Digital Transactions Authoritative, insightful and timely information for payments professionals
n Merchant processors, banks, and independent sales organizations that process transactions for merchants with annual sales of less than $10 million—the vast majority of U.S. retailers—have added on a wide array of fees in recent years for items ranging from statements to monthly minimums to chargeback processing and authorizations. …
June, 2011
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15 June
Huntington Plans to Keep Upgrades Coming at a Fast Clip for New Mobile Service
n Dennes, who joined Huntington in September after helping to launch a popular mobile-capture application at USAA Federal Savings Bank, says the bank has “interest” in a point-of-sale payments capability, likely based on near-field communication (NFC) chips. Visa Inc., MasterCard Inc., Google Inc., and a carrier-led joint venture called …
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14 June
DoJ Should Have Pushed Harder on Steering Settlements, Some Merchants Say
The U.S. Department of Justice filed court documents Tuesday that move toward completion its challenge of Visa and MasterCard network rules limiting merchants’ ability to steer customer payments toward their preferred forms. Tuesday’s action is largely procedural as Visa Inc. and MasterCard Inc. announced settlements when the DoJ and seven …
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14 June
PCI Council Issues Virtualization Guidelines, Still Crafting Mobile Rules
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14 June
AmEx Launches a Reloadable Prepaid Card with Practically No Fees
With issuers and program managers having come under fire in recent months for allegedly high and numerous consumer fees for prepaid products, American Express Co. on Tuesday launched a reloadable prepaid card that levies no activation or maintenance fees. It also charges no reload fee when value is loaded …
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9 June
Unfazed by Latecomers Like Square And Intuit, Inner Fence Soldiers on
n n n n Inner Fence refers applicants to its ISO partner, Dublin, Ohio-based Merchant Focus Inc., for merchant accounts. The service uses the Authorize.net gateway for access to the payment networks. Merchants pay a $25 monthly fee, plus 24 cents and 1.74% to 3.79% of the sale, depending …
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9 June
Visa Announces Deal with Monitise for Mobile Service Tied to Debit, Prepaid
Visa Inc. on Thursday cemented into place two more pieces of a developing strategy for what is rapidly turning into a hotly competitive market for mobile payments. The world’s largest card network announced it had struck an agreement with Monitise PLC, a U.K.-based provider of mobile services for financial …
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8 June
An Amendment To Delay the Durbin Amendment Comes Up Short
Defenders of the debit card interchange status quo saw their last, best hope to delay draconian Federal Reserve regulations from taking effect go down to defeat Wednesday afternoon. An amendment in the U.S. Senate that would have delayed the Fed’s rules died on a 54-45 vote, six shy of the …
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8 June
Bling Nation’s Pause to Retool Likely to Leave It Behind Rivals
Slow acceptance among merchants and consumers appears to be the underlying cause for Bling Nation’s decision to suspend operation of its PayConnect and FanConnect mobile services. Palo Alto, Calif.-based Bling said earlier this week that it is pausing operations to retool its services in response to feedback from merchants …