POSitouch to Market VeriFone’s ON THE SPOT

RI-based POSitouch has inked a deal to offer VeriFone’s “ON THE SPOT” mobile electronic payment systems to restaurant operators in North America. The POSitouch system has been installed in more than 26,000 locations. VeriFone’s “ON THE SPOT” solutions feature the “Vx 670.” The technology also allows for PIN pad debit card transactions. Cara, the largest operator of full service restaurants in Canada, recently selected VeriFone’s “ON THE SPOT” system. (CF Library 9/7/07)

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BofA Launches a Small Business Website

Bank of America this week launched the free online “Small Business Online Community” to help small business owners connect and learn from their peers and experts in order to grow their business. Small business owners who want to share their challenges with peers and experts are able to access the “Forums” section, where SBOs can get fast responses to important questions and issues they’re facing. Registered users post questions that can be answered by anyone else within the community, enabling small business owners to get fast responses to their specific issues from peers and experts. The community also incorporates expert articles that correspond to topics relevant to small business and the community dialogue. These articles can be rated and commented on by community members. Robust member profiles are also available and easily searchable. As the community grows, it will also become a resource for small business owners to find new customers, business partners, suppliers and even investors.

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First Financial Bancorp Sells to Metavante

OH-based First Financial Bancorp has agreed to sell its merchant payment processing portfolio to Metavante and jointly market Metavante merchant processing to prospective clients. In exchange for 1,743 merchant accounts in the portfolio, First Financial expects a pre-tax gain of approximately $5.5 million net of expenses or approximately 9 cents per share in the fourth quarter of 2007. First Financial Bancorp is a $3.3 billion publicly owned bank holding company with 83 banking centers in Ohio, Kentucky, and Indiana.

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GE Money Third Quarter Revenues Soar 23%

GE reported that revenues for its GE Money unit soared 23% in the third quarter to $6.2 billion. Profits grew by 13% to $942 million, compared to one-year ago, despite the impact in the quarter due to market volatility. During the quarter, GE Money signed San Diego State University for an alumni affinity credit card; signed a credit card renewal and expansion agreement with Gap Inc.; announced a multi-year agreement with Lord & Taylor to offer the “Lord & Taylor Credit Card” through the company’s 47 stores and on its Web site; renewed its consumer finance agreement with TN-based American Residential Services for the “ARS HomeCard”; and launched a new rewards MasterCard that contributes up to one percent of card purchases to buy greenhouse gas emissions offsets. Internationally during the quarter, GE Money and American Express teamed to offer a “Gold” and “Standard in Japan; signed an alliance agreement in Spain for the creation of a consumer finance organization to offer financial products such as loans and credit cards; signed a 7 year, NOK 160 million contract with EDB in Denmark; and introduced the “Ryanair Card” MasterCard” to be implemented across different European markets. For complete details on GE’s third quarter performance, visit CardData ([www.carddata.com][1]).

GE CONSUMER FINANCIAL TRACK RECORD
Income Revenues
3Q/06: $830 million $5064 million
4Q/06: $875 million $5811 million
1Q/07: $851 million $5807 million
2Q/07: $952 million $6145 million
3Q/07: $942 million $6207 million
Source: CardData (www.carddata.com)

[1]: http://www.carddata.com

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Braintree Unveils Transparent Redirect

Chicago-based Braintree Payment Solutions has released “Transparent Redirect” allowing merchants to process credit cards on their own website and URL without actually handling any sensitive payment data. The company has also released “SecureVault” enabling remote storage of all sensitive customer information including credit card data, checking account information, SSNs, image documents, and other custom fields – all in a “Level 1 PCI Compliant” environment. Braintree Payment Solutions processes all forms of electronic payment transactions – credit, debit, electronic check, and electronic funds transfer.

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Zebra P330m Adds Zip to Gift Card Printing

Zebra Technologies has introduced the high volume monochrome “Zebra P330m” printer which prints a gift card and other cards in 5.2 seconds. The “P330m” also provides features such as magnetic stripe and smart card encoding. Encoders for contact smart cards and Mifare contactless cards can be integrated in the printer to enable printing and encoding in one machine.

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Apollo Enterprise Solutions Picks EPP

Apollo Enterprise Solutions has picked Electronic Payment Providers as a preferred vendor and provider of electronic payment services. With the integration of EPP payment processing solutions, customers and debtors will be able to make checking/savings and credit/debit card transactions directly through an online interface. Utilizing EPP solutions, these payments will be processed electronically, providing faster funds availability, better tracking and accounting, and a significant increase in returns management efficiency. Apollo Enterprise Solutions provides enterprise-class web-hosted solutions for a variety of industries involved in receivables management and debt collections.

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SUNOCO CARDS & EMERGIS

Emergis Inc has made agreements to provide stored value card processing
services and customer loyalty programs for Suncor’s Sunoco gift cards
with its “Assure Pay” credit and debit processing. The gift cards are
for use at Sunoco gas stations and offer a loyalty points program to
customers. With this 5-year agreement, valued at $2.9 million, Emergis
will process and log all Sunoco gift, unit and loyalty card transactions
and provide processing reports. Based on Emergis’ existing credit and
debit card processing technology, the Sunoco processing solution
provides the company with custom requirements and stored-value
processing. Overall, Emergis’ debit solution provides POS service to
ISOs, merchants and retailers for electronic verification and
transaction processing supporting a range of communications protocols
and entertainment cards. Across Canada, the U.S. and Australia, the
company provides various industries with processing solutions.

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Chase Launches the La Quinta VISA Card

One of the largest operators of limited-service hotels has launched a VISA card offering five points for every dollar spent on the card during each stay and one point for each dollar spent elsewhere. The new “La Quinta VISA Rewards Card” from Chase also offers new cardholders 6,000 “La Quinta Returns” bonus points with their first purchase, enough points for a free night’s stay at many La Quinta hotels. There is no accumulation limit or expiration for the accrued points earned with the card. Points can be redeemed for free nights and other rewards, including airline miles/credits and stays at LXR Luxury Resorts & Hotels. There are more than 600 hotels in 45 states and Canada under La Quinta Inn and La Quinta Inn & Suites brands.

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AUG DELINQUENCY

Credit card delinquency (60+ days) hit a twelve-month low in August and has dropped for the fifth consecutive month. For August, delinquency in the U.K. dipped to 3.4%, compared to 3.6% in the prior month and 3.8% one-year ago. According to FitchRatings, delinquency reached a historical high in April 2007 of 4.1%. Also, the “Fitch Charge-Off Index” remained relatively stable in August, having dropped 20 basis points from the previous month, to 7.0%. The Fitch monthly payment rate index fell to 17.9% in August, a month-on-month decrease of 60 basis points.

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Wireless Zone to Use ProfitPoint STV System

TN-based Loyalty card provider ProfitPoint has inked an agreement with CT-based Wireless Zone, a carrier and retailer of Verizon Wireless products and services. Wireless Zone will employ ProfitPoint’s stored value technology, which processes transactions quickly and efficiently, and permits clients to track, monitor and report on customer and cardholder activity. These functions are available by way of ProfitPoint’s Customer Relationship Management tool called “Web Allegiance,” which allows the end user to load, activate or redeem a gift card using the internet instead of making significant investments in other external point-of-sale hardware and/or software. ProfitPoint is a provider of gift and loyalty card services to the small to medium sized merchant community, serving approximately 20,000 merchant locations nationwide.

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