News

June, 2013

• 25 June

  Banks’ ‘Shift in Priorities’ Leaves Secure Vault Payments in the Lurch

  n n n n n n n n n n n n n n n Merchant pricing is 0.9% of the sale plus 30 cents, which Gonthier says is only about one-third the cost of a credit card or PayPal Inc. transaction.
• 21 June

  The FTC Sues Newtek Just Days After Hauling IRN to Court

  In a move that indicates federal regulators are getting more serious about policing independent sales organizations and other merchant processors, the Federal Trade Commission on Friday announced it is suing Newtek Merchant Solutions and its former president, Derek Depuydt. The FTC added both Newtek and Depuydt as defendants in an …
• 20 June

  Eye on the Law: FTC Rings ‘Fire Alarm’ with ISO Case; Supreme Court Okays Arbitration

  A lawsuit brought earlier this month by the Federal Trade Commission against a telemarketer and its merchant processor should serve as a warning to independent sales organizations and other acquirers that they could be held responsible for their clients’ actions, according to a prominent payments attorney. “The FTC’s suit should …
• 19 June

  Concern About Duplicate Checks Rises with Soaring Popularity of Mobile Deposits

  As the popularity of mobile remote deposit capture grows, some payments observers say the risk that checks might be deposited more than once may increase, as well. To be sure, there’s nothing new about the risk of duplicate checks. The problem has existed at least since the 2004 introduction of …
• 19 June

  New PCI Council Rules Call for More Extensive Testing of Card-Accepting Devices

    More testing and documentation for payment card-accepting devices that process personal identification numbers are the order of the day under newly revised requirements from the PCI Security Standards Council. The revisions, dubbed Version 4.0 of the PIN Transaction Security (PTS) Point-of-Interaction (POI) requirements, are the first of three major …
• 18 June

  ATM ISOs See a Deposit Bonanza But View Card Networks As Obstacles to Innovation

    ATM owners and operators are thrilled about the new opportunities deposit automation and mobile devices are creating for their industry. They’re not so thrilled about the major card networks, according to survey findings released Tuesday by the ATM Industry Association, an international trade group of ATM independent sales organizations, …
• 14 June

  Visa Hits Wal-Mart in Court with a Pre-Emptive Interchange Strike

  Going on the offense for the second time in less than a month, Visa Inc. on Wednesday filed a lawsuit against Wal-Mart Stores Inc. seeking to prevent the world’s largest retailer from suing Visa over interchange. Bentonville, Ark.-based Wal-Mart is mulling a legal challenge to the bank card networks on …
• 13 June

  PayPal, ShopKeep Turn up the Heat in the Battle for Tablet-Based Mobile Acceptance

  Announcing details for its “Cash for Registers” program, which it introduced a month ago, PayPal said it will waive processing fees on volume up to $20,000 a month through Jan. 31. The program officially gets under way July 10, which means early-bird merchants could get more than six months’ worth …
• 13 June

  Nearly a Year Later, Small Sellers Still Stumble over Mobile

  While more and more consumers are using mobile devices to access e-commerce sites, few small merchants have made their sites easy to navigate and buy from, according to research released this week. Indeed, mobile optimization—making sure a site loads quickly and renders checkout forms that are easy to read and …
• 11 June

  As the CFPB Studies Overdrafts, Some Say Any New Rules Could Favor Debit Volume

  The Consumer Financial Protection Bureau appears to be gearing up to put more controls on bank overdraft fees. The impact of any new overdraft rules on debit cards is unknown but there’s a chance they could prove positive for transaction volume, according to one industry researcher. The CFPB, a creation …