Digital Transactions Authoritative, insightful and timely information for payments professionals
First Data Corp. is giving more glimpses of its previously announced plans to tighten up operations as top management and private-equity firm Kohlberg Kravis Roberts & Co. struggle to meet a planned Sept. 30 closing date for KKR's $29 billion leveraged buyout of the No. 1 payments processor. In a …
September, 2007
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13 September
The New Irony of Signature Cards: Good at Fraud, Bad at Risk
Data Insecurity Part 5 While absolute dollars of fraud are rising with volume, the payments industry has done a commendable job in managing risk. For every $100 in purchases with signature-based credit cards, only about a nickel winds up as fraud?about one-third what it was 15 years ago?and that rate …
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13 September
New Biller Categories, More Vendors Spur PINless Debit Growth
Transactions consumers make online with PIN-debit cards?but without entering their PINs?will soar 40% this year, to an estimated 92 million payments, driven by rising biller adoption, an expansion of eligible biller categories, and increasing availability of the payment option among vendors that handle payments for billers, according to a new …
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12 September
After a Delay, NACHA Unveils Interchange, Other Pricing for SVP
NACHA-The Electronic Payments Association on Wednesday unveiled pricing for a pilot program it will launch early next year to test automated clearing house payments made by consumers to online merchants and billers, with payments authorized by online-banking programs. For e-commerce merchants, the fees, which will include a straight 1.35% levy …
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12 September
BancorpSouth out to Show Smaller Banks Can Succeed in M-Banking
At a time when companies as big and diverse as Google Inc., eBay Inc.'s PayPal, the bank card networks and others are all moving into mobile banking and payments, a regional bank in Mississippi has emerged as one of the more experienced players in the embryonic market. Tupelo-based BancorpSouth Inc. …
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11 September
Sued by FTC, MPI Begins Turnaround, Looks to Expand to Midwest
The new chief executive of Merchant Processing Inc. says his independent sales organization is on the road to recovery five months after the Federal Trade Commission accused the ISO and its then president of defrauding merchants and had MPI placed in receivership. James Keller, a certified public accountant with experience …
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10 September
How Cardtronics Could Make Use of $300 Million from Its IPO
The payment industry's Wall Street parade continued Monday when non-bank ATM network owner Cardtronics Inc. announced plans for an initial public offering of common stock. The Houston-based operator of 31,000 machines hopes to raise potentially $300 million, before underwriting fees and payments to current owners, to pay down debt and …
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7 September
Why POS Merchants Don’t Buy in to Payment Security
Data Insecurity Part 4 Securing transactions at the point of sale seems like child's play compared to the Internet, and since the payments volume is 20 to 25 times the size of online transacting, a natural venue for improved data security. But the rash of data breaches (covered in Part …
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5 September
Striking New York City Cab Drivers Want To Drop off Cards
Merchants often grumble about the costs and hassles of accepting payment cards, but rarely do they go on strike in protest. But that's what some New York City taxicab drivers started doing on Wednesday, though their gripes involve more than just cards. According to late-morning wire-service accounts, an unknown number …
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5 September
M-Banking Will Beget M-Payments, But Not Without Labor Pains
Though still in its infancy, mobile banking will balloon from 1.68 million to 34.9 million users over the next four years, laying the groundwork for mobile payment channels such as physical-world transactions via near-field communication (NFC) and mobile commerce, a new report argues. Already, report author Nick Holland, a senior …