Wednesday , July 18, 2018

Debit Cards

Is the ‘Dirty Little Secret’ of NSF Revenue Hiking Signature-Debit Profits?

Has the explosion in consumer usage of signature-based debit cards created a bonanza for banks in fees charged for insufficient funds? At least one analyst thinks so. “It's the dirty little secret in the industry,” says Steve Mott, a former MasterCard executive and principal at BetterBuyDesign, a Stamford, Conn., consultancy. …

Read More »

ATM-Owning Banks Earn $4.3 Billion As Surcharges Hit Record High

ATM-owning banks are earning $4.3 billion annually on charges they levy on transactions cardholders perform on so-called foreign machines?ATMs owned by banks where the cardholder is not a customer, according to a semi-annual study released today by Bankrate Inc., North Palm Beach, Fla., an aggregator of financial data. The average …

Read More »

E-commerce Sites Build Volume, Pass Critical Performance Tests

Both transaction volume and site performance overall gave online merchants reasons to smile in the weekend leading up to “Cyber Monday,” the day experts say is the busiest shopping day of the year online. Merchants appear to have souped up their servers to meet increasing traffic, as well as rising …

Read More »

Shareholders OK MasterCard’s Plans for a Public Stock Offering

The banks that own MasterCard Inc. cleared the way today for the bank card network to offer stock to the public and to reconstitute its governing board. By an overwhelming margin in a special meeting of shareholders, MasterCard’s shareholders approved the company’s proposal for an initial public offering that will …

Read More »

BioPay Looks for Big Year for Biometric Payments in 2006

This may be the year contactless payment gained a foothold among banks and merchants, but another technology?biometrically secured point-of-sale payments?is starting to gain momentum, as well. BioPay LLC, a provider of the technology for both POS transactions and payroll check-cashing, says it expects in 2006 to double, and possibly triple, …

Read More »

Visa Says Gas-Price Relief Is Helping Drive Pre-Holiday Spending

Pre-holiday spending volume on Visa cards continued to build in the week through Sunday, with overall transactions increasing 18.8%, to 405.6 million ($22.7 billion in dollar volume), over the same week a year ago. Activity on the Internet and in fast-food chains, two closely watched emerging spending categories, increased 22.5% …

Read More »

Study: PIN Debit Cheaper, Less Fraud-Prone Than Signature

PIN debit transactions are cheaper than debit card transactions secured by signature, incur lower fraud losses, and generate slightly higher average tickets, according to a survey of issuing banks. Taking into account processing costs as well as the cost of back-office fraud-management, chargebacks, settlement, customer service, and accounting functions, the …

Read More »

Debitman Signs up Wal-Mart, Courts Grocers As Interchange Suits Fly

Wal-Mart Stores Inc. has begun accepting cards issued on the Debitman Card Inc. network, a 5-year-old system that allows merchants to issue and accept PIN-secured debit cards and clear transactions through the automated clearing house. Wal-Mart began taking the Debitman card Nov. 1 at all 3,600 U.S. Wal-Mart and Sam's …

Read More »

Credit Union 24 Moves to a New Switch As It Looks to New Services

Credit Union 24, an electronic funds transfer network based in Tallahassee, Fla. and the country's largest controlled by credit unions, is planning to move its switching service to a new processor in a conversion it says will start next March and will take about nine months. The move will bring …

Read More »

Card-Based Bill Payments Rise As Billers Bow to Consumer Demand

Whether they like it or not, billers are accepting more credit and signature-based debit card transactions on their Web sites?at the expense of the share of less costly bill payments cleared through the automated clearing house. So-called biller-direct sites?Web sites set up by financial institutions, utility companies, telecommunications carriers and …

Read More »