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Read More »Citing New IRS Rules, the ETA And the ABA Ask to Delay Part of Federal Reporting Law
Two industry trade groups are asking for a delay in implementation of portions of the new federal law requiring acquirers to report merchants’ electronic payment transactions to the Internal Revenue Service, saying constant changes in the reporting form and other problems are making it difficult to meet the reporting …
Read More »In the Wake of Reporting Complaints, IRS Says It Will Delay Penalties, Withholding
Responding to complaints about problems in implementing a new federal law requiring acquirers to report merchants’ electronic payment transactions, the Internal Revenue Service announced on Wednesday it will delay penalty provisions and withholding requirements for a year, until Jan. 1, 2013. Acquirers still are required to file the new 1099-K …
Read More »Federal Agencies Turn a Watchful Eye on Third-Party Payments Providers
Already the subject of new debit card regulations, the payments industry is coming in for more scrutiny from the federal government. A Federal Trade Commission official told attendees at a merchant-acquiring conference on Thursday that the government has formed a task force to monitor third-party payment-services providers. The feds’ …
Read More »Payment Firms’ Returns Belie the Economic Gloom
Shadows darken the recent economic news, but early third-quarter reports from payments-industry companies paint a much sunnier picture. The big card-issuer and merchant processor Total System Services Inc., for instance, on Tuesday said it was increasing its dividend by 43%, its first dividend increase in five years. Last week, Visa …
Read More »PayPal Getting “Steak Ready Before the Sizzle” on POS Moves, eBay Boss Says
PayPal Inc. will pilot its latest move to the point of sale with an undisclosed merchant this quarter, add more merchants early in 2012, and establish merchant pricing for the service over the next three to six months, eBay Inc. chief executive John Donahoe told stock analysts on Wednesday. …
Read More »USA Technologies’ Long-Time Boss Resigns Under a Cloud As Small-Ticket Threat Emerges
George R. Jensen Jr., founder and chief executive of USA Technologies Inc. (USAT), has resigned under a cloud, casting a pall of uncertainty over the provider of wireless payment hardware and networking services for vending machines just as new interchange schedules affecting small debit card transactions threaten to crimp …
Read More »PayPal Access Debuts to Streamline User Enrollment on E-Commerce, Mobile Sites
n To use PayPal Access, a site must sign up for a PayPal account but is not obliged to accept PayPal. The new system then gives the site access to some 100 million active PayPal users, who can control how much information they want to share. If a user …
Read More »PayPal Plans to Issue a Card for POS Use Starting First Half of 2012
PayPal Inc., a dominant processor of e-commerce transactions, has made no secret lately of its ambitions to move into the world of brick-and-mortar commerce. The only missing element was a physical token that account holders could use at the point of sale. Now it appears that void will soon …
Read More »A Vending Machine Payment Processor Hopes To Preserve Interchange Incentive
Apriva Inc., a major processor of payment transactions from vending machines, this week told machine owners that it is working to assure their card-acceptance costs will remain stable despite the uncertain status of a program it has with Visa Inc. that gives them an interchange break if they install hardware …
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