U.S. Consumers Switch Banks Over NSF Fees

A new survey has found that one out of five U.S. consumers switch banks because of fees they consider excessive. Nearly one out of four surveyed consumers were charged an overdraft fee by their bank in the past year, and 63% believe the fee was unfair, mainly because it was too large. The research by Gartner of 5,000 online U.S. adults in August also shows that one out of 25 consumers switch banks because of security concerns. Additionally, consumers complain that banks take too long to process deposits, or fail to alert customers that accounts are in overdraft. Banks charge overdraft fees on debit card purchases they authorize, even if the account balances can’t cover it and even when funds arrive in the account before settlement.

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Simply Brilliant Rewards Card is Unveiled

NV-based Legacy Card Company has signed a deal with Commerce Bank to be the credit card issuer for the “Simply Brilliant Rewards Credit Card.” The new card provides Missouri residents a financial vehicle program that assists parents in saving for their children’s future educational opportunities. The “Simply Brilliant Rewards Credit Card” provides a tax-free educational savings fund that benefits with daily card usage from Legacy’s network of distinguished Missouri businesses and nationally recognized merchants who contribute up to 10% of the purchase to the designated child’s 529 educational account of the cardholder. Additionally, Commerce Bank will contribute 1% of the net purchase sale into the Cardmember’s tax-free 529 education account. As part of the agreement, Legacy Card Company will utilize Denver-based Rainbow Rewards USA to track all “Simply Brilliant Rewards.”

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Mobile Candy Dish & CardMarte Launch a PP MC

CA-based Mobile Candy Dish has formed a joint venture with prepaid card processor CardMarte to expand mobile commerce globally. This will enable consumers around the world to have access to a private-label contactless debit MasterCard which also serves as a FDIC insured account. Consumers will be able to direct deposit their paycheck into their mobile wallet, pay bills, move money between banks in the U.S., share money from card to card in other countries, withdraw cash from ATM machines worldwide, or pick up cash at redemption locations in over 100 countries. Customers can also use the mobile wallet to buy products at participating contactless merchants and receive their transaction history in real time. A private-labeled patent pending NFC payment sticker is also available for consumers who want to utilize their existing cell phone instead of buying a new NFC cell phone.

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Trustcash and Mansion Productions/MPA3 Team

Trustcash Holdings will partner with Mansion Productions/MPA3, one of the leaders in Affiliate Program Software to provide customers with an anonymous secure payment system. MPA3 is a fully customizable affiliate management product that provides clients with a comprehensive array of important services, ranging from detailed stats tracking to billing options. MPA3 clients enjoy a number of functionalities that ease the process of maintaining affiliate programs. Bundling Trustcash services with Affiliate Program Software provides another channel to reach webmasters looking for services to enhance their sites by increasing their revenues.

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EURONET & STC

Euronet ATX and Saudi Telecom Company (STC) have signed an
electronic top-up agreement to enable STC prepaid telecom distributors
scratch card conversion. ATX will convert 10,000 of STC’s merchants
to electronic distribution of prepaid products across Saudi Arabia for
2008.
The country currently has 21.5 million subscribers with 89% of the
population penetrated with mobile services and a 51% growth rate over the
past 5 years. Euronet has operations in 39 countries over 9,800 ATMs,
45,000 POS terminals, a prepaid processing network of 358,000
point-of-sale terminals across 183,000 retailer locations in 12
countries and
a money transfer network in 13 countries with 42,000 payout locations in
88 countries.

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GPN & HSBC

Global Payments has signed Canadian merchant services referral agreements
with HSBC to provide card acceptance, processing, settlement and POS
products and services to bank customers. HSBC Bank will provide the
services through its more than 170 branch offices throughout Canada while
Global Payment Inc provides electronic transaction processing services
worldwide. Global Payments provides its services for consumers, merchants,
Independent Sales Organizations (ISOs), financial institutions, government
agencies and multi- national corporations.

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B2B Organizations Scale Back on Checks

A new survey shows that checks represent a declining share of B2B payments and that businesses are increasing their adoption of all electronic payment methods including ACH, cards and wire transfers. The 2007 survey released by the Association for Financial Professionals and underwritten by the Electronic Payments Network shows that the typical organization makes 74% of its B2B payments by check, down from 81% in 2004. A majority of organizations use purchasing cards, especially for small dollar purchases. Three out of five organizations reported increased usage of purchasing cards over the past two years. In addition, 43% of wire transfer users increased their wire volume during that time. The research concluded that the barriers to increased use of electronic payments include: information technology and integration constraints, inability of trading partners to send or receive automated remittance information, and difficulty in convincing customers and suppliers to adopt electronic payments.

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HDX DEXIT

Hosted Data Transaction Solutions (HDX) has integrated and deployed
its “Dexit Service” prepaid payment service. To provide parents with
piece of mind, and ensure that money is spent where it is intended,
the card service allows high school students to conduct transactions in
cafeterias and allows automatic refills. The service operates on a
“closed-loop” environment and allows account access through its web
site to view transactions, decide on email alert preferences and automatic
refill preferences, which can be transferred from credit or debit cards.
HDX manages merchant transactions, payment system hardware,
merchant staff training, system installation services, and post sale
software
services.

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EnXnet & Duplium Boost the Multimedia Gift Card

OK-based EnXnet and their manufacturing partner Duplium announced they are in the process of ramping up production capacity and to streamline and enhance production for the “Multimedia Gift Card” leading into 2008. In June of this year, manufacturing glitches were finally corrected. Samples of the product were then created and delivered to the marketing partners and production capacity was secured so that the Gift Card can be delivered to the market place here in the 4th quarter. Duplium, one of the largest North American DVD/CD manufacturing and digital media companies, has committed a multi-million dollar manufacturing line and more than 25,000 square feet of manufacturing space to further enhance and support the production of the “Multimedia Gift Card”.

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MICROPASS FOB CORE

Inside Contactless has launched its “MicroPass Fob Core” for VISA Micro
Tag contactless payments, a card transaction solution designed to attach to
the users’ keyring which requires no signing nor customer wait time. The
product line will include the “MicroPass L4-2G” for commercial
production of
the fobs for VISA collaboration of the “MicroPass” design and will
implement an inlay format. To date, the payment platform has been launched
for contactless payment by more than 20 issuers for over 20 million bank
cards while INSIDE contactless delivers nearly 20 million chip platforms to
card manufacturer partners.

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