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News

December, 2007

  • 13 December

    The FTC and Seven States Sue Processor for Aiding Suspect Merchants

    In its seventh action against a payment processor since 2004, the Federal Trade Commission along with seven state attorneys general announced this week they are suing a Lake Mary, Fla.-based check and automated clearing house processor that extracted millions of dollars from consumers by processing fraudulent payments for a suspect …

  • 12 December

    Google Checkout Extends Offer of Free Processing Another Month

    Evidence that the battle for supremacy among alternative-payments providers remains intense arrived on Wednesday with Google Inc.'s announcement that its Checkout service will continue to process transactions for free through January. “Considering how busy this time of year is for you,” says Checkout product marketing manager Gavin Chan in a …

  • 11 December

    Cardtronics Slims Down Its IPO But Gets the Deal Done in Stormy Market

    Cardtronics Inc., operator of the nation's largest non-bank ATM network, completed its initial public offering of stock on Monday and began trading Tuesday on the NASDAQ stock market, but only after cutting the size of the deal in a stormy stock market. Houston-based Cardtronics announced its planned IPO in September. …

  • 11 December

    Bill Me Later-Amazon Deal Could Be a Huge Boost for Both Parties

    At the stroke of a pen, Bill Me Later Inc. has not only become the sole third-party alternative payment vehicle accepted by the world's largest retailing Web site, but it also receives an injection of capital as that site, Amazon.com Inc., takes an undisclosed equity stake in the Timonium, Md.-based …

  • 10 December

    PIN Debit And the ACH Among the Big Gainers in Fed Payments Study

    PIN debit transactions are growing significantly faster than signature debit payments. Checks processed electronically are approaching half of all checks paid. And transactions on the automated clearing house are growing faster than any other form of payment. These are among the more surprising results of the Federal Reserve's tri-annual payments …

  • 6 December

    Survey Shows Heavy Carrier Reliance on Transaction Fees for NFC

    In a development that could long complicate the introduction of commercial services allowing consumers to make point-of-sale payments with their mobile phones, mobile network operators say they will derive POS payment revenue chiefly from consumer transaction fees. According to research released this week, some 83% of carriers responding to an …

  • 6 December

    Back Office Conversion Growth Strong, But Big Gains May Come in ’08

    Growth in the new back-office conversion, or BOC, electronic-check code far outpaced growth of all other automated clearing house transaction categories in the third quarter, but don't get too excited yet. BOC only went live March 16, so its 238% increase to 840,743 transactions came off a very small base …

  • 5 December

    NACHA Rule Targeted at Cap One’s Decoupled Debit Card, Sources Say

    A clarification of a rule regarding transaction aggregation, announced last week by NACHA, was driven chiefly by banks that intended to hamper a new PIN debit card being introduced by Capital One Financial Corp., sources tell Digital Transactions News. The new card, which came to light late this spring (Digital …

  • 5 December

    Study Assails Corrosive Effects of Free Terminals on Acquiring Profits

    The practice of giving away point-of-sale payment terminals, which started out as a tactic to attract salespeople, has become a huge phenomenon in the merchant-acquiring business that threatens the profitability of many industry firms, particularly smaller independent sales organizations more reliant on hardware revenues than larger acquirers. That's the conclusion …

  • 4 December

    New Platform, APIs Let TIO Launch Strategy for Walk-in Payments

    TIO Networks Corp. signaled a new strategy last week when the kiosk network struck a deal with IPP of America Inc. to process bill payments at IPP walk-in locations (Digital Transactions News, Nov. 29). For the first time, TIO will be handling transactions on its network without the need to …

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