Las Vegas-based Cash Systems has named Charles S. Crawford, previously SVP of Corporate Development at Optimal Payments, as EVP of Operations. Crawford will oversee the day to day initiation of services for Cash Systems’ new casino partners, the continued reliability of real-time services and technical support to consumers and clients, as well as operational planning and implementation of new product offerings. Crawford served in a variety or roles with Optimal, most recently as SVP of Corporate Development and previously as Senior Vice President of Operations, a position that included oversight of client administration, consumer transaction risk management, bank and processor relations, client relations, transaction funding and reconciliations, project management and other day-to-day functions. Crawford entered the payments industry originally as President of Electronic Card Systems, Inc., a representative of merchant banks and served concurrently as the COO of its sister company, Electronic Authorization Systems, Inc., a provider of pre-transaction risk screening services. He has a Bachelors of Science degree from University of Nevada.Cash Systems is a provider of cash-access and related services to the retail and gaming industries.Details
ConsumerInfo.com has entered into a settlement agreement and obtained an injunction against Mighty Net in a trademark infringement case. As part of the settlement, Mighty Net is required to change its business practices and make a monetary payment to Experian Consumer Direct. Experian Consumer Direct filed suit against Mighty Net in March 2006 for trademark infringement, claiming that Mighty Net copied Experian Consumer Direct’s URLs, logos, and the look and feel of its Web sites in order to drive traffic and create interest in Mighty Net’s products and services. To comply with the settlement, Mighty Net cannot copy Experian Consumer Direct’s current and future URLs, logos, the look and feel of Web sites, or advertisements. In addition, Mighty Net cannot state that Experian Consumer Direct or its sister company, Experian, authorizes or endorses its products or services in any way without written consent.Details
Restaurant self-service solutions provider EMN8 has announced the addition of Michael “Mike” Crawford, previously, SVP of engineering at Syntricity, to serve as the company’s senior vice president of engineering. At Syntricity, Crawford was responsible for R&D product development, product management, the customer support organization and quality assurance. While there, Crawford introduced a combination of technologies and architecture that provided a foundation for a highly interactive user interface for advanced analytics in the development of semiconductors. Crawford has also served as a vice president of engineering for Prisa Networks, Inc., EMC Corporation, Loral Telemetry and Instrumentation, and as senior vice president of engineering at Lockheed Martin and L-3 Communications. EMN8 develops animated, rich-media self-service solutions for the restaurant industry.Details
A consumer index forecasts a weak spending outlook, primarily due to continued falling home prices. The Deloitte Research index found that large amounts of housing inventory continue to exert downward pressure on home prices, creating a negative wealth effect among consumers. However, partially countering the housing impact, the growth in the tax burden on households has slowed, the labor market is robust and real wages continue to be strong. The index, comprising four components – tax burden, initial unemployment claims, real wages and real home prices – fell to 2.67%, from an upwardly revised gain of 3.08% a month ago.Details
Payment Data Systems announced that its credit card dollar volume processed rose 35% from the July 2006 level. Based on August processing levels for the first seven days of the month, August will also be a new record month for volume and expect a processing increase for the third quarter of over 50% as compared to the same period in 2006 and greater than 30% from the second quarter of this year. Payment Data Systems is a provider of world class electronic payment solutions to merchants, billers, banks, service bureaus, and credit and stored-value card issuers.Details
Chase and Telemundo have rolled-out a financial education tour for Hispanic consumers in five major markets. The tour, which also involves MasterCard, kicks-off in Chicago tomorrow and wraps-up in Houston on Monday, Aug. 20. Chicago, Dallas, Houston, Phoenix and San Jose are all stopping points for the tour. MasterCard has worked with the Hispanic College Fund for over a decade, providing direct scholarship support to more than 50 Hispanic college students. Chase also offers an increasing array of Spanish-language services, such as bilingual branch employees and customer service, as well as credit card applications, new cardmember materials and card statements in Spanish. Telemundo reaches 93% of U.S. Hispanic households in 142 markets through its 16 owned-and-operated stations, 36 broadcast affiliates and nearly 684 cable affiliates.Details
