Atlanta-based RBS Lynk has hired Kurt Metzler, former EVP/GM of Chase Merchant Services, as EVP/GM of its small business unit Metzler oversees RBS Lynk’s direct sales force across the United States and will oversee and manage Citizens Financial Group’s merchant acquiring sales force and relationship. Metzler brings to RBS Lynk more than 20 years of sales, marketing and management experience focused on the identification and development of new revenue streams and accelerated revenue growth. He is a graduate of the University of Virginia, Charlottesville. RBS Lynk is a leading, single-source provider of electronic payment processing services.
American Express announced that Steven Reinemund, Chairman of the Board of PepsiCo, has been nominated to stand for election to its Board of Directors. Reinemund previously served as Pepsi’s CEO in addition to Chairman of the Board. Earlier in his PepsiCo career, he held the positions as PepsiCo’s President and Chief Operating Officer. Reinemund began his distinguished 23-year long career with PepsiCo in 1984 with the Pizza Hut division, now part of Yum! Brands, Inc., and became CEO of that division in 1986. During his tenure, he also led the North American snack division and Frito-Lay’s worldwide operations. Reinemund received a MBA from the University of Virginia.
Official Payments Corpoartion is expanding payment processing services to 19 new U.S. college and university clients for credit card, debit card and electronic check acceptance via the Internet, telephone, kiosk and over-the-counter. OPC has relationships with Datatel and other top ERP systems providers in the higher education industry. OPC enables seamless integration with these ERP systems, as well as with legacy systems, for such services as viewing balances and making payments. OPC’s clients are comprised of nearly 2,600 federal, state, and local governments and agencies including the IRS, educational institutions, utilities and commercial clients.
NJ-based FAA Eastern Region Federal Credit Union has sold its $16 million credit card portfolio to TNB Card Services. The transaction adds more than 6,000 card accounts to TNB’s portfolio. TNB’s issuing program and partnership approach will use the credit card product as a method to fuel growth of FAA’s membership. The partnership will increase member retention and provide revenue sharing opportunities for FAA. FAA Eastern Region FCU, with $177 million in assets, serves more than 22,000 members through seven branches in New Jersey, New York, Virginia, and New Hampshire. TNB owns more than 100 credit union card portfolios, the largest ownership of credit union card accounts by a credit union owned entity.
OH-based Fifth Third Processing Solutions has renewed contracts for credit and debit card processing services for department store chain Kohl’s with 817 stores in 45 states, credit card processing for Perfumania, the nation’s largest perfumery chain, with approximately 270 retail stores nationwide and credit, debit and gift card processing for footware retailer SKECHERS USA. Fifth Third Bank Processing Solutions processes over 21 billion ATM and POS transactions per year for more than 2,300 financial institutions and over 142,110 retail locations worldwide. Annually, Fifth Third processes $148.1 billion in credit card sales.
U.S. Bank’s Elan Financial Services reported that it acquired 83 credit card portfolios with $324.6 million in combined outstanding balances. Elan says this is a 53% jump over the prior year. Elan notes that while service and product needs were the primary concerns, 2006 saw the rising cost of funds and other issues, such as fraud risk, which was what truly opened the door to discussions on portfolio sales and ensuing outsourcing partnerships. Elan has more than 1,600 financial institution partnerships in place to-date.
Capital One has launched a cash-back credit card building on its popular “No Hassle Rewards” product line. The new “No Hassle Cash Rewards” card offers one percent cash back on all purchases, plus a 25% annual bonus on the total cash back earned. The card has no rewards expiration date, no minimum cash redemption levels, no limit to earning amounts, no spending minimums and customers can redeem for cash, statement credit, or gift card at any time. Cap One had U.S. managed card outstandings of $53.6 billion for 4Q/06 and 37.6 million accounts as of December 31st, according to CardData ([www.carddata.com]).
VA-based Smart Payment Solutions has partnered with NJ-based iPro Invoice to provide back-end ACH processing services. SPS is a full service payments provider specializing in ACH processing, Returned Check processing, and check conversion. iPro Invoice makes electronic invoicing accessible and affordable to smaller businesses.
Capital One has made its first move into the prepaid card market. NetSpend is partnering with the top issuer to develop and launch reloadable prepaid debit products. Under the multi-year strategic partnership agreement, NetSpend will be the exclusive strategic partner for Capital One’s reloadable prepaid program. Capital One had 37.6 million accounts as of December 31st, compared to 37.5 million in the prior quarter and 37.6 million one-year ago. The “NetSpend Prepaid Card Network” includes leading consumer brands and the foremost companies serving the un-banked and under-banked markets and its strategic relationships include card issuers, EFT networks and payment card associations. (CF Library 1/19/07)
This year consumers and business owners have far more payment options than ever to pay their taxes. Using credit cards to pay taxes can be especially rewarding even though there is a convenience fee involved, according to CardTrak (www.cardtrak.com). Most credit card rewards programs offer between 1% and 5% back in the form of points, miles, rebates or cash. Plus, the IRS says businesses can deduct the fees as a business expense. The IRS reports that in 2006 it received approximately 2.1 million card payments, an increase of 35% from 2005. Starting this year, individuals can pay “Trust Fund Recovery Penalties” from prior years via credit cards. Also, businesses can pay prior years federal unemployment and Form 941 taxes with plastic. Additionally, taxpayers can use electronic payment options in most states and the District of Columbia for payment of taxes.
VA-based Javien Digital Payment Solutions has partnered with eBIZ.mobility to integrate with its “OneTouch Online Purchasing” solution.
BB&T has launched a pilot program to issue “VISA Check Cards” with the Contactless feature to select clients in Georgia, Florida, Maryland, Virginia and Washington, D.C. A chip in the card sends the payment information to the reader, which will indicate when the transaction is complete, eliminating the need to hand the card to a cashier. Cardholders receive the same security protections provided on thetraditional “BB&T Check Card,” including BB&T’s “Zero Liability” protection, three-digit security code (CVV) and fraud monitoring. BB&T Corporation holds $121.4 billion in assets and is the nation’s 11th largest financial holding company.