Digital Transactions Authoritative, insightful and timely information for payments professionals
It may well be the mobile-payments app provider you never heard of, but Paydiant Inc. is winning deals with major banks, processors, and merchants, and on Tuesday it secured $15 million in a Series C round of funding. The financing brings to almost $35 million the cash injections the Wellesley, …
September, 2013
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10 September
Hearing Will Be a Milestone in Interchange Litigation, But Maybe Not the End
Eight years from their genesis, the lawsuits challenging bank card interchange now collectively known as MDL 1720 are scheduled to reach a milestone Thursday when U.S. District Judge John Gleeson convenes a so-called fairness hearing in his Brooklyn, N.Y., courtroom. The hearing’s purpose is for Gleeson to determine whether …
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9 September
The IRS Delays for a Year Withholding on Card Volume Arising From Data Discrepancies
The Internal Revenue Service is delaying for a year its planned withholding requirement for payment-card-accepting merchants whose names and taxpayer identification numbers (TINs) supplied by their merchant processor do not match the corresponding information the IRS has on file, the Electronic Transactions Association reported to its membership today. The delay …
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5 September
VeriFone Launches a Tablet POS Platform for ISOs It Sees Getting Squeezed by Tech Vendors
By John Stewart n Independent sales organizations are starting to feel squeezed by technology companies selling tablet-based point-of-sale solutions to merchants, according to terminal kingpin VeriFone Systems Inc. So VeriFone on Wednesday rolled out a tablet-based platform for its resellers that they can price and market to their merchants. n …
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5 September
Almost Battle-Ready With New Products, VeriFone Tries To Recover Lost Business
VeriFone Systems Inc. continued on its road to recovery during its third quarter of fiscal 2013 ended July 31, a road that led the leading U.S. point-of-sale terminal maker through a sharp drop in revenues in some countries and ended with a $1.9 million loss versus a $37.7 million …
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4 September
Isis Adds Specialty POS Equipment Providers As It Readies Its National Rollout
By Jim Daly The Isis mobile-payments service on Wednesday said five specialty point-of-sale hardware makers would integrate Isis’s SmartTap technology into their products. The companies join a number of major POS terminal makers, including U.S. market leaders VeriFone Systems Inc., Ingenico S.A. and Equinox Payments, already committed to supporting Isis …
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3 September
Native Electronic Applications Shine on the ACH As Check-Based Codes Slide
By John Stewart n Electronic processing of payments that originate as paper checks dropped dramatically in the second quarter on the automated clearing house network, while payments that start out as electronic items grew briskly, according to the latest report from NACHA, the ACH’s governing body. n The decline in …
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3 September
Microsoft’s Nokia Deal Leaves Open Questions About Market Share And NFC
Microsoft Corp.’s $7.2 billion acquisition of Nokia Corp.’s handset business, announced late on Monday, brings to the Redmond, Wash.-based tech giant a pioneer in near-field communication technology and allows it to combine hardware with a mobile operating system in the manner of rivals Google Inc. and Apple Inc. It remains …
August, 2013
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30 August
Insurer’s Efforts To Dodge Data-Theft Claims Highlight Growing Field of Breach Insurance
Schnuck Markets Inc. found itself in a bit of a pickle recently when it learned that its insurance company is refusing to cover losses from a data breach at the regional grocery store chain that compromised up to 2.4 million debit and credit cards. The Schnucks incident and other recent …
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29 August
Prepaid Cards Become an Option for Buying Health Insurance Through New Exchanges
By Jim Daly Following a summer of uncertainty over whether millions of uninsured consumers would be unable to buy medical insurance under the Affordable Care Act (ACA) because they didn’t have a checking account, the U.S. Department of Health and Human Services (HHS) this week issued a rule that requires …