A startup called Prepaid2Cash announced the availability of its app for both iOS and Android. The app allows holders of network-branded prepaid cards to move money from the card to a bank account within three days. The service costs 7.5% plus $1.50. Payments provider Pinpoint Intelligence said it now serves …

High card-acceptance fees are the root cause for why some merchants are charging consumers for cash back at the point-of-sale, a service merchants have historically provided consumers even though customers can make purchases with their debit cards at no charge, says the Merchants Payment Coalition. Driving the trend is that …

Market pricing is preferable to legal settlements, which in turn are preferable to government regulation. Will the payments business ever learn that lesson? Many in the payments industry breathed a sigh of relief at Mastercard’s and Visa’s announcement in March of their landmark settlement of a longstanding antitrust suit over …

Small businesses tend to be less satisfied with their credit and debit card processing than they are with processing for alternative payments, according to a study by J.D. Power. Based on a 1,000-point scale, with 1,000 being the highest score, merchant-satisfaction scores for credit card processing averaged 692, while scores …

These apps are becoming more popular and encompassing more and more sensitive data—which is exactly why they’re attracting cyberthieves. In today’s highly competitive market, brands are tasked with providing a seamless, integrated, and convenient user-app experience to attract users. With the limited space on smart phone home screens, companies have …

According to Juniper Research, 360 million people worldwide used Buy Now, Pay Later (BNPL) in 2022. With such an expansive consumer base, BNPL has also become an effective tool for merchants to attract new customers and increase conversion rates. However, the widespread use of BNPL has raised concerns regarding transparency …

Pay attention to your MCCs, or pay a hefty price later on. Merchant category codes (MCCs) play a central role in payments risk management, but too many service providers and acquirers take them at face value. Now, in the wake of renewed focus on MCCs by the payment networks, miscategorized …

Merchants’ price for accepting credit cards has remained steady for years, according to data released Monday by the Electronic Payments Coalition, an advocacy group representing the payment card industry. The EPC’s release comes as widespread and longstanding merchant complaints about the cost of card acceptance have sparked efforts by federal …

Airwallex, an Australia-based fintech, has partnered with Plaid Inc. to enable merchants in the United States to streamline transactions initiated through the automated clearing house. Airwallex merchants can leverage Plaid’s open-banking technology to authorize adding funds to their Airwallex wallet from an external bank account or to accept payments from …

By Michelle Jordan, SVP and Head of Payment Optimization The weighted average cost of payment acceptance is expected to have doubled from around 0.8% in 2009 to over 1.6% by 2025.[i] Fueled by the abundance of rewards cards, the shift to online payments, and the rise of commercial purchasing cards, …