American Express has launched a nationwide in-store promotion enabling shoppers to receive a free $25 “Back-To-School Card” when they purchase any two AmEx gift cards between now and September 30th. The card can be used at Banana Republic, Old Navy, Gap and Linens ‘n Things. Consumers can visit a participating location, purchase any two AmEx gift cards, complete a rebate form found in-store and mailing it to the address noted on the rebate form. Participating retailers include A&P, Albertsons, Carrs Food Store, CVS, Dominick’s, Duane Reade, Eagle, Genuardi’s, Kings, Pak N Save, Pavilions, Randalls, Rite Aid, Safeway, Simon David, Tom Thumb, Vons, Wawa, and Winn Dixie.Details
Los Angles-based Green Dot has inked a deal with RentPayment, the largest electronic payments processor in the multifamily industry. RentPayment customers will have access to cash payment methods using Green Dot’s “MoneyPak.” “MoneyPak” loads cash onto prepaid cards and is available at CVS/Pharmacy, Radio Shack, Rite Aid, Walgreens, WalMart and Kroger. The “Green Dot MoneyPak” is available nationwide and can be used by consumers in any part of the country even if a business is regional, such as is the case with many multifamily and apartment facilities. RentPayment’s services are available in over 2 million apartment units. Green Dot’s products include the “Green Dot MasterCard/VISA and Discover branded prepaid debit cards, Green Dot credit cards and the “Green Dot MoneyPak.”Details
Optimal Group has released 2Q07 results reflecting a drop in revenue to
$28 million, compared to $52.2 million for the same period of last year,
and a drop in adjusted earnings of $4.3 million, compared to $9.8 million
for 2Q06. Net earnings also fell during the past year from $3.7 million to
$1.2 million. To blame for this lack of performance is the introduction of
the Unlawful Internet Gambling Enforcement Act of 2006 on October 13,
2006, forcing the company to cease the processing settlement transactions
of United States consumers. Optimal Group is a payments company that
processes credit card payments for various online and phone transactions.
Las Vegas-based Cash Systems reported revenue for the second quarter of $26.6 million, an increase of 10%, compared to 2Q/06. However, the net loss for the quarter grew from $800,000 to nearly $2 million compared to the year-ago quarter. During the quarter Cash Systems signed its first multi-year contract for “powercash” with the Fantasy Springs Resort Casino and inked a deal a multi-year contract with the Marnell Sher Gaming Group to provide casinopc and eCash checking to its recently acquired Colorado Belle, Edgewater and Saddle West Casinos. The Company said it now expects revenue of $105 million to $110 million in fiscal 2007. For complete detail on Cash Systems’ latest performance visit CardData ([www.carddata.com]).
2Q/06: $24.1 million
3Q/06: $26.0 million
4Q/06: $25.4 million
1Q/07: $25.5 million
2Q/07: $26.6 million
Source: CardData (www.carddata.com)
Habib Bank AG Zurich will be introducing an e-money card under a
new agreement with PrePay Technologies, allowing customers to use
it just as a debit card with no risk of overdrawing. PrePay Technologies
Ltd. will provide Habib Bank AG Zurich with all services required to
issue and operate the “Habib Bank AG Zurich e-money card” program.
The prepaid card can be reloaded at any branch of Habib Bank AG
Zurich, online, or at any of the 34,000 top-up locations across the UK,
and is accepted wherever the Maestro acceptance mark is displayed.
PrePay Technologies is MasterCard certified, EMV Chip & PIN
Compliant and FSA regulated.
MicroBilt is now offering customers access to commercial credit risk scores and leverage unique data from the Small Business Financial Exchange from Equifax. With this offering, companies now can go to a single source for their commercial credit information needs. They can access information on more than 23 million businesses with the Equifax Commercial Credit Report, which includes banking and lease payment information, trade payment histories, public records and business demographics. Another valuable tool offered through the site – Equifax Commercial Credit Risk Scores – assesses the likelihood of new or existing accounts becoming 90 days or more past due within 12 months. This helps companies further evaluate the credit risk of businesses. MicroBilt is a provider of risk management information and a single source provider for credit bureau, collections and screening data access and retrieval.Details