LML Reports Profitable 4Q/11

LML PAYMENT SYSTEMS payments technology provider of financial payment processing solutions for e-commerce posted its fiscal 3Q/11 (4Q/11) revenue of $5,251,000, down from the year ago figure of $11,060,000. Meanwhile, gross profit was $2,236,000 and net income was $265,000. For the quarter, Transaction Payment Processing (TPP) segment revenue increased 22% year over year and 13% sequentially quarter over quarter; all three of its business segments achieve profitability; and the Company added 873 customers for a base of just over 12,000.

Revenue for the nine month period ended December 31, 2011 was $24,233,000 compared to the year ago figure of $22,010,000, gross profit was $12,286,000 and net income was $4,435,000, compared to last years’ net income of $2,762,000. LML Payment Systems through its Canadian subsidiary Beanstream Internet Commerce and its U.S. subsidiaries Beanstream Internet Commerce and LML Payment Systems provides credit card processing, online debit, electronic funds transfer, automated clearinghouse payment processing and authentication services.

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YESpay Launches Mobile NFC Payment Solution

YESpay International launched its “StoreManager” Mobile Payments App, supporting Magnetic Swipe and NFC Contactless card payments. Available for Android, BlackBerry and iPhone smartphones, “StoreManager” is effectively a mobile version of a POS card payments device for mobile merchants. It also lets merchants make recurring payments using pre-stored card tokens for regular customers. With this, YESpay EMBOSS Payment Service host disseminates alert messages to the StoreManager App when potential fraud events are detected.

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Wirecard Presents Tokenization Server

Wirecard AG payment processing is presenting its latest tokenization solution at ITB 2012. This offers end-users to cut costs and the effort involved in data-conform audits in line with the PCI DSS requirements, while end-to-end integration in the company’s software ensures that data stored locally are only available as a token, unauthorized access to sensitive card data is thus impossible. Wirecard AG’s tokenization modules can also be freely configured and existing systems do not have to be adjusted.

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Western Union Posts Revenue Up 5% Y/Y

[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] Western Union posted its 4Q/11 revenue of $1.4 billion, up 5% from the year ago figure and up 3%, $35 million of which came from an acquisition of TGBP. Gains in Other income / (expense) of $20 million related to the revaluation of the Company’s previous 30% ownership interest in Finint…

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Heartland Payment 4Q/11 Net Income Up 73%

[ihc-hide-content ihc_mb_type=”show” ihc_mb_who=”0″ ihc_mb_template=”1″] Heartland Payment Systems payment processor posted its 4Q/11 net income of $11.2 million. This thanks in part to a Small and Mid-Sized Enterprise (SME) quarterly transaction processing volume of $16.8 billion, up 7.1% from 4Q/10; a net revenue of $125.1 million, up 13.3% from 4Q/10; operating margin on net revenue of…

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Corporate One To Implement Fundtech ACH

Fundtech global transaction banking solutions announced an agreement with Corporate One Federal Credit Union for the purchase of its “CASHplus” and “PAYplus-ACH” services. This will furnish its members ACH payment, replacing the APEX-ACH platform offered through U.S. Central Federal Credit Union (the wholesale provider of financial services to the corporate network) with a solution that will offer several enhancements, and have pricing that is more favorable to its members.

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FSS Launches EMV/Smart Chip Program

Financial Software & Systems (FSS) electronic payments announced its “Smart Start” program will let US card issuers implement smart card technology into their operations in less than 4 months. The Smart Start program is a full-function chip life cycle management system which manages the issuance and administration required for successful smart card deployments. Current FSS Card Management customers have already leveraged this technology to manage millions of cards.

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FSS Launches EMV/Smart Chip Program

Financial Software & Systems (FSS) electronic payments announced its “Smart Start” program will let US card issuers implement smart card technology into their operations in less than 4 months. The Smart Start program is a full-function chip life cycle management system which manages the issuance and administration required for successful smart card deployments. Current FSS Card Management customers have already leveraged this technology to manage millions of cards.

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RetailMeNot.com Shows V-day Disconnect in Men and Women

RetailMeNot.com online coupon site released its Shoppers Trend Report via a survey conducted by Ipsos (www.ipsos.com) that while 50% of consumers intend to spend $100 or less on their significant other this Valentine’s Day, another large percentage of consumers don’t intend to spend anything on their significant other this holiday. To those planning to buy, sites that sell candy are experiencing almost 3.5 times their typical traffic relative to overall site activity while sites that sell flowers are experiencing almost 3 times their normal traffic relative to overall site activity. However, RetailMeNot.com’s Valentine’s Day Survey, conducted by Ipsos (www.ipsos.com), found that men just don’t seem to be in tune with the wants and desires of their significant other this holiday. The survey shows 21% of women preferred gifts of jewelry, while only 16% of male respondents said they intended to purchase jewelry for Valentine’s Day.

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IRS to Track Credit and Debit Card Purchases More Closely

To help combat underreporting, banks and credit card payment providers are now required to report gross annual payments processed by credit or debit cards to both the Internal Revenue Service (IRS) and to merchants on Form 1099-K, “Merchant Card and Third Party Network Payments.” Small business owners may want to evaluate their bookkeeping and accounting practices to ensure there are adequate and effective systems in place to reconcile the information reported by banks and credit card payment providers with their own records. Any discrepancies in reporting should be addressed to ensure that accurate tax returns are filed with the IRS.

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Fiteq Dynamic Authentication Now on Mag-Stripe

FiTeq Technologies launched the first payment card that incorporates an approved EMV payment applet in combination with the FiTeq Energizer Stripe enabling a unique cryptogram (FiTeq Transaction Specific Code) to be created within the magnetic stripe data packet for each transaction. This solution ensures dynamic authentication whether the card is used at EMV terminals or legacy magnetic stripe terminals. Regarded as the optimal means to prevent losses from skimming and Account Data Compromise (ADC), both of which can result in counterfeit account usage, Dynamic authentication will potentially save institutions billions of dollars per year by providing a fraud protection solution that is unparalleled in the payments industry. FiTeq is privately held and has their licensed patented technology already in each of the over 100 million U.S. contactless cards already in use by American Express, Discover, MasterCard and Visa.

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USA Cash Now Offers Debit Cards for Payday Loans

USA Cash Services announces a new platinum debit card for Nevada payday loans and Utah cash advance services. The first card is free for loan customers. The company has partnered with a national debit card company to offer the debit card, which is accepted at over 1 million merchants worldwide. Merchants accepting the debit card include STAR and PLUS ATMs, grocery stores, fast food restaurants, gas stations, the post office and more. The debit card partner does charge usage fees but USA Cash Services will give the customer $1.50 with every approved debit card loan.

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