Point-of-sale

October, 2023

• 19 October

  Discover Looks to a Resolution of Regulatory And Merchant Pricing Snafus

  

  The top management at Discover Financial Inc. said early Thursday its issues with regulatory compliance and merchant overcharges continue to cast a shadow over the company but could be on the way to being solved. The problems, which included misclassification of merchants resulting in overcharges for card acceptance, came to …
• 19 October

  BNPL Is Broadening Its Audience To Include Financially Strong Borrowers, J.D. Power Finds

  

  The audience for buy now, pay later loans is widening to include financially healthy consumers who don’t need the extended buying power BNPL loans provide. The reason, according to a report citing J.D. Power’s 2023 BNPL Satisfaction Study, released in August, is reasonable repayment terms. While some 28% of U.S. …
• 18 October

  On The Fly Taps BYOD for a New Hospitality POS Product

  On The Fly POS’s latest product, called Ground Control, is making it easier for hospitality merchants to use their own devices for ordering and table management. The new app, with versions for both iOS and Android mobile devices, enables merchants to use their own hardware with an integrated software app …
• 18 October

  Health iPASS’s New Service And Other Digital Transactions News briefs from 10/18/23

  

  Health iPASS launched Health iPASS Cloud Payments, a processing service for health-care providers. Fiserv Inc. said it is leveraging its merchant-acceptance and card-issuing technology to ease embedded finance for client financial institutions. Metropolitan Commercial Bank said it will deploy cloud-based technology from Finzly to support payment processing via FedNow, Fedwire, and the automated …
• 17 October

  Stax Adds Atlantic-Pacific Processing to Boost Its Multichannel Offering

  

  Stax Payments has acquired payment-technology provider Atlantic-Pacific Processing Systems (APPS) for an undisclosed sum. The acquisition is expected to enable Stax to create a new end-to-end payments platform that includes an enhanced multi-channel offering, improved data reporting, and additional customization capabilities. “Our partners and customers want a simple, secure, multichannel …
• 17 October

  Eye on Consumers: Organized Fraud Is up 44%; Holiday Spending Could Exceed Pre-Pandemic Levels

  

  With the fourth quarter under way, fraudsters are increasing the sophistication of their attacks while consumers are gearing up for a busy holiday-shopping season, albeit with different goals. First, a new report from Au10tix, an Israel-based identity verification and management provider, found a 44% increase compared to preceding quarters in …
• 16 October

  Goldman Faces Some Hard Decisions As It Confronts Its Position in Consumer Credit Cards

  

  The pressure at Goldman Sachs Group Inc. to exit, or at least radically modify, its consumer-credit and payments businesses appears to be mounting. At least some executives at the company are pushing senior management to exit credit card deals with Apple Inc. and General Motors Corp., The Wall Street Journal …
• 16 October

  AppTech To Acquire Alliance Partners And Other Digital Transactions News briefs from 10/16/23

  

  AppTech Payments Corp., a specialist in business-to-business and business-to-consumer payments, has agreed to acquire Alliance Partners LLC and its FinZeo money-movement software. With the deal, expected to close Oct. 31, AppTech will become a payment facilitator, a company that allows merchants to accept payments on the company’s merchant account. Terms …
• 13 October

  How NMI’s Deal for Sphere’s Commercial Division Will Ease New Merchant Accounts

  

  Payments provider NMI LLC announced Thursday it has acquired the commercial division of Sphere, a cloud-based software and payments-technology company. Sphere Commercial Division primarily serves non-integrated small and mid-size businesses. Terms of the deal were not disclosed. Schaumburg, Ill.-based NMI says the acquisition will strengthen its underwriting and risk-management capabilities …
• 13 October

  COMMENTARY: A Dose of Reality on the Broken Credit Card Market
  

  

  Eric Cohen’s Commentary, “Whey the Credit Card Competition Act Falls Short,” posted here Oct. 9, makes three key claims about how the Credit Card Competition Act would supposedly harm small businesses and consumers. All of them are wrong.First, he says the bill would allow merchants “to choose their own network” …