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- Boosted by its 2017 acquisition of Singular Payments, merchant processor Payment Data Systems Inc. said its credit card transactions rose 109% year-over-year in the third quarter and dollar volume rose 112%. Revenues increased 80% to $6.47 million from $3.59 million in 2017’s third quarter. The company reported a net loss of $813,166 compared with a loss of $890,025 a year earlier.
- Merchant acquirer and commercial payments provider Priority Technology Holdings Inc. reported third-quarter merchant bank card volume grew 10.5% year-over-year to $9.6 billion. Revenues in Priority’s Consumer Payments segment, however, declined 8% due to the loss of some subscription-billing e-commerce merchants that represented 2% of processing volume.
- American Express Co. introduced American Express Go, a virtual payment service for mid-size and large companies that enables freelancers and other project-based workers without corporate cards to make business purchases with company funds; the service has an optional plastic card for in-store purchases.
- The average annual percentage rate on a retail credit card is 25.64%, almost five percentage points higher than the overall credit card average APR of 20.82%, CreditCards.com reported in a new study of 81 retail card programs.
- In a return of volatility, Bitcoin’s price on Wednesday dropped $1,000 to its lowest level in 13 months. The one-day swoon so far has cost the cryptocurrency $15.2 billion in market capitalization.
- Private equity firm GTCR announced that former First Data Corp. executive vice president Jeffrey Hack is the new chief executive of Paya, a payments provider GTCR bought in 2017 as Sage Payment Solutions and rebranded Paya in 2018. Hack’s predecessor, Joe Kaplan, a payments entrepreneur, died earlier this year.
- Money-transfer provider WorldRemit Corp. named Daniel Canning commercial director for North America, a new position. Previously Canning worked at Digicel, a Caribbean telecom, and at The Western Union Co.
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