PayPal announced Black Friday shopping results, posting a 27% increase in total payment volume on Black Friday 2010, compared to the previous year. The Company also saw an approximately 310% increase in mobile shopping on Black Friday. PayPal also found that the official holiday shopping season began on Monday, November 15; on Black Friday 2010, consumers shopped most frequently between 9:00 a.m. and 10:00 a.m. PST; there was 21% increase in total payment volume compared to Thanksgiving 2010; and there was a 19% increase in payment volume on Black Friday 2010 compared to an average Friday in 2010.Details
Half of consumers plan to spend the same or more on holiday shopping, as they did before the recession began two years ago. Meanwhile, 18% plan to spend substantially less while 15% will skip holiday shopping altogether, up from 12% in 2009 and 8% in 2007. Households with less than $50,000 annual income are particularly likely to say that they will not do any holiday shopping this year. This, according to Auriemma Consulting Group, was drawn on research conducted in Septemberfrom a survey of 532 cardholders.Details
Tiger.co.uk comparison site has partnered with lovemoney.com to offer shoppers on its site a comprehensive credit card comparison service from November 2010. The credit card comparison offering will let visitors compare up to 50 different cards. This product launch reinforces the commitment of Tiger.co.uk into areas beyond car insurance comparison, having also recently expended to give shoppers access to comparison tools for caravan, motorhome and travel insurance services.Details
Shoppers are planning to spend an average of $602 this holiday season for a 6% increase over the 2008 and 2009 holiday seasons. With 90% intending to give gifts this year, 43% will use their credit card this year, up from 34% in 2009, of which 50% will choose how they pay based on what will give them the most loyalty points. Moreover, 16% intend to travel to the US to shop-up from 11% in 2009, 59% of which cite better selection; 76% do not worry about where the gifts they buy are made; 11% will make a purchase online in 2010, compared to 9% in 2009, 34% of whom cite crowds and chaotic atmosphere while 17% want to avoid the long lines. The most desired gift category among women are gift cards, while for men, it is electronics.Details
Overall customer satisfaction is up for the fourth straight quarter- albeit at a slower pace- on the latest National Customer Satisfaction Index (NCSI UK) by 0.1% to 73.8 out of 100. Customer satisfaction with credit cards is up 2.8% to 74, a record level for the industry, with the number of credit cards issued on the decline as households consolidate accounts, but customers seem less likely to switch between providers as loyalty to credit card providers is stronger than in any other financial service category. Smaller credit card providers and retailers continue to have by far the highest customer satisfaction, up 3% to an NCSI score of 78. Large banks score much lower. HSBC slips 1% to 72 and is now tied with Lloyds TSB, which gains 4%. RBS (+4%) and Barclays (+3%) follow closely at 71, while HBOS remains unchanged at 70.Details
ScanSource Security has been named 2010 Distributor of the Year, United States, by Axis Communications.
ScanSource is a distributor in Axis Communicationsâ Channel Partner Program, designed to help channel
partners capitalize on Axisâ market leadership in the network video market. ScanSource offers access
control, surveillance/CCTV, wireless infrastructure, and identification products.
Flint Telecom “Power2Process” financial transaction processing company has entered into a multi-year
agreement with International Money Management financial services marketing company. This allows IMM to
introduce an innovative prepaid card to immigrants living in the United States. The prepaid IMMCard is
connected with an “affiliated” debit card issued by IMM’s international banking partner in South America,
Central America and the Caribbean. The agreement between Power2Process and IMM also provides a
technological integration offering IMMCard cardholders a secure method of administering international
Selling Power magazine has named Heartland Payment Systems the No. 1 service company to sell for in the
United States for the third consecutive year. Selling Power evaluated more than 500 companies for the
award and chose Heartland based on its compensation model. The model includes signing bonuses and
long-term portfolio ownership with ongoing residual income. Selling Powerâs â50 Best Companies to Sell Forâ list is in its tenth year and
ranks the top 25 best service and the top 25 best manufacturing companies to sell for based on compensation, training and career mobility.
Tesco Bank is now live on the Fiserv “Signature” bank platform.
Initially with the Tesco “Bank Fixed Rate Saver,” the “Signature”
platform was chosen based on its ability to provide an innovative,
end-to-end banking solution that is proven in markets around the world.
It will also introduce enhancements in online banking with Fiserv’s
“Corillian Online” and customer interaction and campaign management with
“Aperio.” Tesco Bank is the UK’s largest supermarket bank with 6.5
million customer accounts and Fiserv is a global provider of information
management and electronic commerce systems for the financial services
Traditionally an important month for the credit services industry and
card issuers, projections show this November might not be quite as
fruitful. The number of open credit card accounts in the US is
decreasing rapidly and consumers will be relying far less on credit
cards this holiday season. Since 2Q/08, the number of open credit card
accounts has dropped 24% while revolving credit dropped for a 25th
consecutive month by an annual rate of $8.3 billion, or 12.1%. Avoiding
credit card use, 69% of shoppers are planning to primarily use only
debit cards, cash, checks, gift cards and prepaid cards to pay for gifts
this holiday season. Overall, 43.0% plan to use debit cards as their
primary form of payment for the holidays and 25.7% plan to use cash.
Moreover, 25% of consumers who used their credit card for holiday
shopping last year said that they are less likely to use credit cards
for purchases this year while 10% intend to not use them at all. These
findings, according to the Bedford Report and the Green Dot Corporation,
also show only 27.6% of shoppers plan to use credit cards at all.
Meanwhile, more than half those age 35-44 and 45-54 were concerned about
accumulating holiday shopping debt; women are more likely than men to
say they are at least somewhat concerned about accruing debt at 52% vs.
45%, respectively(Cardflash Library 11/22/10).
Consumers expecting to spend less this holiday season has fallen 10%
since the year ago period to 55% on the Discover “U.S. Spending
Monitor.” The year ago figure indicated 65% intend to spend less on
holiday gifts than they did the year before while 75% of the 10% who
wont spend less will spend about the same and 25% project actually
spending more. Additional findings show 14% of consumers between 18-39
will spend more compared to the year ago figure of 11% and 12% of those
making more than $75k annually will spend more compared to 9% last year.
In 2007, before the recession, 20% sought to spend more than the
previous year, compared with the only 10% seeking to spend more than in
2009, which is still up from the year ago figure of 7%.
Sterling Payment Technologies has appointed Stephen D. Kane Senior Executive Officer, Business Development, Mergers and Acquisitions and been appointed to its Board of Directors. He will be responsible for identifying and executing mergers, acquisitions, arranging financings and establishing a relationship with a major private equity partner for Sterling Payment, an area in which he has extensive experience. He has completed over 160 acquisitions in the last 25 years and has worked with a number of the leading private equity firms in the U.S. In 1987 Kane sold Endata to FFMC, then one of the fastest growing public companies in the U.S. and focused on the transaction processing industry, which went on to become the largest U.S. merchant acquirer as the parent company of NaBanco, and also owned TeleCheck, Western Union, MicroBilt and several other major companies. In late 1995, FFMC was sold to First Data Corporation for $7.1 billion. In April 1999, Kane founded International Payment Services, L.L.C. (âIPSâ) with GTCR Golder Rauner L.L.C., a private equity firm, and acquired NPCâs Check Service Division to form International Check Services, which became, through acquisitions, the third largest check guarantee firm in the U.S. before being sold to TeleCheck. He then joined First American Payment Systems, LP as Senior Executive Vice President, Business Development, Mergers and Acquisitions and became a Director of the company.Details