ports which can be powered with 12 or 24 volts and a VGA port.
Prepaid payment processor PaySpot has teamed with TN-based Pilot Travel Centers for an exclusive
agreement to expand Pilotâs in-store prepaid services.
PaySpot will introduce its extensive bill payment service into Pilot
stores. Through the bill payment program, Pilot can quickly and easily
accept cash payment for hundreds of utility, telecom, cable, satellite,
and other service providers. PaySpot went live in 304 Pilot locations mid-July, integrating its
electronic prepaid product delivery system with Pilotâs existing
point-of-sale (POS) system, enabling Pilot to expand its prepaid product
portfolio to include PaySpotâs industry-leading products and services.
According to new data released by VISA USA, 79% of “Baby Boomers” and 74% of “Echo Boomers” believe that our society will one day conduct all payment transactions electronically. VISA commissioned a survey of “Echo Boomers” (18 to 28 years old), and “Baby Boomers” (43 to 61 years old) entitled “How America Spends” and estimates by the year 2015, “Echo Boomers” and “Baby Boomers” will account for more than 50% of total consumer spending, $2.45 trillion and $4.6 trillion respectively. Currently, industry estimates show that “Echo Boomers” are responsible for $0.4 trillion in annual spending compared to $3.8 trillion by “Baby Boomers.” Factors that indicate the shift to cashless payments include the large proportion (75%) of debit card users, government migration that allows taxpayers to pay with cards and card payment of child and healthcare expenses.
A new study of consumers between the ages of 18 and 28 found that 80% stick to a strict budget when making purchases and 81% describe themselves as trying to cut back on what they spend. Nearly half of the “Echo Boomers” describe themselves as savers and 88% like to buy things for others more often than buying things just for themselves. The VISA USA commissioned study estimates that by the year 2015, the “Echo Boomer” generation will account for approximately $2.45 trillion in annual spending. Overall, the research concluded that “Echo Boomers,” who believe they are facing a difficult economic future, are demonstrating a more practical and mature approach to spending beyond their years. Interestingly, only 25% of “Baby Boomers” describe the “Echo Boomers” as an admirable generation compared to 68% of “Echo Boomers” who admire “Baby Boomers.”
Payments association APACS has released a new report that outlines credit card industry initiatives which have been
implemented to improve transparency in the credit card industry. The “Responsible Lenders, Responsible Borrowers” report follows up an agenda established last year by the Treasury Select Committee. The report outlines how the industry has delivered on that agenda and is working to encourage responsible lending and borrowing decisions. For example, the extended use of the Summary Box and the launch of a Web site in July that offers consumers impartial advice on credit cards. Many of the changes and initiatives outlined in the report are part of the new
Banking Code, published in March this year.
Associates First Capital and Tractor Supply Company announced yesterday an exclusive private label credit card agreement. TSC is one of the largest and most rapidly growing retail farm and ranch store chains in the U. S. The firm has 282 stories nationwide. The program will be operated by Associates Commerce Solutions.
The Credit Store, Inc. announced that it completed its third securitization of performing credit card receivables. The transaction involved the sale of approximately $6.2 million in seasoned credit card receivables to a wholly-owned qualified special-purpose corporation, TSC Funding III, Inc., that was established for this transaction. The receivables were fully current and had been seasoned in excess of eight months.
This transaction was funded, in part, by a $4.0 million term loan from Miller & Schroeder Investments Corporation of Minneapolis, MN. The excess of the purchase price for the receivables over the cash proceeds will be retained by The Credit Store as a capital contribution to TCS Funding III. The Credit Store will continue to service the credit-card receivables sold to TSC Funding III on a fee basis. The Credit Store completed similar securitizations in Sept. and Dec. 1998, for approximately $6.5 million and $7.8 million in credit card receivables respectively.
Martin J. Burke III, chairman and chief executive officer commented: “We are pleased with this, our third transaction, which demonstrates a growing market for our performing credit card assets. Our first two securitized transactions continue to perform well within modeling parameters. We believe we are demonstrating the continued saliency of our business plan and are well on our way defining a new niche in the consumer credit marketplace.” The Credit Store, Inc. is a nationwide financial services company engaged in the acquisition and collection of non-performing consumer receivables and the origination and servicing of credit cards. The Company acquires portfolios of non-performing consumer debt at substantial discounts, and then uses its direct marketing expertise to contact and negotiate settlements with consumers, most of the time placing settlement on new unsecured credit cards offered through The Credit Store.
The Credit Store Inc. said Thursday that it has completed its second securitization of performing credit card receivables.
The transaction involved the sale of approximately $7.8 million in seasoned, fully-performing, credit card receivables to TSC Funding II Inc., a wholly-owned qualified special-purpose corporation which was established for this transaction. TSC Funding II Inc. has been funded in part through a $5 million, 39 month term loan from Miller & Schroeder Investments Corporation of Minneapolis. The Credit Store will continue to service the credit-card receivables sold to TSC Funding II.
In October 1998, The Credit Store completed a similar securitization of approximately $6.2 million in fully-performing credit card receivables. This transaction was also financed by Miller & Schroeder Investments Corporation of Minneapolis.
Martin J. Burke III, chairman and chief executive officer commented: “This transaction demonstrates there is a developing market for our performing credit card receivables. We are especially encouraged that The Credit Store was able to complete its first two securitizations under very difficult market conditions for asset-backed securities. Few specialty finance companies have been successful in securitizing their receivables during the past several months.”
The Credit Store Inc. is a nationwide financial services company engaged in the acquisition and collection of non-performing consumer receivables and the origination and servicing of credit cards. The company acquires portfolios of non-performing consumer debt at substantial discounts, and then uses its direct marketing expertise to contact and negotiate settlements with consumers, most of the time placing settlement on new unsecured credit cards offered through The Credit Store.
