Thursday , November 28, 2024

Digital Transactions News staff

ISOs’ Volume Shortfalls Trigger First Data Demands for Fees

In a move that could have a bottom-line impact for an untold number of independent sales organizations, First Data Corp. is sending letters to client ISOs notifying them they owe fees to the Atlanta-based processing giant to compensate for shortfalls in processing volumes. While it’s not clear how many such …

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Council Grants an Extra Year to Implement New PCI Versions

Merchants, processors, and others in the card industry will have more time to review and implement new versions of the Payment Card Industry data-security standard under a new schedule announced on Tuesday by the PCI Security Standards Council. With the revised schedule, the main standard and PA-DSS, the standard for …

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Token, Encryption Combo Seen As a Remedy for PCI Headaches

Tokenization and encryption may be the best solution to one of the biggest data-security challenges facing merchants: how to protect confidential payment card information against emerging threats without disrupting normal business operations. That’s according to a security brief released on Tuesday by RSA, the Security Division of EMC. Security experts …

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Issuers Not Likely to See Much Gain from Durbin’s Concessions

While a compromise hammered out on Monday moderates some of the impact of the so-called Durbin Amendment, at least one payments expert has no doubt who emerges as the winners of this latest parliamentary maneuvering: merchants. Indeed, despite some concessions, banks are still likely to see considerable erosion of the …

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AmEx’s Premium Cost Could Be Muted for Payments Pro Merchants

Even though a policy change PayPal Inc. announced late last week will dramatically increase some online merchants’ acceptance costs for American Express transactions, their overall costs may remain flat or possibly decline, if the experience of one online retailer is any guide. “There’s at least a good chance it’s not …

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Behind Wal-Mart’s Stake in Its Prepaid Card Partner, Green Dot

Utter the name “Wal-Mart” and heads turn in the payments industry. That happened yet again with the revelation this week that Wal-Mart Stores Inc., the world’s largest retailer that tried and failed to get into the banking business, had taken an equity interest in Green Dot Corp., a major player …

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Fraud And Overdraft Regs Threaten Debit Card Profitability

Debit cards are more popular than ever, but issuers see threats to the bottom line from rising fraud and more regulation. Loss rates rose 43% on signature debit cards and 24% for PIN-debit cards in 2009, according to the Pulse EFT network’s fifth-annual survey of the debit market. Meanwhile, issuers …

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Durbin Rips Card Networks for Lack of Interchange Negotiation

Sen. Richard Durbin chastised the card industry for what he called its refusal to negotiate interchange rates in a hearing held on Wednesday to investigate the fees federal agencies pay to accept cards. Sponsor of a controversial amendment that would regulate interchange fees for debit cards, Durbin also revealed during …

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Defending His Amendment, Sen. Durbin Fires Back at Small Banks

U.S. Sen. Richard Durbin is chastising small banks and credit unions for not liking his debit card interchange regulation proposal, and Visa Inc. claims consumers strongly oppose legislation that would raise their costs or reduce their cards’ utility. These developments emerged as the House of Representatives and the Senate begin …

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Leveraging Twitter, Twitpay Narrows Focus to Donations, Gaming

It started out as a way to pay other people through the wildly popular Twitter social network, but now a recapitalized and re-energized Twitpay Inc. is concentrating on much narrower niches where it sees greater potential. In March, using a homegrown, in-house platform, it started processing charitable donations, and in …

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