Digital Transactions Authoritative, insightful and timely information for payments professionals
Pay By Touch Solutions, which earlier this week said it will buy the assets of CardSystems Solutions Inc. for an undisclosed price (Digital Transactions News, Oct. 17), plans to rely on the Atlanta processor's links with some 27 independent sales organizations to help sell its biometric-payments product to tens of …
Read More »Pay By Touch Trumps Bid from CyberSource for CardSystems
Pay By Touch Solutions, which said over the weekend it will buy the assets of troubled card processor CardSystems Solutions Inc. for an undisclosed price, apparently trumped an earlier bid for the same assets from CyberSource Corp. CyberSource, which withdrew on Saturday the offer it had made Sept. 23, says …
Read More »Paymentech-CMS Combo Creates Huge Acquirer?with Potential Pitfalls
This week's announced integration of giant merchant acquirers Chase Merchant Services LLC and Paymentech L.P. by their respective owners (Digital Transactions News, Oct. 5) creates a single entity of unprecedented scale?more than $500 billion in annual bank card charge volume through 13 billion transactions in the U.S. and Canada?but one …
Read More »JPMorgan, FDC Agree on Long-Awaited Paymentech-CMS Combo
JPMorgan Chase & Co. and First Data Corp. have come to terms on the long-awaited merger of acquiring-service providers Chase Merchant Services LLC and Paymentech L.P. in a deal that will create a behemoth processor handling 13.1 billion electronic transactions annually. According to a news release distributed this afternoon by …
Read More »Publix Joins Retailers Suing Visa, MasterCard over Interchange
The ranks of major retailers suing the bank card networks over interchange swelled by one today when Publix Super Markets Inc. announced it had filed a federal antitrust lawsuit against Visa USA and MasterCard International. The Lakeland, Fla.-based grocery chain's suit alleges the practice of setting interchange by the two …
Read More »In Wake of CyberSource Deal, Visa Postpones CardSystems Ban
Visa U.S.A. reportedly has postponed for three months its plan to ban from its network transactions from troubled merchant processor CardSystems Solutions Inc. in order to facilitate the sale of CardSystems' assets to CyberSource Corp. In the wake of a massive security breach at Atlanta-based CardSystems in May that compromised …
Read More »Another Interchange Suit Seeks Sweeping Reform of Fee-Setting Mechanism
The legal battle over the bank card associations' interchange pricing arrangements, already red-hot, got even hotter today when four retail trade associations slapped Visa U.S.A., MasterCard International, and several major banks with a class-action antitrust suit. The suit, filed in the U.S. District Court for the Eastern District of New …
Read More »CardSystems Deal Could Catapult CyberSource High into Acquiring Ranks
CyberSource Corp.'s deal to acquire the assets of CardSystems Inc. would hand the Mountain View, Calif.-based transaction-gateway provider a major sales channel for both card-present and Web-based payment processing, catapulting the company squarely into the ranks of processors for small and mid-sized multi-channel merchants, according to observers. The move also …
Read More »Irked by Card Costs, Gasoline Exec Says It’s Time for Interchange Cap
A top official of a regional gasoline marketers' association who wrote a letter to Congress earlier this month calling for regulation of bank card interchange fees says he would like to see the federal government impose a cap on interchange. “They need to look at Australia [where banking regulators last …
Read More »PayPal Moves into Micropayments with New Cut-Rate Pricing
Having gotten its feet wet with song downloads, PayPal Inc. is marching full-bore into micropayments. The San Jose, Calif.-based payments processor announced today new, cut-rate merchant pricing on transactions under $2 for digital content, which the company defines as video games, online greeting cards, news articles, and mobile-phone content such …
Read More »