Paymentech Canada, a unit of Paymentech, Inc., is launching credit card and electronic payment processing for two major Canadian electronic retailing entities. The new clients are The Shopping Channel, Canada’s only nationally televised 24-hour shop-at-home-service, and Admission Network, Inc., which manages ticketing services for over 1,000 venues in six countries.
The new business represents a total of almost $200 million in sales volume and 2.6 million transactions on an annual basis. The direct marketing customers will be fully implemented early next year.
“Paymentechâs seamless multi-currency credit card processing and timely funds delivery meets our high standards of customer service,” said Jean-Francoys Brousseau, president of Admission Network.
“We process Canadian and U.S. sales from mail, phone, the Web, box offices and ticket outlets,” said Brousseau. “Paymentechâs flexible applications can accommodate these different order-taking scenarios.” Paymentech will process North American credit card payments for Admission Network, which handles ticketing for such events as Cirque du Soleil.
“We chose Paymentech for its enhanced processing systems,” said Mike Smith, director of information technology for The Shopping Channel. “We wanted to handle credit card transactions in a more timely fashion. That allows us to provide greater service to our customers.”
“As a payment processor with direct response expertise, we offer unique services for marketers who sell to customers in Canada, the U.S. and other countries,” said Hugh A. Ramolla, Paymentech Canadaâs national sales director. “Our Canadian growth reflects the demand for such industry-specific services.” Paymentech currently processes credit cards and other electronic payments for nearly 100 Canadian direct marketers. Paymentech has also developed Internet capability to facilitate the delivery and reporting of credit card activity. Paymentech works with several electronic commerce-enabling solution providers such as nGage Electronic Commerce, a division of MTS Advanced, Inc., to provide total payment solutions.
The Shopping Channel (tSc) reaches into 5.6 million homes across Canada and ships well over 1 million packages each year. The Shopping Channel, headquartered in Toronto, is a division of Rogers Communications Inc. Founded in Canada, Admission Network, Inc., manages ticketing services there and in the USA, the Czech Republic, Austria, Holland and France. In North America, the Admission Ticketing Network provides consumers, venues and promoters with ticketing services through a growing number of Admission Ticket Outlets, a 1-800-service that offers toll free access from anywhere in North America, and a dedicated Web Site that delivers goods anytime, anywhere. Paymentech, Inc., founded in 1985, is a major provider of full-service electronic payment solutions and the top processor for direct response merchants such as cataloguers, telemarketers, and on-line service providers. Paymentech is the third largest acquirer of bankcard transactions and a leading issuer of commercial cards in the United States.
The Credit Store, Inc. announced that on Oct. 14, 1998, it completed its first securitization of credit card receivables. The transaction involved the sale of approximately $6.2 million of seasoned, fully performing credit card receivables to a wholly-owned qualified special-purpose corporation, TSC Funding I, Inc. This transaction was funded by the special-purpose corporation in part through a $4 million, 39 month term loan from a Midwest financial institution. The Company has agreed to service the credit cards for TCS Funding I, Inc.
Martin J. Burke, Chairman and Chief Executive Officer, commented: “This securitization is a milestone for us and for the industry we are helping to create. It opens up an important source of capital for the Company.”
The Company also announced that, to improve its balance sheet, $10 million of currently outstanding subordinated debt has been converted into 10,000 shares of a newly-issued Series E of convertible preferred stock, in a dollar-for-dollar exchange. The Series E Preferred Stock carries no voting rights and can be converted into common shares of the Company at any time, and from time to time, prior to August 31, 2001, at a ratio of 285 common shares per share of Series E Preferred. The Company, at its option, may redeem all or part of the Series E Preferred Stock at par plus accrued dividends. The newly-issued Series E Preferred Stock is to pay a dividend of eight percent per annum, payable on Dec. 31 annually, and prorated from the date of issuance for 1998. The subordinated debt being retired carried an annual interest rate of twelve percent. The transaction was completed August 31, 1998.
Separately, the Company said that it expects to release its financial results for the fiscal year 1998, which ended May 31,1998, within the next several weeks. “The release of our financial statements is later than we had hoped,” commented Burke. “However, we made an important decision for the Company’s future by moving from a small regional accounting firm to a nationally recognized firm with a strong background in financial services and in our specific industry niche. Unfortunately, the new engagement did not take place until mid-July and the field work for the audit would typically have begun 60 days earlier.”
“In addition,” continued Burke, “after careful consideration, we have decided to adopt a new accounting method related to the recognition of portfolio acquisition costs which required a restatement of these revenues and costs back to our inception date in October, 1996. This adjustment is in keeping with the more conservative trends we are seeing in the business. The combination of a new firm and the change in accounting methods has caused us to require more time to complete the fiscal year audit.”
Under the newly adopted method, the Company will not recognize revenue from a newly acquired portfolio of non-performing debt until it has fully recovered the acquisition price of that portfolio through collections and through monthly payments from credit cards originated from the portfolio. The accounting change will cause the Company to report significantly lower revenues than would have been reported using the prior accounting method. The Company said that it will restate FY 1997 results to reflect this new accounting method. The Company emphasized that the accounting change has no impact on its cash flow. The accounting change only impacts the timing of revenue recognition and portfolio acquisition costs.
The Credit Store, Inc. is a nationwide financial services company engaged in the acquisition and collection of non-performing consumer receivables and the origination and servicing of credit cards. The Company acquires portfolios of non-performing consumer debt at substantial discounts, and then uses its direct marketing expertise to contact and negotiate settlements with consumers, most of the time placing settlement on new unsecured credit cards offered through an unaffiliated bank.