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- Small-business satisfaction with merchant processors stands at 859 on a scale of 1,000, up 23 points from 2021, according to the J.D. Power 2022 U.S. Merchant Services Satisfaction Study. Banks lead the way in the survey, with Bank of America and Chase ranking first and second, followed by Square.
- Payments provider Payliance announced it has acquired Secure Payment Systems, a payments-technology firm, for undisclosed terms. Linden Fellerman, president and founder of SPS, will remain in that role as the companies work to combine operations.
- The average U.S. household spends $24,032 annually on bill payments, with an average monthly mortgage payment of $1,368 ranking first, followed by rent and auto-loan payments, according to online and mobile bill-pay services provider doxo.
- Cross River Bank has agreed to provide core banking infrastructure and payments support to PayTile, a fintech whose app offers peer-to-peer payments using geo-location capabilities.
- Using data from open-banking specialist MX, Cadence Bank said it was able to add 5,800 debit card holders for recurring transactions, generating almost $157,000 in estimated annual recurring interchange revenue.
- Payments provider Lightspeed Commerce Inc. promoted president JP Chauvet to chief executive, succeeding founder Dax Dasilva, who will continue as executive chair of the company’s board of directors.
- Payments-technology provider EngageSmart Inc. named Kevin O’Brien president for enterprise solutions. O’Brien comes to the company from PTC Inc., and before that spent 10 years working at Oracle.
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