Point-of-sale

March, 2020

• 24 March

  Square, Alliance Data Feel Merchants’ Covid-19 Pain

  

  Merchant processor and business-software provider Square Inc. says some of its sellers have seen declines of 45% in payment volume in recent days, and private-label and cobranded card issuer Alliance Data Systems Corp. says business at its client merchants is softening.  Both companies held conference calls with analysts after the …
• 24 March

  In Response to Infection Concerns, the U.K. Raises Its Contactless Payment Cap by 50%

  

  With much of the world locked down in combatting the novel coronavirus pandemic, a financial trade group in the United Kingdom said Tuesday the country would increase the spending limit on contactless transactions by 50% effective April 1. The move will allow consumers to pay without touching a keypad or …
• 23 March

  Bridge, Tollway Authorities Toss Cash Acceptance Overboard, But Canadian Central Bank Urges Otherwise

  

  Cash is fighting an uphill battle to remain a payment option during the novel coronavirus pandemic. Over the past week, a number of toll-highway and bridge authorities have ceased accepting cash to limit the spread of the highly infectious disease. According to local press reports, the Pennsylvania Turnpike, the Illinois …
• 23 March

  PayPal, Square Boost Hiring and other Digital Transactions News briefs from 3/23/20

  

  PayPal Holdings Inc. and Square Inc. are moving to increase hiring as consumers reportedly shift to mobile payments as a result of calls for social distancing.Arguing that “the [coronavirus] pandemic will pass, but the economic impact will last,” a collation of payroll processors and trade associations issued an open letter to President Donald …
• 20 March

  Contactless Payment Use Drops, But Not As Much As Chip And Magstripe, a Report Finds

  

  With students not in school, the closure of restaurants and bars, and work-from-home edicts in place, consumer spending is shifting. Witness that in the week of March 9-15, the payment volume made with dipped EMV cards fell 5.17% from the week prior and mag-stripe volume fell 13.07%, according to the …
• 20 March

  Chargeback Gurus Issues Coronavirus Chargeback Guidance and other Digital Transactions News briefs from 3/20/20

  

  Chargeback Gurus released guidance on the potential for chargebacks as consumers and merchants contend with the effects of the coronavirus infection.Email-security firm Armorblox Inc. said it will provide its services free to companies with between 100 and 2,000 employees until April 30 to help guard against social-engineering attacks exploiting the Covid-19 pandemic.A cryptocurrency …
• 19 March

  Electronics Payments Suspends Fees and other Digital Transactions News briefs from 3/19/20

  

  Electronic Payments Inc. said it will temporarily suspend the monthly support fees for its TableTurn and Exatouch Point of Sale products for three months.JPMorgan Chase & Co. is temporarily closing 1,000 of its bank branches, or 20% of its network, because of Covid-19, according to press reports. The remaining open branches will …
• 18 March

  Womply Data Show How the Coronavirus Has KO’d Many Merchants

  

  New findings from a software and business-services provider that examined what happened at thousands of small businesses last week show the damage the coronavirus, or Covid-19, is inflicting on merchants. San Francisco-based Oto Analytics Inc., which does business as Womply, looked at payment card data from its merchant-acquiring partners, data …
• 18 March

  Familiar Names Dominate New Rankings of U.S. Merchant Acquirers, With Chase Retaining the Lead

  

  JPMorgan Chase & Co. led U.S. merchant acquirers last year with $1.51 trillion in dollar volume processed, according to new industry rankings announced Wednesday by The Strawhecker Group. Long a powerhouse in acquiring, Chase led 2018’s rankings with $1.4 trillion in volume. Retaining second place last year was Worldpay, with …
• 18 March

  Shift4 To Suspend Some Fees, Joining Others in Crafting Ad Hoc SMB Relief Efforts

  

  Payments providers are rallying support for small businesses, especially restaurants and hospitality merchants, contending with the effects of the coronavirus and urgent calls for social distancing. Just Tuesday, Nevada Governor Steve Sisolak ordered all casinos and other nonessential businesses, such as personal health and beauty businesses, to close for 30 days.  …